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Greenhouse gas emissions from burning fossil fuels are the biggest cause of climate change. "We have a world which has more fossil fuels than ever," said Ani Dasgupta, president of the World Resources Institute, a climate NGO. U.S. officials and others are hopeful a recent climate deal between the U.S. and China may also set a positive tone for the talks. Another test is whether wealthy nations announce money for the fund at COP28 - to the tune of hundreds of millions of dollars. "Speaking from previous experience, unfortunately most of the global agreements, most of the global climate related pledges went uncompleted," said Najib Ahmed, National Consultant at Somalia's Climate Ministry.
Persons: Sultan al, Jaber, ADNOC, Ani Dasgupta, Narendra Modi, Britain's King Charles, Joe Biden, Gayane, Najib Ahmed, Valerie Volcovici, Josie Kao Organizations: OPEC, United Nations, International Energy Agency, BBC, World Resources Institute, Indian, European Union, Reuters, U.S, FINANCE, EU, Climate Ministry, , Thomson Locations: Paris, France, WASHINGTON, BRUSSELS, Dubai, UAE, U.S, China, India
Global temperatures and greenhouse gas emissions continue to break records, with no continent left untouched by more frequent and intense extreme weather events. MoneyClimate finance is always a hotly debated talking point at the U.N. summit and COP28 promises to be no different. She anticipated three main debates around the use of oil, gas and coal — the burning of which is the chief driver of the climate crisis. "So, one is this 'phase out' or 'phase down' [of fossil fuels]. There is no credible scenario where CCS will allow continued use of fossil fuels, let alone expanding oil and gas.
Persons: Sean Gallup, HENRY NICHOLLS, Henry Nicholls, COP28, Alex Scott, Rich, Sultan al, Jaber, LUIS TATO, Luis Tato, Melanie Robinson, Robinson, Sultan Al Jaber, Francois Walschaerts Organizations: AG, Getty, United Arab Emirates, InterContinental, Fossil, Energy Intelligence, Afp, Organization for Economic Cooperation, Development, Getty Images, Abu, Abu Dhabi National Oil Company, Climate, World Resources Institute, CNBC, CCS Locations: Salzgitter, Germany, Dubai, Bonn, COP28, London, AFP, E3G, Egypt, COP27, UAE, Garissa, Africa, El Nino, Abu Dhabi, WRI, Brussels
Scientists have said carbon removal is needed to keep climate goals alive. Otherwise, the enormous price tag for world-scale carbon removal would need to fall to governments if there is any chance of these projects surviving. A major concern is that DAC technology is both expensive and unproven at scale. More mature carbon capture and storage (CCS) technology, which traps emissions at a point source like a smokestack, also requires a rapid scale up to make a difference. Their money will be made instead by marketing carbon removal credits to corporations not involved in fossil fuels that wish to offset unavoidable emissions, or to governments seeking to stay on track with climate targets.
Persons: Climeworks, , Vikrum Aiyer, Sultan al, Jaber, Vicki Hollub, Mike Avery, Christoph Gebald, Richard Valdmanis, Marguerita Choy Organizations: Reuters, REUTERS, Occidental Petroleum, BlackRock, U.S ., Occidental, 28th United, OPEC, United Arab, International Energy Agency, IEA, Global CCS Institute, Stratos, DAC, Department of Energy, Thomson Locations: Tracy , California, Texas, In Louisiana, 28th United Nations, Dubai, United Arab Emirates, Louisiana, Iceland, California, U.S, UAE, Occidental
As hosts of global climate talks that begin this week, the United Arab Emirates are expected to play a central role in forging an agreement to move the world more rapidly away from coal, oil and gas. But behind the scenes, the Emirates has sought to use its position as host to pursue a contradictory goal: to lobby on oil and gas deals around the world, according to an internal document made public by a whistle-blower. In one example, the document offers guidance for Emirati climate officials to use meetings with Brazil’s environment minister to enlist her help with a local petrochemical deal by the Abu Dhabi National Oil Company, the Emirates’ state-run oil and gas company, known as Adnoc. Emirati officials should also inform their Chinese counterparts that Adnoc was “willing to jointly evaluate international LNG opportunities” in Mozambique, Canada and Australia, the document indicates. LNG stands for liquefied natural gas, which is a fossil fuel and a driver of global warming.
