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Sanctions on Russia rev up oil prices

• The US imposed extra sanctions on Russia, sending oil prices sharply higher last Thursday. Brent crude gained 5.34 per cent to end at $65.93 per barrel. Prices slipped back slightly by last Friday, but still finished $4.59 per barrel up over the week.
• The US Treasury blocked transactions with Russia’s two biggest oil companies, Lukoil and state-held Rosneft, and all entities owned 50 per cent or more by them. The two account for about half of Russian oil exports, and the measures, along with new EU sanctions, could hit Russia’s sales to its main customers, China and India.
• Kuwait’s Oil Minister Tariq Al Roumi suggested that the Opec alliance could step up production if the new sanctions create shortages.
• European leaders, including Ukrainian President Volodymyr Zelenskyy, met in London on Friday to discuss putting further financial pressure on Moscow. Mr Zelenskyy warned of a “humanitarian disaster” as Russian attacks hit Ukraine’s heating and electricity system with winter closing in. But analysts expect that Russia, as before, will find ways to evade the restrictions using its “shadow fleet” and third parties.
• An accidental explosion on a pipeline in the Zubair oilfield in southern Iraq killed at least one person on Sunday. Operations were not disrupted at the field, which produces 400,000 barrels per day and is developed by Italy’s Eni.
• Europe’s Corporate Sustainability Due Diligence Directive aims to improve human rights and environmental protection for exporters to the bloc – but it has annoyed energy suppliers such as Qatar, which says it would endanger sales.

Abu Dhabi economy advances on oil production boost

• Higher oil production is expected to boost Abu Dhabi’s economy this year, with the International Monetary Fund predicting growth of 6 per cent.
• Pakistan has concluded an economic co-operation framework with Saudi Arabia that covers energy and mining among other areas, as well as the supply of oil on a deferred payment basis.
• Adnoc Logistics and Shipping has become the second-largest global player in energy logistics and chief executive Capt Abdulkareem Al Masabi has spoken to The National about the company’s voyage. Another Adnoc subsidiary, Adnoc Drilling, says its earnings are not affected by oil prices. It reported a 10 per cent jump in third-quarter profit on Tuesday.

Launch of Abu Dhabi battery project brings 24-hour solar closer

• Renewable energy will grow to meet the UAE’s needs for AI and data centres, says clean energy company Masdar. Director of business and project development, Abdulla Zayed, was speaking at the ground-breaking of Masdar’s one gigawatt solar plus battery plant in Al Wathba.
• Saudi oil giant Aramco has announced it will take a minority stake in AI start-up Humain, which is majority-owned by the Public Investment Fund.
• The F3 gas-fired power plant in Fujairah has begun operations. Built by a consortium led by Abu Dhabi’s main electricity developer Taqa and with a capacity of 2.4 gigawatts, it is one of the UAE’s biggest power stations and can supply about 380,000 homes.
• Saudi Arabia has awarded $2.4 billion worth of renewable energy projects covering 4,500 megawatts across four solar projects and one wind farm. Among the winners was Abu Dhabi’s Masdar, which bid the second-lowest tariff achieved worldwide for solar power, 1.09682 US cents per kilowatt-hour, for the 1,400-megawatt Najran solar plant. The 1,500 MW Dawadmi wind farm near Riyadh achieved another world-record low of 1.33803 cents.

Abu Dhabi leading $5 billion raise for critical minerals

• The US Development Finance Corporation has backed a critical minerals consortium launched by Abu Dhabi holding company ADQ and New York-based alternative asset manager Orion. The fund now has $1.8 billion, on its way to a target of $5 billion. Critical minerals value chains are dominated by China and have become a source of increasing tension with the US.
• Abu Dhabi will become a centre for sustainable proteins in a partnership between the Abu Dhabi Investment Office and two international non-animal protein companies, The Every Company and Vivici.
• A Green Innovation District at Dubai’s Expo City will provide incentives for sustainable businesses.
• Ras Al Khaimah has launched its first carbon capture plant, which will capture about 17,000 tonnes of carbon dioxide annually from RAK Ceramics, and sell it for industrial use.

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