Energy Dubai utility DEWA’s Q2 profit up 37% on growing energy demand Dubai Electricity and Water Authority (DEWA) reported a net profit of AED 2.61 billion ($707.9 million), up 37 percent year-on-year, in the second quarter of 2022 on higher energy demand. Revenue rose 14 percent year-on-year to AED 7.01 billion during the three month period ended June 30, 2022. The utility provider’s first half of 2022 […] August 11, 2022
Energy Mubadala in bid to buy world’s third-largest sugarcane processor UAE state investor Mubadala Investment Co and energy company Raizen SA are in the final round to acquire Brazilian ethanol joint venture BP Bunge Bioenergia, the world’s third-largest sugarcane processor, one source with knowledge of the matter said on Wednesday. There are no other bidders in the second round and former proposals from other companies […] August 11, 2022
Analysis Energy Crown prince keen to catch up after slow start on green energy At a time of heightened global pressure to cut carbon emissions, many Gulf countries are racing to develop their renewable energy credentials. Bahrain, however, has been one of the slower-moving actors, and still relies on conventional fuels for almost all of its electricity. The country had a mere 12mw of renewable capacity in 2021, just […] August 10, 2022
Analysis Energy Doubling oil output may prove a challenge too far Four years after announcing a giant discovery of 80 billion barrels of oil shale and 20 trillion cubic feet of gas off the coast of Bahrain, Manama has yet to make a final decision on whether to push ahead with what would be an expensive and challenging project. The offshore basin, which wraps around the […] August 10, 2022
Analysis Energy UK firms look to power the UAE’s energy transition The UAE’s commitment to a net zero future is being increasingly recognised worldwide and capturing the attention of global partners including Britain. A case in point is London-based Desolenator, the world’s first solar thermal desalination technology company, delivering net-zero clean water at scale to companies and communities. It uniquely uses both solar-generated heat and electricity […] August 8, 2022
Energy Abu Dhabi’s Masdar to develop solar, wind projects in Tanzania Abu Dhabi’s Masdar has signed an agreement with Tanzania Electric Supply Company Ltd. (TANESCO) to develop renewable energy projects with a total capacity of up to two gigawatts (GW). Through a joint venture, the two companies are initially targeting the development of renewable energy projects with a capacity of about 600 megawatts (MW), starting with […] August 7, 2022
Opinion Energy OPEC’s minor production increase was the only viable option The fact that OPEC is running out of spare capacity in a constrained market is another concerning factor August 5, 2022
Energy Aramco partners with Chinese giant for projects in Saudi Saudi Arabian Oil Company (Aramco) on Wednesday signed an agreement with China Petroleum and Chemical Corporation (Sinopec) to develop projects in the kingdom, underscoring the strong investment links between the two countries. The Memorandum of Understanding (MoU) covered a number of areas including potential collaborations across upstream and downstream businesses, engineering and construction, oilfield services, […] August 4, 2022
Energy Masdar takes lead as Azerbaijan sets ambitious green targets Masdar, the Abu Dhabi-based renewable energy company, announced on Tuesday that it has achieved financial close for its 230mw Garadagh Solar Photovoltaic (PV) Plant in Azerbaijan. The project, the country’s first foreign investment-based independent solar power project and Masdar’s first in Azerbaijan, is co-financed by Abu Dhabi Fund for Development, the Asian Development Bank, the […] August 2, 2022
Energy Aramco buys Valvoline unit for $2.6bn The Saudi Arabian Oil Company, better known as Aramco, has announced the signing of an equity purchase agreement to acquire the global products business of US-based Valvoline Inc for $2.65 billion. Valvoline Global Products (VGP) is an independent producer and distributor of premium branded automotive, commercial and industrial lubricants and automotive chemicals. Aramco said it […] August 2, 2022
Energy Kuwait reappoints oil, finance ministers in new cabinet Kuwait reappointed Oil Minister Mohammed Al-Fares and Finance Minister Abdul Wahab al-Rasheed in a cabinet formed on Monday under a new prime minister, largely resembling the caretaker government that resigned in April. Last week the crown prince of the Gulf Arab OPEC producer had named Sheikh Ahmad Nawaf al-Sabah as prime minister to replace Sheikh […] August 2, 2022
