Energy Opec+ panel unlikely to tweak oil policy at February 1 meeting An Opec+ panel is likely to endorse the producer group’s current oil output policy when it meets next week, five Opec+ sources have said, as hopes that improved Chinese demand would drive an oil price rally were balanced by economic concerns. Ministers from Opec and allies led by Russia, known collectively as Opec+, meet virtually […] January 25, 2023
Energy Rolls-Royce plans to bring its factory-built nuclear plants to Gulf Rolls-Royce is eyeing opportunities to bring its nuclear reactors to the Middle East as part of the region’s efforts to combat climate change. The UK industrial company is developing a small modular reactor (SMR) that uses pressurised water reactor technology, with the reactor components built in factory conditions and assembled on site. Nine-tenths of a […] January 23, 2023
Energy Saudi Arabia remains top crude supplier to China in 2022 Russia remained China’s second-largest source of crude oil in 2022, following repeat top supplier Saudi Arabia, as Chinese refiners snapped up low-cost Russian barrels while Western countries shunned them after the Ukraine crisis. China’s crude oil imports from Russia jumped eight percent in 2022 from a year earlier to 86.25 million tonnes, equivalent to 1.72 […] January 20, 2023
Cop28 Clean energy investment may be hit by economic slowdown The global economic downturn could have serious implications on investment into clean energy and cause climate change targets to be pushed back, experts have warned. Elias Hajj, senior partner at McKinsey & Co, said during Abu Dhabi Sustainability Week that an estimated $6 trillion is needed annually to fund the transition to clean energy. But […] January 19, 2023
Energy Saudi Arabia says energy security hinges on geopolitical stability Geopolitical stability is “absolutely key” to global energy security, Saudi’s foreign minister told the World Economic Forum’s 2023 annual meeting in Davos. During a high-level panel titled “Keeping the Lights amid Geopolitical Fracture”, Prince Faisal bin Farhan Al Saud, minister of foreign affairs, emphasised the need for near-term stability, especially in the world’s energy markets. […] January 19, 2023
Energy Global oil demand to reach record high this year, IEA says Global oil demand is forecast to hit an all-time high in 2023 as China relaxes its Covid restrictions, potentially pushing up prices in the second half of this year, according to the latest report from the International Energy Agency (IEA). The IEA said global oil demand is set to rise by 1.9 million barrels per […] January 18, 2023
Energy West ‘unfair’ to stop Africa using fossil fuels, says Qatari minister Barring Africa from exploiting its fossil fuel riches is “very, very, very unfair” despite the urgency to cut global greenhouse gas emissions, Qatar’s energy chief has said. Saad Al Kaabi, Qatar’s minister of energy and CEO of state-owned QatarEnergy, told a panel at the Atlantic Council Global Energy Forum that people needed to be realistic […] January 18, 2023
Energy Tunisia steps up solar ambitions with launch of new tenders Tunisia has released tenders for two solar power projects as the North African country seeks to deliver 35 percent of its energy needs through renewables by the end of the decade. The Ministry of Industry, Mines and Energy is seeking companies to implement the solar photovoltaic (PV) independent power projects (IPPs). Both will have capacity […] January 18, 2023
Energy Masdar chief: Everyone is on board with climate change Once viewed with scepticism, the discussion around climate change and securing a sustainable energy pathway to net zero has now become the accepted mainstream view, according to the CEO of Masdar. Founded 16 years ago, the UAE-owned renewable energy firm has a presence in 40 countries, with a capacity of 20gw, made up of operational […] January 18, 2023
Energy GCC power authority eyes $660m direct electricity link with Oman The GCC Interconnection Authority (GCCIA), which operates the transmission system linking the grids of the GCC member states, is weighing a direct electricity link with the main grid of Oman at an investment of $660 million, Oman Daily Observer reported. The project will enable energy transfers of between 1,200 and 1,600MW, Ahmed Al-Ebrahim, CEO of […] January 18, 2023
Energy UAE’s Masdar to develop 4GW renewable projects in Azerbaijan UAE’s renewable energy firm Masdar has signed joint development agreements with the State Oil Company of the Republic of Azerbaijan (Socar) for onshore wind and solar projects, and integrated offshore wind and green hydrogen projects, state-owned WAM news agency reported. The projects will have a total combined capacity of 4 gigawatts (GW). Sultan bin Ahmed […] January 18, 2023
