Opinion Energy UK and UAE are powering the global energy transition A shared passion for reaching net zero binds together two nations known for their historical reliance on fossil fuels June 8, 2022
Energy UAE partners with Japan to drive low carbon tech The UAE and Japan are partnering on economic and energy opportunities in a bid to drive global low-carbon technologies, including studying the development of a hydrogen supply chain between the two countries. Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, Special Envoy for Climate Change, and Abu Dhabi National Oil Company (Adnoc) managing […] June 8, 2022
Energy New Israeli gas rig subject of dispute by Lebanon The Energean Power gas rig, docked in Israeli waters off the shore of Haifa, is expected to start pumping gas from the Karish natural gas reservoir in the next three to four months. The operation could significantly shift Israel’s energy economy. Lebanon called for US mediation claiming part of the offshore field fell within contested […] June 8, 2022
Banking & Finance World Bank slashes global growth forecast The World Bank on Tuesday slashed its global growth forecast by nearly a third to 2.9 percent for 2022, warning that Russia’s invasion of Ukraine has compounded the damage from the Covid-19 pandemic, and many countries now faced recession. The war in Ukraine had magnified the slowdown in the global economy, which was now entering […] June 8, 2022
Energy Kuwait’s state oil company seeks to borrow up to $1bn The state-owned Kuwait Petroleum Corporation is seeking to borrow up to $1 billion from banks including HSBC and JPMorgan, according to a parliamentary document. “The Kuwait Petroleum Corporation is currently negotiating with the Japanese export credit agency to provide insurance cover for the financing that the corporation will obtain from a group of international banks, including HSBC and JPMorgan, […] June 7, 2022
Analysis Energy Inside the Israel-Lebanon dispute blocking oil and gas exploration A dispute between Israel and Lebanon over their maritime boundary has obstructed energy exploration in the eastern Mediterranean and risks exacerbating tensions between the nations. After months of deadlock in US-mediated talks, Beirut warned on Sunday against any activity in the disputed area – responding to the arrival of a vessel to develop a field […] June 7, 2022
Energy UAE arrests Gupta brothers, wanted in South Africa The United Arab Emirates has arrested Rajesh and Atul Gupta, brothers who face charges of corruption in South Africa. Dubai Police confirmed the arrest on Twitter, posting on Tuesday that it had received an Interpol red notice for the brothers and was coordinating with the South African authorities “regarding the extradition file to complete the legal procedures”. South Africa’s Ministry of Justice and Correctional Services said […] June 7, 2022
Energy Saudi GDP grows 9.9% in Q1, beating flash estimate Saudi Arabia’s gross domestic product grew 9.9 per cent in the first quarter, the fastest in a decade and more than a flash estimate last month of 9.6 per cent, official data showed on Tuesday. It was the fastest expansion since the third quarter of 2011 with the increase in oil production a key factor, […] June 7, 2022
Energy Biden should not shake MBS’ hand in Riyadh, says top Democrat President Joe Biden should not visit Saudi Arabia or meet Crown Prince Mohammed bin Salman, the chairman of the US House intelligence committee said on Sunday. Rep. Adam Schiff was asked about reports that the president will travel to Riyadh in July and hold talks with the crown prince, Saudi Arabia’s de facto ruler – […] June 6, 2022
Energy Saudi ramps up July oil prices for Asia buyers Saudi Arabia, the world’s top oil exporter, raised July crude oil prices for Asian buyers to higher-than-expected levels amid concerns about tight supply and expectations of strong demand in summer. The official selling price (OSP) for July-loading Arab Light to Asia was hiked by $2.1 a barrel from June to $6.5 a barrel over Oman/Dubai […] June 6, 2022
Analysis Energy Higher oil prices ease budgetary woes Surging oil prices in 2022 mean most Middle East and North African (MENA) oil producers can look forward to recording a surplus this year – often after running budget deficits and, on occasion, plundering their sovereign wealth funds. In 2020, as demand collapsed on the back of the pandemic, Brent crude averaged just $42 a […] June 6, 2022
