COP28: 50 oil and gas companies sign charter to accelerate climate action in industrial sector

DUBAI: The US should participate, rather than being a “loud opponent,” in carbon pricing, urged the director of the International Monetary Fund.Addressing the Business and Philanthropy Climate Forum alongside the UN Climate Conference, Kristalina Georgieva affirmed that the US must not hinder the world from “moving in the right direction.” Instead, the country should explore … Read more

Who’s Who: Ahmed Al-Shammari, GM of marketing & communications at National Gas and Industrialization Co.

Ahmed Al-Shammari has been the general manager of marketing and communications at the National Gas and Industrialization Co. in Riyadh since October this year. Al-Shammari was selected due to his extensive professional background in strategic communications and customer experience, as well as his more than 15 years of experience in providing leadership in directing communication … Read more

Russia expects to reach agreement on gas hub project with Turkiye soon — deputy PM 

CAIRO: A flurry of investment deals flourished throughout the Middle East region, with UAE-based venture capitals landing a handful of transactions across multiple sectors. In a significant move underscoring the growing interest in health technology, Dubai- headquartered Wamda Capital has participated in a $4.7 million seed funding round for the Turkey-based health tech startup Salus. … Read more

IEA forecasts 75% drop in global oil and gas demand needed by 2050 to meet 1.5°C target 

RIYADH: New businesses and environmentally conscious companies stand to benefit from a new carbon credits mechanism set to be launched in Dubai during the upcoming UN Climate Change Conference.  The Dubai Financial Market announced its plans to launch a trial platform during the COP28 at the end of this month, aiming to contribute to the development of … Read more

Shell makes major gas discovery in Mediterranean’s North East El-Amriya block

RIYADH: Energy firm Shell Egypt has made a significant gas discovery in the North East El-Amriya block of the Mediterranean Sea, following the completion of drilling for the first gas well in its three-well exploration initiative named Mina West.  The drilling operations took place in the offshore Nile Delta at a water depth of around … Read more

Oman LNG to sell 1m tons of gas annually to UK’s BP for 9 years 

RIYADH: British multinational oil and gas company BP is on track to receive 1 million tons of Omani liquefied natural gas annually starting in 2026 amid a new agreement.  The deal, inked with Oman Liquefied Natural Gas, will last for nine years, the Oman News Agency reported.  This agreement falls in line with the Omani company’s efforts … Read more