Energy Chinese refiners seek less Saudi crude amid weak demand Several Chinese refiners have asked Saudi Aramco to reduce December-loading crude oil volumes, two sources close to the matter said, as COVID-19 restrictions and a faltering economy have weakened fuel demand in the world’s biggest oil importer. The refiners sought to trim supplies for December by about half of the previous month’s level, the sources […] November 14, 2022
Energy Turkey’s Black Sea gas field to go online next year Turkey’s Black Sea gas field is on track to go online next year as promised and work has sped up to connect it to the national infrastructure, president Tayyip Erdogan said. Addressing a natural gas pipeline opening in the northern Kastamonu province, Erdogan said drilling at nine of the 10 wells in the first phase […] November 14, 2022
Energy Adnoc Distribution Q3 2022 profit rises 45% to $209m UAE fuel and convenience retailer Adnoc Distribution saw net profit rose 45 percent year-on-year to AED 767 million ($208.82 million) in the third quarter of 2022 and 39 percent year-on-year to AED 2.33 billion in the first nine months of 2022, the company said in a statement. The Abu Dhabi-listed company saw a year-on-year rise of […] November 11, 2022
Energy Russia to pursue gas deal with Turkey and grain exports at G20 Russia will announce a number of initiatives related to gas cooperation with Turkey and grain exports at a gathering of leaders from the Group of 20 (G20) nations in Indonesia next week, the foreign ministry said on Thursday. “A number of specific initiatives are planned, including increasing gas cooperation with Turkey, (and) organising large shipments […] November 11, 2022
Energy DEWA’s Q3 2022 profit up 10% on high energy demand Dubai Electricity and Water Authority reported a 10 percent increase in third-quarter net profit to AED3.17 billion ($863 million) on Thursday, boosted by higher energy and water demand in the emirate. Its shares were 1.2 percent higher at 0800 GMT. The utility company’s $6.1 billion listing on Dubai’s stock exchange earlier this year was the […] November 11, 2022
Energy Saudi oil minister says energy sector vulnerable to cyberattacks The energy sector is increasingly vulnerable to cyberattacks and international agreements are needed to thwart the growing risk, Arab News reported, citing Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman. He said governments and companies faced a “collective danger,” but the kingdom was ready for such attacks. Calling for global collaboration to help defeat […] November 10, 2022
Cop28 Developing countries call for new taxes on oil and gas producers By the end of the second full day of Cop27 the tone of the conference had been set. One after another, leaders of developing countries took to the plenary stage to voice their frustration and demand that rich nations offer more support to help combat the effects of climate change. After Barbadian prime minister Mia […] November 9, 2022
Energy UAE’s Masdar to develop onshore wind farm project in Egypt UAE’s renewable energy firm Masdar has signed an agreement with its Egyptian partners to develop a 10-gigawatt (GW) onshore wind farm project in Egypt, the UAE state-owned WAM news agency reported. The partners include Infinity Power Holding, a joint venture between Masdar and Egyptian renewable energy developer Infinity, and Hassan Allam Utilities. UAE President Sheikh Mohamed […] November 9, 2022
Energy London IPO of Israel-owned Ithaca Energy priced at bottom of range North Sea oil and gas producer Ithaca Energy’s planned initial public offering (IPO) in London is set to be priced at the bottom of the range at 250 pence per share, a bookrunner on the deal said on Tuesday. Ithaca’s market debut will be watched for indications of investor appetite for energy producers in the […] November 9, 2022
Energy President: UAE will remain responsible supplier of oil and gas The UAE will be a responsible supplier of oil and gas for as long as the world needs, President Sheikh Mohammed Bin Zayed Al-Nahyan said at the start of two weeks of climate talks in Egypt. He added that the Gulf nation, which is one of OPEC’s biggest producers but has also invested in renewable […] November 8, 2022
Energy Kuwait commits to be carbon neutral in oil and gas by 2050 Kuwait is committed to becoming carbon neutral in the oil and gas sector by 2050 and across the country by 2060, foreign minister Salem Al-Sabah told state news agency Kuna. The minister said Kuwait’s plan, a major oil exporter and member of Opec, to achieve carbon neutrality is “a solid and serious commitment to which […] November 8, 2022
