Latest news with #energyTransition
Zawya
12 hours ago
- Business
- Zawya
Angola Strengthens United States (US) Energy, Mineral Ties with Sonangol-Massachusetts Institute of Technology (MIT) Cooperation Agreements
Angola's national oil company Sonangol has signed two agreements with the Massachusetts Institute of Technology (MIT) – a private university based in Boston, United States (US) – aimed at strengthening cooperation and knowledge-transfer in the fields of oil, gas and critical minerals. The agreements – dubbed the MIT Industrial Liaison Program (MIT-ILP) and MIT Africa – seek to strengthen US-Africa ties by facilitating greater collaboration and skills development opportunities. The African Energy Chamber (AEC) – the voice of the African energy sector – commends Angola and Sonangol for forging this strategic alliance with one of the world's leading innovation institutions. The AEC believes partnerships of this nature are vital to accelerating Africa's energy transition while equipping the next generation of African professionals with the skills and knowledge required to drive industrial growth, energy security and sustainable resource development. The agreements were signed by Sonangol CEO Sebastião Gaspar Martins and MIT Executive Vice President Glan Shor during a meeting presided over by Angola's Minister of Mineral Resources, Petroleum and Gas Diamantino Azevedo. A core focus of the meeting and the subsequent agreements was to explore opportunities to support Angolan resource development by leveraging global research, innovation and technology. With goals to increase oil production, diversify the industry through innovative gas projects and advance the development of alternative energy sources such as green hydrogen, Angola has committed to working with global partners to transform ideas into solutions. The agreements serve as catalyst for these objectives by laying the foundation for bilateral research and development. Under MIT-ILP, Sonangol and MIT will work together to develop strategic industries such as energy, mining, engineering, construction and infrastructure. According to Minister Azevedo, this program will enable Sonangol to directly interact with MIT research centers in key areas, thereby accelerating innovation in the oil sector while facilitating a just energy transition. Minister Azevedo shared that visiting MIT showed the Angolan delegation how applied research is closely linked with humanity's real challenges – notably, clean energy, artificial intelligence, resilient infrastructure and digital transformation. MIT-ILP will support the development of Angolan expertise and innovation. Meanwhile, MIT Africa features two programs - Global Classroom and Global Teaching Labs - aimed at facilitating knowledge-exchange, staff training, joint research and academic mentoring. Both the Global Classroom program and Global Teaching Labs program allow Angolan educational institutions to tap into US expertise, with the aim of supporting skills development in Angola. Among the Angolan institutions that will directly benefit from this cooperation are the Instituto Superior Politécnico de Tecnologias e Ciências and the Sonangol Research and Development Center. These institutions will be at the forefront of implementing these innovative programs. 'Through these mechanisms, Angola will be able to benefit from innovative teaching methodologies and collaborative experiences that value national talent and promote the internationalization of our higher education,' Minister Azevedo shared. 'These agreements are more than protocols: they are commitments with concrete impact in the short, medium and long term, in the fields of advanced training, scientific research, technological development, energy transition, decarbonization and industrial innovation. I believe that Angola's future is built on knowledge, serious partnerships and strategic vision.' The agreements come as Angola and the US take concrete steps to deepen strategic partnerships within the oil, gas, critical mineral and renewable energy sectors. Meetings held by Minister Azevedo and the US Secretary of Energy Chris Wright this week highlighted areas of cooperation, with the parties committing to working together to achieve a balanced energy transition. Future cooperation will be largely built on the success American companies have had in Angola as well as cooperation in new industries such as critical minerals, renewable energy and infrastructure. In the oil and gas space, companies such as ExxonMobil and Chevron continue to make significant strides towards unlocking greater exploration and production opportunities. ExxonMobil has recently extended its license for Angola's Block 17 – one of the country's longest-producing assets – in partnership with TotalEnergies. The company is also seeking play-opening discoveries in the offshore Namibe basin while drilling new wells under the country's Incremental Production Initiative. Chevron is making in-roads in the natural gas sector with its stakes in the Angola LNG plant and upstream gas projects. In late-2024, the company started production at the Sanha Lean Gas Connection project, which increases feedstock for Angola LNG – supporting exports. Chevron also has stakes in the New Gas Consortium, the operator of Angola's first non-associated project, coming online in late-2025. Leveraging the expertise of these players and strengthened cooperation in research and development, Angola is well-positioned to realize its industry goals. Distributed by APO Group on behalf of African Energy Chamber.
The National
3 days ago
- Business
- The National
UAE can make AI as important as internet, Emirati official says
Mariam Almheiri, head of International Affairs at the UAE Presidential Court, said the country can help to make artificial intelligence a strategic utility like the internet through its partnerships, regulatory framework and energy infrastructure. 'We tick the boxes everywhere,' she said during the Atlantic Council Global Energy Forum in Washington on Tuesday. Ms Almheiri made the comments while taking part in a panel discussion focused on financing energy and infrastructure in the technology age. 'With the recent visit President [Donald] Trump to the UAE announcing the AI cluster, if you think about what that is, it's up to 5 gigawatts of optimised AI data centre power,' she said. Ms Almheiri added that the first phase of that cluster was going to be online by 2026, and pointed out that the UAE has plenty of ways to power it, along with other AI energy facilities. 'If you just think of what that's going to do to take this transformation that we need, we need a transformation in the energy side as well," she said. Among the projects the UAE has begun in recent years are the 1.2 gigawatt Noor Abu Dhabi solar power plant, the Mohammed bin Rashid Al Maktoum Solar Park and the 5.6 gigawatt Barakah nuclear power plant. Speaking during a separate panel session, Emirates Nuclear Energy Company chief executive Mohamed Al Hammadi said that the Barakah plant provides one quarter of electricity in the UAE, a 'huge energy transition' in the past five years. Over the past decade, the UAE − the Arab world's second largest economy − has been open about its desire to be an AI front-runner as it diversifies its economy away from oil. The country's efforts have resulted in the establishment of start-ups as well as partnerships and investments from industry leaders including Microsoft, Nvidia and OpenAI. Ms Almheiri said the UAE has 'built the bridges' to help with its energy transformation, aided by the partnerships it has formed. 'To move the needle on any transformation when it comes to AI, to make AI strategic utility something like the internet, we need these partnerships and we need the ingredients.' Major planned investments between the US and UAE were also announced during Mr Trump's visit to the UAE last month, including a new 5GW UAE-US AI Campus in Abu Dhabi. The US Commerce Department said the AI campus would be home to large and small companies that could 'leverage the capacity for regional compute with the ability to serve the Global South'.
