UAE petrol prices, Eid Al Etihad holiday dates, national lottery announced, Riyadh Metro launch and more top news stories this week
Energy
Masdar
Masdar acquires Greek energy giant TERNA in $3.4bn deal
Masdar acquires TERNA Energy in record-breaking $3.4bn deal
Abu Dhabi National Oil Company (ADNOC)
ADNOC to drive over $54bn into UAE economy via In-Country Value programme
UAE President presides over annual meeting of ADNOC Board of Directors; celebrates achievements
Abu Dhabi
UAE petrol prices to change for December 2024
UAE petrol prices increased last month following a reduction the month before and will change again this week
ADNOC
ADNOC L&S gets delivery of new LNG Carrier ahead of schedule
Al Shelila has a capacity of 175,000m3, larger than ADNOC’s current fleet capacity of 137,000m3, and is delivered two months ahead of schedule
China
UAE, Saudi Arabia set for industrial equipment investment boom as Chinese firms eye regional expansion
Growing demand for clean energy solutions in the UAE is acting as an added attraction for these companies who are looking to tap the “huge” market opportunities in the Gulf region for their electric and energy-efficient equipment and machineries
China
Abu Dhabi’s Masdar and China’s Silk Road Fund team up for $2.8bn
Abu Dhabi’s Masdar working with China’s Silk Road Fund on renewable energy projects
Barakah Nuclear Energy Plant
UAE advances clean energy goals with nuclear power milestone
During the meeting at Qasr Al Bahr in Abu Dhabi, the UAE President commended the corporation’s efforts in driving strategic national projects
Egypt
Egypt seeks long-term LNG deals with foreign companies to cut reliance on expensive spot market: Report
Egypt’s domestic supplies fell to a seven-year low in September, primarily due to declining production from the Zohr gas field and increased power consumption
ACWA Power
Saudi and South Korean firms sign $4bn power deal
Saudi power and electricity companies team up with Korea’s KEPCO to produce sustainable energy
Aramco
Aramco, Rongsheng Petrochemical sign agreement to drive SASREF expansion
The pact is to expand SASREF’s refining and petrochemical capabilities, while fostering international collaboration
Abu Dhabi National Energy Company
TAQA consortium to develop two new power plants in Saudi Arabia
Consortium signed 25-year Power Purchase Agreements to build two greenfield combined cycle gas power plants with combined capacity of 3.6 GW
Abu Dhabi Future Energy Company
UAE’s Masdar, SOCAR Green reach financial closure for 760 MW solar projects in Azerbaijan
Agreements with EBRD, ADB, and AIIB were signed at COP29 in Baku, with total project costs expected to exceed $600 million.
Abu Dhabi
Tabreed’s district cooling consumption grows 6% for 9M 2024
Revenue increases to $500 million; Normalised net profit before tax increases by 4% to $125.8 million; Debt reduced by 12%
Masdar, SOCAR, ACWA Power partner on 3.5 GW offshore wind projects in Azerbaijan
The agreement supports plans by Azerbaijan to develop renewable energy, green hydrogen and water desalination projects
ADNOC Gas
ADNOC GAS signs its first LNG SPA with India’s GAIL
The 10-year sales and purchase agreement will start in 2026 and will result in supply of 0.52 mmtpa
Aviation
UAE, UK researchers push for green flight paths, sustainable aviation fuel to meet aviation net-zero targets by 2050
The UAE aims to produce 700 million litres of SAF annually by 2030, under the general policy for sustainable aviation fuel