Frederik, Crown Prince of Denmark, commended the UAE for embracing renewable energy.
Taqa plans to invest more than $300 million in the first phase of the project.
The firms will work on photovoltaic solar projects through the joint venture.
Shell is selling the stakes to the Kuwait Foreign Petroleum Exploration Company, a partner in the project.
It was previously estimated that the project to produce usable gas from Shah’s high-sulphur gas field would be completed in late 2014.
The contribution of solar power towards the region’s energy mix is forecast to shift significantly in the coming years, says new report.
Fiji, Kiribati, Samoa, Tuvalu and Vanuatu will receive grants from the UAE’s $50m renewable energy fund.
Shale oil remains much more costly to produce than most Middle East crude.
Acquiring Palm Utilities will give Empower about 70 per cent of the UAE’s district cooling market.
Mubadala has taken a 20 per cent interest in Block 2B and Shell has taken a 20 per cent interest in Block SK320.
The venture is looking at various raw materials to produce biofuel including agricultural waste and date palm leaves.
SABIC earned 6.16 billion riyals in the quarter, not the 6.58 billion analysts predicted.
The Israeli delegation will be the first at government level to visit the UAE since the assassination of Mahmoud al-Mabhouh in Dubai.
OPEC sees fast growth in 2014 of 3.5 per cent, up from 2.9 per cent in 2013 as monetary stimulus continues.
With local energy demand surging, green power is rapidly gaining traction.
Middle East energy use will grow by 77 per cent by 2035, double the increase in production.
Experts say that subsidies should be gradually removed to avoid sudden short-term economic shocks.
Saudi Aramco is set to ship the first cargo of diesel to the Mediterranean for January 23 loading.
The price of a 25 lbs capacity cylinder has been reduced to Dhs54 from Dhs61.
Several companies are interested in joining the project with revised terms, UAE’s oil minister Suhail bin Mohammed al-Mazroui said.
Authorities are looking to reduce power and water consumption rates in the GCC, which are the highest in the world.
The firm made a net profit of $117.9 million in the three-month period to December 31.
Kuwait’s oil minister Ali al-Omair said the OPEC member targets 3.5 million barrels per day capacity by 2015.
Criminal and civil allegations claimed officials were bribed for years to accept the supply of raw materials from Alcoa.
A 75-year partnership with ExxonMobil, Royal Dutch Shell, Total and BP expired on Friday.
The Kingdom kept production in November at steady levels from October when it cut output.
A current deal with ExxonMobil, Royal Dutch Shell, Total and BP expires on January 11.
The Saudi firm might instead focus on tying up term contracts on a free-on-board basis with sellers like India’s Reliance Industries.
Anas al-Saleh, a former minister for commerce and industry, was selected to head the Finance Ministry, replacing Sheikh Salem Abdulaziz al-Sabah.
Shareholders agreed to a motion at a board meeting on January 5 that the business would not be dissolved.