Latest news with #MinistryofEnergy
Gulf Today
6 hours ago
- Business
- Gulf Today
Aljomaih Energy leads financial close of Rabigh 2 Solar Project
The Rabigh 2 Solar Independent Power Plant (IPP) has successfully reached financial close on May 15, 2025, under Round 5 projects of Saudi Arabia's National Renewable Energy programme (NREP), which is led and supervised by the Ministry of Energy. The project is being developed by a consortium comprising Aljomaih Energy & Water Company as the lead developer and TotalEnergies Renewables SAS as the consortium partner, underscoring the strong collaboration between leading local and international energy companies. Located in Rabigh, Makkah Province, the Rabigh 2 Solar IPP is implemented under a Build, Own, Operate (BOO) model and will boast a generation capacity of 300 MW. The Saudi Power Procurement Company (SPPC) will purchase the electricity generated over 25 years. The project is financed with a total value of SAR 825 million, supported by a consortium of lenders including Al Rajhi Bank, ADCB, SMTB, and DBS Bank (Hong Kong). Once operational, Rabigh 2 will be capable of powering approximately 53,000 residential units. In this context, Ibrahim Mohammed Al Abdulaziz Aljomaih, Chairman of the Board of Directors at Aljomaih Energy and Water Company, stated: 'Rabigh 2 Solar IPP reflects our unwavering commitment to supporting the Saudis'ambitious Vision 2030, the National Renewable Energy programme and the Saudi Green Initiative. At Aljomaih Energy and Water, we are proud to collaborate closely with relevant governmententities to advance Saudi Arabia's clean energy transition.
What's On
7 hours ago
- Automotive
- What's On
UAE announces petrol prices for June 2025
Take note of these petrol prices… If you drive a vehicle, take note of how you will be paying for petrol and diesel in the UAE in June 2025. From June 1, 2025, Super 98 will cost Dhs2.58 per litre, which is the same as what we were paying in May 2025. Special 95 will also remain the same price as in May 2025, priced at Dhs2.47 per litre. Diesel prices have changed however, dropping from Dhs2.52 in May to Dhs2.45 in June 2025. 2025 UAE fuel prices January: Dhs2.61 February: Dhs2.74 March: Dhs 2.73 April: Dhs 2.57 May: Dhs2.58 June: Dhs2.58 2024 January: Dhs2.82 February: Dhs2.88 March: Dhs3.03 April: Dhs3.15 May: Dhs3.34 June: Dhs3.14 July: Dhs2.99 August: Dhs3.05 October: Dhs2.66 November: Dhs2.74 December: Dhs2.61 All prices include the five per cent VAT. The UAE's Ministry of Energy first began setting the fuel prices based on average global prices in August 2015. Prior to that, the price of petrol in the UAE was subsidised by the government, which shielded consumers from global fluctuations in the cost of petrol. Get fuelling… Image: Unsplash > Sign up for FREE to get exclusive updates that you are interested in
Business Recorder
2 days ago
- Business
- Business Recorder
Minister visits PSO House, holds series of high-level meetings
KARACHI: Federal Minister for Petroleum Ali Pervaiz Malik accompanied by Zafar Abbas, additional secretary Petroleum, Ministry of Energy (Petroleum Division), and Director/Deputy Secretary Waqas Ahmed Barlas, visited Pakistan State Oil (PSO) House, Thursday as part of a strategic outreach to key stakeholders in the petroleum sector. They were received by Chairman of the PSO Board of Management, Asif Baig Mohamed, and Abdus Sami, Chief Supply Chain Officer and currently officiating the managing director's office, PSO, along with senior members of the PSO leadership team. During the visit, the federal minister held a series of high-level meetings aimed at strengthening coordination and ensuring operational excellence across the sector. The minister engaged with PSO's top management to review the company's performance, supply chain resilience, and automation initiatives. He appreciated PSO for its pivotal role in ensuring a consistent and reliable supply of fuel across the country and the company's ongoing efforts to modernise its infrastructure and diversify its business model, particularly its forward-looking expansion into renewable energy and emerging segments of the energy market. Malik also met with representatives of the Oil Companies Advisory Committee (OCAC), including Syed Nazir Abbas Zaidi, secretary general, OCAC, members i.e. ZubairShaikh, CEO, Wafi Energy Pakistan, Zahid Mir, MD Pakistan Refinery Limited and Abdus Sami, Chief Supply Chain Officer, PSO. The discussions focused on key industry-wide challenges, regulatory developments, and the need for greater policy alignment to ensure a stable and efficient energy supply chain. In a separate session, the minister met with a delegation from the Petroleum Dealers Association, led by Chairman Abdus Sami Khan, where matters related to dealers' operational challenges and profit margins were brought to the table. The minister assured the dealers that their concerns would be duly considered and addressed through constructive dialogue. 