Energy Oman launches auction for first green hydrogen land blocks Oman’s national hydrogen company Hydrom has launched the first round of public auctions of land blocks for developing green hydrogen projects, the company said in a tweet. The country unveiled its green hydrogen strategy in October and has invited international investors and developers to register for bidding on the first of several land blocks, Oman […] November 7, 2022
Energy Kuwait commences commercial operations at Al-Zour refinery Kuwait Integrated Petroleum Industries Company (KIPIC) has started commercial operations of the first phase of the Al-Zour refinery project, state-owned Kuwait News Agency (KUNA) reported. The refinery last month started to produce and sell primary quantities of fuel oil and supply it to local electric power stations. KIPC acting CEO Waleed Al-Bader said the operation […] November 7, 2022
Analysis Energy Middle East under pressure to fill oil gap left by Russia The Gulf states are in prime position to plug the global energy gap caused by the Ukraine war, but other countries must also step up, experts said this week at Adipec, the region’s top energy event. In recent months, the UAE and Qatar have been in talks with Europe to sell gas to those who […] November 4, 2022
Energy ‘Encouraging’ signs for UK firm’s $206m Moroccan gas deal British firm Sound Energy has announced that it is extending negotiations with Morocco’s largest bank over a $206 million deal for the Grand Tendrara and Anoual exploration permits. The London-headquartered company, which has a wholly owned subsidiary in Morocco, has until December 15 this year to agree terms of a financing agreement with Attijariwafa Bank. […] November 3, 2022
Energy Israel-backed Ithaca Energy set for London’s biggest IPO in 2022 Ithaca Energy’s plans to launch an initial public offering (IPO) on the London Stock Exchange next week could value the North Sea oil and gas producer at up to 3.1 billion pounds, making it London’s largest IPO this year. Shares in the company – owned by Tel Aviv-listed Delek Group – are being offered at […] November 3, 2022
Energy Adnoc’s new pilot scheme to address UAE’s carbon footprint Abu Dhabi National Oil Company (Adnoc) chose this week’s Abu Dhabi International Petroleum Exhibition and Conferences (Adipec) to announce a partnership with Siemens Energy to pilot blockchain technology to certify the carbon intensity of a range of products. By using smart sensor data gathered from across Adnoc’s operational chain – from the oil well to the customer […] November 2, 2022
Energy UAE and US to catalyse $100bn in global push for clean energy The UAE and the US have signed a comprehensive strategic partnership to accelerate the energy transition, advance shared climate goals and strengthen global energy security, WAM, the UAE state-owned news agency, reported. The UAE-US Partnership for Accelerating Clean Energy (PACE) will catalyse $100 billion in financing and other support, in addition to deploying 100 new […] November 2, 2022
Energy Saudi Aramco’s net profit rises 39% to $42.4bn in Q3 2022 Saudi Aramco reported a net income of $42.4 billion for the third quarter of 2022, an increase of 39 percent year-on-year, the company said in a statement. According to the company’s financial results, free cash flow increased to $45 billion and cash flow from operating activities reached $54 billion. In the third quarter, capital expenditure […] November 2, 2022
Energy Dubai’s Empower increases IPO size by 50% on strong demand Shareholders in Dubai’s Emirates Central Cooling Systems Corporation (Empower) have increased the size of the stake being offered in an initial public offering (IPO) to 15 percent from 10 percent, citing strong demand for the shares. Empower said in a statement its two shareholders Dubai Electricity and Water Authority and Emirates Power Investment had exercised […] November 2, 2022
Opinion Energy Gas crisis may attract ‘energy migrants’ to Middle East International companies may have to rethink their strategy as bills continue to rise November 1, 2022
Energy UAE fuel prices rise nearly 10% in November 2022 Fuel prices have increased in the UAE this month (November 2022), state-owned Emirates General Petroleum (Emarat) said in a tweet. Prices of Super 98 rose 9.6 percent to AED3.32 ($0.90) from AED3.03 in October. Special 95 jumped 9.6 percent to AED3.20 from AED2.92, while E-plus 91 increased nearly 10 percent to AED3.13 from AED2.85 in October. Diesel prices edged up 6.6 percent […] November 1, 2022
