US

Oil steadies after mixed US stockpile report signals weak demand

West Texas Intermediate traded near $73 a barrel after closing 0.3 per cent lower on Wednesday

QatarEnergyssigns two offshore explorations deals in Canada

QatarEnergy acquires stakes in two Exxon oil and gas projects in Canada

The company first entered offshore exploration in Canada in 2021 with a 40 per cent stake in ExxonMobil’s licence for EL 1165A

Opec+

OPEC+ shows no sign of changing oil output at meeting next week

Saudi Arabia has said publicly that the 23-nation alliance should keep supplies steady for the whole of 2023

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 Rongsheng deal

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

Oil

Oil declines amid bank concerns, US caution on stockpile refill

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

Infinity Power acquires Lekela Power Photo Masdar

Masdar JV Infinity Power acquires Africa’s Lekela Power in landmark renewable energy deal

Lekela Power currently operates 1GW of wind power projects in South Africa, Egypt and Senegal, and has a 1.8GW project pipeline in different stages of development

Kuwait Oil Company oil spill

Kuwait Oil Company declares ‘state of emergency’ after oil spill

The company said a state of emergency has been declared but no leakage of poisonous gas was detected at the site of the oil spill

Oil

Oil spread slumps most since January

High US exports have also contributed to ample levels of supply

Carsten Sonne-Schmidt, CEO of Digital Energy

SME story: Interview with Carsten Sonne-Schmidt, CEO of Digital Energy

We are currently partnering with global industrial service and supply chain providers to disrupt business models in the energy sector

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

Saudi Aramco’s record net income. Image by Aramco

Saudi Aramco profit surges to $161.1bn in 2022, raises dividend

The company’s declared a dividend of $19.5bn for the final quarter of 2022, a 4 per cent increase compared to the previous three-month period

Masdar, Côte d'Ivoire aim to develop solar power plant Solar-energy_pexels-pixabay-356036

Masdar, Côte d’Ivoire to develop solar power plant

The plant would support the Republic of Côte d’Ivoire’s goal of 42 per cent of its energy mix coming from renewable sources by 2030

QatarEnergy

QatarEnergy, CPChem begin construction of $8.5bn petrochemical facility

The plant is expected to startup in 2026

Korea Eximbank and Saudi Aramco deal

Saudi Aramco signs $6bn deal with Korea Eximbank

The deal comes amid expectations of lucrative business opportunities in Saudi Arabia and the Middle East

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

UAE Italy sign agreements _President and Italian PM meet in Abu Dhabi March 2023 Photo courtesy WAM

UAE, Italy sign agreements, aim to strengthen partnership

The UAE and Italy signed an MoU to aid cooperation in the field of emissions reduction, new energy technologies, and low-carbon solutions

ADNOC Gas raises $2.5bn from IPO

ADNOC Gas IPO raises $2.5bn, attracts $124bn in demand

The company increased the number of ordinary shares offered in the IPO to 3.8 billion on Monday, implying market capitalisation of Dhs182bn

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

Kazakhstan & ACWA Power agreement signed in presence of Abdulaziz bin Salman -

ACWA Power, Kazakhstan to develop key 1GW wind energy and battery storage project

The project marks ACWA Power’s entry into the Central Asian country with an initial investment of $1.5bn

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