Analysis Energy Adnoc chief warns 5m barrels a day at risk if oil investment halts The head of the state-owned Abu Dhabi National Oil Company (Adnoc) has warned that the world will lose five million barrels per day of oil each year from next year if investments in the sector grinds to a halt. “Now is not the time to point out that long-term underinvestment in oil and gas has […] October 31, 2022
Energy UAE’s Masdar to bid for Saudi renewable energy projects UAE’s Masdar plans to participate in the forthcoming round 4 tender of Saudi Power Procurement Co.’s 3.3 gigawatts (GW) wind and solar projects, along with its partners, WAM, the UAE state-owned news agency, reported. The new round will comprise three wind power plants with a combined capacity of 1.8 GW, and two solar parks totaling […] October 31, 2022
Energy Oman eyes completion of new solar project in 2026 State-owned utility major Oman Power and Water Procurement Company (OPWP) has commenced the procurement process for the second large-scale solar photovoltaic (PV) project at Ibri, Oman Daily Observer reported. The new 500 MW Ibri III is an independent power project (IPP), similar to Ibri II solar IPP launched in January 2022. The entity has invited […] October 30, 2022
Energy Abu Dhabi’s Borouge revenue rises 13.5% to $5.13bn Abu Dhabi-based petrochemicals major Borouge Plc announced a 13.5 percent increase year-on-year in revenue to $5.13 billion for the nine months of 2022. The increase in revenue over the nine months was driven by an 11.9 percent increase in total sales volumes, with polypropylene (PP) volumes up 14.7 percent, UAE state-owned news agency WAM reported. […] October 30, 2022
Energy Mubadala expected to complete sale of 25% stake in Borealis Abu Dhabi sovereign wealth fund’s Mubadala is expected to complete the sale of its 25 percent stake in petrochemicals group Borealis, the chief executive of the plastic maker’s majority owner OMV said on Friday. “Twenty-five percent is currently owned by Mubadala and that 25 percent is under discussion and will probably change hands,” Alfred Stern […] October 30, 2022
Analysis Energy Energy crisis inflates Gulf demand and strains Europe The Opec+ oil production cuts announced in early October look set to ensure high energy prices continue for some time – a boon for Gulf producers but a headache for energy importers elsewhere. The situation is particularly acute in Europe, where countries have been scrambling to find alternatives to Russian gas. The first instinct of […] October 28, 2022
Analysis Energy Ukraine war brings oil and gas underinvestment into sharp focus Oil and gas companies have slashed capital expenditure since a 2014 price crash and underinvestment will likely persist, despite the sector’s record profits this year, industry experts have warned. Saudi Aramco’s second-quarter net income of $48.4 billion was its largest since going public in 2019. ExxonMobil and Chevron and many other international oil companies also […] October 28, 2022
Analysis Energy Aramco, Adnoc and the long road to decarbonisation As some of the world’s biggest carbon emitters, the Gulf’s national oil companies have come under considerable scrutiny in recent years. Several are now ramping up their decarbonisation efforts in response to the deepening climate crisis and tougher targets for environmental, social, and corporate governance. In October last year Saudi Aramco, the world’s largest oil-exporting […] October 28, 2022
Analysis Energy Top Oman drilling firm Abraj plans regional expansion Omani oil and gas service company Abraj has set its sights firmly on exporting to the Gulf and the wider region. That’s according to Salah Al Harthy, business development director, Abraj Energy Services, Oman’s leading drilling firm and a subsidiary of state-owned OQ (formerly known as Oman Oil Company). “Abraj has significant expansion opportunities in […] October 28, 2022
Exclusive Energy Fracking in high demand as Oman drills the desert for oil Oil fracking demand in Oman has proliferated in the last four years and is projected to increase further, a top executive at Abraj Energy Services has said. Hydraulic fracturing, or fracking as it is more commonly known, is a technique for extracting oil, natural gas, geothermal energy or water from shale rock deep underground. It […] October 28, 2022
Energy Riyadh was more ‘mature’ in spat with Washington, minister tells FII Saudi Arabia decided to be the “maturer guys” in a spat with the United States over oil supplies, the kingdom’s energy minister Prince Abdulaziz bin Salman said on Tuesday. Prince Abdulaziz made the comment during his speech to the kingdom’s Future Investment Initiative (FII) event, which has drawn top executives from the US and elsewhere. […] October 25, 2022
