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2 days ago | 
mees.com | Jamie Ingram
It’s back to the future for Adnoc, which is switching out Upper Zakum crude for Murban at its Ruwais refining complex. Murban was traditionally the baseload feedstock for Adnoc’s refineries, but it has largely been replaced by the heavier Upper Zakum crude at the 417,000 b/d Ruwais West refinery following the completion of the $3.5bn Crude Flexibility Project (CFP) upgrades in late-2023. For Adnoc, Murban is more than just a crude oil.
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2 days ago | 
mees.com | Jamie Ingram
Since its launch in late 2024, Adnoc’s international subsidiary XRG has been making waves (MEES, 6 December 2024). The $80bn firm was established with three core strategic platforms – Global Chemicals, International Gas, and Low Carbon Energies – but has now switched out the latter for a new ‘Energy Solutions’ platform.
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2 days ago | 
mees.com | Jamie Ingram
France’s EDF has announced that EDF Power Solutions and Korea Western Power Co., Ltd. (Kowepo) signed a Joint Development Agreement with Abu Dhabi state offtaker Ewec for the 1.5GW Al Zarraf Solar PV IPP project during last week’s World Utilities Congress. Ewec issued a Request for Proposals (RFP) to qualified companies for development of Al Zarraf in January (MEES, 10 January). Abu Dhabi’s solar capacity currently stands at 2.6GW, and Ewec has targeted 10GW by 2030.
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2 days ago | 
mees.com | Jamie Ingram
Austria’s OMV announced on 30 May that it has exited its position in a high profile gas development in Abu Dhabi.
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2 days ago | 
mees.com | Jamie Ingram
As Saudi Arabia moves forward on its trajectory towards ending oil burn by 2030, 2028 is shaping up to be an inflection point. Recent months have seen a number of contracts awarded for developing gas-fired power generation capacity in the kingdom, with the projects due to be completed in 2028. A key driver behind the 2028 date? It’s when the Master Gas System (MGS) Phase III expansion project is due to be completed.
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1 week ago | 
mees.com | Jamie Ingram
Kuwait has been exporting record amounts of fuel oil this year, cashing in on the price rally for high sulfur fuel oil (HSFO) and very low sulfur fuel oil (VLSFO). Kpler data shows fuel oil exports hitting a record three-month-average 202,000 b/d in April before falling back slightly this month. Around two thirds of Kuwait’s fuel oil exports are VLSFO from the 615,000 b/d Al Zour refinery. Fuel oil prices have rallied this year, with HSFO pricing at a rare premium to crude oil.
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1 week ago | 
mees.com | Jamie Ingram
Dubai-listed GulfNav announced on 28 May that it has signed a sale and purchase agreement (SPA) with Nasdaq-listed Brooge Energy for a AED3.3bn ($900mn) purchase of its assets and subsidiaries; namely Brooge Petroleum and Gas Investment Company (BPGIC) FZE, Brooge Petroleum and Gas Investment Company Phase III FZE, and BPGIC Phase 3 Limited.
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1 week ago | 
mees.com | Jamie Ingram
Lower oil prices have taken their toll on Saudi Arabia’s crucial oil export revenues which underpin the kingdom’s economic engine. Falling prices coupled with a modest 1% drop in oil export volumes (MEES, 23 May) pushed oil export revenues to a $5bn (9%) year-on-year drop for Q1. The $54.7bn figure (see chart 1) was the worst start to a year for Saudi oil export revenues since 2021, during the Covid-19 pandemic, although it did mark an increase from the previous two quarters.
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1 week ago | 
mees.com | Jamie Ingram
Nuclear power is gaining momentum in the Middle East, with the UAE emerging as the region’s front-runner, surpassing Iran in both operational capacity and international engagement. Meanwhile, Saudi Arabia is laying the groundwork to launch its own civilian nuclear energy program, signaling growing ambition across the Gulf. “The world is waking up to the realities of grid security and the need for reliable, abundant, and clean electricity.
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1 week ago | 
mees.com | Jamie Ingram
Opec+ countries last month began the process of unwinding 2.2mn b/d of voluntary cuts, which form the outermost layer of a series of ‘voluntary’ and mandatory cuts totaling 5.85mn b/d, on paper. In reality the amount of production being held back by the group is very different, given the extent to which members’ production capacities have altered since Opec+ began implementing the cuts in November 2022.
