OPEC, non-OPEC panel to discuss sharing oil-output boost

A panel called the Joint Technical Committee will on Tuesday consider proposals on distributing the agreed output increase of 1 million barrels per day. (Reuters)
Updated 07 September 2018
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OPEC, non-OPEC panel to discuss sharing oil-output boost

  • OPEC, Russia and other non-members agreed in June to return to 100 percent compliance with oil output cuts that began in January 2017

DUBAI/LONDON: An OPEC and non-OPEC technical committee will next week discuss proposals for sharing out an oil-output increase, sources familiar with the matter said, a tense topic for the producer group after it decided in June to ease supply curbs.
A panel called the Joint Technical Committee will on Tuesday consider proposals on distributing the agreed output increase of 1 million barrels per day, the sources said.
“The talks will look at various mechanisms” to reach the required production level, a source said.
If resolved, the talks could lead to an easing of tensions within the Organization of the Petroleum Exporting Countries. Iran had been against the June decision, which came amid pressure from US President Donald Trump to reduce oil prices.
There are four proposals on how to distribute the increase, presented by Iran, Algeria, Russia and Venezuela, one of the sources said, suggesting agreement will not be straightforward.
One idea, to share it pro-rata among participating countries, is unlikely to be approved by Russia and Saudi Arabia since it would give them less than the supply boosts of 300,000 and 400,000 bpd that they respectively want, the source said.
OPEC, Russia and other non-members agreed in June to return to 100 percent compliance with oil output cuts that began in January 2017. Months of underproduction in Venezuela and elsewhere had pushed adherence above 160 percent.
The June meeting concluded with a deep disagreement between Saudi Arabia and Iran, longtime rivals in OPEC.
Saudi Arabia said the decision implied a reallocation of extra production from countries unable to produce more to those, such as Riyadh, that can. Iran, facing a forced cut in its oil exports because of US sanctions, disagreed.
The proposals will next be presented to ministers attending a monitoring meeting in Algeria on Sept. 23, sources said.


DP World signs solar deal with ‘green champion’ SirajPower

Updated 21 November 2018
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DP World signs solar deal with ‘green champion’ SirajPower

  • The 22-year lease agreement announced on Tuesday will see UAE-based SirajPower initially deliver 15MW-worth of panels to Jafza
  • The deal forms part of DP World’s solar program which aims to ramp up use of sustainable and environmentally friendly energy sources across its facilities

LONDON: Global ports operator DP World has signed a deal with UAE-based SirajPower to install solar roof panels at its facilities in the Jebel Ali Freezone (Jafza) and National Industries Park as part the company’s efforts to reduce its energy consumption and cut costs.
The 22-year lease agreement announced on Tuesday will see UAE-based SirajPower initially deliver 15MW-worth of panels to Jafza.
The deal forms part of DP World’s solar program which aims to ramp up use of sustainable and environmentally friendly energy sources across its facilities. It follows the launch of the UAE’s first green storage and warehouse facilities at Jafza in June this year, with some cool storage facilities now entirely run on solar energy while other warehouses are becoming more energy efficient.
In late 2016, DP World announced the start of the construction of the largest solar rooftop project in the Middle East, with the commissioning of 88,000 rooftop solar panels across its Dubai facilities.
“Creating a sustainable business model through the implementation of green technologies is a core focus for DP World, and one of our key initiatives is our ground-breaking solar power program that will generate enough energy to power 4,600 homes on completion,” said Mohammed Al-Muallem, CEO and managing director, DP World, UAE region.
DP World has reduced its CO2 emissions intensity by 24 percent since 2008, Muallem added, in a statement on Tuesday.
SirajPower hopes the DP World deal as a springboard for regional growth, said Laurent Longuet, the company’s CEO.
“We witnessed a rapid growth in only three years and our plan now is to expand our offering to other emirates and countries in the GCC, as well as making a foray into the residential market to truly become the regional green champion,” he said.
SirajPower said it would open a branch in Jafza to support the installation of the new units. Construction is expected to take 18 months, the company said.
In 2015, Dubai Electricity and Water Authority (Dewa) launched the Shams Dubai solar initiative aimed at encouraging individuals and businesses to install PV panels to generate electricity and connect them to the Dewa network. The program supports government targets for Dubai to generate 25 percent of its energy needs from solar by 2030.
SirajPower has won contracts for 50MW-worth of the solar rooftop projects implemented under the Shams program to date.