Persons: Adnoc Organizations: United, Emirates, Abu, Abu Dhabi National Oil Company Locations: United Arab Emirates, Abu Dhabi, Mozambique, Canada, Australia
ADNOC German oil deal has bad timing, good logic
  + stars: | 2023-11-28 | by ( Karen Kwok | ) www.reuters.com   time to read: +4 min
Abu Dhabi National Oil Company (ADNOC), the state-owned Abu Dhabi oil giant he runs, is considering a bid for BASF-owned (BASFn.DE) Wintershall Dea, at a potential $11 billion valuation. The UAE firm is already in talks to buy chemical company Covestro (1COV.DE), Wintershall’s German compatriot, for $12 billion. Abu Dhabi's oil riches mean the UAE firm has the wherewithal to pay 5.5 billion euros for BASF’s Wintershall stake. Any deal could value Wintershall Dea at more than 10 billion euros ($11 billion), Bloomberg reported. BASF holds a 72.7% stake in Wintershall Dea.
Persons: Toru Hanai, Wintershall, Jaber, It’s, Austria’s, Abu, LetterOne, George Hay, Streisand Neto Organizations: REUTERS, Reuters, Abu Dhabi National Oil Company, BASF, The, Shell, Russian, Reuters Graphics Reuters, Abu, National Oil Company, Bloomberg, Wintershall Dea . Investment, Thomson Locations: Gastech, Chiba, Japan, Abu Dhabi, The UAE, Germany, Norway, UAE, Europe, United Kingdom, Abu, Russia, Wintershall Dea
The president of the upcoming COP28 climate change Sultan Ahmed al-Jaber speaks during the Abu Dhabi International Petroleum Exhibition at ADNEC Exhibition Center October 2, 2023. Jaber told an Abu Dhabi oil conference on October 2, 2023, that the fossil fuel industry would play an essential role in addressing the climate crisis. Al-Jaber was the founding CEO of Abu Dhabi state-owned renewable energy firm Masdar. CCR, which has received funding from the likes of Greenpeace and Rockefeller Philanthropy Advisors, said it was able to verify the accuracy of the leaked documents via an unnamed whistleblower. The United Nations Framework Convention on Climate Change did not immediately respond to a CNBC request for comment on the leaked documents.
Persons: Ahmed al, Jaber, Ryan LIM, RYAN LIM, Al, ADNOC, Masdar Organizations: Abu, Abu Dhabi International Petroleum, Exhibition, Getty, United Arab, Abu Dhabi National Oil Company, Al, Centre, Climate Reporting, BBC, CCR, Greenpeace, Rockefeller Philanthropy Advisors, CNBC, United Nations Locations: Abu Dhabi, AFP, United Arab Emirates, Masdar, China, Egypt, United, Dubai
The UAE has already been at the center of widespread criticism for appointing its top oil and gas chief to preside over COP28. The US, China, France, Germany and the UK are among the countries with briefing notes published by the Centre for Climate Reporting. The briefing notes read as would be expected for such meetings, until the end of each country’s notes, where suggestions to promote ADNOC and Masdar are included. The notes did not suggest oil and gas projects would be discussed with all those countries. For the US, for example, the briefing notes touch on potential renewable energy deals, saying Masdar hoped to grow its presence in the US by carrying out “acquisitions” in the short term.
