Following a relatively weak first quarter, a demand recovery thereafter combined with supply uncertainties should see Brent recover to trade in the $90s
Author Archives: Faiza Rizvi
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IPO bonanza begins: ADNOC to list 4% of its gas unit
State-owned energy giant ADNOC announced today its intention to float about 4% of its gas business in an initial public offering on the Abu Dhabi Securities Exchange (ADX). ADNOC Gas listing will be the first major IPO on the ADX in 2023 after a listing bonanza for markets in the GCC last year as issuers […]
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Major fire breaks out at Ajman oil factory
A massive blaze ripped through an oil factory in Ajman during the early hours of Friday morning. Ajman Police reported that the fire, which is now under control, erupted at the factory at 3.30am, and quickly gained traction, engulfing a residential building, printing press, warehouses, and several cars. The blaze was brought under control by […]
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GE signs PoC with Iraq to strengthen power infrastructure
GE has signed a Principles of Cooperation (PoC) with Iraq’s Ministry of Electricity to explore opportunities for strengthening the country’s power infrastructure, the company announced on February 16. According to a press release, GE will work on establishing new power plants and expanding capacity at existing facilities, maintaining and rehabilitating installed power generation and transmission […]
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Libya announces ‘transformational’ plan for oil and gas sector
“We have an ambitious vision to return Libya to the ranks of the world’s foremost energy-producing countries,” noted NOC Chairman Farhat Ben Gdara
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Saudi Arabia awards major contract for emissions-free futuristic city
Saudi Arabia has awarded a five-year contract for consultancy services to Atkins as a delivery partner for THE LINE mega-project, which is currently being developed in northwest Saudi Arabia on the Red Sea. Atkins, a member of the SNC-Lavalin Group, will join THE LINE – the 170km-long sustainable mega-city, which will have no roads, cars or carbon […]
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Kuwait invites bids to power oil and gas facilities with renewable energy
Two state-owned Kuwaiti oil companies have invited consultancy bids from five Western firms to study the use of renewable energy to run their facilities, Zawya Projects reported, citing a Kuwait newspaper. France’s Technip and Worley Engineering of Australia are amongst the companies that are invited to submit bids. The Kuwait National Petroleum Co and the […]
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Historic moment: ADNOC delivers first Middle East LNG cargo to Germany
ADNOC and RWE announced today the successful delivery of the first shipment of LNG from Abu Dhabi to the Elbehafen floating LNG terminal in Germany. Produced by ADNOC Gas at Abu Dhabi’s Das Island, the shipment of 137,000 cubic meters of LNG is the commissioning cargo for the new floating LNG terminal in Brunsbüttel and […]
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OPEC expects higher oil demand growth as China relaxes COVID restrictions
The projection is 100,000 bpd higher than last month’s forecast
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World needs $1 trillion annually for energy transition, expert says
The world needs about $9 trillion of investment annually to tackle climate action and about $1 trillion annually to exert energy transition in many countries, according to Makhtar Diop, managing director of the US-headquartered International Finance Corporation (IFC). Speaking at the World Government Summit 2023 in Dubai, Diop said the aim of the world leaders […]
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