Energy Russia’s Lavrov to meet GCC ministers in Riyadh on Wednesday Russian Foreign Minister Sergei Lavrov arrived in Saudi Arabia on Tuesday, Saudi state media said, on a visit that Gulf officials said would feature a meeting with foreign ministers from the Gulf Cooperation Council (GCC) states. Lavrov, who also visited Bahrain earlier on Tuesday, is expected to meet ministers from Saudi Arabia, the United Arab […] June 1, 2022
Analysis Energy Gulf to see revenue boost from oil price uplift, Russia embargo EU leaders have said they will block most Russian oil imports by sea by the end of the year, a move expected to keep oil prices at their highest since the last peak in 2014 and buoy GCC economies. June 1, 2022
Energy Russia’s Lavrov meets Gulf ministers, oil and Ukraine on agenda Russian Foreign Minister Sergei Lavrov will visit Saudi Arabia on Wednesday where he will meet with foreign ministers of the Gulf Cooperation Council countries (GCC). Lavrov is expected to meet with ministers of Saudi Arabia, the UAE, Oman, Kuwait, Bahrain and Qatar in the GCC headquarters in Riyadh. It was unclear what the meeting will […] May 31, 2022
Israel’s long-awaited sovereign wealth fund to start on June 1 Israel’s long-delayed sovereign wealth fund can begin operating on June 1 now taxes on profits from natural gas have passed 1 billion shekels ($301 million), the country’s Finance Ministry and Tax Authority said on Monday. Finance minister Avigdor Lieberman will sign an order to transfer 1.14 billion shekels in levies to the fund on Wednesday, […] May 30, 2022
Energy If Aramco were a country, it would be richer than Italy The oil company’s market cap of over $1.8 trillion in 2021 is more than two-and-a-half times the GDP of its home country Saudi Arabia May 30, 2022
Energy Oil top of the agenda on White House visit to Saudi this week Two senior US officials visited Saudi Arabia this week for talks that included global energy supplies, Iran and other regional issues, the White House said on Thursday. Meeting senior Saudi officials in Riyadh were Brett McGurk, Biden’s top White House adviser on the Middle East, and Amos Hochstein, the State Department’s energy envoy. “I will […] May 27, 2022
Energy US seizes Russian ship with Iranian oil cargo The United States has confiscated an Iranian oil cargo held on a Russian-operated ship near Greece and will send the cargo to the United States aboard another vessel, three sources familiar with the matter said. Greek authorities last month impounded the Iranian-flagged Pegas, with 19 Russian crew members on board, near the coast of the […] May 26, 2022
Energy Saudi Aramco: The rise of an oil giant 1933: Oil concession agreement signed 1935: The first test well is drilled into the Dammam Dome 1939: First tanker load of petroleum exported 1949: Oil production hits 500,000 bpd 1958: Oil production exceeds 1 million bpd annually 1962: Crude oil production hits 5 billion barrels 1976: First to produce more than 3 billion barrels of […] May 26, 2022
Energy Saudi Aramco keen to buy stake in US-based motor oil firm Oil giant Saudi Aramco has approached motor oil and lubricant maker Valvoline Inc to buy its segment that caters to commercial customers, sources familiar with the matter told Reuters on Wednesday. Valvoline, which is valued at $5.4 billion as of Tuesday’s closing price, had last year decided to separate its retail services and global products […] May 26, 2022
Energy Commercial waste-to-energy plant to power 28,000 homes A new commercial scale waste-to-energy plant inaugurated in Sharjah will produce enough electricity to power 28,000 homes per year and help the government to achieve its goal of becoming the Middle East’s first zero-waste city. The Emirates Waste to Energy company, a joint venture between Sharjah-headquartered Beeah and Abu Dhabi-based Masdar, was inaugurated yesterday and […] May 25, 2022
Energy UAE’s first commercial waste-to-energy plant to power 28,000 homes A new commercial scale waste-to-energy plant inaugurated in Sharjah, one of the seven emirates in the United Arab Emirates (UAE) will produce enough electricity to power 28,000 homes per year and help the government to achieve its goal to become the Middle East’s first zero-waste city. The Emirates Waste to Energy company, a joint venture […] May 25, 2022
