Saudi Aramco, China Petroleum & Chemical Corporation (Sinopec), and Yanbu Aramco Sinopec Refining Company (Yasref) have announced the signing of a Venture Framework Agreement (VFA) aimed at expanding Yasref’s petrochemical capabilities. The agreement, which marks a significant milestone for Yasref, is expected to enhance its global standing in the petrochemical sector and meet the growing...
Morocco is set to invite bids for a significant energy storage facility that will have a capacity of nearly 1 600 megawatts (MW). This initiative is part of a long-term program aimed at expanding renewable energy sources within the national power network, as reported by a local newspaper. According to Zawya, the new facility will...
On Sunday, Saudi Arabia, the world’s leading oil exporter, significantly lowered its May crude oil prices for Asian buyers. This move is seen as a strategic decision ahead of an anticipated output increase by OPEC+, the coalition of oil-producing nations that includes Saudi Arabia and its allies. The reduction in prices is expected to have...
The Ministry of Investment in the United Arab Emirates, the Ministry of Petroleum and Natural Gas in India, and the Ministry of Energy in Sri Lanka have signed a trilateral memorandum of understanding aimed at transforming Trincomalee in Sri Lanka into a regional energy center. This collaboration is set to enhance energy cooperation among the...
India and the United Arab Emirates have reached an agreement to develop an energy hub in Sri Lanka, according to a statement from the Ministry of External Affairs. This initiative comes as New Delhi faces increasing competition from China in the Indian Ocean region. The pact was signed during Prime Minister Narendra Modi’s visit to...
The Arab Energy Organization (AEO) announced that nine Arab states have developed ambitious plans to produce low-carbon hydrogen, targeting an output of eight million tons per year by 2030. Jamal Al-Loughani, the Secretary General of the AEO, stated that this production goal is expected to increase significantly to 27.5 million tons annually by 2040, contingent...
Abu Dhabi National Energy Company (TAQA) has partnered with Emirates Water and Electricity Company (EWEC) to unveil new energy infrastructure projects that will enhance the UAE National Strategy for Artificial Intelligence 2031 and the UAE Net Zero by 2050 initiative. This collaboration is marked by a significant 24-year Power Purchase Agreement (PPA) for the development...
The Gulf Cooperation Council Interconnection Authority (GCCIA) has announced plans to invest up to $1.3 billion in network expansion between 2025 and 2027. This significant investment is expected to impact the authority’s credit metrics, as all projects will be financed through debt, according to S&P Global Ratings. S&P Global Ratings anticipates that GCCIA will invest...
WEG, a prominent manufacturer of electric motors, variable frequency drives, and gearboxes, will play a crucial role in the development of a new oil pipeline for the Abu Dhabi National Oil Company (ADNOC). The integrated drive package from WEG will include flameproof electric motors, variable speed drives (VSDs), and transformers, which are designed to enhance...
Saudi Aramco, in partnership with Siemens Energy, has launched the first direct air capture (DAC) unit in Saudi Arabia. This pilot facility is designed to extract 12 tonnes of carbon dioxide from the atmosphere each year, marking a significant step in the country’s efforts to reduce greenhouse gas emissions and explore sustainable technologies. Located in...