Energy UAE-UK Business Council unveils blueprint for energy transition The UAE and UK must step up co-operation on clean energy if they are to meet their decarbonisation targets, the UAE-UK Business Council has said. The council’s energy transition white paper, published on January 17, said there was “an untapped commercial opportunity to be exploited from closer collaboration between both countries in terms of developing […] January 17, 2023
Sustainability Adnoc calls on Earthshot Prize winner for decarbonisation pilot Abu Dhabi National Oil Company (Adnoc) announced on Tuesday a partnership to pilot technology that permanently mineralises carbon dioxide within rock formations found in the emirate of Fujairah. Adnoc is partnering with the Fujairah Natural Resources Corporation, Abu Dhabi Future Energy Company (Masdar) and Oman-based 44.01. The project, announced at the Abu Dhabi Sustainability Week, […] January 17, 2023
Analysis Energy UK and Saudi eye investments in space-based solar power The UK and Saudi governments are exploring closer collaboration to invest in what could be the next era of renewable energy: space-based solar power. Grant Shapps, Britain’s business and energy secretary, met Abdullah Al Swaha, chairman of the Saudi Space Commission and minister of communications and information technology, for talks last week. A potential collaboration […] January 17, 2023
Opinion Economy Unravelling the Gulf’s energy conundrum The region gained wealth and political clout last year. Now, as the UAE prepares to host Cop28, it will be expected to find – and fund – climate solutions January 16, 2023
Energy EU will return to Russian gas, Qatari minister predicts Europe will eventually return to imports of Russian gas but with reduced dependence, Qatar’s energy boss has predicted. The European Union imposed sanctions on Russian oil imports in March last year in response to Moscow’s invasion of Ukraine, pledging to wean itself off Russian energy. The sanctions were intended to limit Russia’s financing ability for […] January 16, 2023
Analysis Energy GCC poised for starring role in global hydrogen market The GCC is set to play a key role in the global hydrogen market, with the UAE, Saudi Arabia and Oman looking to become leaders in the export of clean fuel. As industry experts come together in Abu Dhabi this week for the World Future Energy Summit, a report from Frost & Sullivan paints a […] January 16, 2023
Energy Iranian oil exports hit new high in 2022 despite US sanctions Iranian oil exports hit new highs in the last two months of 2022 and are making a strong start to 2023 despite US sanctions, according to companies that track the flows, on higher shipments to China and Venezuela. Tehran’s oil exports have been limited since former US President Donald Trump in 2018 exited a 2015 […] January 16, 2023
Energy New gas discovery in Egypt’s Eastern Mediterranean sea Italian energy group Eni and US energy major Chevron said they have made a new gas discovery in an Egyptian offshore field in the Eastern Mediterranean sea. The Nargis-1 well is part of Egypt’s 1,800sq km Nargis Offshore Area concession operated by Chevron, which holds a 45 percent interest in it. Eni also holds a […] January 16, 2023
Energy Oman’s OQ says $463m ammonia plant to boost global exports Oman’s integrated energy group OQ said its new $463 million ammonia plant in Dhofar governorate will enhance the in-country added value and global exports, state-owned Oman News Agency said. The plant has a production capacity of 1,000 metric tonnes per day of liquid ammonia. The ammonia plant is one of its strategic development projects, said […] January 16, 2023
Energy UAE and US allocate $20bn to fund 15GW renewable projects The UAE and the United States said that the first $20 billion of their $100 billion clean energy partnership will fund 15 new gigawatts (GW) of renewable energy projects before 2035, state-own WAM news agency reported. The investments, led by the UAE’s renewable energy company Masdar and a consortium of US private investors, will be […] January 16, 2023
Energy Energy sector cooperation between UAE and Britain advances The UAE and Britain have signed a memorandum of understanding (MoU) to enhance strategic and technical cooperation in the energy sector. The MoU was signed during a visit by Britain’s business and energy secretary, Grant Shapps, to Abu Dhabi. Britain’s Department for Business, Energy and Industrial Strategy said the MoU would allow for the sharing […] January 16, 2023