Energy Saudi oil giants lead on march to net zero Aramco and Sabic commit to big investments in technology to combat emissions from hydrocarbons Oil industry heavyweights from Saudi Arabia have pledged to pursue a green energy transition against a backdrop of robust energy prices, with Brent currently hovering at around $110 a barrel of oil. Officials from Saudi Aramco and Saudi Basic Industries Corporation, […] May 25, 2022
Energy Dubai cooling firm Empower invites banks to pitch for IPO Dubai’s Emirates Central Cooling Systems Corporation (Empower) has invited investment banks to pitch for roles in its planned initial public offering, which is slated for later this year, two sources with direct knowledge of the matter said. Empower, which is part owned by Dubai Electricity and Water Authority (DEWA), has asked banks to pitch for […] May 25, 2022
Energy Kuwait to start building world’s largest petroleum research centre Kuwait plans to start building the world’s largest petroleum research centre by the end of the year, the oil ministry said today. The Middle East Economic Digest said the project had stalled because of budget pressure, estimating its cost at $120 million. The centre, to be built in al-Ahmadi, south of Kuwait City, will have […] May 25, 2022
Energy Saudi oil exports surge 123% in March Saudi oil exports rose 123 percent year-on-year in March, Reuters reported today, citing data from the kingdom’s General Authority for Statistics. At the same time, the authority said Saudi non-oil exports rose 25.4 percent in March. The news comes as the Saudi finance minister said the country’s policy on fiscal sustainability would ensure that reserves […] May 25, 2022
Energy Abu Dhabi and Britain sign deal to fuel global hydrogen push Adnoc’s deal to develop clean hydrogen with British giant BP and renewable energy firm Masdar is a “landmark agreement” that will accelerate the global transition towards a sustainable future, industry experts have said. As part of the partnership announced on Tuesday, Adnoc (Abu Dhabi National Oil Company) and BP have advanced to the design phase […] May 24, 2022
Zelensky tells Davos the world is ‘at a turning point’ Ukrainian President Volodymyr Zelensky addressed global business leaders at Davos on Monday, telling them the world faced a turning point and had to ramp up sanctions against Russia as a warning to other countries considering using brute force. “History is at a turning point… This is really the moment when it is decided whether brute […] May 23, 2022
Energy New oil discovery puts Abu Dhabi on course for 2030 target A new crude oil discovery by Abu Dhabi National Oil Company (Adnoc) will help the company realise its ambitious target to produce five million barrels per day (bpd) by 2030, according to experts. The state-owned energy giant announced last week it had discovered 650 million barrels of crude at three new onshore sites. The discoveries […] May 23, 2022
Energy Saudi Arabia signals support for Russia in Opec+ Brent crude trading at about $112 a barrel Saudi blames prices on lack of global refining capacity and taxes New production deal for Opec+ quotas due in three months Saudi Arabia has signalled it will stand by Russia as a member of the Opec+ group of oil producers despite tightening western sanctions on Moscow and […] May 23, 2022
Energy ‘We’re serious about net zero’ says Saudi’s PIF chief PIF establishing new hydrogen company Fund plans to develop 70 percent of renewable energy targets Kingdom to phase out almost all liquids Saudi Arabia’s Public Investment Fund (PIF) is committed to achieving its goal of developing 70 percent of the kingdom’s renewable energy by the end of the decade, PIF’s governor confirmed today. Despite it […] May 20, 2022
Energy Biden in talks to meet Saudi Crown Prince for first time US President Joe Biden and Saudi Arabian Crown Prince Mohammed bin Salman could meet for the first time as soon as next month, CNN reported on Thursday, citing multiple sources. Biden administration officials are in talks with the Saudis about arranging a potential in-person meeting while Biden is overseas next month, the report added. The […] May 20, 2022
Energy Cheap Russian oil gives Iran a China crisis Iran’s crude exports to China have fallen sharply since the start of the Ukraine war as Beijing favoured heavily discounted Russian barrels, leaving almost 40 million barrels of Iranian oil stored on tankers at sea in Asia and seeking buyers. US and European sanctions imposed over Moscow’s invasion of Ukraine on February 24 have pushed […] May 19, 2022