Persons: Sultan Al Jaber —, Al Jaber, ADNOC, Al Jaber helms, Masdar, , Kaisa Organizations: CNN, United, Emirates ’, Climate, Abu, Abu Dhabi National Oil Company, BBC, Centre, UN, UNFCCC, Greenpeace International Locations: Abu Dhabi, UAE, China, France, Germany, Russia, Ukraine, Mozambique, Canada, Australia, Venezuelan, Azerbaijan, Europe, Egypt, Kenya, Mexico, Netherlands, Norway, Saudi Arabia, Switzerland
But long-promised finance from rich countries to help it make a green transition simply hasn’t arrived, President Wavel Ramkalawan told CNN in May. But Al Jaber’s decision to focus on increasing finance to help developing countries shift to renewable energy is helping his popularity in the Global South. A 2022 UN-backed report calculated developing countries will need about $2 trillion a year by 2030. “We have seen the West only being extractive and very opportunistic, and actually kept developing countries dependent on fossil fuels,” he said. “It needs to buy more time to diversify its economy further and wants to capitalize on its energy resources for as long as possible,” Vakil told CNN.
Persons: hasn’t, Wavel Ramkalawan, “ We’re, ” Ramkalawan, , Al Jaber, Al Jaber’s, COP28, ” Al Jaber, Sultan Al Jaber, Abu, Christopher Pike, ADNOC, William Ruto, Masdar, Al Jaber —, ” Ruto, Simone Boccaccio, it’s, Harjeet Singh, Sanim Vakil, ” Vakil, Organizations: CNN, UN, Dubai, Abu, Abu Dhabi National Oil Company, US, COP28, Abu Dhabi International Petroleum Exhibition, Bloomberg, Kenyan, UAE, Climate, North Africa, Chatham House Locations: Seychelles, Canadian, Africa, Abu Dhabi, Dubai, UAE, Kenya, Egypt, Turkana, UN
Oil and gas companies, as well as other people and organizations connected to fossil fuels, often attend the meeting, drawing criticism from environmentalists and climate experts. “Oil and gas producers need to make profound decisions about their future place in the global energy sector." Political Cartoons View All 1265 ImagesThe energy sector is responsible for over two-thirds of all human activity-related greenhouse gas emissions, and oil and gas is responsible for about half of those, according to the IEA. It found that if countries deliver on all climate pledges, demand for oil and gas will be 45% lower than today’s level by 2050. Earlier this year, another IEA report found that the world’s oil, gas and coal demand will likely peak by the end of this decade.
Persons: , Fatih Birol, Vibhuti Organizations: International Energy Agency, United Nations, IEA, , Associated Press, Abu Dhabi National Oil Company, IEA ., Institute for Energy Economics, Twitter, AP Locations: United, COP28, Dubai, Egypt, Abu Dhabi, New Delhi
The flurry of forest conservation deals with Zimbabwe, Zambia, Kenya, Liberia and Tanzania were announced in the months ahead of the annual United Nations’ COP28 climate summit, being hosted this year in December by the United Arab Emirates. The annual climate summit is where global leaders and negotiators from nearly 200 countries will convene to decide how and when to ramp down fossil fuel use. Its parent company, Global Carbon Investments, has already agreed to transfer $1.5 billion to Zimbabwe in “pre-financing for carbon credits.” That’s more than the country spends on education and childcare, which combined are Zimbabwe’s biggest national expense. Minimum Emissions” slogan is a viable climate solution, even as global temperatures soar and scientists press for rapid fossil fuel cuts. Ironically, COP28 could be the arena that transforms ADNOC into a global oil major.
