June 18, 2018

Extensive on-site generation of solar power will be a key pillar of Tilal Al Ghaf’s sustainability strategy, the backers of the Dubai mega project has announced.

Majid Al Futtaim said it is setting ambitious sustainability targets for its new flagship community and aims to produce 20 percent of the its energy needs from renewable solar power, transferring surplus electricity to DEWA through the Shams Dubai initiative which went live in 2017.

To achieve this, the first offering of upper-luxury villas and bungalows, launched in April, will offer rooftop photovoltaic"...

June 18, 2018

ADNOC Distribution has had a good start to the year. In May, it announced a 12 percent rise in Q1 net profits to $147.6m year-on-year, with revenues also growing 13 percent to $1.4bn. The results were a clear vindication of the decision to sell a 10 percent stake in the company in an initial public offering (IPO) on the Abu Dhabi stock exchange last December.

These are good times to be in the fuel distribution business. The subsidies that kept petrol prices artificially low are long gone, while an agreement with Urban Foods to refit ten stores with the Géant brand means ADNOC Distribution's non-fuel operations can finally live up"...

June 17, 2018

Dubai in May took another big step toward its goal of becoming the world's greenest city when the inauguration of the 200MW first stage of the 800MW third phase of the Mohammed bin Rashid Al Maktoum Solar Park brought the emirate's clean energy share of its total installed capacity to four per cent.

This follows His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, breaking ground on the solar park's 700MW fourth phase in March.

Dubai plans to have the world's lowest carbon footprint by"...

June 14, 2018

US-based United Electric Controls, a leading manufacturer of safety, alarm and shutdown technology, said it will be showcasing its Vanguard WirelessHart gas detector at Achema 2018 expo being held in Frankfurt, Germany.

With a five-year battery life, the Vanguard detector can enhance gas detection coverage for chemical and process industries, reducing equipment replacement and maintenance costs, said a statement from the company.

The gas detector monitors for hydrogen sulphide and methane and will be previewing new ammonia and carbon monoxide sensors, it said.

The WirelessHART-enabled Vanguard eliminates the need for expensive cabling and marshalling cabinets that are traditionally"...

June 13, 2018

The UAE and Kuwait have announced ambitious power capacity targets for 2022, that could see them invest over $220 billion each in the energy sector, said the Arab Petroleum Investments Corporation (Apicorp) in a new report.

The multilateral development bank focused on the energy sector published its latest research report today (June 12), which this month focuses on the performance of the different countries in the Mena region’s oil supply, in the context of regional geopolitics.

The report notes the effect of a number of geopolitical issues leading up to the second quarter of 2014, when crude supply began to overtake total demand resulting in an imbalance that reached 1.5 million barrels"...

June 10, 2018

Saudi Arabia's Acwa Power has signed an agreement with state-owned Energy China to explore for joint investment opportunities in power and water desalination across the Middle East and Asia, as regional renewables activity is expected to expand.

The agreement would allow for the greater strengthening of relationship with China in the region, said Paddy Padmanathan, president and chief executive, Acwa Power.

The news comes amid a growing push to engage Chinese companies across the energy value chain in the Middle East. China, which has overwhelmingly relied on fossil"...

June 6, 2018

Dana Gas announced today that, following the launch on 22nd May of a Tender Offer and Consent Solicitation / Exchange Offer to consider approval for the terms and conditions of an offer for the restructuring and refinancing of its US$700 million Sukuk Al-Mudarabah, the Sukuk certificate holders have overwhelmingly approved the transaction.

As of 1st June, the ‘early fee participation deadline’ for the offers, the Company had received consent from 90.93 percent of nine percent Ordinary Sukuk certificate holders and 96.45 per cent of seven percent Exchangeable Sukuk certificate holders, a statement said. None voted against.

June 5, 2018

Saud Salem Al Mazrouei, Director of the Hamriya Free Zone Authority and the Sharjah International Airport Free Zone Authority, signed an investment agreement with Ramesh Parekh, Chairman of Gandhar Oil Refinery India, to establish an integrated project to produce white oil, liquid paraffin, hydraulic liquid, transformer oil, rubber processing oil, motor oil and industrial oil.

The agreement was signed to meet the increasing demand for oil products used in cosmetics, medical products, rubber processing, transformers, vehicles and other industries, such as iron and steel.

Al"...

June 4, 2018

The Abu Dhabi National Oil Company, ADNOC, today announced that it expanded its annual Ramadan activities, committing to provide more than one million community members with food, water and power, helping to enhance Muslims’ lives during the Holy Month of Ramadan, across the UAE, on the occasion of the Zayed Humanitarian Day.

ADNOC’s Ramadan programme this year includes, Family Support: Working with the Khalifa bin Zayed Al Nahyan Foundation, ADNOC is supplying 6,000 Liquefied Petroleum Gas cylinders to more than 300 families, who will then provide meals for 1 million people fasting across the UAE.

ADNOC"...

June 3, 2018

Dubai Mercantile Exchange (DME), the premier international energy futures and commodities exchange in the Middle East, reported a new exchange-wide open interest record of 69,183 lots on 31 May 2018. This total is equivalent to almost 69.2 million barrels of crude oil.

The latest figure surpasses the previous open interest record of 68,470 lots, which was set on 31 May 2017.

The new record confirms the trust that DME has earned over the years from market participants around the world who are comfortable procuring and hedging crude oil through the exchange.

Over"...