The agreement will see the DoE and Colombia’s Ministry of Mines and Energy explore funding developments in areas such as hydrogen and large-scale renewable energy
energy investments
Energy
Masdar-EDF JV to install solar energy system in Abu Dhabi’s marine-life mega project
Major developers in the UAE have increasingly become conscious of energy consumption in recent years, underpinned by rising global pressure to transition to clean energy sources
ACWA Power
Saudi’s ACWA Power-led consortium bags mandate to develop 1.1GW wind project in Egypt
The project, one of the largest onshore wind farms in the world, will entail an investment of 1.5 billion
clean energy
UAE becomes first Middle East nation to join IPHE global initiative on hydrogen and fuel cell tech
Joining the international initiative will support the UAE’s long-term policies related to energy and hydrogen, and attract foreign investments, a UAE Ministry of Energy official said
energy investments
Moving to a green Middle East can usher in a new model of growth
Regional leaders are at a ‘crucial crossroads’ as they foster more sustainable economies while addressing the implications of energy transition
Abu Dhabi
ADNOC marks first investment deal in the UK in energy partnership with bp and Masdar
As part of the deal, ADNOC and bp will move to the design phase of the low-carbon hydrogen H2Teesside project in the UK
Abu Dhabi National Oil Company
ADNOC plans natural gas plant in Fujairah as UAE looks to double LNG export to meet surge in demand
ADNOC has appointed McDermott International Ltd as the design contractor and intends to award a contract for the construction of the plant in 2023
carbon capture
Net zero strategies are entering a new era as investment into direct air carbon capture solutions increase
Direct air carbon capture is witnessing increased interest with with Climeworks raising $650 million – an unprecedented sum for the market, Carbon Engineering raising in excess of $100 million, and Verdox raising $80 million in 2022
Abu Dhabi
Desalination investment across Abu Dhabi, Dubai, and Umm Al Quwain crosses the $2 billion mark
Annual growth rate of the water desalination sector is at 3 percent in line with the UAE’s plans to meet the growing national demand for water and electricity, the Minister for Energy and Infrastructure said
Biodegradable plastic
Egypt Ministry of Petroleum, Italy’s Eni begin project to capture and store CO2
Oil and gas giant Eni will invest $25 million to capture and store up to 30,000 tonnes of excess carbon dioxide from the atmosphere annually
carbon emissions
Oil demand could peak by 2025 as energy transition gains steam
Global warming is projected to exceed 1.7°C by 2100, necessitating more ‘ambitious acceleration,’ to reach a 1.5°C pathway, McKinsey report indicated
Atlantic Council Global Energy Forum
Why greater investments in oil and gas are needed to protect the economy from the impact of energy disruption
‘Annual investment in oil and gas is $200bn below where it needs to be, and that is just to keep up with demand through 2030,’ said UAE Minister of Industry and Tech
China
Aramco JV looks to develop a major liquids-to-chemicals complex in China
The project presents an opportunity for Aramco to supply up to 210,000 barrels per day of crude oil feedstock to the complex
Ain Sokhna
Anchorage Investments issues EPC tender on $2 billion petchem project in the Suez Canal Economic Zone
The petchem project aims to enhance the economic value of its feedstock of natural gas derivatives, contribute to the growth of Egypt’s GDP, boost the country’s petrochemical exports, stimulate further foreign direct investment inflows, and benefit from the favourable investment climate in Egypt
carbon emissions
The UAE will focus on driving clean electrification through solar and nuclear over the next decade
The actions will be accompanied by strategies to unlock capital flows in support of clean energy transition to ensure affordability and reliability
BP
BP, Exxon, Shell exit from Russia likely to push oil price higher: Experts
International oil majors have been exiting investments in Russia following the country’s invasion of Ukraine
Aramco
Saudi Aramco shares hit record as oil demand continues to rebound
Aramco CEO hails rebounds as crude prices have surged around 20% this year