Persons: CNN —, Sheikh Ahmed Dalmook Al Maktoum, , Sultan Al Jaber —, Al Jaber, , Sultan Al Jaber, Callaghan O'Hare, Reuters Al Jaber, ADNOC, Jamie Henn, It’s, Henn, , Philip Morris, ” Henn, Renat Heuberger, Zinyange Auntony, Julia Jones, ’ ” Justin Kenrick, ” Patrick Galey, “ ADNOC, COP28, Bethlehem Feleke Organizations: CNN, Carbon, United Nations, United, Blue, US Department of Commerce, Abu Dhabi National Oil Company, US, Reuters, Free Media, Climate Watch, UN, COP28, Global Carbon Investments, Mucheni conservancy, Getty, , Bangor University, Peoples, Forest Peoples Programme, Shell, BP, Global, Energy Locations: Dubai, United Kingdom, Zimbabwe, Zambia, Kenya, Liberia, Tanzania, United Arab Emirates, UAE, Abu Dhabi, Houston, UN, COP28, Africa, , Swiss, Mucheni, Binga, AFP, Wales, Azerbaijan, Nairobi
CNN —Tens of thousands of people are heading to Dubai in early December for COP28, the annual international climate summit convened by the United Nations. While the science behind human-caused climate change was still young, scientists knew even then it would be life-changing. The controversy at COP28The climate summit is hosted at a different location each year. “It tells us clearly that the world is not on track to achieve our global climate goals,” Melanie Robinson, the global climate program director for the World Resources Institute, told CNN. A major debate among the parties has been whether to “phase out” or “phase down” fossil fuels.
Persons: John Kerry, Ian Langsdon, , United Arab Emirates —, Critics, Al Jaber, Britain's King Charles III, COP28, Sultan Ahmed al Jaber, Aaron Chown, John Kerry —, Al Jaber’s, King Charles III, Pope Francis, Joe Biden, China’s, Jinping, Biden, Xi, Larry Fink, It’s, ” Melanie Robinson, ” Robinson, , Maya Siddiqui, Nate Warszawski, , CNN’s Ivana Kottasová Organizations: CNN, COP28, United Nations, Getty, UN, “ Conference, United, United Arab Emirates, Minister of State, Abu Dhabi National Oil Company, Buckingham Palace, US, Publishing, decarbonize, Wall, BlackRock, World Resources Institute, Bloomberg, World Bank Locations: Dubai, Le Bourget, Paris, AFP, Berlin, COP21, United Arab, UAE, Abu Dhabi, Buckingham, France, Germany, Japan, Hami city, Xinjiang province, China, Saudi Arabia, Syria, Russia, Iran, Israel, Egypt, COP27
COP28’s big challenge: green cash for poor states
  + stars: | 2023-11-15 | by ( George Hay | ) www.reuters.com   time to read: +7 min
Rather than drawing attention to this paucity of ambition, al-Jaber wants states to commit to trebling global capacity of renewable energy by 2030. Progress in China and the West is largely a function of cash: these regions accounted for 84% of the $1.3 trillion committed to global climate finance in 2022. They calculate that by 2030, developing countries need to invest around $2.4 trillion a year in order to decarbonise their economies. The problem is that the developed world has consistently missed targets to channel climate cash to less developed counterparts. In September al-Jaber announced a $4.5 billion scheme to deploy UAE state cash and private sector resources to help Africa decarbonise.
Persons: al, Jaber, hasn’t, Nicholas Stern, Stern, Ajay Banga, Mark Carney, Shriti Vadera, Larry Fink, Joko Widodo, UAE Crown Prince Mohammed bin Zayed, Nahyan, Breakingviews, Peter Thal Larsen, Oliver Taslic, Thomas Shum Organizations: Reuters, United, Conference of, Abu Dhabi National Oil Company, United Nations, International Energy Agency, The, IEA, World Bank, concessional, Bank, Bank of England, Prudential, BlackRock, U.S, Indonesian, Africa decarbonise, UAE Crown, Thomson Locations: United Arab Emirates, Abu Dhabi, Paris, China, The U.S, British, Egypt, Indonesia, Japan, South Africa, Vietnam, U.S, Al, UAE, Africa, COP28, Dubai
[1/2] The headquarters of Argentina's state energy company YPF is seen in Buenos Aires, Argentina February 10, 2021. REUTERS/Matias Baglietto Acquire Licensing RightsCompanies Ypf Sa FollowNov 8 (Reuters) - Argentine national oil company YPF swung to a loss in the third quarter, hurt by lower local fuel prices and higher operating costs, the company said on Wednesday,The result was significantly behind analyst expectations. The state-run producer's revenue fell about 16% to $4.5 billion during the July-to-September period, due in part to a drop in local fuel prices in dollars, YPF said in a statement. In August, Argentina froze fuel prices in a bid to tame surging triple-digit inflation. YPF said total oil and gas production increased 3% in the third quarter, with crude output up 5.4%.
