Energy

ADNOC Distribution net profit rises 12.9 percent to $170 million in Q2 2024

Company's non-fuel retail gross profit increased by 13.5 percent annually in Q2 2024 to $56 million

Saudi PIF affiliate invests $1.5 billion in EV maker Lucid Group

The deal includes a $750 million convertible preferred investment and a $750 million unsecured term loan

Dubai’s Empower posts $368 million in revenues in H1 2024 with 10.3 percent growth over H1 2023

The company earned $116.52 million in profit before tax, a 6.3 percent increase from the same period in 2023

Saudi Aramco profits hit $56.3 billion in H1 2024, dividends to reach $124.2 billion

Oil company's revenues reached $220.73 billion in H1, up 0.9 percent from $214.38 billion during the first half of 2023

ADNOC, Japan’s Osaka Gas sign long-term LNG supply agreement for Ruwais LNG project

Agreement marks ADNOC's first long-term LNG deal with Osaka Gas, underscoring the long-standing energy partnership between the UAE and Japan

ADNOC Drilling, Alpha Dhabi JV to fully acquire EV Holdings for $45 million

EV Holdings is Enersol’s third acquisition and comes following the company's agreement to acquire 51 percent of NTS Amega (NTS) last week

Dubai’s DEWA sees over 6.7 million digital transactions in H1 2024, up 11 percent

Customers carried out over 1.1 million digital transactions through the authority's website

OPEC+ keeps oil policy unchanged, restates plans to ease cuts starting October

OPEC+ is currently cutting output by 5.86 million barrels per day or about 5.7 percent of global demand

China’s maritime economy generates $678.55 billion in H1 2024, up 5.6 percent YoY

The sea area designated for use grew by 16.9 percent YoY, with ¥500 billion in projects

Abu Dhabi’s Borouge reports $308 million Q2 net profit, 33 percent YoY increase

Higher sales and cost efficiencies drove the company's highest-ever production volumes

UAE: Petrol, diesel prices for August 2024 announced

Petrol prices have increased in August after dropping in June and July

Oman to expand LNG production capacity to 15.2 million tons per year with new 3.8 million ton train

LNG production trains allow the government to improve operational efficiency, maximize the use of existing facilities

ADNOC’s offshore SARB field begins AI-enabled operations, raises capacity by 25 percent

Expansion supports ADNOC’s target to increase its production capacity to 5 million barrels of oil per day by 2027

DEWA completes region’s first pilot virtual power plant project, revolutionizes energy management and sustainability

Through the virtual power plant project, DEWA has integrated over 8 DERs with a total flexibility of around 3.3 MW

Egypt signs $342 million in agreements to boost oil, gas production

Cheiron Energy to increase natural gas production from the West Burullus offshore field development project

Oil prices slide to two-month low ahead of OPEC meeting, Fed policy decisions

Brent oil futures expiring in September fell 0.2 percent to $79.63 per barrel

EWEC seeks bids to develop Madinat Zayed IPP project in Abu Dhabi

Expected to begin operations in Q3 2027, the Madinat Zayed project will provide up to 1.5 gigawatts of backup generation

UAE’s EWEC issues bids for greenfield 400-megawatt energy system in Abu Dhabi

System will support EWEC's goal of raising its solar capacity to 7.5 gigawatts by 2030

Egypt sets sights on $5 billion investment goal with India by 2027

Through renewable energy, green hydrogen, and engineering initiatives

Dubai’s Dragon Oil launches AI project to develop Egypt’s Morgan and Badri oil fields

The AI project is a significant step towards digital transformation and innovation in Egypt's oil and gas industry