Latest news with #gasimports
Zawya
11 hours ago
- Business
- Zawya
Jordan targets 50% renewable energy in 2033
Jordan is pushing ahead with plans to expand its reliance on solar power and other renewable energy sources to 50 percent in 2033, an official has said. Renewable energy currently accounts for around 27 percent of the total energy mix in the Arab countries after it was negligible a decade ago, said Amani Azzam, secretary general of the Energy and Mineral Resources Ministry. Azzam, quoted by Al-Ghad and other local newspapers on Friday, said Jordan is facing real challenges in its power sector given its heavy reliance on gas imports. 'We are working hard to tackle these challenges…we have drawn up an ambitious strategy to expand renewable energy sources from 27 percent to 50 percent in 2033,' she said. Jordan has awarded several renewable energy projects to foreign companies over the past two years and is pursuing an ambitious project to develop a key desert gas field to ensure at least 60 percent of its energy needs. (Writing by P Deol; Editing by Anoop Menon) (
Zawya
13-06-2025
- Business
- Zawya
Egypt halts fertilizer production as Israeli gas disruptions deepen energy strain
Egyptian fertilizer companies halted operations on Friday due to a drop in gas imports from Israel, industry sources told Reuters. They said the gas import decline was caused by the suspension of operations at major Israeli gas fields following Israel's large-scale strikes against Iranian nuclear facilities and missile factories. The sources said Egypt's Petroleum Ministry did not provide a date for when gas supply was expected to return to normal. The ministry did not immediately respond to a Reuters request for comment. But Israel's Energy Ministry earlier said that the offshore Leviathan gas field was closed. An analyst told Reuters that a second gas field, Karish, had also halted production, while Israel's third gas field, Tamar, remained operational for now. Egyptian Prime Minister Mostafa Madbouly said that Cairo was monitoring the regional situation closely and was aiming to increase its strategic stocks of various commodities, before holding a high-level meeting with top energy officials and the central bank. In a statement, Petroleum Minister Karim Badawi said his ministry was working to ensure stable gas supplies to power stations and had already contracted gas shipments and stockpiled fuel oil, while work was under way to bring Egypt's third floating storage and regasification unit online. Madbouly said the third vessel would bring Egypt's combined regasification daily capacity to 2,250 million cubic feet, more than double last year's capacity, adding that Egypt still hopes to lease a fourth unit to be used in emergencies. Egypt had to increasingly rely on imported Israeli gas after its own production began declining in 2022. Israeli gas accounts for 40-60% of Egypt's total imported supply and about 15-20% of its consumption, data from the Joint Organisations Data Initiative (JODI) shows. Egypt signed several agreements with energy firms and trading houses this week to buy at least 150 cargoes of liquefied natural gas in the country's largest ever import purchases that will cost it over $8 billion at current prices.
Reuters
13-06-2025
- Business
- Reuters
Egyptian fertilizers companies halt operations after Israeli gas imports drop, sources
CAIRO, June 13 (Reuters) - Egyptian fertilizers companies halted operations on Friday morning, industry sources told Reuters, due to a drop in gas imports from Israel. They said the gas import decline was caused by the suspension of operations at major Israeli gas fields resulting from tensions between Israel and Iran.
Yahoo
07-06-2025
- Business
- Yahoo
Equinor and Centrica Ink $27 Billion Natural Gas Supply Deal for U.K.
Equinor ASA (NYSE:EQNR) has signed a new long-term deal with U.K. energy company Centrica, worth roughly £20 billion ($27.1 billion), to supply natural gas to the U.K. over the next decade. Starting October 1, the agreement is based on current market prices and will provide about 10% of the country's annual gas needs. Despite efforts to cut back on fossil fuels, around 70% of U.K. homes still rely on gas for heating, and gas power plants contribute roughly 25% of the nation's electricity. Under the agreement, Equinor ASA (NYSE:EQNR) will deliver about 5 billion cubic meters of gas per year, compared to the U.K.'s 2024 total demand of 55.8 billion cubic meters. Equinor ASA (NYSE:EQNR) Chief Executive Anders Opedal made the following statement: 'This agreement will continue to support the U.K.'s energy security with reliable gas supplies from the Norwegian continental shelf.' This deal replaces an earlier 10-year contract between the two companies that began in 2015 and ends in 2025. Last year, the U.K. imported nearly two-thirds of its gas supply, with Norway accounting for half of those imports, especially after Russian gas exports to Europe dropped following the 2022 invasion of Ukraine. EQNR has surged by over 4% in the past month. While we acknowledge the potential of EQNR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock. READ NEXT: and Disclosure. None. Sign in to access your portfolio
Bloomberg
21-05-2025
- Business
- Bloomberg
Global LNG Suppliers Wager That China's Demand Slump Is Fleeting
Global gas giants are betting the current lull in Chinese demand is temporary, and that the country will underpin their multibillion-dollar investments for years to come. China's gas imports have fallen in 2025, a decline centered on seaborne shipments of liquefied natural gas that slumped 22% through April from the previous year. Demand for LNG — the fuel carried in super-chilled tankers — is headed for its first annual drop since the height of the pandemic, just as new export projects are slated to come online, led by the shale gas fields of the US.
