Oil hovers near 3-week high on Middle East tensions

Oil hovers near 3-week high on Middle East tensions, China demand

A bearish International Energy Agency report last week revised the 2024 oil demand growth forecast downward as the world shifts to cleaner energy

Saudi Aramco likely to issue a bond in 2024

Saudi Aramco likely to issue a bond in 2024, CFO says

The state-owned energy firm last tapped global debt markets in 2021, when it raised $6bn from the sale of a three-tranche sukuk

Why ADNOC is teaming up with BP for Egypt gas venture

Here’s why ADNOC is teaming up with BP for Egypt gas venture

The deal, which is subject to regulatory approvals, is likely to be completed in the second half of this year

TAQA Group posts Dhs16.7bn in full-year net income

TAQA Group posts Dhs16.7bn in full-year net income

The company’s board proposed a final cash dividend of 2.0 fils per share (approximately Dhs2.2bn), including a variable dividend of 0.7 fils

OPEC - OIL FORECAST

OPEC’s Al Ghais: We stand by our forecast of long-term demand for oil

OPEC raised its world oil demand forecasts for the medium and long term in its annual outlook published in October

KEZAD Titan Signing deal to build lithium processing plant

Abu Dhabi’s KEZAD to host Dhs5bn lithium processing plant

Titan Lithium Industries has signed a 50-year land lease agreement with KEZAD to build the plant in Khalifa Industrial Area (KEZAD Al Ma’mourah)

WGS 2024: Dubai inks MoU with global companies to produce SAF

Dubai Municipality, which leads the project, has partnered with ENOC, BESIX Middle East, and Marubeni Middle East and Africa Power

Saudi Aramco - oil minister

Saudi Arabia to focus on energy transition, Aramco to maintain capacity: Prince Abdulaziz

Aramco chief executive Amin Nasser said he expected oil demand to increase to 104 million bpd this year and to 105 million bpd in 2025

ADNOC Gas Q4 profit rises 24 per cent Image supplied

ADNOC Gas Q4 profit jumps 24%, FY’23 income tops estimates

For FY2023, ADNOC Gas’ robust performance continued, with net income reaching $4.72bn, significantly exceeding market expectations

oil

How much spare oil production capacity do energy producers have?

The level of spare capacity – or the perception of how much is available – can influence world oil prices.

Saudi Aramco lines up banks for potential share sale

Saudi Arabia poised for new Aramco share sale: Report

The government has lined up Citigroup, Goldman Sachs and HSBC for the sale, which could take place in the second or third quarter of this year

oil

Oil heads for weekly gains after Israel rejects ceasefire offer

Non-OPEC output from Norway and Guyana is increasing while Russia is exporting more crude in February than it planned

Saif Humaid Al Falasi, group CEO, ENOC

Power Letters 2024: How ENOC is supporting UAE’s energy transition

In 2024, ENOC will continue to offer industry-leading high-tech solutions to support UAE’s energy transition, says Saif Humaid Al Falasi, group CEO, ENOC

ADDED, UK’s HYCAP to set up clean energy industrial complex

ADDED, HYCAP Group to build clean energy industrial complex in Abu Dhabi

The complex will specialise in industries related to hydrogen and the advancement of renewable energy sources

Oil rig - OPEC

OPEC+ leaves oil production levels unchanged, to review production cut extension in March

OPEC said its “committee will continue to monitor” countries’ conformity with output decisions

What is the average salary increase in the UAE in 2024?

More than one-third of companies have plans to raise wages by up to 5 per cent

red sea

Russian oil flows through Red Sea still face lower risks

Recently, four tankers carrying Russian Urals crude passed through the Bab-el-Mandab strait with another three heading south through the Red Sea

oil refinery

OPEC oil output sees biggest monthly fall in January: Trend watch

OPEC oil output in January registered the biggest monthly drop since July, as several members implemented new voluntary production cuts

petrol

UAE petrol prices for February 2024: Here’s how much a full tank will cost

The UAE has announced revised fuel prices for the coming month

oil

UAE announces petrol price hike for February

Consumers will have to shell out a few fils more as authorities announced a hike in petrol prices for February

ADNOC Gas, GAIL India sign 10-year LNG supply deal

ADNOC Gas signs multi-year LNG supply agreement with GAIL India

The energy firm maintained a strong sales momentum in 2023, signing LNG deals valued between $9.4bn and $12bn

Uganda oil pipeline

Uganda in talks with UAE investment firm over planned oil refinery

Negotiations on the key commercial details between Uganda and UAE-based Alpha MBM Investments are expected to be completed within three months

ADNOC bumps up decarbonisation budget to $23bn

UAE’s ADNOC bumps up decarbonisation budget to $23bn

The increased allocation will include investments to grow the company’s domestic and international carbon management platforms

SABIC to build $6.4bn China petrochemical plant

Saudi Arabia’s SABIC gives go-ahead for $6.4bn China petrochemical plant

The complex is expected to be able to produce 1.8 million metric tons of ethylene per year and is designed to expand SABIC’s manufacturing presence in Asia

Saudi's Aramco allocates $4bn to expands global VC programme Image: Getty Images

Energy giant Aramco allocates $4bn to expand global VC programme

Aramco’s venture capital programme supports the development of disruptive new technologies and creates diversification opportunities for Aramco while paving the way for collaborations with innovative startups

Brand Finance reveals list of most valuable and strong Middle East brands GettyImages-1704332489-e1700216889673

Revealed: Here are the Middle East’s most valuable brands

The ranking revealed that Saudi’s Aramco retained its status as the most ‘valuable’ Middle Eastern brand in global ranking, followed by ADNOC and stc

Power Letters 2024: Khalid Salem, president of MENA at Mitsubishi Power

Power Letters 2024: Khalid Salem, president of MENA at Mitsubishi Power

Accelerating the energy transition globally requires a localised approach that is rooted in understanding and catering to these specific needs

oil

Oil prices rise after US, Britain strike Houthi targets

Targeted strikes against the Houthis in Yemen by the US and UK are driving up global oil prices

Red Sea and a map of Saudi Arabia. (Getty Images)

Largest Red Sea attack yet drives up global oil prices

Yemen-based Houthis mounted their largest attack yet on commercial shipping lanes in the Red Sea on Wednesday.

Alpha Dhabi transfers stake in Gordon to ADNOC Drilling JV

IHC’s Alpha Dhabi transfers 25% stake in US firm to ADNOC Drilling JV

The $180m equity stake marks the initial strategic investment by Alpha Dhabi in the venture