February 13, 2020

Adnoc Distribution, the UAE's largest fuel and convenience retailer, has registered a net profit of Dh2.22 billion ($599 million) for full year 2019, up 4.2 per cent compared to the previous year.

Announcing the full year 2019 results, Adnoc Distribution said its net profit for the fourth quarter surged by 11.3 per cent over the previous year to hit Dh496 million.

In 2019, Ebitda increased by 2.3 per cent to Dh2.84 billion, while the Ebitda excluding inventory gains grew 7.2 per cent to Dh2.72 billion, compared to 2018.

For the fourth quarter, the Ebitda stood at Dh658 million, an increase of 6.5 per cent compared"...

February 9, 2020

(WAM) -- Emirates Global Aluminium today announced that a giant gas turbine, the biggest in the UAE, has been moved by road from DP World’s Jebel Ali port and installed at EGA’s Jebel Ali site in a carefully-planned overnight operation.

The Siemens H-class gas turbine, weighing 457 tonnes and with a length of 13.5 metres, was transported six kilometres from Jebel Ali port, using an oversized truck.

On arrival at EGA, the turbine was placed in its permanent location at the heart of a new AED 1 billion state-of-the-art power block which will further improve"...

February 9, 2020

The Dubai Electricity and Water Authority (Dewa) on Saturday said that it had achieved a new world record in saving water and electricity among its consumers.

Dewa recorded 1.86 minutes in electricity customer minutes lost, as compared to around 15 minutes recorded by leading electricity companies in the European Union.

'We continuously work to enhance the capacity and efficiency of transmission and distribution networks to provide electricity and water services according to the highest standards of reliability, availability, efficiency, and sustainability. This"...

February 6, 2020

SirajPower, a leading distributed solar energy provider in the UAE, has announced it has successfully completed the construction and installation of a new fully-financed solar model for DP World’s staff accommodation in Jebel Ali Free Zone (Jafza) East and West.

The two combined 6.75MWp system capacity solar rooftops span across a total of 110 mid-rise buildings between both locations and generates over 10.72GWh of annual energy production.

It will help displace 7,579 tonnes of carbon dioxide emission (Co2) per annum, corresponding to 966,626,499 number of smartphones being charged or 125,328 trees planted, said the statement from SirajPower.

To complete this ambitious project"...

February 6, 2020

FUJAIRAH, 5th February, 2020 (WAM) -- Refined oil product stockpiles at Fujairah advanced to an 11-week high over the past week, with gains in all categories amid a bearish near-term outlook for bunker fuel oils and the coronavirus outbreak hampering trading.

Total stocks climbed 12 per cent over the week to 24.252 million barrels as of 3rd February, the most since 18th November last year, data released Wednesday by the Fujairah Oil Industry Zone, FOIZ, showed. Heavy distillates and residues, including fuel oils used for marine fuel and power generation, jumped 23 per cent to 12.862 million barrels, a 10-week high.

'February"...

February 6, 2020

ABU DHABI, 5th February, 2020 (WAM) -- ADNOC Logistics & Services will test biofuel as a bunkering fuel for ships, in an effort to comply with the 2020 sulphur cap, the company's Chief Executive Officer Captain Abdulkareem Al Masabi said.

Al Masabi stated that ADNOC has applied the regulations by November 2019 across its entire fleet, which totals 28 ships, and the company now explores other alternatives such as LNG, LPG and blended biofuel to carry its vessels to reduce fuel consumption.

'We're studying with one of our subsidiary companies the usage"...

February 4, 2020

New mega natural gas reservoirs discovered by Abu Dhabi National Oil Co. (Adnoc) on Dubai and Abu Dhabi border is high-quality organic gas at relatively shallow depths from the earth's surface.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, announced the new shallow gas discovery and also witnessed the agreement signing ceremony between Adnoc and Dubai Supply Authority (Dusup).

'Today,"...

February 4, 2020

A new giant utility firm is likely to be formed in the UAE as Abu Dhabi National Energy Co. (Taqa) and Abu Dhabi Power Corp. (ADPower), a public joint stock company that owns most of the water and electricity assets across Abu Dhabi, are considering the merger of assets.

Under the asset swap deal, ADPower will take control of Taqa if both the companies agreed to the deal. The merger of the two entities will create one of the largest utility company in the Mena region and one of the biggest listed on the Abu Dhabi bourse.

With total assets of around Dh200 billion, the"...

February 2, 2020

Electricity subsidy regime in the GCC will cost an additional $150 billion for governments in the current decade as demand increases, a study has warned,

The current electricity pricing policy in the GCC, that has cost member countries more than $120 billion over the past 20 years, is unsustainable in the current fiscal environment, argue analysts at Strategy&.

'Keeping existing policies in place until 2030 would cost an additional $150 billion as demand increases,' says a new study titled 'Electricity pricing reform: A bitter pill for GCC industries'"...

February 1, 2020

DUBAI, 31st January, 2020 (WAM) -- Saeed Mohammed Al Tayer, Chairman of the Dubai Future Council on Energy chaired its fourth meeting at Dubai Electricity and Water Authority (DEWA) at the R&D center of the Mohammed bin Rashid Al Maktoum Solar Park.

The Council is one of Dubai Future Councils that were launched under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and enacted by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of the Executive Council of Dubai, and Chairman of The Board of Trustees of Dubai Future Foundation"...