Energy Egypt ready to start natural gas exports to Lebanon Egypt can start exporting natural gas to Lebanon as soon as the project gets the go-ahead, Egypt Today has reported, citing the minister of petroleum and mineral resources Tarek El-Molla. The Cairo government signed an agreement in June to supply 650 million cubic metres of natural gas each year to Lebanon. The project needs World […] October 18, 2022
Energy ACWA Power earmarks $10bn for South Africa’s renewables sector Saudi utility company ACWA Power is planning to invest $10 billion in renewables in South Africa over the next five years, Arab News has reported, citing CEO Paddy Padmanathan. The Saudi-listed company is likely to increase the pace of investments to $25 billion by 2030 if the South African government facilitates the opportunity, he added. […] October 17, 2022
Energy Indian consortium planning to buy stake in ADNOC’s asset An Indian consortium comprising several oil companies is planning to buy a stake in a hydrocarbon asset of UAE’s Abu Dhabi National Oil Company (ADNOC), Indian business daily Mint reported. The consortium is led by Indian government-owned ONGC Videsh Ltd (OVL), including Indian Oil Corporation Ltd, Bharat PetroResources Ltd and Oil India Ltd. The Indian […] October 16, 2022
Energy Saudi crude exports to Asia may fall due to discounted Russian oil Saudi Arabia’s oil exports to India and China will be slightly hit due to the sanctions imposed by the US and European Union (EU) on Russia, according to the King Abdullah Petroleum Studies and Research Center (KAPSARC) report. The two Asian countries will buy more discounted Russian crude, which will benefit their gross domestic products […] October 16, 2022
Energy Turkey backs Russia’s gas plan as Nord Stream faces long outage Large sections of the damaged Nord Stream pipelines built to supply gas to Europe might need to be replaced, the head of Gazprom said, while Turkey on Friday backed Russian proposals to build a gas hub there as an alternative supply route. Russian President Vladimir Putin this week proposed Turkey as a base for gas […] October 16, 2022
Analysis Energy Saudi’s 2030 clean electricity target behind schedule Saudi Arabia will fall far short of its goal to generate half its electricity from renewables by 2030, industry analysts warn. The kingdom has made bold environmental promises, pledging to become net zero in terms of carbon emissions by 2060, while in March 2021 crown prince and de facto ruler Mohammed bin Salman reiterated the […] October 14, 2022
Analysis Energy How the UAE and UK can reap multi-billion hydrogen rewards The UK and UAE could create up to 100,000 new jobs each in the hydrogen sector by maximising opportunities for collaboration, which may also include a joint investment vehicle. A report by the World Green Economy Organisation (WGEO) and UAE-based sustainability consultancy Zest Associates concludes the two countries can become “influential players in this emerging […] October 14, 2022
Energy Qatar and Russia discuss Ukraine conflict’s impact on oil markets Qatar’s Emir and Russian President Vladimir Putin discussed the Ukraine crisis and its impact on energy markets during a meeting on the sidelines of a summit in Kazakhstan on Thursday, the emir’s office said. Sheikh Tamim bin Hamad Al-Thani and Putin also discussed the conflict’s impact on food security as well as the situation in […] October 14, 2022
Analysis Energy Emerging ‘consequences’ of the US-Gulf fallout over OPEC’s cuts OPEC+’s announcement last week of a two million barrel per day (bpd) production cut from November has rocked already fragile US-Gulf relations. Joe Biden pledged that “there will be consequences” for Saudi Arabia in the same week that the UAE president flew to Moscow to meet Vladimir Putin. In response to Biden’s threat of retaliation, […] October 13, 2022
EXCLUSIVE Energy Britain ‘just scratching the surface’ of Saudi trade potential More big ticket Saudi investments are likely in the UK as the two countries seek closer clean energy collaboration to feed into their net zero ambitions. The announcement by Saudi Arabia’s Alfanar Group that it will invest £1 billion in a sustainable aviation fuel project on Teesside in the north of the UK could act […] October 12, 2022
Energy Lebanon and Israel clinch deal on gas dispute over maritime border Lebanon and Israel have reached a historic agreement demarcating a disputed maritime border between them after years of US-mediated negotiations. While limited in scope, a finalised deal would mark a significant compromise between neighbours with a history of war and hostility, opening the way for offshore energy exploration and easing a source of recent tensions. […] October 12, 2022
