Image courtesy- ACWA Power

ACWA Power reports net profit of SAR152m in Q1 2022

ACWA Power earned an operating income before impairment loss and other expenses of SAR517m, which was 19.5 per cent higher than the same period in 2021

Oil declines as OPEC+ decision on production takes center stage

OPEC+ ministers say pumping more oil won’t ease gasoline prices

Soaring demand ahead of the peak US driving season is sending refining margins to extraordinary heights

Sheikh-Khalifa

Sheikh Khalifa: UAE spent Dhs40bn in development projects under former President’s rule

Sheikh Khalifa became President of the UAE on November 3, 2004, and remained in that role until his death on May 13, 2022

Oil

Oil steadies after four-day surge as US product markets run hot

Oil has rallied by more than 50 per cent this year in extremely volatile trading

Saudi Aramco

Saudi Aramco’s profit soars as oil prices and production jump

Aramco’s output averaged 10.2 million barrels a day between January and March, up 20 per cent year-on-year

DEWA

UAE’s DEWA reports net profit of Dhs691m for Q1 2022

Dubai’s main power and water company also reported a 15 per cent growth in Q1 2022 revenues to Dhs5.068bn

Oil

Oil extends gains as investors weigh Russian ban, China outlook

Oil is up more than 40 per cent this year as economies rebound from the pandemic

SABIC

Biggest chemicals firm says cost squeeze to hit profit this year

Demand for products from plastics to paint has soared in the past year with economies recovering from the coronavirus pandemic

Oil

Oil holds jump as US fuel stockpiles slide before driving season

Oil is up around 40 per cent this year following a strong economic rebound from the pandemic

Saudi Aramco becomes world’s most valuable stock as Apple drops

Earlier this year, Apple boasted a market value of $3tn, about $1tn more than Aramco’s

Solar Plant

UAE invites companies to bid for 40% stake in 1.5 GW solar plant

Abu Dhabi already has two solar parks that will have a capacity of 3.2 GW when fully operational

ADNOC Distribution

Abu Dhabi’s ADNOC Distribution reports Dhs671m in net profit for Q1 2022

ADNOC Distribution posted a 7.8 per cent year-on-year increase in EBITDA, totalling Dhs881m

Oil extends decline as Europe softens some Russian sanctions

West Texas Intermediate futures fell below $103 a barrel in early Asian trading

Aramco

Aramco closes in on Apple as world’s most valuable firm

The rally in oil prices has boosted the world’s biggest oil company’s shares

Saudi

Saudi says low refining capacity causing fuel-price jump

Crude prices have surged to around $110 a barrel in the past year

Saudi Arabia

Saudi cuts oil prices from record highs amid China lockdowns

Saudi Arabia sends more than 60 per cent of its crude exports to Asia

Dubai

Dubai saves 2.2 TWh of electricity, 5.6 billion gallons of water in the past decade

Savings in the commercial sector between 2012 and 2021 amounted to 1.3 TWh of electricity and 2.5 billion gallons of water

Crude oil japan

Japan increases crude oil imports from the UAE

Japan’s total oil imports in March amounted to 89.15 million barrels, compared to 78.51 million barrels in February

ADNOC Borealis acquisition

Abu Dhabi National Oil Company to acquire 25% stake in Borealis

The investment in Borealis expands ADNOC’s international footprint in the fast-growing chemicals and petrochemical sector in Europe and the Americas

Petrol prices

UAE reduces petrol prices for May 2022

However, the price of diesel has been raised from Dhs4.02 in April to Dhs4.08 per litre

Oil exporters bagging $818bn windfall are cautioned by IMF

The IMF said it expects the bonanza “to improve fiscal and external balances” in a region that includes 13 exporters in total

TA’ZIZ, Reliance Industries Limited

UAE’s Ta’ziz, Reliance sign agreement for Ruwais chemicals project

These chemicals will be produced in the UAE for the first time creating new revenue streams and opportunities for local manufacturers

Oil Holds Drop Below $100

Oil holds drop below $100 as traders weigh China’s lockdowns

West Texas Intermediate futures were steady in early Asian trade after sliding 3.5 per cent on Monday

Adnoc

Adnoc, Borealis seek $2bn from IPO of plastics JV

The state-owned energy company and Austrian chemicals producer plan to sell a 10 per cent stake in their Borouge plastics unit by the end of the quarter

Suez Canal Economic Zone

UAE’s Masdar signs agreements to develop green hydrogen plants in Egypt

Egypt hosts abundant solar and wind resources that enable renewable power generation at competitive costs

Morgan Stanley raises oil forecasts by $10 citing market deficit

The bank raised its third quarter estimate to $130 a barrel

Saudi wealth fund weighs stake in Thyssenkrupp’s hydrogen unit

Deliberations are ongoing, and there’s no guarantee PIF will proceed with an investment

solar energy

UAE’s AMEA Power to build two solar power projects in Morocco

The two plants will be located in Taroudant, in the Souss-Massa region and in El Hajeb, in the Fès-Meknès region, each with a production capacity of 36MW

Oil edges lower as traders weigh China lockdowns, Libyan strife

Oil has advanced more than 40 per cent this year

Sharjah: SEWA carries out 35 road and street lighting projects during 2021

SEWA’s projects included the installation of 7,132 new lighting poles, laying 215 km of cables and installing 97 lighting boxes