Dubai, UAE, June 24, 2018:  The Bloomberg Commodity Index has seen its year-to-date gains disappear following four weeks of heavy selling. The broad-based index, which tracks 22 major commodities evenly split between energy, metals and agriculture, has been hurt by a stronger dollar and trade war angst as well as expectations that Opec+ will increase production in order to cap crude oil’s upside.  The current robustness of the US economy compared with the rest of the world has led to the current divergence in monetary policy between the Federal Reserve and other major central banks around the world. As a result, the global economy, especially emerging market economies carrying a heavy debt load, has seen a more challenging environment as the dollar strengthens and liquidity becomes tighter.  Adding to this, the ......read more

Abu Dhabi, 20 June 2018:   Mubadala Petroleum announces that it has completed the acquisition from Italy’s Eni of a 10 percent participating interest in the offshore Shorouk Concession in Egypt, which contains the supergiant Zohr gas field. Following the completion, Eni, through its subsidiary IEOC, holds a 50 percent interest in the concession. The other partners in the concession are BP with 10 percent interest and Rosneft with 30 percent interest.  Dr. Bakheet Al Katheeri, Chief Executive Officer, Mubadala Petroleum signed a deed with Eni completing the sale to Mubadala Petroleum in the presence of the Egyptian Minister of Petroleum, HE Tarek El-Molla, in Cairo.  Dr. Al Katheeri said: “The acquisition of a 10 percent interest in the Shorouk concession with the producing Zohr gas field is a ......read more

The poll on nuclear energy conducted by independent global market research company Nielsen shows that 82 percent of UAE residents are in favor of using nuclear energy for generating electricity - the highest level of support globally Al Dhafra residents show highest acceptance levels in the UAE for the construction of the Barakah plant Abu Dhabi, UAE – 20 June 2018:   An independent national poll on nuclear energy shows the UAE public strongly supports the use of peaceful nuclear energy, with 82 percent of residents in favor of using nuclear energy for generating electricity and 91 percent stating that peaceful nuclear energy is important for the nation. Global figures from similar polls conducted in other countries demonstrate that the UAE Peaceful Nuclear Energy Program enjoys the highest acceptance levels in ......read more

Abu Dhabi, UAE: 17 June 2018:  Adnan Z. Amin, Director-General of the International Renewable Energy Agency (IRENA) has welcomed the European Union’s (EU) decision to increase its renewable energy target from 27 per cent to 32 per cent by 2030, highlighting that the move reinforces the EU’s position at the forefront of energy transformation and reflects the new economics of renewable energy. Responding to the announcement made by the European Commission today, Mr. Amin said: “The EU’s decision to increase its renewable energy target from 27 per cent to 32 per cent by 2030 is a move that consolidates Europe’s position at the forefront of the global energy transformation, and establishes a positive decarbonisation pathway in line with its commitments under the Paris Agreement. “It is also ......read more

Dubai, UAE; June 13, 2018:   Tristar Group’s two warehouses located in the Jebel Ali Industrial Area 1 and 2 were awarded 5-star rating by Dubai Multi Commodities Centre (DMCC) for the second and third consecutive years, respectively.   Shivananda Baikady, General Manager-Road Transport and Warehousing, Tristar, said: “Our specialized warehousing facilities are designed to accommodate and handle dangerous and non-dangerous goods with stringent adherence to health, safety and environmental standards.  We are proud to receive consecutive 5-star rating by DMCC  for our warehouses in Industrial Area 1 and 2. It is a reflection of excellence in our day- to-day operations. The rating is also a sound testament to our best-in-class warehousing service for major oil companies.”   All types ......read more

Renewable energy continues to attract an increasing share of global investment, with annual investments expected to grow by $130 billion, compared to 2016 figures, reaching around $370 billion in 2020.  Developing countries now account for almost half of all renewables investment, although to date there has been modest investment in the GCC Investment in GCC renewable energy could reach $16 billion in 2020 with a cumulative total of $40 billion between 2016 and 2020, provided the correct decisions and policies are adopted The GCC countries have considerable potential for renewable energy deployment Strategy& outlines six part framework for GCC to catch up  Dubai, UAE, June 5, 2018:   The Gulf Cooperation Council (GCC) states show great promise for renewable energy deployment, according to a recent ......read more

