oil

Oil holds loss as stronger US dollar, slowdown concerns weigh

West Texas Intermediate traded below $80 a barrel after closing 1.2 per cent lower on Monday

RENEWABLE ENERGY

Masdar secures funding for three solar projects in Uzbekistan

The projects have a combined capacity of around 900 MW and they will power more than one million homes

TotalEnergies, Iraq deal

Iraq, TotalEnergies to proceed with $27bn energy project

The energy project aims to recover flared gas on three oil fields in order to supply power plants and build a seawater treatment plant to increase oil production

Opec fund Acwa Power loan agreement for wind farms

OPEC Fund, ACWA Power sign $40m loan deals to build wind farms in Uzbekistan

The loans will support the construction and operation of the 500MW Dzhankeldy wind farm and the 500MW Bash wind power plant in Uzbekistan

ADNOC Onshore Drilling Rig

Abu Dhabi’s ADNOC Drilling approves $341m dividend

The shareholders’ approval brings the total full-year 2022 dividend to 15.67 fils per share or $682.5m

Empower plant

Shareholders of Dubai’s Empower approve $116m dividend

The company’s full-year net profit jumped by 7 per cent year-on-year to Dhs1bn in 2022 while its revenues reached Dhs2.8bn

UAE reduces fuel prices

UAE reduces fuel prices for April

The fuel price committee marginally slashed the rates by 8 fils per litre, after two consecutive months of increases

ADNOC GAS processing tanks

ADNOC Gas’ annual pro forma net profit surges by 37%

The company’s unaudited combined pro forma results follow its record IPO earlier in March

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

OPEC

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