The Finance World Magazine| Edition: December 2023

Energy News
Qatar and China sign 27-year liquified gas deal
QatarEnergy has entered into
a partnership agreement
with China Petrochemical
Corporation (Sinopec) for
the North Field South (NFS) expansion
project. As part of this partnership, a
long-term sales and purchase agreement
(SPA) was signed for the delivery of
3 million tons per annum (MTPA) of
LNG from the NFS project to Sinopec’s
receiving terminals in China, spanning
27 years. Under the partnership agreement,
QatarEnergy will transfer a five
EAD and TotalEnergies
Partner for Solar
Energy at Genetic
Resource Centre
The Environment Agency - Abu
Dhabi (EAD) has joined forces
with TotalEnergies Renewables
Distributed Generation (DG)
Middle East and Africa, an affiliate of
TotalEnergies, to implement distributed
solar energy solutions at EAD’s newly-constructed
Plant Genetic Resource Centre
in Al Ain. The collaboration involves a
20-year solar power equipment lease
agreement with TotalEnergies, encompassing
solar installation, operations,
maintenance, and solar energy production
at EAD’s facility. The plant will feature
680 photovoltaic panels, generating
approximately 500 MWh of clean energy
annually, covering a 1,360 square metre
area of car park shades. This initiative
will reduce EAD’s annual carbon footprint
by 200 tonnes of CO2, equivalent to the
energy use of approximately 25 homes
in a year. Ahmed Al Hashmi, Executive
Director of the Terrestrial and Marine
Biodiversity Sector at EAD, noted that
this lease agreement will significantly
lower carbon emissions, aligning with
the Abu Dhabi Climate Change Strategy.
percent interest to Sinopec in a joint
venture company with the equivalent
of 6 million tons per annum (MTPA) of
LNG production capacity in the NFS
project. This collaboration builds on
a previous agreement signed in Doha,
marking Sinopec’s entry as a shareholder
in one of the North Field East
(NFE) joint venture companies. It’s
important to note that this partnership
will not impact the interests of other
shareholders.
EU, US, COP28 Hosts Push for Global Deal to
Triple Renewable Energy
The European Union, United
States, and the United Arab
Emirates’ COP28 climate summit
hosts are actively seeking
global support for a plan to triple renewable
energy capacity this decade,
as revealed in documents shared with
Reuters. They are engaged in recruiting
other governments to sign this pledge
ahead of the annual U.N. climate negotiations
scheduled from November 30
to December 12 in Dubai. Tripling the
world’s renewable energy capacity to
11,000 gigawatts by 2030 is seen as a
crucial step in limiting global warming
to 1.5 degrees Celsius and mitigating
its catastrophic consequences. The
pledge also includes a commitment
to doubling the world’s annual energy
efficiency improvement rate to 4%
by 2030. While the letter emphasises
the need for a “global” effort, gaining
unanimous approval from the nearly
200 nations represented at the U.N.
COP28 talks remains a significant
political challenge.
Adnoc: Engine of UAE’s Economic Growth and
Diversification
Sheikh Khaled bin Mohamed, the
Crown Prince of Abu Dhabi,
has emphasised the critical role
of Adnoc in driving economic
growth and diversification within the
UAE. Adnoc’s transformative journey
as a responsible global energy pioneer
is pivotal in enhancing the country’s
leadership in the energy sector. The
company’s contributions to advancing
the energy transition through net-zero
ambitions, technological investments,
and strategic partnerships were highlighted.
Sheikh Khaled also underscored
Adnoc’s strategy to invest in clean energy,
explore alternative energy sources,
and support sustainable development
while working towards the UAE’s Net
Zero 2050 goals. This commitment positions
Adnoc as a significant driver of
progress in the region’s energy sector.
46 www.thefinanceworld.com December 2023