Persons: Matias Baglietto, YPF, Isabel Woodford, Aida Pelaez, Fernandez, Valentine Hilaire, Leslie Adler Organizations: REUTERS, Thomson Locations: Buenos Aires, Argentina, Argentine, Vaca, U.S
[1/2] The headquarters of Argentina's state energy company YPF is seen in Buenos Aires, Argentina February 10, 2021. REUTERS/Matias Baglietto Acquire Licensing RightsCompanies Ypf Sa FollowNov 8 (Reuters) - Argentina's national oil company YPF swung to a loss in the third-quarter, amid lower local oil prices and higher operating costs, the company said in a statement on Wednesday. Net loss in the period hit $137 million, from a $693 million profit the previous year. The state-run producer's revenue decreased 15.9% to $4.5 billion during the July-to-September period, it said, citing "a drop in local fuel prices in dollars." The results come despite the steady uptick in oil and gas production in recent years from western Argentina's massive Vaca Muerta shale formation, one of the biggest in the world.
Persons: Matias Baglietto, YPF, Isabel Woodford, Valentine Hilaire Organizations: REUTERS, Thomson Locations: Buenos Aires, Argentina
Sultan Al Jaber, chief executive of the UAE's Abu Dhabi National Oil Company (ADNOC) and president of this year's COP28 climate summit gestures during an interview as part of the 7th Ministerial on Climate Action (MoCA) in Brussels on July 13, 2023. United Nations representatives failed to secure a deal during late-night talks on how to implement a reparations fund for climate disaster recovery in developing nations. The "loss and damage fund" would call on rich countries to finance the recovery of climate disasters that have wrecked developing nations and set them behind on their sustainability goals. The commitment to establish the fund was one of the highlight announcements of last year's UN Climate Conference, or COP27, after a series of down-to-the-wire negotiations. The 24-member committee met four times over the past week to settle on official recommendations for how to implement the fund.
Persons: Sultan Al Jaber, Sultan Al, Jaber, Layne, Ali Waqas Malik Organizations: Abu Dhabi National Oil Company, United Nations, UN Climate Conference, United, United Arab Emirates Locations: Abu Dhabi, Brussels, COP27, Pakistan, Egypt, Venezuela, United States, United Kingdom, United Arab, Antigua, Barbuda
Local media reported that Romero Deschamps died of a heart attack on Thursday. Days earlier, President Andres Manuel Lopez Obrador announced that Romero Deschamps was under criminal investigation for corruption, allegations which he denied and was never prosecuted for. Romero Deschamps was included in a list of the "10 Most Corrupt Mexicans" published by Forbes in 2013. He, however, rode out scandals even as other top Mexican union leaders fell foul of the law, including the former boss of the powerful teachers' union, Elba Esther Gordillo, who was arrested on fraud charges early in 2013. While a government audit later revealed anomalies covering 2.3 billion pesos ($188.97 million) in the so-called Pemexgate scandal, Romero Deschamps himself escaped unscathed.
