King Salman Energy Park (SPARK) signed an agreement with Pan Kingdom Real Estate to develop 168 ready-built industrial units across 214,000 square meters, strengthening energy supply chains, local content, and industrial investment efficiency.
Egypt and the European Union are strengthening their strategic energy partnership with a financing package of up to €690 million ($801 million) to upgrade and expand Egypt’s electricity grid. The funding includes a €600 million loan from EIB Global and up to €90 million in European Commission grants.
Crude oil inventories in the US Strategic Petroleum Reserve dropped to 340.3 million barrels, the lowest level since 1983, according to the Department of Energy. Stocks fell by 8.9 million barrels, marking the third-largest draw on record.
Venezuela’s government and General Electric have signed a memorandum of understanding to modernise the national power grid, officials said. The plan targets 1 GW of added capacity within 24 months and more than 5 GW over four years, as authorities move to urgently formalise the agreement.
Egypt and the UAE have discussed expanding energy cooperation, focusing on increased Emirati investment in petroleum, aviation fuel, and exploration activities, alongside plans to establish a joint working group to advance sector opportunities.
Greenhouse gas emissions in the European Union (EU) totalled around 3.3 billion tonnes of carbon dioxide equivalent in 2025, representing a 17.2 per cent decrease compared with 2015, according to preliminary estimates from Eurostat, the EU’s statistical office.
Oil prices further declined on Wednesday, extending the previous session's losses following the US-Iran interim peace deal which is expected to allow free passage for vessels through Strait of Hormuz.
The interim agreement between the US and Iran aimed at ending the Middle East conflict is expected to pave the way for Iran to resume oil exports immediately, according to US officials.
Siemens Energy will supply advanced gas and steam turbines and technology for the Taweelah C IPP (Independent Power Producer) project in Abu Dhabi, UAE.
AD Ports Group, a leading global enabler of trade, industry, and logistics solutions, has signed a memorandum of understanding (MoU) with Dajin Heavy Industry Co, a leading offshore wind equipment manufacturer, to explore long-term cooperation across offshore wind supply chain development, maritime logistics, port infrastructure, and strategic vessel investments.