By Ole S Hansen, Head of Commodity Strategy at Saxo Bank Dubai, UAE, June 3, 2018:  Commodities traded lower this past week with losses being led by the energy sector while both the metals and agriculture sectors were mixed. Impacting commodities both directly and indirectly were the unfolding political crises in both Spain and Italy, together with Donald Trump’s decision to slap duties on imports of steel and aluminium from US allies while also preparing a range of tariffs on goods from China.  Both events helped increase stock market volatility while sending core bond yields lower and the dollar higher. At the same time, they also raised additional concerns about the trajectory of global growth, which is already showing signs of slowing.  Crude oil once again attracted most of the headlines as the market ......read more

All efforts focused on preparations for safety-led nuclear operations of the UAE’s first nuclear reactor in accordance with the highest standards of a  nuclear safety culture and quality assurance Comprehensive schedule review points to start-up of nuclear operations for Unit 1 between the end of 2019 and early 2020  Abu Dhabi, UAE – 26 May 2018:   Nawah Energy Company (Nawah), the operator of the Barakah Nuclear Energy Plant in the Al Dhafra Region of Abu Dhabi, has entered the next phase of preparation for nuclear operations. With construction of Unit 1 recently completed by the Emirates Nuclear Energy Corporation (ENEC) and Joint Venture partner, the Korea Electric Power Corporation (KEPCO), Nawah has completed a comprehensive operational readiness review to generate an updated schedule for ......read more

Dubai, UAE, May 24, 2018:  The Russian Direct Investment Fund (RDIF, the sovereign wealth fund of Russia) and Mubadala Petroleum, the UAE-based leading oil and gas exploration and production company, announce the creation of a joint venture with PJSC Gazprom Neft to develop several oil fields in the Tomsk and Omsk regions. RDIF and Mubadala Petroleum will acquire a 49 percent equity stake in LLC Gazpromneft-Vostok, the operator of the fields. Mubadala Petroleum will hold a 44 percent interest and RDIF will hold the remaining 5 percent interest. Completion of the transaction is subject to customary regulatory and internal approvals. The corresponding agreement was announced today at the St. Petersburg International Economic Forum. Proved and probable reserves of hydrocarbons in the fields are about 40 million tons (approx. 300 ......read more

The recently launched licensing round has proven a draw with companies from all over the world thanks to the unique, overall proposition on offer Ras Al Khaimah, United Arab Emirates, 23, May 2018:  With proven hydrocarbon reserves in place, diverse exploration plays, easily accessible existing infrastructure, attractive production sharing terms and commercialization plans, plus a team of international experts already working on the ground, the tendering process to explore for oil and gas resources in Ras Al Khaimah has received positive interest on a global scale. Launched on 1 April 2018 to attract regional and international companies aiming to expand their portfolios in the UAE, the 2018 RAK Licensing Round is proving to be popular, with many firms already taking advantage of the data rooms being facilitated by ......read more

70% renewables by 2050 target is achievable if regulations adequately reflect contribution of solar and wind power says IRENA  Dubai, UAE, May 23, 2018:  Upgrades to Panama’s regulatory environment and power system management are critical to achieving the renewable energy goals set out in the country’s National Energy Plan, per a Renewables Readiness Assessment Panama report released by the International Renewable Energy Agency (IRENA). The report was launched at high-level event in Panama City today and presented to the country’s Secretary of Energy, Dr. Victor Urrutia. A central recommendation of the report calls for amendments to the country’s regulation of Power Purchase Agreements (PPAs) for variable renewable energy sources, such as solar and wind. Currently, these renewable energy ......read more

May 16, 2018, United Arab Emirates:  Since mid-2014, the harsh cyclical downturn in oil prices has tested, and proved, the resilience of international oil majors' integrated business models. S&P Global Ratings recognizes the majors' downstream refining and petrochemical assets provided them with a cushion as cash flows from the upstream businesses, especially straight exploration and production businesses, plunged.  Those downstream businesses have since taken a backseat as higher oil prices, lower costs, and capital expenditure (capex) help upstream performance recover. Nonetheless, one of the concerns arising from the industry downturn has been whether the largest oil companies have been underinvesting, as a result of the huge capex cuts since 2014. In our view, ......read more

Visit included a tour of Ruwais Industrial Complex and Ruwais City Investment and expansion of Ruwais to form centrepiece of ADNOC’s Downstream Strategy  Abu Dhabi, United Arab Emirates, May 15, 2018:  As part of the launch of the Abu Dhabi National Oil Company’s (ADNOC) new Downstream strategy at the ADNOC Downstream Investment Forum in Abu Dhabi this week, over 200 senior energy, petrochemical and private sector leaders and CEOs toured the Ruwais Industrial Complex and Ruwais City, where they viewed existing facilities and key assets and were briefed on a number of future development plans.   The expansion of the Ruwais Industrial Complex and Ruwais City is at the heart of ADNOC’s strategy to deliver a more valuable downstream business. Located in the strategically important Al ......read more