Yahoo
3 days ago
- Business
- Yahoo
UGL installs battery system for Neoen's renewable energy hub Stage 1 in Australia
CIMIC Group's specialist end-to-end engineering and services provider UGL has supported the installation of a 270MW/540MWh battery system for Neoen, an independent renewable energy producer. This installation, which includes associated high voltage infrastructure, comprises stage one of the Western Downs Green Power Hub, located around 250km west of Brisbane, Australia. The hub is also seeing an expansion with UGL's assistance in delivering stage two of the project, which was announced in August 2024. At that time, CIMIC executive chairman Juan Santamaria said: 'With greater capacity, Western Downs Battery will have an even more crucial role in Queensland's rapidly accelerating energy transition, as the state strives to reach 80% renewable energy by 2035.' This stage two project entails constructing an additional 270MW/540MWh battery and the necessary high-voltage infrastructure to integrate it into the grid. The new battery will comprise 140 Tesla Megapack 2XL units and is slated to commence operations in 2026. Once completed, the Western Downs Battery will offer a combined capacity of 540MW/1,080MWh and operate in conjunction with Neoen's 460MWp solar farm at the same location. This integration will enable stored energy to be efficiently transmitted into the electricity network, enhancing the overall reliability and sustainability of the power supply. In a separate development, CIMIC subsidiary Leighton Asia recently secured a contract for the construction of Elan The Emperor, a luxury residential project in Gurugram, India. Construction work is scheduled to start in September 2025 and be completed by 2030. "UGL installs battery system for Neoen's renewable energy hub Stage 1 in Australia" was originally created and published by World Construction Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Malay Mail
4 days ago
- Business
- Malay Mail
Govt to prioritise RON95 subsidy reform before carbon tax rollout in 2026
KUALA LUMPUR, June 17 — The government will prioritise the rationalisation of RON95 petrol subsidy this year before introducing a carbon tax in 2026, said Finance Minister II Datuk Seri Amir Hamzah Azizan. He said Malaysia must first address the issue of fuel subsidies, particularly those involving the energy sector, before implementing the carbon tax. The government had previously announced plans to roll out a carbon tax targeting the iron, steel, and energy industries by 2026, as outlined in Budget 2025. 'As we embark on this transition, we must ensure that no unintended consequences are embedded within our system. For instance, Malaysia has yet to implement a carbon tax as part of its policy framework. While it is scheduled for rollout by 2026, there are important precursor steps we must take,' he added. 'One major issue is the existing distortions in the system, especially the subsidies provided to the energy sector. A key objective now is to begin scaling back these subsidies. It doesn't make sense to impose taxes on one side while simultaneously providing subsidies for petrol, diesel, and other fuels,' he continued. Amir Hamzah made these remarks during a session titled 'Delivering Malaysia's Energy Transition', where he was a panellist alongside Deputy Minister of the Ministry of Energy Transition and Water Transformation (PETRA), Akmal Nasrullah Mohd Nasir. The session was chaired by Tan Sri Abdul Wahid Omar, a senior independent and non-executive director of IOI Corporation Bhd. MORE TO COME
Yahoo
4 days ago
- Business
- Yahoo
Honeywell's Dividend Appeal Lies in Future Growth, Not Just Today's Yield
Honeywell International Inc. (NASDAQ:HON) is among the . In recent years, the company has faced setbacks, struggling to translate promising opportunities in automation, the industrial Internet of Things, aerospace, and the energy transition into significant revenue or profit growth. However, the outlook appears more encouraging moving forward. A shot of a commercial plane with a blur of color in the background, representing the production of auxiliary power units in the Safety and Productivity Solutions segment. Honeywell International Inc. (NASDAQ:HON)'s largest division is its aerospace segment, which supplies parts, components, control systems, and integrated solutions to both commercial aviation and the defense sector. Notably, the company also operates a $5 billion quantum computing business. One of Honeywell International Inc. (NASDAQ:HON)'s standout strengths is its solid balance sheet. It has increased its dividend 15 times over the past 14 consecutive years. According to its 2025 proxy statement, the company has strategically deployed $14.6 billion across mergers and acquisitions, capital investments, share buybacks, and dividend payments to strengthen its portfolio and enhance shareholder returns. In addition, the company's strong cash flow provides solid backing for its dividend payments. In the first quarter of 2025, it reported operating cash flow of $600 million and free cash flow of $300 million—a 61% increase from the previous year. Its free cash flow margin of 13% further highlights a positive outlook. Looking ahead to full-year 2025, Honeywell International Inc. (NASDAQ:HON) projects operating cash flow between $6.7 billion and $7.1 billion, with free cash flow expected to range from $5.4 billion to $5.8 billion. The company offers a quarterly dividend of $1.13 per share and has a dividend yield of 2.02%, as of June 14. While we acknowledge the potential of HON as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and Disclosure. None.
