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Sustainability

UAE thinks OPEC still need to rise oil prices further

The United Arab Emirates (UAE) will continue to deliver on crude oil supply cuts under a producer agreement until the global market is re-balanced, Minister of Energy and Industry Suhail al-Mazrouei said on Sunday. The Organization of the Petroleum Exporting Countries (OPEC)along with major non-OPEC producers such as Russia have …

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Kuwait happy with current rate of oil prices

Kuwait’s Oil Minister Khalid al-Fadhil said current oil prices are good for producers and consumers, Kuwaiti newspaper Al-Rai reported on Sunday. Al Rai cited al-Fadhil saying “current oil prices are good for producers and consumers, as consumer countries see that a price between $60-70 is a good price for everyone.” …

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Iranian navy repel pirate attack on oil tanker

Iranian naval forces intervened to repel pirates who attacked an Iranian oil tanker in the Gulf of Aden, state television reported on Friday. The broadcast said pirates in 11 speedboats attacked a tanker with a cargo of 150,000 tonnes on Thursday. It showed naval forces opening fire on speedboats, without …

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UAE energy delegation in China to discuss renewables

A high-level delegation of the Department of Energy, DoE, has visited China recently to explore prospects for accelerating cooperation, transfer of knowledge and exchange expertise. The delegation, led by Oweida Murshid Al Marar, Chairman of the DoE, met with Zhang Jianhua, Director of China’s National Energy Administration, to address ways …

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Middle East Electricity 2019 launched in Dubai

H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, today inaugurated Middle East Electricity 2019 – the 44th edition of the region’s leading event for the power industry. Held under the patronage of H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler …

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Japan continues to import more UAE crude

Japan has imported from the United Arab Emirates 26.109 million barrels of crude oil in January 2019, data released by the Agency of Energy and Natural Resource in Tokyo showed. This accounts for 25.9 percent of Japan’s total crude imports, the agency that belong to the Ministry of Economy, Trade …

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DEWA making preperations for fifth phase of Solar Park

Dubai Electricity and Water Authority (DEWA) has issued a Request for Qualification (RFQ) for developers to build and operate the fifth phase of the Mohammed bin Rashid Al Maktoum Solar Park, with a capacity of 900MW. The phase will use photovoltaic solar panels based on the Independent Power Project (IPP) …

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Iran oil exports to Asia dip but expected to recover

Asia’s crude oil imports from Iran dipped in January to the lowest in two months after top buyers China and India slowed down purchases and as Japan recorded zero imports for a third month, government and trade data showed. Asia’s top four buyers of Iranian crude – China, India, Japan …

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Emirates Scientists Council working with polymer industry

Emirates Scientists Council, ESC, announced today the signing of a strategic partnership agreement with Abu Dhabi Polymers Company, Borouge, which aims to support scientists in the UAE and promote scientific research. The agreement comes within the framework of strengthening cooperation between the government, the private sector and the country’s scientific …

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Bahrain looking into shale cooperation

Bahrain is talking to U.S. oil companies with shale oil expertise about developing a huge oil and gas field discovered last year, and hopes to have an interested company by the end of the year, the oil minister said on Tuesday. Last April Bahrain said it had discovered its largest …

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Ruwais petrochemicals complex gets three new constractors

Borouge has awarded TechnipFMC, Maire Tecnimont, and WorleyParsons, three major contracts for the fourth phase of the Ruwais petrochemicals complex which will include the world’s largest mixed feed cracker. In a ceremony held in Abu Dhabi, Borouge signed the FEED, Front-End Engineering and Design, contract, PMC, Project Management Contract, and …

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Mubadala chalks Production Sharing Contract for Thai gasfield

Mubadala Petroleum has announced that it signed the Production Sharing Contract, PSC, together with its partner PTTEP Energy Development Company Limited, PTTEP ED, a subsidiary of PTT Exploration and Production Public Company Limited, for offshore Block G1/61 containing the Erawan producing gas field in Thailand. The current Block G1/61 concession …

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ADNOC makes landmark investment deal worth $4billion

Abu Dhabi National Oil Company (ADNOC) has sealed a $4 billion midstream pipeline infrastructure deal with U.S. investment firms KKR and BlackRock, the government-owned company said on Sunday. ADNOC has been expanding through strategic partnerships since 2017. Last month it won a combined $5.8 billion investment from Italy’s Eni and …

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UAE deposits recover thanks to oil prices

Government deposits rebounded to AED297.6 billion by the end of January, AED3.7 bn up from AED293.9 bn in December 2018. Driven by a significant rise in oil prices in H1 2018, the deposits grew AED94 bn across the year, hitting an all-time high of AED305 bn in November against AED300 …

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Iranian oil exports beating sanctions for 2019

Iran’s exports of crude oil were higher than expected in January and are at least holding steady this month, according to tanker data and industry sources, as some customers have increased purchases due to waivers from U.S. sanctions. Shipments are averaging 1.25 million barrels per day (bpd) in February, Refinitiv …

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Bangladesh to receive energy infrastructure from UAE

A group of UAE investment companies today signed Memorandums of Understanding, MoUs, for cooperation in energy and infrastructure development with Bangladeshi counterparts, in the presence of Saed Mohammed Al Muhairi, UAE Ambassador to Bangladesh. The MoUs provide for investing in energy and renewable energy sectors, as well as joint development …

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ADNOC pioneering UAE-India energy cooperation

The tremendous contributions of Dr. Sultan Ahmed Al Jaber, UAE Minister of State, Group CEO of the Abu Dhabi National Oil Company (ADNOC), have helped transform the “buyer, seller” relationship between India and the UAE in the field of energy into a “truly strategic” partnership, according to the Indian Ambassador …

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Solar retrofit project completed by Etihad ESCO

Etihad Energy Services Company (Etihad ESCO), the wholly-owned subsidiary of Dubai Electricity and Water Authority (DEWA), announced the successful completion of the Hatta solar retrofit project. The project included installation of 7,756 photovoltaic (PV) solar panels over the roofs of 554 Hatta villas and forms part of DEWA’s Shams Dubai …

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ADNOC pushing downstream investment in Asian market

Abu Dhabi National Oil Company is seeking to invest in more downstream assets, mainly in refining and petrochemicals, in strategic locations like India to find a stable outlet for its oil, said its chief executive officer, Sultan Ahmed Al Jaber. “India is not only an important market for us. India …

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Abu Dhabi Power Corporation to become PJSC

In his capacity as Ruler of Abu Dhabi, President His Highness Sheikh Khalifa bin Zayed Al Nahyan has issued, Law No. 03 for 2019, which relates to the Abu Dhabi Power Corporation. The law stipulates that the legal status of the corporation will change to a PJSC, which will have …

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South Energy signs MoU with SP Group

South Energy, the energy solution’s arm of Dubai South, announced that it has signed a Memorandum of Understanding (MoU) with SP Group as part of its efforts to boost its district cooling capabilities by exploring key opportunities with the Singapore-based company. The agreement seeks to explore key opportunities through joint …

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Venezuela depositing oil money in Russian bank

Venezuela’s state-run oil company PDVSA is telling customers of its joint ventures to deposit oil sales proceeds in an account recently opened at Russia’s Gazprombank AO, according to sources and an internal document seen by Reuters on Saturday. PDVSA’s move comes after the United States imposed tough, new financial sanctions …

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