'The government is fully committed to steering Pakistan's energy sector toward greater resilience, sustainability, and innovation. Our focus is on streamlining operations, resolving systemic issues, and fostering a balanced ecosystem that serves consumers and supports economic stability. Enhancing fuel quality, reducing emissions, and advancing the transition to clean energy are central to this vision.' 'In the best interest of the country, all stakeholders must collaborate with a shared commitment to progress. Together, we can build a modern energy sector that meets the evolving needs of our nation.' Malik added. The visit marked a significant step toward enhancing sector-wide collaboration and reinforced the government's commitment to a resilient and people-centred energy framework. Copyright Business Recorder, 2025
Mid East Info
2 days ago
- Business
- Mid East Info
Aljomaih Energy and Water leads the financial close of the Rabigh 2 Solar Project - Middle East Business News and Information
The consortium successfully completed with a total value of SAR 825 million The Rabigh 2 Solar Independent Power Plant (IPP) has successfully reached financial close on May 15, 2025, under Round 5 projects of Saudi Arabia's National Renewable Energy Program (NREP), which is led and supervised by the Ministry of Energy. The project is being developed by a consortium comprising Aljomaih Energy & Water Company as the lead developer and TotalEnergies Renewables SAS as the consortium partner, underscoring the strong collaboration between leading local and international energy companies. Located in Rabigh, Makkah Province, the Rabigh 2 Solar IPP is implemented under a Build, Own, Operate (BOO) model and will boast a generation capacity of 300 MW. The Saudi Power Procurement Company (SPPC) will purchase the electricity generated over 25 years. The project is financed with a total value of SAR 825 million, supported by a consortium of lenders including Al Rajhi Bank, ADCB, SMTB, and DBS Bank (Hong Kong). Once operational, Rabigh 2 will be capable of powering approximately 53,000 residential units. In this context, Mr. Ibrahim Mohammed Al Abdulaziz Aljomaih, Chairman of the Board of Directors at Aljomaih Energy and Water Company, stated: 'Rabigh 2 Solar IPP reflects our unwavering commitment to supporting the Saudis' ambitious Vision 2030, the National Renewable Energy Program and the Saudi Green Initiative. At Aljomaih Energy and Water, we are proud to collaborate closely with relevant government entities to advance Saudi Arabia's clean energy transition. This achievement is considered a national contribution that supports the Kingdom's leadership in sustainable development.' Eng. Adnan Abdulhadi Buhuligah, Deputy CEO of Aljomaih Energy and Water Company added: 'Reaching financial close on Rabigh 2 is the result of seamless collaboration with our partners, including TotalEnergies, government stakeholders, and our financing institutions. This project exemplifies Aljomaih Energy and Water Company's capability to lead and deliver complex, utility-scale renewable projects with high technological efficiency. It is a model of international partnerships driving forward the Kingdom's renewable energy future.' This project represents a new addition to Aljomaih Energy and Water Company's renewable energy portfolio, as it is located adjacent to the existing South Rabigh Project, which is currently operational and generating 300 MW. The financial close of Rabigh 2 marks a pivotal milestone in the company's journey toward renewable energy transformation. It also reflects the confidence of both local and international developers in the Kingdom's investment environment and the National Renewable Energy Program, led and supervised by the Ministry of Energy, which aims to increase the share of renewable energy sources in the energy mix to approximately 50% by 2030.