Energy Biden vows ‘consequences’ for Saudi Arabia after OPEC decision President Joe Biden pledged on Tuesday “there will be consequences” for US relations with Saudi Arabia after OPEC+ announced last week that it would cut oil production over US objections. His announcement came a day after powerful Democratic Senator Bob Menendez, chairman of the senate foreign relations committee, said the United States must immediately freeze […] October 12, 2022
Opinion Energy OPEC+ cuts reopen wounds between West and GCC members Geopolitical dilemma: while the US is concerned about energy price hikes during the midterm elections, OPEC+ is acting to safeguard its own member interests October 11, 2022
Energy Lebanon, Israel satisfied with final draft of maritime border deal Lebanon and Israel have received a final draft of a US-mediated maritime border deal that satisfies all of their requirements and could imminently lead to a “historic deal,” negotiators from the two countries said on Tuesday. “If everything goes well, Amos Hochstein’s efforts could imminently lead to a historic deal,” Lebanon’s lead negotiator Bou Saab […] October 11, 2022
Analysis Oil to outer space: the changing face of UAE-Japan trade When the Emirates lunar mission is launched next month, the trade relationship between the UAE and Japan will be taken to a whole new level – approximately 384,400km higher. The Rashid rover will be transported to the moon on a lunar lander made by Japanese company ispace. The exact date has yet to be confirmed, […] October 11, 2022
Energy ADNOC awards $1.5bn contract to expand offshore operations Abu Dhabi National Oil Company (ADNOC) has awarded a contract worth AED5.62 billion ($1.53 billion) to ADNOC Drilling, according to WAM, the UAE’s state-owned news agency The two-year contract covers the provision of 12 jack-up rigs and two island rigs, as well as associated integrated drilling services. Over 80 percent of the award value will […] October 10, 2022
Energy Aramco to keep full oil supplies to north Asia despite OPEC+ cuts Saudi Aramco has told at least five customers in North Asia they will receive full contract volumes of crude oil in November, according to several sources. The allocation comes despite a decision by the OPEC+ group – the Organization of the Petroleum Exporting Countries and allies including Russia – to lower their output target by […] October 10, 2022
Energy DEWA invites international bids for sixth phase of solar park Dubai Electricity and Water Authority (DEWA) has invited international companies to submit their expressions of interest (EOI) to implement the sixth phase of the Mohammed bin Rashid Al Maktoum solar park, WAM, the UAE state-owned news agency, reported. The deadline for submitting EOIs is October 10. DEWA’s CEO Saeed Mohammed Al Tayer said that the 900 MW […] October 9, 2022
Energy Saudi says high gas prices in US due to American refinery shortage The lack of American refinery production is to blame for higher US gas prices, Saudi Arabia’s minister of state for foreign affairs Adel Al-Jubeir told Fox News. He stated that the refining shortage has existed for more than 20 years, as the US has not built refineries in decades. The minister said that Saudi Arabia […] October 9, 2022
Energy UAE’s Barakah nuclear plant unit 3 connected to transmission grid UAE’s Emirates Nuclear Energy Corporation’s (ENEC) operations and maintenance subsidiary, Nawah Energy Company (Nawah), has connected unit 3 of the Barakah Nuclear Energy Plant to the UAE’s transmission grid. The third unit will add another 1,400 megawatts of zero-carbon emission electricity capacity to the national grid, WAM, the UAE state-owned news agency, reported. Barakah’s first […] October 9, 2022
Energy OPEC+ cuts: the media’s verdict Major stock markets in the Gulf rose in early trading on Thursday, joining the rise in oil prices following the announcement late on Wednesday October 5 that the oil alliance OPEC+ had agreed to cut production by about two million barrels per day, the largest reduction since 2020. OPEC+ agrees deep oil production cuts, Biden […] October 6, 2022
Opinion Energy Behind the scenes at the controversial OPEC+ meeting The West and GCC nations can now only gain from really engaging in geopolitics and markets with cool heads and open channels of communication October 6, 2022
