On its completion, the project will have the largest thermal storage capacity in the world of 15 hours, allowing for energy availability around the clock
Super 98 petrol will cost Dh2.78 a litre, a further decrease from December’s price of Dhs3.30 per litre
Over the course of the year, ENOC has opened six new service stations across Dubai, including locations such as DAFZA, Dubai South and Dubai International City
Crude is heading for the first back-to-back quarterly loss since 2019 after a volatile year
Luberef, as the refiner is known, dropped as much as 6.6 per cent in Riyadh to SAR92.5 ($24.61), valuing the company at SAR15.9bn
The Luberef IPO marks the firm’s eighth private equity exit, and at SAR5bn the offering brings Jadwa’s aggregate private equity distributions to clients to SAR11bn
The project, expected to be valued at $2.4bn, will offset 2.4 million tonnes of carbon emissions per year and power 1.65 million households
The power plant will have a production capacity of 250 MW, a storage capacity of 1,500 Mwh, and a life span of up to 80 years once completed
The two companies will build a plant that will run on almost 1.3 gigawatts of solar power and is expected to produce hydrogen from 2026
The group now operates 177 service stations in the UAE
The companies boosted shareholder payouts in response even as many investors backed away from stronger climate advocacy
The acquisition is expected to close in the first half of 2023
The firm has signed a share purchase agreement to acquire Target Engineering Construction Company
The 15 new projects approved reflect OPEC Fund’s launch of a $1bn food security action plan and the adoption of its first dedicated climate action plan earlier this year
The three entities are exploring collaboration across refining and petrochemical projects in Saudi Arabia as well as China
Reducing the construction sector’s emissions has become vital to the larger goal of decarbonising the global economy
West Texas Intermediate futures traded near $76 a barrel and are up around 7 per cent this week
The facility is set to start operations in 2027
The project will sell electricity to state utility, Eskom, under a 20-year power purchase agreement
The trials will see Evocargo’s unmanned electric logistics vehicle navigate Dubai South’s Logistics District until February 2023
The company aims to operate a total fleet of at least 122 owned rigs by 2024
According to the OPEC monthly oil market report for December, recent economic indicators suggest strong growth has been maintained in most activities
The investment will allow the sovereign wealth fund to participate in the acceleration of energy transition and clean energy at an international scale
As the UAE prepares to host COP28 in November 2023, the government is already unveiling new strategies and initiatives to mobilise the private sector in support of the net-zero target
More than 40 companies, including TotalEnergies and BP, have purchased request-for-qualification documents for the Omani blocks
Masdar targets a minimum of 100GW in renewable energy capacity and the production of up to one million tons of green hydrogen by 2030
The cooperation seeks to increase Mohammed bin Zayed Solar Park’s production capacity in the country from 50 megawatts to 70 megawatts
The project will contribute to the diversification of the local economy and will be a source of investment for the region
West Texas Intermediate held above $74 a barrel after futures sank almost 9 per cent in the prior three sessions to erase the year’s gains
Mubadala’s deputy CEO, Waleed Al Mokarrab Al Muhairi, will serve as interim chief executive of the UAE investments platform