Saudi Arabia aims to achieve 75 per cent localisation in the energy sector
Energy
clean energy
UAE, Rajasthan government sign MoU to explore 60GW renewable energy investment
The agreement aims to bring in best-in-class renewable energy technologies to build a long-term plant serving critical energy needs in the state
Aramco
Aramco boss calls for new energy transition plan to recognise Asia’s needs; $200tn spend required
Aramco CEO says Asia and Global South should have more say in global energy transition needs
crude oil
Crude oil edges up Friday, but could be headed for biggest weekly loss in over a month
Brent crude futures rose 16 cents, or 0.2%, to $74.61 a barrel, while US West Texas Intermediate crude was at $70.84 a barrel, up 17 cents
Abu Dhabi
ADNOC acquires OCI Global’s majority stake in Fertiglobe for $3.62bn
Abu Dhabi company now owns 86.2% shares in the company after buying OCI’s majority stake of 50% + 1 share
Abu Dhabi
Presight to develop ‘game-changing’ AI asset management tool for Masdar
AI will provide analytics and insights from billions of data points across Masdar renewable energy projects
Renewable Energy
UAE to pass renewable energy targets for 2030
UAE expected to exceed renewable energy capacity ambitions for 2030
Abu Dhabi Securities Exchange
ADNOC set to close Fertiglobe stake; ADX sees $3.6bn sales of shares in chemical firm
ADNOC close to completion of acquisition of Fertiglobe shares
district cooling business
Empower signs agreement with Mitsubishi for 18 advanced chillers
Order could be increased to 100,000 RT capacity; Will serve new projects in Deira Waterfront, Jumeirah Village and Al Sufouh
IBS Software
TotalEnergies picks India-based IBS Software to transform its personnel logistics, tracking operations in Iraq
The partnership will see TotalEnergies deploy IBS Software’s iLogistics Cloud solution, designed to streamline and optimise personnel logistics, material logistics, and safety
clean energy
Masdar outlines sustainability achievements as advanced pipeline capacity grew 58% in 2023
Masdar launches Sustainability Report as it grows clean energy capacity
geopolitical tensions
Lebanon-Israel conflict: Investors urged to stay calm as oil prices surge amid Middle East geopolitical tensions
While short-term volatility is likely, the long-term outlook for oil prices remains subject to a wide range of influences beyond the current Middle East crisis, experts say
geopolitical conflicts
Oil prices rise as Middle East conflict fuels supply disruption fears
Brent crude futures increased 0.87 percent to $74.54 a barrel, while the US West Texas Intermediate crude futures gained 1.03 percent to $70.82 a barrel
Abu Dhabi National Oil Company (ADNOC)
Abu Dhabi’s ADNOC targets giant $16bn takeover of Germany’s Covestro
ADNOC has launched a takeover bid for German industrial giant Covestro
Abu Dhabi
Masdar completes acquisition of 50% stake in US-based Terra-Gen
Operating portfolio increases 3.8GW of wind, solar and battery storage projects and 5.1GWh of energy storage facilities
Abu Dhabi
Fertiglobe announces $150mn interim dividend for H1 2024
The approved dividend is equivalent to 6.6fils per share and takes the total dividend since IPO to $2.42 billion
Abu Dhabi
UAE petrol prices slashed for October 2024
UAE petrol prices tumble in October, following significant decrease