The Finance World Magazine| Edition: November 2023

Energy News
Masdar Commits $8B to Malaysian Renewable Energy Projects
Masdar, the Abu Dhabi-based
energy giant, has entered
into a momentous Memorandum
of Understanding
(MoU) with the Malaysian Investment
Development Authority (MIDA) to
invest a substantial $8B in renewable
energy projects, aiming to generate up
to 10 gigawatts (GW) of green power.
This strategic partnership is set to play
a pivotal role in Malaysia’s ongoing
journey towards sustainable energy
transformation, marking a significant
step toward a greener future. Under
this collaboration, MIDA will support
Masdar in the development of various
renewable energy projects, encompassing
ground-mounted and rooftop
solar power installations, floating solar
plants, onshore wind farms, and battery
energy storage systems, to achieve this
ambitious target by 2035.
ADNOC Drilling
increases interim
dividend by 5% to
$358M
ADNOC Drilling Company has
demonstrated its financial
strength and commitment to
shareholders by increasing its
interim dividend payment by five percent
year-on-year to $358M (8.22 fils per share)
for the first half of 2023. The company
announced this in a filing with the Abu
Dhabi Securities Exchange (ADX). The
dividend distribution is scheduled for
around October 27 and will be distributed
to shareholders recorded as of October 19.
This decision aligns with the company’s
progressive dividend policy, reflecting
ADNOC Drilling’s robust cash flows and
confidence in long-term growth. CEO
Abdulrahman Abdulla Al Seiari emphasized
the company’s focus on profitability,
cash flow, and delivering attractive and
sustainable returns to shareholders.
OPEC 2023 World Oil Outlook Emphasizes
Diverse Energy Sources
Launched at the King Abdullah
Petroleum Studies and Research
Center (KAPSARC) in
Saudi Arabia, the 2023 OPEC
World Oil Outlook (WOO) spotlights
recent energy and economic developments,
with a particular emphasis on the
shifting dynamics of net-zero policies.
The report emphasizes the importance
of extending modern energy services
to the billions of people who still lack
access. In a context where there’s
growing scrutiny over these targets
and their benefits, policymakers are
reevaluating their energy transition
strategies and embracing new technologies.
The WOO, first published in
2007, offers an in-depth review of global
oil and energy prospects up to 2045,
as detailed in OPEC’s press statement.
Prince Abdul Aziz Bin Salman, Saudi
Minister of Energy and Chairman of the
Board of Trustees at KAPSARC, was
the guest of honour at the launch event.
UAE Commits to Comprehensive Hydrogen
Development
The UAE is unwavering in its
pursuit of becoming a significant
hydrogen producer and
exporter, with a strong commitment
to the cause. Test shipments of
blue ammonia to nations like Germany
and Japan exemplify their dedication.
Collaborating with the International
Partnership for Hydrogen and Fuel
Cells in the Economy (IPHE) and the
EU Commission, the UAE is actively
establishing a standardized certification
process for low-carbon fuel exports.
Sharif Al Olama, the Undersecretary
for Energy and Petroleum Affairs at the
Ministry of Energy and Infrastructure,
emphasized the importance of ensuring
that certification requirements align
with the importing country when the
UAE eventually becomes a hydrogen
exporter.
46 www.thefinanceworld.com November 2023