Analysis Oil & Gas Gulf oil producers anticipate peak in Chinese demand In any discussion of the outlook for oil prices, Chinese demand always features largely. For the Gulf this is particularly crucial. China is the main off-taker of Saudi, Iraqi, Omani, UAE and Kuwaiti crudes. At the weekend, Opec+ again committed to rolling over oil supply cuts to support crude prices but analysts say its efforts […] June 5, 2024
Energy UAE and China to explore civil nuclear initiatives The state-backed regulators for the UAE and China’s nuclear energy programmes are exploring joint development opportunities. The UAE’s Emirates Nuclear Energy Corporation (Enec) has signed a memorandum of understanding (MoU) with China National Nuclear Corporation (CNNC) to explore opportunities for developing, operating and maintaining nuclear plants. The agreement provides a framework for collaboration in short and long-term fuel cycle […] June 2, 2024
Opinion Oil & Gas Opec+ and the US are fighting a silent price war Opec+ is battling two giant challenges – the US ability to fill supply gaps and renewables growth May 29, 2024
Trade Trade deal signed during UAE state visit to South Korea The UAE has signed a trade agreement with South Korea during a two-day state visit by the Emirati president, Sheikh Mohamed bin Zayed Al Nahyan, that has resulted in deals worth billions of dollars being struck between the two countries. The UAE has become the first Arab country to formally sign a comprehensive economic partnership […] May 29, 2024
Renewable Energy Adnoc Distribution targets 200 EV stations this year Adnoc Distribution, the UAE’s largest fuel and convenience retailer, is planning to more than double the number of fast electric vehicle (EV) charging stations as part of its five-year expansion strategy. The company has 90 fast EV charging points and aims to reach 150-200 by the end of the year, the UAE state-run Wam news […] May 29, 2024
Renewable Energy Tunisia signs $6.5bn green hydrogen investment deal Tunisia has signed a memorandum of understanding with French company TotalEnergies and Austrian group Verbund to produce green hydrogen (H2V). The first phase of the project, which is expected to cost €6 billion ($6.5 billion), aims to produce 200,000 tonnes of H2V per year, generating 5,000 megawatts (MW) of renewable energy and 2,000MW of electrolysis […] May 28, 2024
Renewable Energy Parkin to roll out more green EV chargers across Dubai Dubai is expanding its network of electric vehicle (EV) chargers as part of the emirate’s push to accelerate smart and green mobility. Parkin, the state-backed parking management company, has signed an agreement with the Dubai Electricity and Water Authority (Dewa) to increase the number of EV green charger stations at prime locations across the emirate. Parkin […] May 24, 2024
Renewable Energy UAE to roll out countrywide EV fast charger network The UAE is speeding up the expansion of its electric vehicle charger infrastructure in support of the energy transition, the shift from fossil-based systems of energy production. UAEV, a joint venture between the Ministry of Energy and Infrastructure and Etihad Water and Electricity that was announced on Monday, intends to build a network of high-performance […] May 20, 2024
Renewable Energy Turkey’s renewables scheme given $1bn by World Bank The World Bank has signed a $1 billion programme with Turkey to fast-track the nation’s renewable energy expansion initiatives. The financing comprises €600 million ($657 million) in loans from the International Bank of Reconstruction and Development, $30 million from the clean technology fund, and $3 million in grant funding from the World Bank’s energy sector management assistance […] May 17, 2024
Energy UAE-led consortium secures land for $10bn wind farm in Egypt A consortium led by Masdar, the UAE’s state-owned renewable energy company, has signed a land access agreement with the Egyptian government for a $10 billion onshore wind farm. The other partners are Infinity Power, a joint venture between Masdar and Egyptian renewables business Infinity, and Hassan Allam Utilities, a Cairo-based developer and investor. The agreement […] May 16, 2024
Renewable Energy Iraq forges ahead with plans for first big solar plant Iraq is proceeding with its first large-scale solar plant, which will be constructed by France’s TotalEnergies. The 1GW plant will be built in Basra, southern Iraq, as part of a $27 billion investment agreement for an integrated project that includes four oil, gas and renewables facilities. According to reports it will supply clean electricity equivalent […] May 9, 2024
