Energy UAE’s Adnoc brings forward oil output capacity target to 2027 The board of Abu Dhabi National Oil Company (Adnoc) has approved plans to bring forward the company’s five million barrel per day oil production capacity expansion to 2027, from a previous target of 2030. The accelerated production capacity target is underpinned by the UAE’s robust hydrocarbon reserves, which have increased by two billion stock tank […] November 29, 2022
Energy Saudi Arabia ships world’s first consignment of blue ammonia Saudi Arabia has shipped 50 kilometre-tonnes (kmt) of low-carbon blue ammonia to South Korea, representing a new landmark in the development of decarbonisation solutions. Vessel Seasurfer, carrying 25 kmt of certified low-carbon “cradle-to-gate” blue ammonia, is expected to reach its destination between December 9 and 13, marking the world’s first commercial shipment of its kind, […] November 29, 2022
Analysis Energy UK energy windfall tax ‘could scare off Gulf investors’ London’s plan to introduce a windfall tax on the profits of energy producers has prompted widespread disdain from the industry. Experts have warned that the tax could harm the country’s long-term economic growth and deter international investors, including those from the Gulf, from pursuing new deals. On November 17, chancellor Jeremy Hunt announced he would […] November 28, 2022
Energy Kuwait exports first shipment of aviation fuel from Al-Zour refinery Kuwait Petroleum Corporation has exported its first shipment of aviation jet fuel from the Al-Zour refinery, state-owned Kuwait News Agency (KUNA) reported, citing a company statement. The first cargo is shipped aboard the Pacific Sarah tanker in collaboration with Kuwait Integrated Petroleum Industries Company (KIPIC). The company and its subsidiaries are continuously working to meet […] November 28, 2022
Energy Saudi Aramco’s Luberef gets regulator nod for IPO Saudi oil giant Aramco’s base oil subsidiary, Luberef, has received the approval from the kingdom’s stock market regulator for an initial public offering (IPO), the Capital Market Authority (CMA) said on Thursday. Saudi Aramco Base Oil Company (Luberef), formerly Saudi Aramco Lubricating Oil Refining Co, will offer investors 50.045 million of its shares, equivalent to […] November 25, 2022
Energy SABIC and Aramco plan crude into petrochemicals projects Saudi Basic Industries Corporation (SABIC) and Saudi Aramco are planning a joint project to convert crude into petrochemicals in Ras Al Khair, Reuters reported, citing energy minister Prince Abdulaziz bin Salman. The project, which will be the first of its kind in Saudi Arabia, will be completed in the coming years and have a capacity […] November 24, 2022
Analysis Energy UK minister stresses commitment to GCC’s clean energy transition The UK is committed to remaining a “steadfast friend and partner” to Gulf countries as they continue to drive the clean energy transition and one of the most rapid economic transformations in history. British foreign secretary James Cleverly also hailed the development of “spectacular cities” rising from empty deserts in a speech at the Manama […] November 23, 2022
Analysis Energy Saudi Aramco inks $11bn deal to create 5,000 supply chain jobs Saudi Aramco signed agreements with dozens of manufacturers on Tuesday, with potential to create 5,000 new jobs in the kingdom over the next decade as the energy major looks to boost local capabilities. The 59 corporate procurement agreements (CPAs), valued at $11 billion, are expected to reinforce Aramco’s supply chain and result in the development […] November 22, 2022
Energy Saudi denies it plans oil production increase with OPEC+ Saudi Arabia’s energy minister has denied reports that the kingdom is discussing a major increase in daily oil production with OPEC+ partners. The Wall Street Journal (WSJ) suggested this week that Saudi Arabia and others in OPEC+ are considering a 500,000 barrel per day (bpd) increase in output to coincide with a significant reduction in […] November 22, 2022
Energy QatarEnergy signs 27-year LNG supply deal with China’s Sinopec QatarEnergy has signed a 27-year deal to supply China’s Sinopec with liquefied natural gas, the longest such LNG agreement so far as volatile markets drive buyers to seek long-term deals. Following Russia’s invasion of Ukraine in February, competition for LNG has become intense, with Europe in particular needing vast amounts to help replace Russian pipeline […] November 22, 2022
Energy Shell to ‘evaluate’ $29bn British investments after windfall tax Shell said on Monday it will evaluate plans to spend up to £25 billion ($29.59 billion) in Britain over the next decade following the government’s decision to increase a windfall tax on oil and gas producer. “We’re going to have to evaluate each project on a case by case basis,” said Shell’s UK country chair […] November 22, 2022