Persons: Carlos Romero Deschamps, Petroleos, Edgard Garrido, Romero Deschamps, Pemex, Andres Manuel Lopez Obrador, Enrique Pena Nieto, Elba Esther Gordillo, Francisco Labastida, Paulina, Jose Carlos, Ferrari Enzo, Lopez Obrador, Dave Graham, Marguerita Choy Organizations: REUTERS, MEXICO CITY, Local, Institutional Revolutionary Party, Senate, Pemex, Forbes, Reforma, Thomson Locations: Mexico City, Mexico, MEXICO, Latin America, Mexico's, Tampico, Tamaulipas, Hidalgo, Cancun, Europe, Miami
Israel’s fossil fuel boon becomes less clear-cut
  + stars: | 2023-10-19 | by ( Yawen Chen | ) www.reuters.com   time to read: +5 min
LONDON, Oct 19 (Reuters Breakingviews) - Israel’s growing gas sector has a significance that extends east and west. Analysts at Israel’s Bank Leumi had estimated that exports would jump to at least 11 bcm this year. Israel’s 1,087 bcm of gas reserves in 2022 yielded 21 bcm of production, of which 9 bcm was exported, with a doubling of exports to Israel’s main market, Egypt. Still, Israel’s gas sector has gone from a helping hand to a potential headache. Follow @ywchen1 on XCONTEXT NEWSDutch TTF Natural Gas Futures, Europe’s benchmark gas index, were trading at 48 euros per megawatt hour as of 0823 GMT on Oct. 19.
Persons: , Yair Lapid, Israel’s Bank Leumi, It’s, NewMed, Abraham, Gaza’s, Isabel Dotzenrath, George Hay, Streisand Neto Organizations: Reuters, United, United Arab Emirates, Israel’s Bank, LNG, Abu, Abu Dhabi National Oil Company, NewMed Energy, Abraham Accords, BP, Natural Gas Futures, Intercontinental Exchange, Chevron, Mediterranean Gas, Oil, Energy, Thomson Locations: United Arab, Israel, Europe, Russia, Egypt, Brussels, Abu Dhabi, Ahli, , Jihad, Gaza, Jordan, Denver
US oil production reached an all-time high last week at 13.2 million barrels per day. If this trend continues, "millions of people will die," Stanford climate scientist Rob Jackson said. And it conflicts with oft-repeated Republican talking points of a Biden "war on American energy." Weekly domestic oil production has doubled from the first week in October 2012 to now. US oil production reached an all time high recently.
Persons: Biden, Rob Jackson, Bill Hare, Hare, John Sterman, Jackson, Samantha Gross, Gross, Stanford's Jackson, Joe Biden, Susan Walsh Biden's, Jared Bernstein, Bernstein, They've, Joshua Boak Organizations: Service, United, Biden, U.S . Department of Energy's Energy, Administration, United Nations, United Arab Emirates, Exxon, Mobil, Cote d'Ivorie, Climate Interactive, Stanford University, Carbon, White, Brookings Institution, Energy, EIA, AP, American Energy, Republican, House Energy, Commerce, White House Council, Economic Advisers, Wildlife Locations: Stanford, United States, Norway, Australia, United Kingdom, Canada, France, Shell, Guyana, Cote, Saudi Arabia, Alaska, Washington ,
United States domestic oil production hit an all-time high last week, contrasting with efforts to slice heat-trapping carbon emissions by the Biden administration and world leaders. Weekly domestic oil production has doubled from the first week in October 2012 to now. White House officials have long considered increased oil production inside the United States as a bridge to help soften the transition to renewable energy sources. She said U.S. oil is less carbon-intensive than other oil, an argument the UAE’s oil company also makes. “Demand drives production — we need to change the whole system to reduce oil demand.”“Replacing oil in power production is a lot easier than replacing oil in transportation,” Gross said in an email.
