Masdar to invest in Austria's Largest Hydrogen Project
The United Arab Emirates' state-owned energy company Masdar will invest in Austria's largest hydrogen project, run by oil and gas firm OMV, Austria's APA news agency reported on Wednesday.According to an agreement with the Emirati government announced by Austria's economy minister at the ADIPEC energy fair in Abu Dhabi, Masdar will hold a 49% stake in the planned electrolysis plant in Bruck an der Leitha, while OMV will retain a 51% stake and operational management, APA reported.The investment amounts to a high three-digit million sum, it added.The deal would
Masdar, a UAE-based company, invests in Austria's biggest hydrogen project
Austrian news agency APA reported that Masdar, the state-owned energy firm of the United Arab Emirates, will invest in Austria’s largest hydrogen project run by oil and natural gas company OMV. According to APA, according to an agreement announced by Austria’s economy minister during the ADIPEC Energy Fair in Abu Dhabi, Masdar would hold a 49 percent stake in the planned Bruck an der leitha electrolysis plant, while OMV would retain a 51 percent stake and operational management. It added that the investment is in excess of three million dollars.
Jaber, UAE's Jaber, says that oil demand will remain above 100 million barrels per day (bpd) beyond 2040.
Sultan Al Jaber said that oil demand would remain at 100 million barrels a day or more beyond 2040. He also warned of headwinds for the near future. "Geopolitics continues to shape news and trade flows. The complexity is constant. Market sentiment is what moves the markets. Volatility, to my mind, is no more a variable. "It is the norm," said he to industry leaders at ADIPEC's opening energy conference. The United Arab Emirates are one of eight OPEC+ nations that have agreed to raise December output targets…
Sponsored: UAE Breaks Ground on GW-Scale Renewable Energy Hybrid
In line with the vision of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, world-first project reaffirms UAE’s leadership position in clean energy, directly addressing intermittency of renewables. Project will reimagine potential of renewable energy, delivering 1GW of baseload power at a globally competitive tariff, establishing a blueprint for future international deployments.Masdar and EWEC are deploying the…
Minister: Saudi Arabia is undecided about investing in Egypt's Red Sea Coast
The Saudi tourism minister stated on Sunday that the country already has enough rooms for the World Cup in 2034. However, it is focusing on increasing the number of hotel rooms within the country and has yet to decide whether or not to invest along Egypt's Red Sea Coast. Cairo is preparing plans to invest in the development of Ras Gamila, a stretch largely unused near the resort town of Sharm el-Sheikh. This follows a massive investment made by the United Arab Emirates for the development of a stretch along Egypt's Mediterranean coastline.
Eni increases share buybacks after Q3 results better than expected
Eni, the Italian energy company, announced on Friday that it would increase the share buybacks by 20% following better than expected third quarter results. The company posted a net profit adjusted of 1,25 billion euros in the third quarter. This was slightly below the 1,27 billion euro profit reported in the same period last year. Eni announced that it would increase its share buyback for 2025 by 20%, to 1.8 billion Euros. This is due to the fact that pro-forma debt levels are near historic lows.
Oil bosses are expecting the market surplus to diminish over time
Executives from oil majors, trading houses and oil companies said that the global oil market will tighten up in the medium-to-long term after recovering from its short-term weakness. Oil prices have been impacted by the rising output of OPEC+ – which is a grouping of countries that are members of the Organisation of Petroleum Exporting Countries (OPEC) and their allies – as well as other producers. This has also been exacerbated by expectations of trade tensions leading to a reduction in demand.
Wall Street Journal, October 3,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. - A multibillion-dollar deal to send Nvidia's artificial-intelligence chips to the United Arab Emirates is stuck in neutral nearly five months after it was signed, frustrating CEO Jensen Huang and some senior administration officials. Google announced that it would build a $4 Billion data center in Arkansas on more than 1000 acres, creating hundreds and thousands of jobs in construction as well as operations. The U.S.
Indonesia begins construction of 92 Megawatt floating solar power plant
As part of Indonesia's drive to increase renewable energy, the state-owned utility company Perusahaan Listrik Negara announced on Friday that it had begun construction of a 92 megawatt floating solar power station in West Java. By 2034, Indonesia will add almost 61% more power to its grid through renewable energy. Solar power is expected to contribute 17.1 GW. The upcoming PLN facility on the Saguling Reservoir, located about 180 kilometres away from Jakarta's capital, is expected to start commercial operations by November 2026.
Ansaldo Energia CEO: Asia sales to be boosted by acquisitions and Ansaldo Energia's focus on acquisitions
Ansaldo Energia, a developer of power plants in Italy, is seeking to expand its business into new markets like Vietnam and Malaysia by acquiring companies. Its chief executive stated that the company aims to double their turnover over the next few years. The group, owned by the Italian state bank Cassa Depositi e Prestiti and which makes nuclear reactors, has recovered from a slump brought on by a drop in orders during COVID and now looks to expand its presence outside Europe.
