Monday 20 May 2019

GE secures $1bn financing for Sharjah power plant

GE Energy Financial Services (GE EFS) and Sumitomo Corporation have secured project financing of $1 billion from a consortium of banks and Japan Bank for International Cooperation (JBIC) for an independent combined cycle power project in Sharjah, UAE. GE’s flagship 1.8 giga


Bapco reaches financial close on modernisation programme

The Bahrain Petroleum Company (Bapco) has announced that it has reached financial close on its multi-billion-dollar Bapco Modernisation Programme (BMP). The financial package is a key milestone in the BMP's progress and its successful closure means Bapco can proceed to the ne


Focus on balanced oil market, supply security: JMMC

Opec’s Joint Ministerial Monitoring Committee (JMMC) reaffirmed its commitment to achieving a balanced market and working towards oil market stability on a sustainable basis with solid fundamentals at its 14th meeting in Jeddah, Saudi Arabia yesterday (May 19). The JMMC exp


Enoc signs deal to drive digitalization with Moro

UAE-based Enoc Group signed an agreement with Moro, the Dubai government owned digital data hub, focused on providing digital transformation and operational innovation, to lead the digitalization journey of Enoc’s operations. The digital transformation will be driven throug


French utility group Engie names new Saudi CEO

French multinational utility company Engie has appointed Turki Al Shehri, an industry veteran, as its new chief executive for Saudi Arabia. In his new role, Al Shehri will spearhead Engie’s efforts to grow its presence in the kingdom and bolster its portfolio of investments


Thermal energy storage market size to top $55bn by 2024

Thermal energy storage market size will surpass $55 billion by 2024, as reported in the latest study by Global Market Insights, a global market research and management consulting company   Favourable government initiatives toward renewable energy based power generation along


Dewa’s smart services adoption reaches 93pc

Dubai Electricity and Water Authority (Dewa) said that adoption of its smart services reached 93 per cent by the end of the first quarter (Q1) of the year. Dewa’s services are available round the clock through various channels and smart platforms, according to the highest s


Saudi Arabia to boost India crude shipment amid Iran crisis

Saudi Arabia may soak up some of Iran’s previous market share on the Indian market as Saudi Aramco is set to ship additional 2 million barrels per month to Indian Oil Corp between July and December this year on top of the existing term supply deal between the two companies, reported Oil


Opec, allies back on track with oil cuts, US output at new high

The Organisation of Petroleum Exporting Countries (Opec) and its partners are once again cutting production as promised in their effort to steady the market, said a report.    Non-Opec compliance soared to 151% last month, compared with 61% in March


Utico offers townhall for Hyflux investors

Utico, a UAE-based utilities major, has offered a town hall meeting in the coming days to perpetual bonds and preference shares investors (PNP) of Singapore-based global environmental solutions company Hyflux. PNP had invested a total of S$900 million ($657 million) into Hyflux a

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