Renewable energy in Saudi Arabia and UAE

UAE, Saudi Arabia lead GCC renewable energy investments: S&P Global

The Gulf states are accelerating the decarbonisation of their energy sectors by investing heavily in renewable energy

Saudi Aramco

Aramco completes acquisition of Valvoline’s global products business

The transaction expands Aramco’s lubricants business globally

SABIC projects tight industry margins

Saudi Arabia’s SABIC sees industry margins staying tight

SABIC, which is majority-owned by Saudi Aramco, said average sale prices dropped 9 per cent from the previous quarter.

UAE reveals fuel prices for March 2023

UAE reveals fuel prices for March 2023

Petrol prices will marginally increase, while the price for diesel has been cut

Abraj oil drilling deal

Oman’s Abraj inks oil drilling deal with Chevron, Kuwait Gulf Oil Company

Abraj will construct three drilling platforms in the Wafra oilfield in the southern part of Kuwait as part of the deal

Baynouna Solar Park_Group launch in Jordan

Masdar inaugurates Jordan’s Baynouna Solar Park

The Baynouna Solar Park produces over 560 gigawatt-hours of energy annually – enough to power 160,000 homes

Tawazun Industrial Park, Yellow Door Energy pact

Tawazun Industrial Park unveils new solar power project

Tawazun said the solar park is expected to produce 7.1 million kilowatt-hours of clean energy in the first year of operation

Unit 3 of UAE's Barakah plant starts commercial operations

Unit 3 of UAE’s Barakah plant starts commercial operations

When fully operational, the plant will prevent 22.4 million tonnes of carbon emissions every year

ADNOC- Gas IPO

ADNOC Gas eyes $2bn from world’s biggest IPO this year

ADNOC is selling a 4 per cent stake in ADNOC Gas, with each of the 3.07 billion shares being offered at between Dhs2.25 and 2.43

Saudi

Saudi oil revenue drop rounds off year of $326bn windfall

The kingdom wants to use its energy windfall to accelerate projects that contribute to weaning it off a reliance on oil

OPEC

Saudi Arabia says OPEC flexible and can adjust policy if needed

The kingdom’s energy minister reiterated that the group’s policies are determined by technical studies of market balances

ADNOC delivers first Middle East LNG cargo to Germany

The shipment of 137,000 cubic meters of LNG can produce enough electricity to supply approximately a quarter million German homes for a year

ADNOC Distribution completes acquisition of 50% stake in TotalEnergies Marketing Egypt

ADNOC Distribution completes acquisition of 50% stake in TotalEnergies Marketing Egypt

The deal includes a downstream portfolio of 240 fuel retail stations, more than a 100 convenience stores, and over 250 lube changing stations

Abu Dhabi fund for development sign MoC with IFC to invest in clean energy

Abu Dhabi Fund for Development, IFC to support investments in clean energy transition

The entities signed the agreement during the World Government Summit to support investments in emerging markets related to climate mitigation and adaptation, the adoption of clean technologies, and food security

Masdar, IFC to jointly advance climate action in emerging markets

Masdar, IFC to jointly advance climate action in emerging markets

The framework will look at accelerating the adoption of distributed photovoltaic systems, and the development of innovative new technologies and business models in emerging markets

ADNOC Drilling 2022 FY performance

ADNOC Drilling reports $802m net profit in 2022, reflecting a 33% YoY rise

ADNOC Drilling reported that its full-year earnings before interest, taxes, depreciation and amortisation touched $1.23bn

Enoc

DEWA, ENOC to develop hydrogen-based mobility pilot project

Both the organisations aim to achieve net-zero carbon emissions by 2050

Oman

Oman oil-drilling IPO draws Saudi wealth fund as anchor investor

Anchor investors will subscribe for 40 per cent of the shares at the maximum price

DEWA

Dubai’s DEWA reports 22% rise in consolidated net profit for 2022

DEWA’s annual consolidated revenue increased 15 per cent to Dhs27.35bn in 2022

Dana gas

Dana Gas reports 53% rise in adjusted net profit for 2022

Revenue rose 17 per cent to reach $529m last year, compared to $452m in 2021

India

India energy firms see growth prospect in Africa and Middle East

State-run energy consultant Engineers India expects to finalise a nearly $25m order for a chemicals and fertiliser plant in Nigeria

COP28

COP28 chief’s Sultan Al Jaber begins global tour

Nations should aim to raise spending on technologies including carbon capture, nuclear power and hydrogen, according to Al Jaber

Oil

Oil extends gain as Saudi Arabia bets on demand rebound in Asia

Saudi Aramco increased most of its prices for crude that will be shipped to its main market of Asia in March

Masdar Office Inaugration in Baku

Masdar opens office in Azerbaijan, aims to support country’s clean energy objectives

Masdar will work closely with the government and other stakeholders in Azerbaijan to accelerate the growth of its renewable energy sector

ADNOC signs deals with 23 companies

ADNOC, 23 companies ink deals for local manufacturing opportunities worth Dhs17bn

Domestic manufacturing of these products will support the ‘Make it in the Emirates’ initiative, stimulate industrial growth and create more jobs for UAE Nationals

Dubai records 5.5% growth in energy demand in 2022

Dubai records 5.5% growth in energy demand in 2022

Energy demand last year reached 53,180 gigawatt-hours, compared to 50,401 gigawatt-hours in 2021

OPEC+ keeps output steady amid uncertainty

OPEC+ keeps output steady amid uncertainty

Oil prices have had a rocky start to 2023, with a rally in mid-January fading away by the end of the month

The UAE and France to jointly focus on decarbonisation of hta industries

UAE, France to jointly focus on decarbonisation of hard-to-abate industries

The bilateral initiative, which will officially launched during COP28, will focus on low-carbon hydrogen and sustainable fuel production and their respective value chains

UAE fuel prices for February 2024

UAE increases fuel prices for February 2023

Prices were increased by up to 10 per cent

QatarEnergy acquires 30% stake in Lebanon's offshore exploration blocks

QatarEnergy acquires 30% stake in Lebanon’s offshore exploration blocks

The partnership marks QatarEnergy’s first exploration endeavour in Lebanon