National Central Cooling Company (Tabreed), a leading UAE-based district cooling developer, said it has appointed Adel Salem Al Wahedi as the new chief financial officer.

Al Wahedi brings a wealth of 22 years of experience to the company in the fields of corporate finance, mergers and acquisitions, statutory accounting, budgeting, planning, costing and strategic decision making, according to Tabreed.

He has a proven track record as a business leader in both private and public companies in the region.

LONDON: Global oil demand is set to contract in 2020 for the first time in more than a decade as global economic activity stalls due to the coronavirus, the International Energy Agency said on Monday.
The sharp downward revision in demand expectations came as oil prices dropped by more than a quarter and were set for their biggest one-day fall in 29 years after Saudi Arabia ignited a crude price war in the market.
The energy watchdog said it expected oil demand to be 99.9 million barrels per day (bpd) in 2020,"...

ADNOC Distribution, the UAE-based fuel and convenience retailer, has announced that its rewards program will soon introduce a new points-based system that will allow customers to earn points on their purchases.

Collected points on ADNOC Rewards can then be redeemable against ADNOC Oasis products and services in ADNOC stations.

In addition, the company announced that its"...

The International Renewable Energy Agency’s (Irena) said a landmark initiative launched by a coalition of intergovernmental partners during the UN Climate Action Summit in September last year has now entered its operational phase.

Irena's contribution to the Climate Investment Platform, developed in response to country needs to mobilise low-carbon, climate-resilient investments, is now inviting renewable energy project developers to register suitable projects via a purpose-built portal organised around"...

The Opec's plans for Organisation of Petroleum Exporting Countries (Opec) for deep and prolonged oil cuts were derailed on Friday as non-Opec Russia refused to support the move arguing that it was too early to predict the impact of a coronavirus outbreak on global energy demand, reported Reuters.

Failure to secure a deal between Opec, Russia and other members of"...

SEOUL: Oil prices rose for a second day on Tuesday on expectations that central banks are likely to enact financial stimulus to offset the impacts of the coronavirus outbreak and growing optimism that Opec will order deeper output cuts this week.
Brent crude rose $1.48 per barrel, or 2.5 per cent, to $53.18 per barrel at 0148 GMT. US West Texas Intermediate (WTI) rose $1.33, or 2.8 per cent, to $48.07 a barrel.
Brent and WTI have rebounded somewhat over the past two days from a more than 20 per cent drop from"...

Amid growing energy demand in the region, the governments in Middle East and North Africa (Mena) are spending heavily on renewable energy sector which is likely to attract $35 billion investments by year-end, said a report released at the Middle East Energy expo in Dubai.

The mega Middle East Energy exhibition and probing conference series opened today (March 3) and will be running for the next three days at the Dubai World Trade Centre.

Set against the background of an industry in the midst of major"...

WASHINGTON: State-run PDVSA has shifted several oil cargoes from Rosneft Trading SA, which was hit by US sanctions last week, to another affiliate of the Russian oil giant, internal documents from the Venezuelan company showed, prompting the US special envoy to warn that more firms could be penalised if they “play games.” According to PDVSA’s trade reports seen by Reuters, four cargoes carrying some 6.7 million barrels of Venezuelan oil which had previously been allocated to Rosneft Trading for February"...

LONDON: Oil prices tumbled by more than 3 per cent on Monday, as the rapid spread of a coronavirus in several countries outside China left investors concerned about a hit to demand.
Global shares also extended losses as worries about the impact of the new virus grew, with the number of infections jumping in Iran, Italy and South Korea.
Brent crude was down $2.16, or 3.7 per cent, to $56.34 barrel by 0935 GMT. US crude futures fell by $1.93, or 3.6 per cent, to $51.45.
“Oil prices will remain vulnerable"...

Saudi Arabia is not looking to break with a global pact to restrict production in order to go its own way to deepen cuts to counter the impact of the coronavirus, according to the country's energy minister.

The kingdom, the world's largest exporter of crude, would continue to act in continuous dialogue with its partners who include non-members led by Russia, said Prince Abdulaziz bin Salman who called rumours of a move to opt out of the"...