NRG matters: Germany’s gas imports slipped 22.2% in Q1 of 2022, costs up 158%

Germany’s gas imports slipped 22.2 percent during the first quarter of 2022 when compared to the corresponding period in 2021. Shutterstock
Germany’s gas imports slipped 22.2 percent during the first quarter of 2022 when compared to the corresponding period in 2021. Shutterstock
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Updated 31 May 2022

NRG matters: Germany’s gas imports slipped 22.2% in Q1 of 2022, costs up 158%

NRG matters: Germany’s gas imports slipped 22.2% in Q1 of 2022, costs up 158%

RIYADH: While Germany’s gas imports slipped between January and March 2022, costs during the same period surged drastically when compared to 2021. On a micro level, the UK’s Shell Plc announced advancing the major Crux gas field off Australia. The UK’s Britishvolt is also investing in a pilot plant near Birmingham. Meanwhile, Japan’s Jera Co. and IHI Corp. are propelling a power project to replace some coal with ammonia. 

Looking at the bigger picture: 

·      Germany’s gas imports slipped 22.2 percent during the first quarter of 2022 when compared to the corresponding period in 2021. On the other hand, the costs associated with gas jumped 158 percent from a year ago during the same period as prices rallied, Reuters reported, citing official data from trade office BAFA. 

Through a micro lens:

·      Britain’s publicly traded multinational oil and gas company Shell Plc has announced that it will proceed with the Crux gas field off Australia with an accumulated worth of $2.5 billion, Reuters reported. The project’s construction phase is expected to commence in 2023 with the first gas output anticipated to roll out by 2027.

·      UK-based battery manufacturing firm Britishvolt Ltd. has allocated over £200 million ($253 million) for the development of a pilot facility near Birmingham, Bloomberg reported.  The plant, which is expected to start rolling out battery output toward the end of 2023, aims to support the firm’s anticipated £2.6 billion facility in Northumberland in 2024.

·      Japan-based biggest electricity generator Jera Co. and Japanese machine industry firm IHI Corp. are planning to commence a demonstration project to co-fire a unit at its coal power plant, Hekinan Thermal Power Station. with 20 percent fuel ammonia by March 2024, one year ahead of schedule, Bloomberg reported. This comes as the firms have installed the burners, tanks, pipes, among other equipment earlier than expected. 


Qatar sees 12-fold jump in surplus on energy profit

Qatar sees 12-fold jump in surplus on energy profit
(Getty)
Updated 17 sec ago

Qatar sees 12-fold jump in surplus on energy profit

Qatar sees 12-fold jump in surplus on energy profit

RIYADH: Qatar witnessed a 12-fold jump in its budget surplus to 47.3 billion riyals ($12.8 billion) in the first half of 2022, compared to 4 billion riyals in the same period last year, driven by soaring energy revenues.

Oil and gas revenue surged 58 percent to 150.7 billion riyals during the period, recompensating the increased government spending on wages and salaries, Bloomberg reported citing data.

Qatar revenues are mainly generated by long-term contracts to supply liquefied natural gas, typically tied to the price of oil. 

The Gulf country is benefiting from Europe’s interest in diversifying its gas supply away from Russia in the long-term. Qatar tries to tie up buyers for new LNG contracts for very long period, Bloomberg said.

The International Monetary Fund projected the country’s economy will grow 5.4 percent this year and generate a surplus equivalent to about $45 billion. 

Qatar is preparing to host this year’s soccer World Cup.

The World Cup organizers have said they’re anticipating a $17 billion boost to the country from hosting the soccer tournament.


Abu Dhabi eyes double money through Miami Hotel record selling price

Abu Dhabi eyes double money through Miami Hotel record selling price
(Shutterstock)
Updated 8 min 1 sec ago

Abu Dhabi eyes double money through Miami Hotel record selling price

Abu Dhabi eyes double money through Miami Hotel record selling price

RIYADH: Abu Dhabi sovereign wealth fund is exploring the sale of the Miami Beach Edition Hotel in which the property could fetch more than $580 million, as it is seeking to more than double its money.

