European Union countries have unanimously agreed to jointly quit an international energy treaty over concerns that it protects fossil fuel investments and undermines efforts to fight climate change, the Belgian EU presidency said. The 1998 Energy Charter Treaty (ECT) allows energy companies to sue governments over policies that damage their investments. In recent years, some
ConocoPhillips has agreed to buy Marathon Oil in a $22.5 billion deal, the latest in a series of mega-mergers in the oil and gas industry as companies look to bolster reserves. The USA oil and gas industry has been riding a consolidation wave over the last two years. Last year was one of the most
South Korea and the United Arab Emirates signed a trade agreement at a summit to sharply cut import duties and forge closer business and investment ties. “The special bond between the two leaders serves as an opportunity” to advance the countries’ strategic partnership, the office of South Korean President Yoon Suk Yeol said in a
Goldman Sachs has raised its global oil demand forecast for 2030 and expects consumption to peak by 2034 on a potential slowdown in electric vehicle (EV) adoption, keeping refineries running at higher-than-average rates till the end of this decade. The research division of the bank raised its 2030 crude oil demand forecast to 108.5 million
Honeywell and Volts have joined forces to develop the first gigafactory in Abu Dhabi, which will focus on delivering battery cells for Residential Energy Storage Systems (RESS). In line with the sustainability discussions during COP28 in the UAE, the gigafactory is set to be completed by the end of 2026, according to a press release.
Veolia, world water technology leader, through its subsidiary SIDEM, will engineer and supply key technology for the Hassyan seawater desalination plant in Dubai, United Arab Emirates (UAE). Commissioned by Dubai Electricity and Water Authority (DEWA) and ACWA Power, the plant will be the second largest desalination plant based on reverse osmosis (RO) technology in the
Widespread recent power outages in Mexico were caused by unseasonably hot weather, the country’s president has said, assuring consumers that the national grid has sufficient generating capacity going forward. President Andres Manuel Lopez Obrador told reporters at a regular government press conference that his government will also coordinate with private power producers, responsible for about
Sri Lanka has entered into a 20-year power purchase agreement with India’s Adani Green Energy Ltd for two wind power stations developed by the company, a cabinet statement said. Adani Green Energy, the renewable energy unit of the Adani Group, led by billionaire Gautam Adani, won the approval in February last year to invest $442
Leading UAE-based smart and green facilities management (FM) company Farnek recently sent top executives from its ESG (Environment, Social & Governance) team to rural Nepal, to revisit families that received Farnek biogas plants. The plants were installed by Farnek technicians in 2015 to provide a renewable energy solution allowing villagers to produce methane by fermenting
Shell has exited China’s power markets as part of CEO Wael Sawan’s drive to focus on more profitable operations, the energy giant said. Shell decided to exit the power value chain in China, which includes power generation, trading and marketing businesses, it said in a statement. The decision was effective from the end of 2023.