Solar power is a ray hope for the Middle East's most electrified nation
Yemen's largest solar plant helps to relieve electricity shortages, especially in Aden. Residents and businesses who suffer from the heat of summer are also benefitted. The Aden Solar Power Plant, funded by the United Arab Emirates (UAE) and operating since July 2024 marks a major shift in the Middle East towards renewable energy. According to the International Energy Agency, Aden is the least electrified country. Yemen has suffered from an electricity crisis for almost 30 years due to fuel shortages…
Dar Global launches $1 billion Trump project at Jeddah, Saudi Arabia
Dar Global, a Saudi developer of real estate, plans to build the $1 billion Trump Plaza in Jeddah in Saudi Arabia as the family business of U.S. president Donald Trump expands into the Gulf. Dar Global, in a press release, said that the project would be the second Trump development in the Kingdom after the launch last year of Trump Tower Jeddah. Trump Organization has a large business in the United States but also significant interests in Saudi Arabia and United Arab Emirates.
Sources say that OPEC+ is planning to increase oil production in November.
Three sources familiar with the discussions said that OPEC+ is likely to approve another increase in oil production of at least 137,000 bbls per day during its meeting on Sunday. The group's desire to gain market share has been boosted by the rising price of oil, they added. OPEC+ reversed its April strategy of production cuts and has already increased quotas to more than 2,500,000 barrels per day. This represents about 2.4% world demand. The goal is to increase market share, and to do so, they have been under pressure by U.S.
Oilfield executives sour in Dallas Fed survey
According to a Federal Reserve Bank of Dallas survey published on Wednesday, oil and gas production in Texas, Louisiana, and New Mexico, the three states that produce the most, declined in the third-quarter as executives expressed a more negative outlook. The decline in oil and gas activity is due to the uncertainty surrounding oil prices, as well as increased frustration towards President Donald Trump and his administration. The executives blamed Trump policies such as tariffs, and his promise to lower oil price, for the decline in activity.
What is the Abraham Accords?
The Abraham Accords which normalised diplomatic ties between Israel and certain Arab states are in the spotlight following Israel's airstrikes against Hamas that took place on 9 September, angering the U.S. ally who hosted ceasefire negotiations. The leaders of Arab and Islamic countries will meet in Qatar for a summit on Monday, to show their solidarity. Who signed them and what did they achieve? The Abraham Accords is a collection of agreements that normalise the relationship with Israel.
GASTECH-Japan’s Inpex considers UAE production increase, Norway expansion
Inpex, Japan's largest oil and gas exploration company, is looking at increasing production in its concessions onshore and off-shore in the United Arab Emirates as well as expanding their activities in Norway. This was announced by its chief executive and president on Tuesday. Takayuki ueda, speaking on the sidelines at the Gastech conference held in Milan, stated that this is in line the UAE's plan to increase production from 4 to 5 million barrels a day. We have assets in Norway and just recently acquired assets in the Northern Sea.
Shares of UAE lender ADCB fall as it looks to raise $1.7 billion through a rights issue
Abu Dhabi Commercial Bank's (ADCB's) shares fell as much as 7.9% on Monday after it announced that the bank was looking to raise as much as 6.1 billion dirhams (1,66 billion dollars) via a rights offering. The board of the bank has recommended that it increase the share capital through the issuance of 592.2 millions new shares. This move, according to the lender, would speed up organic growth. ADCB, third largest bank in United Arab Emirates by assets, aims to double its net profits to 20 billion dirhams over the next five-year period.
US Sanctions Shipping Network for Transporting Disguised Iranian oil
The U.S. Treasury Department on Tuesday sanctioned a network of shipping companies and vessels led by an Iraqi-Kittitian businessman for smuggling Iranian oil disguised as Iraqi oil.The administration of President Donald Trump is keeping pressure on Iran while nuclear talks have stalled. A sixth round of negotiations was suspended after the start of a 12-day war in June.A senior Iranian official said on Tuesday that the path to nuclear negotiations is not closed but U.S.
Sources say that China's Zhenhua Oil has doubled its crude oil purchases from the UAE as part of a new agreement.
Three Chinese sources claim that China's Zhenhua Oil will double its oil purchases from Abu Dhabi National Oil Co, to 200,000 barrels a day. This is after the company took on a new leadership role in developing one of Abu Dhabi's most important oilfields. Sources said that in January, China's smallest state oil company replaced TotalEnergies, a French major, after a bid process for the asset leadership of Bu Hasa, United Arab Emirates' largest onshore oilfield.
OPEC's oil production rose in July, led by the UAE and Saudi Arabia, according to a survey
A survey on Friday found that OPEC oil production increased in July following an OPEC+ deal to increase production. However, the rise was limited due to Iraq's additional cuts and drone attacks on Kurdish fields. According to the survey, the Organization of the Petroleum Exporting Countries (OPEC) pumped 27,38 million barrels of oil per day in June, an increase of 270,000 bpd over the revised total for the month. The United Arab Emirates, and Saudi Arabia, were the two countries that saw the biggest increases.