Energy AD Ports and TotalEnergies in deal to develop solar projects Khalifa Economic Zones Abu Dhabi (Kezad Group), a subsidiary of AD Ports Group, has signed an agreement with TotalEnergies Renewables Distributed Generation Middle East & Africa, an affiliate of French firm TotalEnergies, to explore solar power opportunities at assets across Kezad’s industrial ecosystem, the UAE state-owned WAM news agency reported. TotalEnergies’ Renewables Distributed Generations develops, […] November 22, 2022
Opinion Aviation Fly the environment-friendly skies Middle East airlines have led the way in showing how Gulf economies can diversify. Now they have to become pioneers of net-zero aviation too November 21, 2022
Energy Egypt said to start building $11bn wind farms project from 2024 Egypt will start construction of an $11 billion wind farms project in 2024, which is likely to supply electricity to Europe and Saudi Arabia, Bloomberg reported. A consortium comprising Abu Dhabi-owned Masdar and Infinity Power Holdings will finish building the 10-gigawatt (GW) onshore plant by 2030, Mohamed Mansour, chairman of Infinity Power, told the news […] November 21, 2022
Analysis Energy World Bank says Gulf using oil wealth to become solar power Gulf hydrocarbon producers could turn into the world’s leading solar energy exporters. GCC members, particularly the UAE and Saudi Arabia – the first and third largest energy producers in Opec – have started to lay the ground for this goal with the launch of clean energy megaprojects. They aim to increase their renewable energy capacity […] November 18, 2022
Energy Aramco affiliate to build $7bn steam crackers in South Korea Saudi Aramco will develop one of the world’s largest refinery-integrated petrochemical steam crackers through its S-OIL affiliate in South Korea, the company said in a statement. The $7 billion Shaheen project aims to convert crude oil into petrochemical feedstock, representing the first commercialisation of Aramco and Lummus Technology’s TC2C thermal crude to chemicals technology that […] November 17, 2022
Energy South Korea to build $6.5bn Saudi hydrogen plant with PIF Korea Electric Power Corp and others on Thursday signed a memorandum of understanding with Saudi Arabia’s Public Investment Fund (PIF) to build and operate a hydrogen and ammonia production plant in Saudi Arabia, three people told Reuters. The project will be worth about $6.5 billion, said one of the people, who declined to be identified […] November 17, 2022
Energy QatarEnergy and Chevron to build $8.5bn plastic plant in Texas QatarEnergy and Chevron Phillips Chemical said they have reached a final investment decision to build an $8.5 billion polymers facility in Orange, Texas. The agreement is part of a larger move by oil companies preparing for a future in which oil is used less to produce energy but still indispensable for making non‐energy goods such […] November 17, 2022
Energy Oman begins work to develop geothermal energy resources US oilfield services firm SLB is collaborating with the Omani government to develop geothermal resources in the country. The Texan company is working with Oman’s Ministry of Energy and Minerals and its sovereign wealth fund, Oman Investment Authority. This follows the completion of an extensive project to evaluate data from more than 7,000 oil, gas […] November 17, 2022
Analysis Energy Egypt aims to overcome obstacles to supplying more gas to the EU Depleting gas fields and soaring domestic consumption will stymie Egypt’s immediate efforts to boost Europe-bound energy exports – however, new exploration and additional pipelines could help it become a sizeable supplier to the EU later this decade. The EU has vowed to slash its imports of Russian gas by two thirds this year following Vladimir Putin’s […] November 17, 2022
Energy Israel begins gas exploration after Lebanon maritime border deal Israel has signed an initial agreement with TotalEnergies and Eni that allows the energy companies to start exploring for natural gas within the framework of a landmark maritime border deal with Lebanon. Lebanese and Israeli leaders last month finalised a US-brokered maritime demarcation deal, bringing a measure of accommodation between the enemy states. A focus […] November 16, 2022
Energy Gulf’s largest national oil driller sees third quarter profit rise 24% ADNOC Drilling, the largest national driller for oil in the Middle East, has posted an industry-leading EBITDA of 45.3 percent in its third quarter financial results. The firm, which celebrated its first anniversary since listing on the emirate’s ADX exchange last month, saw its net profit for the nine-month period rise 24 percent to $568 […] November 14, 2022
