Browsing: Energy

Abu Dhabi’s clean energy firm, Masdar, is actively considering “transformative” acquisitions to extend its influence in the US and Europe, according to its Chief Operating Officer. The company is in the process of thoroughly evaluating the market for acquisitions and exploring greenfield and brownfield projects, along with opportunities to support small renewable energy developers.

Rebuilding a greener economy and fostering a sustainable world for future generations has been a global policy focus since emerging from the pandemic-induced recession. For Vivek Tripathi, an industry veteran in oil and gas, this is not just a policy statement but a call to action, one that he passionately embraces. In 2021, Tripathi founded Olive Gaea, a venture dedicated to assisting businesses in narrowing their climate action gap, driven by a personal commitment to contributing to a more sustainable world.

In the coming years, Romania is anticipated to tap into its considerable energy reserves in the Black Sea region, establishing itself as one of Europe’s major sources of sustainable energy for the continent. The energy potential of the Black Sea, combined with strategic connections to the EU, positions Romania as a potential energy hub.

The 23rd World LNG Summit & Awards is set to return to Athens, Greece, from November 28 to December 1, 2023. Hosted by DEPA Commercial and DESFA and endorsed by the Ministry of Environment and Energy, Greece, the summit brings together over 500 attendees and 95 speakers from 45 countries. The event offers a comprehensive program covering the entire LNG value chain, including discussions on demand growth, supply gaps, geopolitical outlook, and more. With new features like debates, interviews, and panel discussions, participants will engage with industry leaders and explore innovations in the LNG sector. The summit aims to shape the future of LNG, gas, and energy on a global scale.

SABIC, one of the world’s largest petrochemical companies, has reported a significant decline in third-quarter revenue and a net loss. In their filing, SABIC revealed a net loss of 2.88 billion riyals ($768M) for the three months ending on September 30, in contrast to a profit of SAR 1.84B in the same period the previous year. The loss was primarily attributed to an impairment charge of SAR 2.93B related to the fair value of Saudi Iron and Steel Company (Hadeed) after Saudi Arabia’s sovereign wealth fund acquired SABIC’s entire stake in the company.

Emirates made history with its first flight powered by a blend of sustainable aviation fuel (SAF) from Dubai International Airport last month, a part of the airline’s sustainability efforts. Under a supply agreement with Shell Aviation, the flight to Sydney, EK 412, departed on October 24. Shell Aviation supplied 315,000 gallons of blended SAF to Emirates in Dubai, allowing the airline to operate multiple flights using this sustainable fuel.

Masdar signs 1 GW clean energy deal in Azerbaijan, marking its first project in the country with the inauguration of the 230MW Garadagh Solar Park.

Oil-exporting nations across the Middle East and North Africa (MENA) are resolutely pursuing diversification strategies to confront economic uncertainties. The World Bank, in its assessment, highlights the ongoing commitment to diversification within the Gulf Cooperation Council (GCC) countries. These nations, with varying progress in diversification, are actively steering their economies away from dependency on hydrocarbon revenues. The GCC, comprising six key members, including major oil exporters like Saudi Arabia and the UAE, is dedicated to a transformation agenda.

South Korea’s Hyundai Engineering and Construction, along with Hyundai Engineering, have inked a significant $2.4 billion contract with Saudi Aramco to construct a gas processing plant. This milestone agreement, marking 50 years of collaboration between South Korea and Saudi Arabia, was formally signed in Riyadh, with South Korean President Yoon Suk Yeol attending during his state visit.

ADNOC Gas plc and JERA Global Markets have inked a multi-year LNG supply deal worth $500-700M, further enhancing the UAE-Japan energy partnership. This reaffirms ADNOC Gas as a preferred global LNG export partner, with a decades-long history of supplying LNG to Japanese energy companies.