This deal would mark a record on a price-per-room basis for the Miami market, Bloomberg reported citing people familiar with the matter.

Abu Dhabi Investment Authority, also known as ADIA, acquired the Edition for $230 million in 2015 from Marriott International. 

The hotel has 294 rooms and suites including oceanfront bungalows, and restaurants designed by Jean-Georges Vongerichten, according to its website.

ADIA is working on exploring the interest of potential buyers with an adviser, one of the people said, asking to be anonymous. ADIA spokesman declined to comment to Bloomberg. 


Saudi Arabia, Uzbekistan sign agreement in the energy field

Saudi Arabia, Uzbekistan sign agreement in the energy field
Updated 19 August 2022

Saudi Arabia, Uzbekistan sign agreement in the energy field

Saudi Arabia, Uzbekistan sign agreement in the energy field

JEDDAH: Saudi Arabia’s Ministry of Energy signed a memorandum of understanding with its Uzbek counterpart on August 18, to develop cooperation and exchange information and experiences between both countries, in the energy field, Saudi Press Agency reported.

This comes on the second day of the Saudi-Uzbek Business Council in Jeddah, that was held on the sidelines of the visit of the Uzbek President Shavkat Mirziyoyev to the Kingdom.

This deal covers the areas of petroleum, gas, electricity, renewable energy, energy efficiency, petrochemicals, and hydrogen.

It also includes the circular carbon economy and its technologies with the aim of limiting the effects of climate change, such as carbon capture, reuse, transport and storage.

Saudi Arabia and Uzbekistan have already signed over 10 investment agreements, worth over SR45 billion ($12 billion), on Wednesday, covering different sectors.


IsDB, Uzbekistan strengthen cooperation

IsDB, Uzbekistan strengthen cooperation
Updated 19 August 2022

IsDB, Uzbekistan strengthen cooperation

IsDB, Uzbekistan strengthen cooperation

JEDDAH: Islamic Development Bank President Mohammed Al-Jasser met with Uzbekistan President Shavkat Mirziyoyev on August 18 to discuss strengthening cooperation between both parties, Saudi Press Agency reported.

A letter of intent was signed during the meeting to provide a framework for facilitating cooperation, promoting rapid processing and approval of projects and operations that are part of the work program of the IsDB Group for Uzbekistan in 2022.

The meeting comes on the second day of the Uzbek President's visit to the Kingdom.

Mirziyoyev stressed that his government has implemented comprehensive reforms with the aim of improving the business and investment environment, enhancing regional cooperation, improving the agricultural sector, and promoting innovation and entrepreneurship to reach the goal of achieving dignity for all people by 2026.

Both parties reviewed views on the National Development Strategy of Uzbekistan 2026, and agreed on the need to align the bank's country strategy with the national document, a task that will be worked on as a priority, according to Al-Jasser.

The two sides also emphasized the need to facilitate the joining of more co-financiers to participate in financing larger projects.


Standard Chartered appoints Ayesha Abbas UAE Head of Consumer, Private and Business Banking 

Standard Chartered appoints Ayesha Abbas UAE Head of Consumer, Private and Business Banking 
Updated 19 August 2022

Standard Chartered appoints Ayesha Abbas UAE Head of Consumer, Private and Business Banking 

Standard Chartered appoints Ayesha Abbas UAE Head of Consumer, Private and Business Banking 

RIYADH: Standard Chartered Bank appointed on Friday Ayesha Abbas as Head of Consumer, Private and Business Banking in the UAE. 

Abbas will be responsible for executing the bank’s strategy and building the business in the retail banking business across the UAE, a statement showed.

She will also focus on growing the Bank’s digital offering, wealth management and affluent proposition in addition to strengthening client relationships. 

Abbas has over two decades of experience spanning wealth management, priority and consumer banking. 

She joined Standard Chartered in February 2019 serving as General Manager, Head of Priority and Premium Banking and Branch Network in the UAE, also covering Pakistan, Oman and key African markets. 

Prior to joining Standard Chartered, Abbas spent 18 years at HSBC, the statement said.