DP World, UAE Region highlights sector-wide collaboration at GPCA Supply Chain Conference Dubai, United Arab Emirates, 12 May 2018:  Petrochemical companies operating in Jebel Ali Free Zone (Jafza), the region’s premier business and logistics hub, generated trade worth AED 16 billion in 2017. Jafza is home to 526 companies in the sector from 67 countries and will be exhibiting its services in the petrochemical sector at the 10th GPCA Supply Chain Conference in Dubai. Sultan Ahmed Bin Sulayem, Group Chairman and Chief Executive Officer, DP World, said: “Creating better supply chains depends on industry collaboration and sharing of knowledge to help the sector identify and resolve inefficiency. Real-time data is now the norm and the need for collaboration grows as well. we understand the value it offers and are ......read more

Independent, $2.1 billion company focuses on electrical connection and protection  DUBAI, UAE – May 3, 2018 –   nVent Electric plc (NYSE:NVT) (“nVent”), a global leader in electrical connection and protection solutions, today announced the completion of its separation from Pentair plc (“Pentair”) and its launch as an independent, publicly traded company. nVent shares will begin “regular way” trading on the New York Stock Exchange on May 1, 2018, under the symbol “NVT.”  The company has a leading portfolio of electrical enclosures, electric heat tracing solutions, complete heat management systems, and electrical and fastening solutions that connect and protect critical systems across the globe where the cost of failure is high. Its innovative electrical ......read more

Dubai, United Arab emirates, May 2, 2018:  The world is not on track to meet the global energy targets for 2030 set as part of the Sustainable Development Goals, but real progress is being made in certain areas – particularly expansion of access to electricity in least developed countries, and industrial energy efficiency, according to a new report from five international agencies.  Renewable energy is making impressive gains in the electricity sector, although these are not being matched in transportation and heating – which together account for 80% of global energy consumption.  While global trends are disappointing, recent national experiences around the world offer encouraging signs. There is mounting evidence that with the right approaches and policies, countries can make substantial in clean ......read more

FMS Tech is now one of seven exclusive suppliers approved in OPAL’s first round of approvals 29 April 2018, Dubai, United Arab Emirates:  Oman Society for Petroleum Services (OPAL) recently announced Fleet Management Systems & Technologies (FMS Tech) as one of its seven approved in-vehicle monitoring systems (IVMS) suppliers for Oil and Gas Transportation Safety Technology in its first round of approvals.  Oil & Gas Safety Standards and Regulations require multiple qualifications and approvals to be met before a company can supply to the Oil & Gas industry in Oman. This is due to several high-risk operations, that are potentially dangerous, if not managed and regulated properly. OPAL has also created an advanced set of criteria for various Oil & Gas operating standards. One of these is solely ......read more

Abu Dhabi, United Arab Emirates, 24 April 2018:  The Emirates Nuclear Energy Corporation (ENEC) is highlighting the importance of prioritizing health and safety, during its participation in the EmiratesSkills 2018 National Competition, held at Abu Dhabi National Exhibition Centre from 23 to 25 April 2018. ENEC is the official Health and Safety sponsor and exhibitor, emphasizing the importance of establishing a strong culture of safety in everyday life as well as in the workplace. Around 600 UAE Nationals will compete in the 2018 edition of the EmiratesSkills National Competition, which is held under the patronage of H.H. Sheikha Fatima Bint Mubarak, Chairwoman of the Family Development Foundation and the Head of the General Women’s Union. Participants will demonstrate their skills in 30 different categories in ......read more

Abu Dhabi, United Arab Emirates, April 24, 2018:  Masdar (Abu Dhabi Future Energy Company) and the Costa Rican Electricity Institute (Instituto Costarricense de Electricidad, or ICE) have announced a collaboration to promote renewable energy development.  Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, and Eugenia Gutierrez, Member of the Board and Director of ICE, signed a memorandum of understanding to share technical knowledge and project experience. The agreement aims to promote collaboration in utility-scale and off-grid power generation, floating solar photovoltaic (PV) technology, “smart cities” technology, and battery storage. The two companies also hope to offer advisory services to other Latin American and Caribbean countries on energy diversification.  Mohamed Jameel Al ......read more

