Finance World Magazine| Edition: October 2024

Energy News
UAE: MoEI Develops Federal Roads Platform to Cut Bureaucracy
The UAE’s Ministry of Energy
and Infrastructure (MoEI) has
developed the Federal Roads
Service Platform to streamline the
process of issuing and renewing NOCs
for roadworks. This initiative aligns
with the Zero Government Bureaucracy
programme. Mohamed Almail, Assistant
Undersecretary for the Federal
Infrastructure Assets Sector, stated
that the platform aims to eliminate
bureaucracy and improve customer
experience through tech-driven practices.
It reduces required documents
for NOCs from eight to three, procedures
from 26 to 13, and service time
from 14 to seven days. For renewals,
procedures drop from 11 to three, and
service time becomes instant, with no
need for documents. MoEI held three
gatherings with private sector representatives
to shape future services and
ensure they meet customers’ needs.
Aramco to Raise Mid-
Ocean Stake to 49%
and Fund Peru LNG
Saudi Aramco plans to increase
its stake in MidOcean Energy to
49% and fund the acquisition of a
new 15% stake in Peru LNG from Hunt
Oil Company, according to a statement
from MidOcean. Last year, Aramco purchased
a minority stake in MidOcean
from EIG for $500M, marking its entry
into the international LNG sector. The
company aims to bolster its position
in the LNG market, projected to grow
by 50% globally by 2030, particularly
in the U.S., where LNG capacity is expected
to nearly double in four years.
MidOcean did not disclose the cost
of the Peru LNG stake or the value of
Aramco’s funding. Following the deal’s
completion, Aramco will indirectly
hold a 17.2% stake in Peru LNG, while
Hunt will retain a 25.2% interest in the
Camisea upstream project.
Abu Dhabi’s TAQA Eyes Mediterranean Cable
Project, Cyprus Confirms
Abu Dhabi’s TAQA has shown
interest in a high-powered
electric cable project linking
Europe and the Middle East, according
to a spokesperson for the Cyprus
government. Cypriot President Nikos
Christodoulides met with senior TAQA
executives in New York during the U.N.
General Assembly on Monday. Konstantinos
Letymbiotis, the spokesperson,
confirmed that TAQA representatives
reiterated their strong commitment
to the electricity interconnection
initiative. The two sides agreed to
reconvene in the coming weeks to
outline a roadmap for the project’s next
steps. This high-voltage cable, agreed
upon by Greece and Cyprus, aims to
alleviate the island’s energy isolation,
which currently relies heavily on fuel
oil for power generation.
Masdar and Taaleri Finalise Financing for 154MW
Cibuk 2 Wind Farm in Serbia
Abu Dhabi Future Energy Company
PJSC – Masdar, a leader in
clean energy, has announced the
financial close for the 154 megawatt
(MW) Cibuk 2 wind farm in Serbia. The
agreement was signed at a ceremony
during RES Serbia 2024, attended by key
figures including Serbia’s Minister of
Mining and Energy, Dubravka Djedovic
Handanovic, Masdar’s CEO, Mohamed
Jameel Al Ramahi, and Taaleri’s executives.
Project financing of EUR 144M
has been secured through commercial
lenders UniCredit and Erste, highlighting
the viability of renewable energy
in Serbia. Developed by Masdar and
Taaleri Energia, Cibuk 2 will feature
22 Nordex turbines, sharing a grid
connection with the existing Cibuk
1. Expected to be operational by Q1
2026, it will power 62,000 households
and reduce carbon dioxide emissions
by 311,200 tonnes annually.
34 www.thefinanceworld.com Oct 2024