Energy Global investor Actis turns focus on Dubai solar platform Actis, a London-headquartered investor in global sustainable infrastructure, has announced an agreement to acquire a controlling stake in Dubai-based Yellow Door Energy Limited (YDE). Yellow Door Energy is a major solar platform in the Middle East and Africa region with around 200MW of secured production capacity. The transaction, the value of which has not been […] August 1, 2022
Energy UAE’s ADNOC Distribution buys 50% stake in TotalEnergies Egypt Abu Dhabi’s ADNOC Distribution has signed a $186 million agreement with TotalEnergies Marketing Afrique SAS to acquire a 50 percent stake in its Egypt unit. Established in 1998, TotalEnergies Egypt is among the top four fuel retail operators in the north African country. Listed on the Abu Dhabi Securities Exchange, ADNOC Distribution operates 464 retail […] July 29, 2022
Energy EU puts forward new draft text to revive Iran nuclear deal The European Union’s foreign policy chief said on Tuesday he has proposed a new draft text to revive the 2015 Iran nuclear deal, saying there is no room left for further major compromises. “I have now put on the table a text that addresses, in precise detail, the sanctions lifting as well as the nuclear […] July 27, 2022
Energy Saudi and Greece seal deal on undersea data cable Greece and Saudi Arabia on Tuesday sealed a deal to lay an undersea data cable that will connect Europe with Asia and discussed the possibility of linking their power grids to supply Europe with cheaper green energy. Greece and Saudi Arabia agreed in May on the main terms of a planned joint venture to build […] July 27, 2022
Energy EU grants Egypt $120m to support water and energy sectors The European Union has provided Egypt with a grant of 117.9 million euros ($120 million) to support the country’s water and energy sectors, Egypt’s ministry of international cooperation said on Thursday. The positive news comes as Reuters reported Egypt had a near 95 percent debt-to-GDP ratio and has seen one of the biggest exoduses of […] July 22, 2022
Energy Dubai’s DEWA to invest over $10bn as energy demand rises Dubai Electricity and Water Authority (DEWA) plans to invest 40 billion dirhams ($10.89 billion) on capital expenditure over the next few years, just a day after it announced energy demand in the emirate rose by 6.3 percent year-on-year in the first half of 2022. The firm provides electricity and water services to 3.5 million people […] July 21, 2022
Energy Oil price windfall tests Gulf’s fiscal discipline as inflation rises A petrodollar windfall is helping some Gulf Arab states pay down debt and providing cash for others to diversify their oil-reliant economies, but it is also testing commitments to fiscal discipline as governments try to shield citizens from inflation. Gulf oil producers have promised more prudence this time as crude prices have spiked higher, seeking […] July 20, 2022
Analysis Economy Sheikh Mohamed underlines ties with France on first foreign trip The Louvre Abu Dhabi is perhaps the most visible symbol of the flourishing relationship between the UAE and France. The museum on Saadiyat Island, which opened in 2017 under an agreement between the two governments, is said to be France’s largest cultural project abroad. Given this backdrop of cultural and commercial ties, France was a […] July 19, 2022
Energy Djibouti explores geothermal energy to power country Icelandic engineering firm Verkis is conducting a feasibility study for the direct use of geothermal energy at Assal Lake in Djibouti, one of the 22 countries of the MENA region. The study will provide guidance for international best practices regarding the sustainable use of geothermal resources. The project will be carried out for the Djiboutian […] July 19, 2022
Energy UAE to guarantee diesel supplies to France, says Macron source France and the United Arab Emirates (UAE) are set to sign an agreement on Monday whereby the UAE will guarantee diesel supplies to France, said a source at President Emmanuel Macron’s Elysee department. The deal, which will coincide with the visit to Paris of the UAE President, will also see the two countries agree on […] July 18, 2022
Energy Biden starts sensitive Saudi visit, no immediate oil pledge expected President Joe Biden arrived in Saudi Arabia on Friday to discuss energy supply, human rights, and security cooperation on a trip designed to reset the US relationship with a country he once pledged to make a “pariah” on the world stage. Energy and security interests prompted the president and his aides to decide not to […] July 15, 2022