Analysis Banking & Finance Mena debt market slumps in year of Fed hikes and high oil prices Debt issuance has plunged in the Middle East and North Africa this year, with interest rate volatility deterring would-be issuers and oil exporters’ huge fiscal surpluses reducing their need to offer bonds or sukuk. Mena debt sales in the first nine months of 2022 were $18.3 billion, down 80 percent year-on-year and the lowest total […] October 25, 2022
Energy New PIF company to hold world’s largest-ever carbon credit auction Saudi Arabia’s Public Investment Fund (PIF) has established the Regional Voluntary Carbon Market Company to support businesses and industries in the region to achieve ‘net zero’ goals. PIF will hold an 80 percent stake, while Saudi Tadawul Group Holding Company will own the remaining 20 percent, the sovereign wealth fund said in a statement. The […] October 25, 2022
Energy Oman targets $140bn investment through green hydrogen strategy Oman’s Ministry of Energy and Minerals has unveiled its ‘Green Hydrogen Strategy’, which envisions an estimated $140 billion in investment in a new low-carbon energy industry. The ministry established a new hydrogen-centric energy company, HYDROM, that will oversee the country’s growth of a green hydrogen-based energy future, the Oman Observer newspaper reported. Oman has committed […] October 24, 2022
Energy Lebanon and Syria discuss sea border after Beirut’s Israel deal The Lebanese and Syrian presidents discussed delineating their countries’ shared maritime border on Saturday before a visit to Damascus next week by a Lebanese delegation tasked with negotiating the issue, a Lebanese official said. A dispute over their shared sea boundary emerged last year after Syria granted a licence to a Russian energy company to […] October 24, 2022
Energy Saudi Arabia and China discuss stability of global oil market Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman and China’s National Energy Administrator Zhang Jianhua have agreed to work jointly to support the stability of the international oil market, state-owned Saudi Press Agency (SPA) reported. The officials agreed to continue close communication and strengthen co-operation to address emerging risks and challenges, the report said, […] October 23, 2022
Energy DEWA extends deadline for bids for sixth phase of solar park Dubai Electricity and Water Authority (DEWA) has extended the deadline for receiving the expressions of interest (EOI) from international developers to implement the sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park until November 1, 2022. The earlier deadline for submitting EOIs was October 10. The sixth phase, which will be based on the Independent […] October 23, 2022
Energy Gulf petrochemical giants well placed to weather tough economy Petrochemical companies in the Gulf have safe credit ratings despite rising interest rates and higher energy costs. S&P Global reported this week that Saudi Arabia’s SABIC and Industries Qatar (IQ), which are both ultimately state-controlled, benefit from low feedstock prices, strong shareholder support and “solid bases” of customers. Feedstock is raw material used for processing […] October 21, 2022
Opinion Energy Lebanon eyes Israeli gas to ease energy woes Gas could ease disastrous energy shortages but it doesn’t replace the work of reforming Lebanon’s failed political system October 20, 2022
Energy US hedge fund asks Capricorn Energy to ditch Israel deal Irenic Capital Management, a hedge fund that owns a 1.5 percent stake in Capricorn Energy Plc, asked the natural gas producer on Wednesday to abandon its sale to Israel’s NewMed Energy LP in favour of selling its assets piecemeal. Irenic’s intervention challenges a deal that would create a London and Tel Aviv-listed gas giant, at […] October 20, 2022
Energy Saudi Aramco’s trading unit said to list on Tadawul by early 2023 Saudi Aramco is working with advisers for a possible listing of Aramco Trading, its energy-trading business, on the Saudi Exchange (Tadawul) by year-end or early 2023, Bloomberg reported, citing sources. The Saudi-listed oil company is adding more banks to the IPO, which could value the unit at more than $30 billion. In May, the news […] October 20, 2022
Energy $566m funding secured for Saudi-Egypt power project Saudi Electricity Company has secured a $566.4 million export credit agency-supported Islamic financing facility for the Saudi-Egypt electricity interconnection project. After a slow start, Gulf firms are winning at ESG President aims to double private sector to tackle economic woes Climate talks in Egypt are set to get heated The facility is from Standard Chartered […] October 18, 2022
