#energy

bp and adnoc to form JV media centre

BP, ADNOC bid for interest in NewMed Energy

The two entities intend to form a new joint venture that will focus on gas development in international areas of mutual interest

Aramco facilities. (Getty Images)

Saudi Aramco bolsters China investments with $3.6bn refinery deal

The state-owned oil major said the deal includes the supply of 480,000 bpd of crude oil to Rongsheng refinery for 20 years

Aramco, HAPCO JV

Aramco, China JV to start work on petrochem complex

The state-owned oil giant will supply up to 210,000 bpd of crude oil feedstock to the complex, which is being built in China’s Liaoning province

OPEC

Oil declines amid bank concerns, US caution on stockpile refill

West Texas Intermediate declined toward $69 a barrel after on Thursday

Middle East and tackling food security

Here’s how the Middle East can feed the world sustainably

GCC countries could produce food cheaply from bioreactors because their renewable energy costs can be lower than the global average

Will 2023 be the year of drone deliveries in the region?

Will 2023 be the year of drone deliveries in the region?

Airborne deliveries allow for improved access to essential services such as healthcare and basic supplies

ADNOC Distribution fuel pumps

Shareholders of ADNOC Distribution approve $700m dividend

The company’s full-year net profit surged by 22 per cent year-on-year to Dhs2.74bn while its revenues rose by 54 per cent to Dhs32bn

Africa Energy Expo

Informa Markets to launch Africa Energy Expo in 2024

The expo aims to support Africa’s COP27 climate commitments and align with the Africa Power Vision by bringing together key energy stakeholders

Saudi oil Europe

Saudi Arabia raises oil prices for Asia and Europe for April

Prices for US customers were left unchanged

IPO

Abu Dhabi says there’s more to come after year’s biggest IPO

A total of five IPOs in Abu Dhabi raised $5.37bn last year with state-related entities dominating the listings

ADNOC Drilling to acquire 10 hybrid rigs

ADNOC Drilling to acquire 10 hybrid power land rigs for $252m

The use of hybrid power land drilling rigs is an essential element of ADNOC Drilling’s decarbonisation strategy

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

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

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

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

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

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

Borouge reports $1.4bn net profit in 2022

Abu Dhabi-based Borouge reports $1.4bn net profit in 2022

The company delivered adjusted EBITDA of $541m in the fourth quarter, flat on a year-on-year basis with a net profit of $247m

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

Saudi Omani conference Photo courtesy saudi press agency SPA

Saudi Arabia, Oman sign 13 investment agreements, value exceeds SAR1bn

The agreements were signed at the Saudi-Omani Investment Forum being held in Riyadh

oil

Oman Energy firm OQ to sell 49% stake in oil-drilling unit IPO

The IPO could raise as much as $500m

Power Letters 2023: Nabil Habayeb, SVP – GE, President and CEO – GE International Markets

January 2023 will start with the creation of GE HealthCare, a company which will drive precision health to improve patient outcomes

Masdar

UAE’s Masdar targets $750m bond sale

The firm plans to grow its renewables capacity five-fold by the end of the decade

Masdar - SOCAR sign renewable energy agreements

UAE’s Masdar, Azerbaijan’s SOCAR to develop renewable energy projects

The agreements will help develop onshore wind and solar projects, and integrated offshore wind and green hydrogen projects, with a combined capacity of 4 gigawatts

UAE - Japan sign agreements to drive energy transition photo WAM

UAE, Japan ink agreements to advance energy transition, tech adoption

These agreements fall within the framework of the comprehensive economic partnership signed by the UAE and Japan in September 2022

UAE and US form Expert Group to govern PACE Photo_WAM

UAE, US form ‘Expert Group’ to govern Partnership for Accelerating Clean Energy

UAE and US officials announced that $20bn will be allocated to fund 15 new gigawatts (GW) of clean and renewable energy projects in the US before 2035, led by UAE’s Masdar and a consortium of US private investors

World Future Energy Summit is hosted by Masdar and is part of Abu Dhabi Sustainability Week

Abu Dhabi Sustainability Week 2023: World Future Energy Summit opens on Jan 16

A summit highlight is the new one-day ENOWA ENACT conference on January 17 from the energy, water, and hydrogen subsidiary of NEOM