Renewable Energy Mubadala to invest $13.5bn in sustainable biofuels in Brazil Mubadala Capital is to invest $13.5 billion in biofuels in Brazil. Its chief investment officer and head of Brazil Oscar Fahlgren told the Financial Times that the scheme to produce renewable diesel and aviation kerosene using mainly non-food plant matter is “a very important capital project”. Mubadala is the second-biggest sovereign wealth fund in Abu […] May 6, 2024
Renewable Energy Acwa Power builds Uzbekistan portfolio with $5bn deal Saudi energy major Acwa Power has signed a power purchase agreement worth nearly $5 billion with the state-owned National Electric Grid of Uzbekistan for the five gigawatt (GW) Aral wind independent power producer (IPP) project. The wind IPP will be the largest wind farm in Central Asia and is the Saudi-listed renewable company’s 15th project in Uzbekistan, a […] May 6, 2024
Video length: 5:02 VIDEO Renewable Energy Oman’s ‘enormous’ hydrogen potential hangs on project delivery Hydrogen presents “enormous” opportunities for Oman, but the sultanate needs to focus on timely delivery of new project agreements if it is to achieve its ambitious targets, industry experts told AGBI. Oman’s Hydrom signed two agreements worth $11 billion with the Electricité de France (EDF Group) consortium as well as Actis and Fortescue to develop […] May 3, 2024
Renewable Energy Acwa Power secures $3bn for Saudi renewable projects Saudi renewables major Acwa Power has secured funding of SAR11.4 billion ($3 billion) for two projects in the kingdom. The company signed a debt financing agreement worth SAR5.7 billion for the development and construction of a 1,800 megawatt (MW) combined cycle power plant in Madinah. It also signed a deal to obtain SAR5.7 billion in funding […] May 3, 2024
Renewable Energy Bahrain signs deal with Masdar to develop wind energy UAE clean energy company Masdar has formed a partnership with Bahrain’s Bapco Energies to explore the development of wind energy projects in Bahrain. The two companies will develop up to two gigawatts (GW) in near-shore and offshore wind farms, Masdar said. The collaboration will help Bahrain accelerate the decarbonisation of its critical industrial sectors. Energy, […] May 1, 2024
Renewable Energy Investors warm to Turkey’s geothermal sector Turkey is planning to offset its hydrocarbons deficit by broadening its renewable energy base, with the country’s geothermal sector being targeted by investors as a strong growth market. Turkey’s current installed capacity of 1700 megawatts (MW) – much of which is being used in agriculture to heat greenhouses – ranks it among the leaders in […] April 30, 2024
Energy TotalEnergies targets 2025 for first phase of Iraq projects France’s TotalEnergies aims to complete the first phase of a solar power project and the initial phase of the associated gas project in Iraq in 2025, its chief executive Patrick Pouyanné has said. Pouyanné met with the Iraqi prime minister, Mohammed Shia Al-Sudani, on the sidelines of the World Economic Forum in Riyadh, the Iraqi […] April 29, 2024
Video length: 02:46 Opinion Economy Davos really comes to the desert as the WEF arrives in Riyadh There were elephants – and camels – in the room at the World Economic Forum event April 29, 2024
Renewable Energy Tunisia-Italy power project gets $285m investment The Tunisian Electricity and Gas Company (STEG) has revealed plans to invest about €266 million ($285 million) to complete the Tunisian-Italian Elmed Interconnector Project, a 220km power line connecting the two countries. The investment will fund the Tunisian side of the project, which includes laying a 100km submarine power cable worth €125 million and the […] April 26, 2024
Oil & Gas OQ and Total approve $1.6bn LNG project in Oman State-owned Oman National Oil (OQ) and French energy major TotalEnergies have finalised the construction of a $1.6 billion Marsa LNG bunkering project at Sohar Port. The project will be developed by Marsa Liquefied Natural Gas, a joint venture owned 80 percent by TotalEnergies and 20 percent by OQ, the state-run Oman News Agency reported. The upstream component […] April 23, 2024
EXCLUSIVE Energy Subsidies not route to affordable energy, says Omani minister Providing affordable energy is the biggest priority for Oman’s minister of energy and minerals, but subsidies are still not an option. “Affordable energy, sustainable energy and clean energy in that order. We cannot flip it,” Salim Al Aufi told AGBI in an exclusive interview on Monday during the Oman Petroleum and Energy Show, which took […] April 23, 2024