Energy White House praises Saudi crown prince ahead of expected Biden trip The White House took the rare step of recognising the role played by Saudi Arabia’s Crown Prince Mohammed bin Salman in extending a ceasefire in Yemen on Thursday ahead of what is expected to be a trip to Riyadh by President Joe Biden. White House press secretary Karine Jean-Pierre told reporters that bin Salman and […] June 3, 2022
Energy South Korean companies to build $1bn green hydrogen plant in UAE Three South Korean companies have signed an agreement to build a $1 billion green hydrogen and ammonia production plant in the United Arab Emirates, their UAE partner said on Friday. Korea Electric Power Corporation, Samsung C&T Corporation and Korea Western Power, alongside the UAE’s Petrolyn Chemie, will build a plant that can produce up to […] June 3, 2022
Tourism Saudi’s Abdul Latif Jameel to invest $220m in Indian electric vehicle maker Saudi Arabian family conglomerate Abdul Latif Jameel is to invest $220 million in India’s Greaves Electric Mobility, as it looks to benefit from the country’s growing electric vehicle (EV) market. India is currently the world’s fourth-largest automotive market and Greaves Electric Mobility, a subsidiary of Indian engineering firm Greaves Cotton Ltd, produces two and three […] June 2, 2022
Energy Oil price fall dents Gulf stock markets Most Gulf markets ended lower on Thursday on growing concerns over inflation and recession and as oil prices slumped following speculation that Saudi Arabia would boost production. Saudi Arabia’s benchmark index finished 1.3 percent lower, hurt by a 2.1 percent fall in oil giant Saudi Aramco and a 1.2 percent decline in country’s biggest Islamic […] June 2, 2022
Energy Saudi to raise oil production if Russian output falls Saudi Arabia is prepared to raise its oil production if Russia’s output falls substantially because of the western sanctions imposed on it, the Financial Times reported on Wednesday, citing sources. Discussions had been held about an immediate increase in production from Saudi Arabia and the United Arab Emirates, which could be announced at Thursday’s OPEC+ meeting, […] June 2, 2022
Agriculture Turkish factory activity contracts for third straight month in May Turkish manufacturing activity contracted for the third month running in May as both output and orders slowed amid muted demand and ongoing price pressures, a business survey showed on Wednesday. The Purchasing Managers’ Index (PMI) for manufacturing stood at 49.2 in May, unchanged from April, said a panel from the Istanbul Chamber of Industry and […] June 1, 2022
Energy Egypt in $4bn deal to build waste-to-energy facility Egypt’s Suez Canal Economic Zone (SCZONE) and H2-Industries have signed a memorandum of understanding (MoU) to build a waste-to-hydrogen facility at a greenfield site in east Port Said with an estimated cost of $4 billion, an SCZONE statement said on Wednesday. The project targets production capacity of 300,000 tonnes of green hydrogen per year, the […] June 1, 2022
Energy Saudi-led OPEC+ set for modest output rise, as oil hits $124, sources say Oil prices rally on future EU Russian oil ban OPEC experts didn’t discuss suspending Russia from quotas Russian oil output rising, Lavrov visits Middle East G7 again calls on OPEC to raise output US officials working on Biden’s visit to Riyadh OPEC+ is set to stick this week to its monthly modest oil output increases […] June 1, 2022
Energy UN nuclear watchdog urged to rebuke Iran, draft resolution shows IAEA reported scant progress with Iran on uranium traces Report came after three-month process to revive dialogue West previously held off of sending resolution to Board Iran bristles at such moves, could hurt talks on 2015 deal The United States, France, Britain and Germany are pushing for the U.N. nuclear watchdog’s Board of Governors to […] June 1, 2022
Energy Who is buying Russian crude oil and who has stopped Here is the response by countries and companies regarding purchases of Russian oil since the war in Ukraine started on Feb. 24. Australia, Britain, Canada and the United States have imposed outright bans on Russian oil purchases, while Group of Seven (G7) nations, including Japan, committed to ban or phase out imports of Russian oil […] June 1, 2022
Energy Iran’s energy export revenue soars 60% in last two months Iran’s energy export revenue is 60 percent higher in the first two months of the Iranian year (March 21 to May 21) compared to the same period a year ago, an official from the Iranian oil ministry told the ministry’s SHANA news agency on Sunday. The official did not give a reason for the jump […] June 1, 2022