Persons: Biden, Bill Hare, Hare, , John Sterman, Rob Jackson, , ” Jackson, Samantha Gross, ” Gross, ” Stanford’s Jackson, ” Jared Bernstein, ” Bernstein, “ They’ve, They’ve, Joshua Boak, ___ Read, Seth Borenstein Organizations: Biden, U.S . Department of Energy’s Energy, Administration, United Nations, United Arab Emirates, Exxon, Mobil, Cote d’Ivorie, Interactive, ” Stanford University, Carbon, White, Brookings Institution, Energy, EIA, Republican, House Energy, Commerce, American Energy, White House Council, Economic Advisers, Wildlife, Associated Press, Washington , D.C, Twitter, AP Locations: U.S, Norway, Australia, United Kingdom, Canada, France, Shell, Guyana, Cote, United States, Saudi Arabia, Alaska, Washington ,
DUBAI, Oct 9 (Reuters) - The United Arab Emirates is refashioning state-owned Abu Dhabi National Oil Company (ADNOC) in the image of an international oil major by stepping up its global expansion and finding new revenue streams to maximise earnings for the Gulf state. The state-owned company also told Reuters it was investing in energy trading, without giving further details. ADNOC has two trading arms, both set up in 2020: ADNOC Trading, which is focused on crude oil, and ADNOC Global Trading, a joint venture with Italy's Eni (ENI.MI) and OMV which is more focused on refined products. Other recent hires include Bart Cornelissen, who left Deloitte to become ADNOC's senior vice president for group strategy and portfolio last month, according to LinkedIn. Recent senior hires for ADNOC's trading arms include alumni of Gunvor, Litasco, Shell and TotalEnergies, the employment network showed.
Persons: ADNOC, Galp, Austria's, Mohammed bin Zayed, headcount, Michele Fiorentino, Baker Hughes, Musabbeh Al Kaabi, Al Kaabi, Bart Cornelissen, Michael Hafner, Hafner, Morgan Stanley, Neil Quilliam, Sultan al, Jaber, John Kerry, Abu, Maha El Dahan, Yousef Saba, Ron Bousso, David Clarke Organizations: United, Abu, Abu Dhabi National Oil Company, Reuters, BP, NewMed Energy, Italy's Eni, UAE, IOC, Aramco, LinkedIn, Mubadala Energy, Deloitte, Greenhill &, Deutsche Bank, UBS, HSBC, Shell, Eni, Gunvor, The, Chatham House, United Nations, Masdar, Thomson Locations: DUBAI, United Arab Emirates, Abu Dhabi, Gulf, Saudi Arabia, Qatar, UAE, Africa, Mozambique, ADNOC, Geneva, London, The UAE, Europe, Sultan, Dubai
UAE's ADNOC awards $17 bln of contracts for gas project
  + stars: | 2023-10-05 | by ( ) www.reuters.com   time to read: +3 min
Logos of ADNOC are seen at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. Italian engineering group MAIRE (MTCM.MI) and energy services group Saipem (SPMI.MI) said in separate statements they had been awarded $8.7 billion and $4.1 billion contracts by ADNOC respectively for the project. MAIRE's onshore EPC contract is worth about $8.74 billion and includes CO2 and sulphur recovery and handling, ADNOC said. The Hail and Ghasha project will capture 1.5 million tonnes per year (mtpa) of CO2, which would raise ADNOC's committed investments for carbon capture capacity to almost 4 mtpa, the statement said. ADNOC - which in July brought forward its net zero carbon emissions target to 2045 - last week said it aimed to increase its carbon capture capacity to 10 mtpa by 2030.
Persons: Toru Hanai, MAIRE, MTCM.MI, ADNOC, Saipem, Saipem's, Al Kindy, Sultan al, Jaber, Yousef Saba, Clauda, Alberto Chiumento, Jan Harvey, Mark Potter Organizations: REUTERS, Rights, Abu Dhabi National Oil Company, ADNOC, National Petroleum Construction Company, Fertiglobe, United Arab Emirates, United, Thomson Locations: Gastech, Chiba, Japan, Rights DUBAI, Abu Dhabi, Saipem, UAE, United Nations, Dubai, Gdansk
NewMed shares were down 1.4% by 1050GMT. The panel, however, did not receive any other offers, according to several sources close to the matter. Once the panel concludes the negotiations, it will submit its recommendation to the NewMed board. BP, Adnoc and NewMed declined to comment. NewMed's shares have risen by over 50% since the March 28 announcement to around 11.50 NIS, but they still remain below the offer price of 12.05 shekels ($3.15).
