March 12, 2020

FUJAIRAH, 11th March, 2020 (WAM) -- Refined oil product stockpiles at the Middle East hub of Fujairah fell 6.8 percent in the week to 9th March, led by a drop in light distillates amid signs that Middle East supplies of naphtha and gasoline blending materials are moving to Asia, according to data released Wednesday by the Fujairah Oil Industry Zone.

Total stocks dropped to 21.576 million barrels, a six-week low. Light distillates, including gasoline, naphtha and reformate, slipped 11 percent to 6.758 million barrels, the lowest level in seven weeks.

Middle East stockpiles"...

March 12, 2020

ABU DHABI, 11th March, 2020 (WAM) -- UAE Minister of State and ADNOC Group CEO, Dr. Sultan Ahmed Al Jaber has commented on recent market developments, noting that the UAE oil company is set to supply the market with over four million barrels of oil per day in April 2020.

In a statement, Dr. Al Jaber said, 'Today, as a result of the steps we’ve taken over the last four years, ADNOC is far stronger and better positioned to respond to current market conditions. Our focus on driving performance, profitability and efficiency has made us more resilient, agile and responsive to market dynamics. These guiding principles remain unchanged as"...

March 12, 2020

ABU DHABI, 11th March, 2020 (WAM) -- The UAE Minister of Energy and Industry Suhail bin Mohammed Al Mazrouei has said that a new agreement between OPEC+ country members is essential to support a balanced and less volatile market.

Al Mazrouei said, via a series of tweets, 'OPEC and OPEC+ played an important role in delivering market stability. The UAE Ministry of Energy and Industry firmly believes that a new agreement is essential to support a balanced and less volatile market.'

The UAE Minister's remarks follow recent developments between OPEC and non-OPEC"...

March 12, 2020

The UAE said on Wednesday that it would boost oil output to over four million barrels per day from April in line with a similar move taken by Saudi Arabia after a failed bid by Opec and allies on Friday to reach a deal on deeper production cuts.

The UAE decision to boost supply came in the wake of a call by Minister of Energy and Industry Suhail bin Mohammed Al Mazrouei for a new agreement between Opec+ country members to support a balanced and less volatile market to cushion any impact from Covid-19.

Al Mazrouei noted that operators in the country have 'ample"...

March 11, 2020

DUBAI, 10th March, 2020 (WAM) -- The Dubai Chamber of Commerce and Industry honoured 35 companies and organisations with its Dubai Chamber CSR Label for the second half of 2019, at a ceremony at its headquarters to highlight the outstanding performance of these companies in terms of Corporate Social Responsibility, CSR.

Demonstrating their commitment to CSR and the benefits they gain from applying for the label, many of the entities honoured at the ceremony have received the Dubai Chamber CSR Label before. Qurum Business Group accepted the award for the ninth time, while Emrill Services received it for the eighth time. Accepting the CSR Label"...

March 10, 2020

SHARJAH, 9th March, 2020 (WAM) -- Dana Gas has announced that natural gas currently constitutes 75 percent of the company’s production, which is sold under long term gas sale contracts with host governments at prices which are unaffected by falling oil prices.

In a press release issued by the company on Monday, it said that these gas sales account for approximately half of the company’s income, leading to sustainable revenues even in low oil price environments.

Commenting on the announcement, Patrick Allman-Ward, CEO of Dana Gas, said, 'Since half of"...

March 5, 2020

KAAF Investments, chaired by one of the most respected entrepreneurs in the Middle East, Mishal Kanoo, has re-invested in Enerwhere, a next generation distributed utility company.

Enerwhere company is pleased with this vote of confidence in its data-driven approach to reducing diesel consumption of off-grid and temporary power generation in the region, said a statement.

Apart from being one of the leading solar"...

March 5, 2020

CAIRO, 4th March, 2020 (WAM) -- ENOC Misr, a joint venture between Proserv Group and the UAE’s Emirates National Oil Company, ENOC, have signed a memorandum of understanding with local lubricant manufacturers to evaluate blending and manufacturing ENOC lubricants in Egypt.

The move comes as part of ENOC Misr’s plans to maximise operational efficiency and ensure product availability in the local market. The agreement will also enable ENOC Misr to strengthen its presence in the Egyptian market and offers an alternate supply option to neighbouring countries.

Commenting"...

March 4, 2020

The Gulf region is at the forefront in adopting renewable sources such as solar power and fossil fuel power generation is now being outcompeted by renewables, an expert has said.

Speaking at the high-profile plenary session of Middle East Energy conference, titled ‘Energy in Transition, Connecting the World: Demand, Digitalisation and Diversification’, Nasser Saidi, Chairman, Clean Energy Council, MENA, said: “Currently, there are seven gigawatts of renewable energy projects in the region and this is very encouraging for the transformation of the"...

March 3, 2020

DUBAI, 2nd March, 2020 (WAM) -- Digitalisation and renewables will be at centre of discussions as Middle East Energy begins a three-day run at the Dubai World Trade Centre tomorrow, March 3.

Power sector leaders have arrived in the UAE for the exhibition and probing conference series.

Set against the background of an industry in the midst of major disruption and transformation, the show, previously known as Middle East Electricity, has attracted more than 1,100 exhibitors from more than 130 countries. Industry heavyweights will demonstrate breakthrough technologies"...