Miami Herald
4 days ago
- Business
- Miami Herald
Putin's War Taxes Are Crippling Russia's Oil Industry
The tax burden on Russia's oil industry is severe and making production of the country's critical export unprofitable, a Russian energy minster has said. Anton Rubtsov made the comments on Tuesday as Russia faces dwindling revenues from its oil exports, which are key to financing Vladimir Putin's war effort in Ukraine. Newsweek has contacted the Russian energy ministry for comment. The price of Russia's flagship Urals crude grade has plunged alongside all major oil benchmarks. Reuters reported Russia's oil and gas revenue had fallen by a third in May from a year earlier to 0.52 trillion rubles ($6.48 billion), which is the lowest level since July 2023 amid weaker oil prices and a strengthening of the Russian currency. The comment from a Russian energy minister about the taxation the oil industry faces signals further the complications Moscow has in extracting revenues from its key resources. In 2023, Russian oil producers faced big tax increases to replace lost revenues resulting from Western sanctions imposed following Russia's invasion of Ukraine. The sanctions included a G7 and EU-led measure to impose a $60 price cap on seaborne oil, although Moscow has created a "shadow fleet" that has circumvented this move. The Kremlin's shift saw a move away from taxes on oil linked to the market rate of Urals blend toward an indicator pegged to Brent, the international crude benchmark. But Rubtsov, director of the oil and gas department in Russia's Ministry of Energy, has sounded the alarm over the tax burden faced by his country's oil industry. He told an industry conference in Moscow the taxation makes oil production unprofitable and that if prices continued to fall, low production efficiency will deter long-term investment and lead to a stagnation in production. He said maintaining Russia's oil production at 540 million tons per year until 2050 will require doubling investment in the sector. In the face of rising costs, "it is necessary to reduce the tax burden," said Rubtsov, according to state news agencies. David Goldman, head of trading at Novion Global, told Newsweek on Tuesday that Moscow's energy revenues have been slashed because of sanctions and mixed signals from the government on tax highlight an unstable fiscal outlook. He said that reducing the overall tax burden on Russia's oil producers might boost production in the long term but risks widening the budget gap in the short term. The government is caught between the need to stimulate investment in a vital sector and fund a growing deficit without further depleting financial reserves, he added. Goldman noted that although Rubtsov and other officials warn of an unsustainable tax burden threatening future investment and output, Russia's government has shown a selective willingness to ease pressure on some firms, such as gas giant Gazprom, which is set to receive over 30 percent in tax relief in 2025. Anton Rubtsov, director of the oil and gas department in Russia's Ministry of Energy: "The tax burden is so substantial that today many options to maintain production are simply unprofitable." David Goldman, head of trading at Novion Global: "The situation in Russia's oil industry is far from clear-cut. While Anton Rubtsov and other officials warn of an unsustainable tax burden threatening future investment and output, the government has shown a selective willingness to ease pressure on key firms." Russia's "shadow fleet" of oil tankers was one focus for the EU's 17th package of sanctions imposed last week and an 18th package of sanctions is being planned. Meanwhile, anticipation is building over whether the Trump administration will include oil in the sanctions that the U.S. president has threatened if Putin does not agree to peace talks. Related Articles Putin Giving 'Shadow Fleet' Warship Escorts: Finland Defense OfficialZelensky Raises Alarm Over New Russian Offensive: 'Ample Evidence'Putin's Henchman Addresses Rumors He's DyingUkrainian MiG-29 Fighter Jets Bomb Russian Special Services Base 2025 NEWSWEEK DIGITAL LLC.