Persons: Hamad, Mohammed, Abu, NewMed, Ron Bousso, Sharon Singleton Organizations: United, United Arab Emirates, REUTERS, BP, Abu, Abu Dhabi National Oil Co, 1050GMT, NewMed, Adnoc, ADNOC, Delek, Thomson Locations: Abu Dhabi, United Arab, Israel
Goldman Sachs warns US energy policy is backfiring
  + stars: | 2023-09-27 | by ( Matt Egan | ) edition.cnn.com   time to read: +6 min
New York CNN Business —America’s emergency oil stockpile has plunged to 40-year lows. It has less levers left in its policy toolkit,” Daan Struyven, head of oil research at Goldman Sachs, told CNN in a phone interview. That’s one reason Goldman Sachs expects oil prices to stay high, averaging $100 a barrel this time next year. Saudi Arabia has an incentive to keep oil prices high in order to balance their budget. “Extremely high prices destroy long-term demand for Saudi barrels,” Struyven said.
Persons: Goldman Sachs, Daan Struyven, Biden, , Jennifer Granholm, Saudi Arabia’s, , ” Struyven, Struyven, ” Francisco Blanch, Doug Lawler, “ That’s, ” Lawler, BofA’s Blanch, ” Blanch, ” Goldman’s Struyven, That’s Organizations: New York CNN Business —, Strategic Petroleum Reserve, CNN, Triple, White, Industry, Wall, The Energy Department, , Saudi, OPEC, AAA, Aramco, Bank of America, Resources, Bloomberg, Energy Department Locations: Saudi, Ukraine, Saudi Arabia, Russia, Saudi Aramco, OPEC
On a craggy desert plateau in Uzbekistan, a renewable energy company from the United Arab Emirates is putting up more than 100 wind turbines. The Emirates, made wealthy by decades of oil exports, want to be seen as a climate-friendly renewable energy superpower, even as it helps lock developing nations around the world into decades more fossil fuel use. He founded the renewable energy company, Masdar, which has invested billions of dollars in zero-emissions energy technologies like wind and solar power across 40 countries. Simultaneously, he directs Adnoc, the national oil company, a behemoth that makes Masdar look minuscule. Adnoc pumps millions of barrels of oil per day and is aims to spend $150 billion over the next five years, mostly to ramp up its output.
Persons: Sultan al, Jaber, Adnoc Organizations: United Locations: Uzbekistan, United Arab Emirates, Central, Emirates
The logo of German chemicals maker Covestro is pictured outside its headquarters in Leverkusen, Germany, July 26, 2019. The sign of change from Covestro's previous stance comes after two top-15 investors of the plastics and chemicals maker told Reuters last month that it should engage in formal takeover talks in the interest of its shareholders. The German group's shares were up 8.6% at 51.96 euros at 1445 GMT, their highest level in about 18 months. In August, ADNOC indicated to Covestro, which has not commented on the takeover approach, that it could raise its informal offer to 60 euros conditional on the German company entering formal talks, Reuters reported at the time. That non-binding offer would value Covestro, a maker of chemicals used in insulation, upholstery foams, coatings and transparent engineering plastics, at about 11.6 billion euros ($12.4 billion).
Persons: Wolfgang Rattay, Abu, ADNOC, Ludwig Burger, Urvi, Elisa Martinuzzi, Jason Neely Organizations: REUTERS, Abu Dhabi National Oil Company, Reuters, Covestro, BASF, Bloomberg News, Thomson Locations: Leverkusen, Germany, Abu Dhabi, Frankfurt, Bengaluru
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