DEWA INVESTS $22 BLN
AOG - The Dubai Electricity & Water Authority (DEWA) is to invest around $22bn on new energy projects across the next five years, with the renewables sector accounting for an increasing share of electricity generation, according to CEO Saeed Mohammed Al Tayer.
Last week, DEWA closed a deal for an 815 megawatt gas turbine project with German conglomerate Siemens and its Egyptian partner Elsewedy Electric.
The firm is also constructing the world's biggest solar energy park as it looks to scale back its reliance on natural gas as its main source of energy for electricity. Al Tayer claimed "Our strategy is 75% by 2050 will be renewable," he said. "By 2020 we will achieve more than our target. Our target is 7% but I think we will achieve 8 to 9%."
DEWA is also building the region's first hydroelectric pumped storage plant in the Hatta area with a capacity of 250 megawatts.
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WNN - Asia needs nuclear energy to meet its economic, energy and environmental goals, but such plans are still in the development phase in the South East region of the continent, Agneta Rising, director general of World Nuclear Association, said.
NPD - Preliminary production figures for February 2018 show an average daily production of 1 944 000 barrels of oil, NGL and condensate, which is a decrease of 83 000 barrels per day compared to January.
AOG - China National Petroleum Corporation (CNPC), the world’s third largest oil company, has been awarded stakes in two of Abu Dhabi’s offshore concession areas following the signing of agreements with Abu Dhabi National Oil Company (ADNOC).
REUTERS - U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.69 a barrel at 0744 GMT, up 15 cents, or 0.2 percent, from their previous close. Brent crude futures LCOc1 were at $67.56 per barrel, up 14 cents, or 0.2 percent.