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

Abu Dhabi’s Mubadala, BlackRock Real Assets invest in Tata renewable unit

The investor group will get about 10.53 per cent stake in Tata Power Renewable Energy Ltd

UAE’s Masdar, Kyrgyzstan sign MoU to explore renewable energy opportunities

Kyrgyzstan is targeting reducing greenhouse gas emissions by as much as 44 per cent by 2030

Sheikh Mohamed bin Zayed, Bahrain’s King Hamad discuss cooperation ties

The two leaders stressed the importance of further developing trade and investment cooperation

uae Adnoc

UAE’s ADNOC L&S to acquire two new-build LNG vessels built in China

Each vessel will have a capacity of 175,000 cubic metres – enough to power 45,000 homes for a year

Oil edges lower as market tightness eases, pipeline restarts

Oil extends advance above $100 as Ukraine crisis continues

US crude output will grow at a slower pace than previously expected

OPEC tells EU that Russia oil crisis is beyond its control

Oil prices continue to trade near $100 a barrel

ENOC Group opens two service stations in Sharjah

The total number of ENOC’s service stations has now risen to 15 in Sharjah and 164 across the UAE, with the number expected to reach 186 by the end of 2022

Dubai’s DEWA raises $6.1bn in EMEA’s biggest IPO since 2019

The stock is expected to start trading in Dubai around April 12

Getty Images

Saudi Aramco’s Luberef Refinery unit plans $1bn IPO

Luberef would be joining several Aramco subsidiaries already listed on the Saudi stock exchange

Saudi Arabia hikes oil prices further into record territory

More than 60 per cent of Saudi Arabia’s oil shipments go to Asia, with China, Japan, South Korea and India

UAE raises fuel prices for April 2022

It is the third consecutive month that fuel prices have increased

Oil retreats as US weighs reserves release to combat inflation

West Texas Intermediate futures slid 5 per cent to trade near $102 a barrel, trimming a monthly advance

Dubai’s DEWA increases stake size from 6.5% to 17% in IPO

DEWA is expected to list on the Dubai Financial Market on or around April 12, 2022

OPEC says it’s stabilised oil market

The Organization of Petroleum Exporting Countries and its partners have resisted calls to raise output faster

OPEC+ still sees no need to change plan despite Ukraine crisis

Brent futures briefly surged to a 13-year peak near $139 a barrel earlier this month

Dubai saves 329MW of electricity during Earth Hour 2022

This year’s Earth Hour was held under the theme ‘Shape Our Future’

ADNOC Distribution approves H2 2021 dividend of Dhs1.285bn

This brings the total dividend for 2021 to Dhs2.57bn

UAE: Unit 2 of Barakah nuclear energy plant starts commercial operations

Unit 2 adds a further 1,400MW of clean electricity to the national grid

Aramco and ACWA Power look to join Saudi carbon trading exchange

The kingdom’s sovereign wealth fund signed non-binding memorandums of understanding with five companies

ADNOC

Abu Dhabi’s ADNOC signs agreements with German companies to collaborate on clean hydrogen

The partnerships build on ADNOC’s position in Asian clean hydrogen markets