Sunday 14 August 2022

OPEC+ agrees small increase in oil output for Sept

A ministerial meeting of OPEC+ nations has agreed to raise the group's oil output by 100,000 barrels per day during September.   The meeting noted the dynamic and rapidly evolving oil market fundamentals, necessitating continuous assessment of market conditi


Aramco, Sinopec in deal to collaborate on Saudi projects

Saudi Arabian Oil Company (Aramco) has signed a memorandum of understanding (MoU) with China Petroleum & Chemical Corporation (Sinopec) covering multiple areas of potential collaboration between the parties in Saudi Arabia.     The MoU outlines pat


Adipec introduces Decarbonisation Zone this year

Adipec, the world's most influential gathering for energy industry professionals, is introducing this year the Decarbonisation Zone, a new addition that reflects the growing need for decarbonisation strategies in the energy industry.    The zone will be


Dubai summit to focus on green economy transition

The 8th World Green Economy Summit (WGES), to be held in September in Dubai, will focus on accelerating the transition towards a green economy and drive sustainable development.   The Dubai Electricity and Water Authority (DEWA) and the World Green Economy Organ


Baker Hughes to sell oilfield services business in Russia

Baker Hughes has signed an agreement to sell its oilfield services business in Russia (OFS Russia) to its local management team, following its previously announced suspension of new investments for its Russia operations. The new business will operate independently of Baker Hughes


AlDrees Petroleum Q2 net drops 26pc to $12.24m

Aldrees Petroleum and Transport Services Company, a Saudi petroleum retailing and logistics firm, has posted a second-quarter (Q2) net profit of SR46 million ($12.24 million), a 26% drop compared to the corresponding quarter last year.   The company reported Q2


Clifford Chance advises Actis on Yellow Door acquisition

Leading international law firm Clifford Chance has advised Actis, a leading global investor in sustainable infrastructure, on its acquisition of a controlling stake in Yellow Door Energy Limited.    Yellow Door Energy is a leading distributed Commercial and


Masdar achieves financial close on Azerbaijan Solar PV plant

Masdar, one of the world’s leading renewable energy companies, has achieved financial close on its 230-megawatt (MW) Garadagh Solar Photovoltaic (PV) plant in Azerbaijan. The project, which is expected to start commercial operation in 2023, is Azerbaijan’s first foreign investment


Apicorp posts net income of $52m in H1; up 67%

The Arab Petroleum Investments Corporation (Apicorp), a multilateral financial institution, recorded a net income of $52 million at the end of the first half of 2022, marking a 67% year-on-year (y-o-y) increase. Apicorp continued its post-pandemic growth with major financial and


ReconAfrica wins case against environmentalists

ReconAfrica and its joint-venture partner the National Petroleum Corporation of Namibia (NAMCOR) has won a court case against environmental organisations to continue drilling for oil and gas at block PEL 73.   The case was lodged against Reconnaissance Energy Na

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