Energy

In a critical move amidst fluctuating global oil prices, senior ministers from Opec+ have decided to maintain their current oil output policy. The decision was made during an online meeting of the Joint Ministerial Monitoring Committee (JMMC), a panel within the Organisation of Petroleum Exporting Countries and allies led by Russia, collectively known as Opec+. …
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Adnoc Gas, a key player in the energy sector, has announced a significant dividend payout for the year 2023, amounting to $3.25 billion. This decision was confirmed at the company’s first annual general meeting (AGM) since its landmark initial public offering (IPO) in March 2023. The distribution includes an inaugural interim cash dividend of $1.625 …
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The UAE fuel price committee, in its latest announcement on Sunday, has set new fuel prices for April 2024, marking a noticeable increase from the previous month. The revised pricing structure indicates a surge in the cost of various fuel types including Super 98 petrol, Special 95, E Plus 91, and diesel, reflecting changes in …
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Abu Dhabi’s renowned power and water company, Taqa, has achieved a significant milestone by securing a deal for a new project in Saudi Arabia. In a joint venture with Jera Co., Japan’s leading power generation company, Taqa will construct a greenfield industrial steam and electricity cogeneration plant in Jubail, located in Saudi Arabia’s Eastern Province. …
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Adnoc Distribution, a key player in the global energy sector, has recently confirmed a new five-year dividend policy, ensuring robust returns for its shareholders. This strategic move, along with the appointment of new board members, was approved by shareholders and aligns with the company’s commitment to a forward-thinking growth strategy, heavily underpinned by artificial intelligence …
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Adnoc Drilling, a key player in the oil and drilling sector, has announced its medium-term financial expectations, projecting substantial growth in revenue, earnings, and operational expansion. The company anticipates its total revenue to reach between $3.60 billion and $3.80 billion in the coming years, signifying a promising future for the organization. The expected Earnings Before …
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The United Arab Emirates has taken a significant leap towards fulfilling a quarter of its electricity requirements with the successful start-up of the fourth reactor at the Barakah Nuclear Energy Plant. This milestone, announced by the Emirates Nuclear Energy Corporation (ENEC), brings the UAE closer to generating 25% of its electricity needs through nuclear power, …
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In a significant move to stabilize oil prices, the United Arab Emirates and Saudi Arabia have announced the extension of their oil supply cuts until mid-2024. This decision aligns with Russia’s recent announcement to further reduce its oil production and exports. The UAE’s Ministry of Energy confirmed that the nation would maintain its additional voluntary …
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Abu Dhabi National Oil Company (Adnoc) has officially completed its acquisition of a 24.9 percent stake in OMV AG, a prominent energy and chemicals group based in Vienna, Austria. This strategic move, resulting from a deal with Mubadala Investment Company (Mubadala), marks a significant advancement in Adnoc’s global chemicals growth strategy and reinforces its status …
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In a significant move to stabilize its domestic fuel market, Russia announced on Thursday a six-month ban on petrol exports, starting from March 1st. This decision comes as the country, despite being the world’s third-largest oil producer, faces sporadic fuel shortages. The government’s statement indicated that the export ban is intended to ensure an adequate …
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Adnoc Distribution, a prominent player in the fuel and retail sector, has marked 2023 as a year of significant expansion, transformation, and sustained growth. The company surpassed its annual target by opening 41 new service stations across the UAE, Saudi Arabia, and Egypt, expanding its total network to 840 stations, including 597 in the UAE …
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In a significant move towards global energy technology investments, ADNOC Drilling Company and Alpha Dhabi Holding, one of Abu Dhabi’s largest investment entities, have established a new joint venture. This venture is set to pursue global investments in energy technology and expand tech-enabled energy services, marking a strategic shift in the energy sector. The joint …
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The UAE’s fuel price committee has recently released the petrol and diesel prices for January 2024, revealing a notable decrease compared to the previous month. This price adjustment is significant for residents and businesses across the UAE, as it influences a wide range of daily activities and economic sectors. For January 2024, the price of …
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The U.S. Energy Information Administration (EIA) anticipates a surge in oil prices in 2024, despite a slight dip in global oil demand, as production cuts by OPEC+ members start to significantly impact the market, according to its October Short-Term Energy Outlook. While the EIA has trimmed its global oil demand forecast for 2024 by 90,000 …
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