Featuring 75 per cent international visitors, 80 per cent decision makers and 65 per cent trade visitors, the event witnessed more than 200 visitors and over 150 delegates on the first day of the event The event witnessed participation from Saudi Council of Engineers, Sahara Petrochemicals Company, Orpic, Saudi Aramco, ADNOC Gas Processing and SABIC among many others United Arab Emirates, Dubai, April 24th 2018:   The oil and gas industry has long recognised the importance of understanding and influencing the role of innovation and technological advancements for static equipment.  As the equipment’s performance is key to increased profitability, experts who gathered at the Middle East Static Equipment Engineering & Maintenance Conference held at Waldorf Astoria on 24th April, discussed varied strategies ......read more

On the important occasion of Earth Day, GPCA is pleased to announce the release of the 4th Progress Report, highlighting a major increase in global efforts to prevent marine litter Dubai, United Arab Emirates, 22 April 2018 – The Gulf Petrochemicals and Chemicals Association (GPCA), the voice of the chemical industry in the Arabian Gulf region, today marks Earth Day with the release of the 4th Progress Report, highlighting a huge jump in projects worldwide to prevent marine litter from coming into our oceans. The report, which was released by the Global Plastics Alliance (GPA), a collaboration among plastics industry associations and other allied industries associations around the world, reveals that projects made under the “Global Declaration” for solutions on marine litter, have more than tripled to around 355 ......read more

- Nishant Dighe Chief Executive Officer of RAKPA Ras Al Khaimah, United Arab Emirates, 19 April 2018:   After the recent announcement of the Government of Ras Al Khaimah appointing His Highness Sheikh Ahmed Bin Saud Bin Saqr Al Qasimi as Chairman of Ras Al Khaimah Petroleum Authority (“RAKPA”), Nishant Dighe is appointed as Chief Executive Officer of RAKPA. Nishant Dighe, also the Chief Executive Officer of RAK Gas, is appointed to RAKPA on an interim basis until completion of the award of the petroleum rights under RAK’s 2018 petroleum licensing round (“the Licensing Round”), at which time a permanent appointment will be made.  On 2 April 2018, the Government of Ras Al Khaimah announced the official launch of the Licensing Round and the establishment of RAKPA – the new regulator ......read more

    Construction of Reactor Containment Building Dome Structure for Unit 4 successfully completed; the final unit of the Barakah Plant     Unit 4 Reactor Coolant Loop (RCL) pipe welding and setting of key equipment also completed Abu Dhabi, United Arab Emirates, 10 April 2018:  Reaching another milestone in the development of the Barakah Nuclear Energy Plant, the Emirates Nuclear Energy Corporation (ENEC) has successfully completed the Reactor Containment Building (RCB) dome for Unit 4, the final unit of the Barakah Nuclear Energy Plant, located in the Al Dhafrah region of Abu Dhabi. The Unit’s Reactor Coolant Loop (RCL) pipe welding, and the setting of key equipment have also been completed. The completion of Unit 4’s dome structure signifies the majority completion of the main ......read more

Abu Dhabi, 09 April, 2018:  Mubadala Petroleum announces that it has signed the Production Sharing Contract (PSC) for Andaman I, as awarded by the Government of Indonesia in the 2017 Indonesian Licence Round.  Mubadala Petroleum is the operator of the Andaman I PSC and a partner in the Andaman II PSC, operated by Premier Oil, which was also signed last week. The Andaman I and II PSCs are adjacent and located in the underexplored but proven North Sumatra basin offshore Aceh, a region that Mubadala Petroleum has been involved in since 2011 through joint study agreements.  The PSCs have the potential to unlock a new material gas play for domestic consumption in North Sumatra and indeed long term export to regional markets.   The work commitment for the Andaman I exploration block is to conduct sub surface ......read more

Sector adds record 167 gigawatts (GW) of generating capacity, expands 8.3% in 2017 Abu Dhabi, UAE, 07 April 2018:   By the end of 2017, global renewable generation capacity increased by 167 GW and reached 2,179 GW worldwide. This represents a yearly growth of around 8.3%, the average for seven straight years in a row, according to new data released by the International Renewable Energy Agency (IRENA).  Renewable Capacity Statistics 2018 is the most comprehensive, up-to-date and accessible figures on renewable energy capacity statistics. It contains nearly 15,000 data points from more than 200 countries and territories.      “This latest data confirms that the global energy transition continues to move forward at a fast pace, thanks to rapidly falling prices, technology improvements and ......read more