NOIA Responds to COP28 Non-Binding Pact
COP28 has concluded with agreement on a text named The UAE Consensus that aims to set out a climate agenda to keep 1.5°C within reach. The UAE Consensus calls on parties to transition away from fossil fuels to reach net zero, encourages them to submit economy-wide Nationally Determined Contributions, includes a new specific target to triple renewables and double energy efficiency by 2030, and builds momentum towards a new architecture for climate finance.The UAE Consensus followed a year of inclusive diplomatic engagements and two weeks of intense negotiations.
Kuwait Says To Sign $12bn LNG Supply Deal With Shell
Kuwait's state oil group said on Sunday it would sign a six-year liquefied natural gas (LNG) supply deal with Royal Dutch Shell estimated at $12 billion as the major oil exporter seeks to meet energy demands for the hot summer months. It was not immediately clear if the contract was the same as an LNG supply deal between Kuwait Petroleum Corp and Shell reported last month in a Kuwaiti newspaper. KPC officials were not immediately available for comment. In a statement KPC said Oil Minister Ali al-Omair had received a delegation from Shell to sign the contract. It did not provide the volume of the super-cooled gas that would be supplied by Shell. Kuwait wants to burn LNG instead of resorting to diesel and crude oil, which have higher harmful emissions, KPC added.
Second Qatar LNG Shipment Headed to Egypt
For the second time this month, Qatar has sent a tanker carrying liquefied natural gas (LNG) to Egypt, a country struggling to meet energy demands amid much deadly violence and political unrest, Reuters reported. Qatar’s tanker reportedly left Ras Laffam terminal on August 9, one week after the first cargo was sent as part of an agreement between Mursi and his Muslim Brotherhood government backed by Doha. According to Reuters, Doha agreed in June to supply Egypt with five shipments of an unspecified amount of LNG to help lessen the frequency of recurrent power cuts throughout the country. Egypt is said to have borrowed billions of dollars in attempts cover some of the energy shortages, but its many of its payments to oil companies and suppliers have been delayed.
