Business - Energy

Just transition standards necessary for de-carbonization: Mohieldin

UN Climate change high-level champion for Egypt and UN Special Envoy on Financing the 2030 Sustainable Development Agenda Mahmoud Mohieldin said on Thursday that adherence to just transition standards is necessary for de-carbonization.

Solar investment outshines oil: IEA

Investment in solar power is expected to overtake oil for the first time this year as clean energy spending outpaces that for fossil fuels, the IEA said in a report Thursday.

Russian energy giant Gazprom posts big drop in profit

Russian energy giant Gazprom, whose gas exports have plummeted in the wake of the Ukraine conflict, said Tuesday its net profit fell by 41 percent last year due to a tax increase.

Saudi energy minister warns speculators to ‘watch out’

Saudi Minister of Energy Prince Abdulaziz bin Salman told market speculators to “watch out,” during Qatar Economic Forum on Tuesday ahead of OPEC+ meeting.

Carbon markets should fund adaptation, loss and damage: Mohieldin

Mahmoud Mohieldin, UN climate change high-level champion (HLC) for Egypt, stated that carbon markets should not only be utilized to reduce emissions, but also to fund climate change adaptation and mitigate losses and damages.

QatarEnergy awards $10 bln gas contract to Technip Energies, CCC

QatarEnergy said Tuesday it awarded a contract worth about $10 billion to a joint venture of France's Technip Energies and Consolidated Contractors Company, in the Gulf emirate's latest major gas deal.

Russian oil exports hit new post-war high : IEA

Russia's oil exports rose in April to the highest level since the war in Ukraine, boosting revenues by $1.7 billion despite Western sanctions, the International Energy Agency said Tuesday.

Sisi, Norwegian giant Scatec review progress on $6 bln green hydrogen projects in Egypt

President Abdel-Fattah El-Sisi reviewed on Monday with the CEO of Norwegian Scatec Terje Pilksog progress on underway green hydrogen projects and plans to implement major investments in wind power and green methanol production.

Egypt, Norway sign agreement for new $450 mln green methanol production project

Egypt signed on Sunday a joint development agreement with Norway’s Scatec to establish the country’s first green methanol production project in Damietta Port with investments worth around $450 million.

Mohieldin touts G20 support for COP27 outcomes, including loss and damage, adaptation

Mahmoud Mohieldin, the UN climate change high level champion for Egypt, highlighted G20 support for the decisions of COP27, especially those relating to establishing a loss and damage fund and launching the Sharm El-Sheikh Adaptation Agenda.

Egypt approves MoU with Norway to explore connecting electricity grid to Europe

The Egyptian cabinet approved on Wednesday an MoU with Norway, signed in November, to study connecting Egypt’s electricity grid to Europe through Italy with a capacity of 3 gigawatts.

TotalEnergies says to explore for gas in Lebanon waters

French firm TotalEnergies has signed a contract to begin drilling and exploring for gas this year in waters off crisis-hit Lebanon, the company said in a statement Tuesday.

UAE's ADNOC signs $1 bn LNG deal with TotalEnergies

The United Arab Emirates' ADNOC Gas announced Monday a $1 billion deal to provide liquefied natural gas to France's TotalEnergies as Europe scrambles to find alternatives to Russian energy sources.

Carbon credits vital for financing climate and development action: Mohieldin

Mahmoud Mohieldin, UN climate change high level champion for Egypt, affirmed the importance of effectively using carbon credits as a key source for climate and development finance.

Closing prices for crude oil, gold and other commodities on Tuesday

Benchmark U.S. crude oil for June delivery fell $1.69 to $77.07 a barrel Tuesday. Brent crude for June delivery fell $1.96 to $80.77 a barrel.

Egypt to establish new solar energy station in Aswan with 500 MW capacity

Aswan’s governor Ashraf Attia confirmed on Tuesday that the current period will witness the beginning of the implementation of a new solar energy station in Africa with a capacity of 500 MW, located in Fares village of Kom Ombo centre in Aswan.

German gov't presents plan to decarbonize heating

The German government on Wednesday approved an amendment to the Buildings Energy Act, which will require newly installed heating systems to be powered by at least 65 percent renewable energy from 2024.

Qatar gives China share of landmark natural gas field

Chinese oil giant Sinopec on Wednesday became the first Asian firm to get a stake in Qatar's expansion of North Field East, the Gulf country's energy company announced.

Sun, wind power make record 12% of world electricity: survey

Solar and wind energy surged to make a record 12 percent of the world's electricity in 2022, a climate think tank calculated in a report Wednesday -- though coal remained the leading source globally.

German Siemens to equip Alamein electrical conversion plant with high-end transformers

The Egyptian Electricity Transmission Company (EETC) signed a $3.91 million deal with the German energy giant Siemens to equip El-Alamein Electrical Conversion Plant on the North Coast with state-of-the-art electrical transformers systems.

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