NewBase 01 April 2024 Energy News issue - 1712 by Khaled Al Awadi.pdf

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NewBase Energy News 01 April 2024 No. 1712 Senior Editor Eng. Khaled Al Awadi
NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
UAE’s EWEC, Tadweer Group announce key partners for
world’s most advanced waste-to-energy facility
ABU DHABI, 2024 (WAM)
The Emirates Water and Electricity Company (EWEC), a leading company in the integrated
coordination of planning, purchasing and supply of water and electricity across the UAE, and
Tadweer Group, a sustainable waste champion, have signed a concession agreement with:
 Japan-based consortium comprised of Marubeni Corporation,
 Hitachi Zosen Inova AG (HZI), and
 Japan Overseas Infrastructure Investment Corporation
for Transport & Urban Development (JOIN). The local and global partners will join forces for the
development of the world-leading greenfield Abu Dhabi Waste-to-Energy (WtE) Independent Power
Project (IPP).
The concession agreement was signed at the Abu Dhabi Energy Centre by Othman Al Ali, Chief
Executive Officer of EWEC, Ali Al Dhaheri, Managing Director and Chief Executive Officer of
ww.linkedin.com/in/khaled-al-awadi-80201019/

Tadweer Group, and Roni Araiji, consortium representative and Managing Director Middle East of
Hitachi Zosen Inova Ltd. The signing took place in the presence of representatives from the Abu
Dhabi Department of Energy.
Set to be the world’s most advanced WtE facility, and one of the region’s largest, the project will
have an expected annual processing capacity of 900,000 tonnes of waste, enabling an expected
carbon emissions reduction of 1.1 million tonnes per year.
The world-leading project will set benchmarks for WtE energy projects in terms of scale, efficiency
and environmental benefits. This reinforces Tadweer Group’s ambition as a sustainability champion
of diverting 80 per cent of Abu Dhabi’s waste from landfills by 2030 and helping to create a blueprint
for alternative energy sources.
Othman Al Ali, Chief Executive Officer of EWEC, said: "Today marks a milestone for Abu Dhabi and
the UAE as we continue to accelerate the decarbonisation and sustainable transformation of the
country’s economy.
In partnership with Tadweer Group, this significant waste-to-energy project enables Abu Dhabi’s
strategic shift towards integrating sustainable and environmentally friendly energy sources that cater
to its community's needs and drive the development of the UAE’s circular economy.
EWEC is at the forefront of
accelerating the UAE’s energy
transition, and we are proud to
expand our portfolio to include
circular economy projects, such as
waste-to-energy. We look forward
to collaborating with Tadweer
Group and our Japanese partners
in setting a new standard for waste-
to-energy projects in the region and
beyond."
This project is a cornerstone in our
strategy to reduce reliance on
landfills, lower carbon emissions,
and support the UAE's energy
agenda. We look forward to working closely with our partners to harness pioneering technologies
that transform waste into valuable resources.”
Isao Suzuki, Regional CEO of Marubeni Corporation for Middle-East, said: “At Marubeni, we are
deeply honoured to participate in this landmark waste-to-energy project, a pivotal initiative that
embodies our commitment to sustainable development and environmental stewardship.
This project not only marks a significant advancement in the UAE’s journey towards a circular
economy but also showcases the strength of international collaboration in addressing global
challenges.
This initiative aligns seamlessly with Marubeni’s dedication to innovation in the energy sector,
pushing the boundaries of what is possible in waste management and energy production.”
This partnership between EWEC, Tadweer Group, Marubeni Corporation, HZI, and JOIN aligns with
the objectives of the UAE Circular Economy Policy, which provides the country with a framework to
achieve sustainable governance, optimising the use of natural resources, and finding efficient
infrastructure solutions.

UAE: Borouge Eyes Expansion Even as Merger Talks Continue
(Bloomberg)
The United Arab Emirates’s biggest chemicals producer Borouge Plc is seeking further expansion
opportunities, even as it pursues a €30 billion ($32.8 billion) tie-up with a unit of Austria’s OMV AG.
State-owned Abu Dhabi National Oil Co., which controls Borouge, is pushing for international
growth, including a multibillion-dollar pursuit of Germany’s Covestro AG, purchasing stakes in
natural gas fields in Egypt and Azerbaijan and talks over a Brazilian chemicals company. Adnoc is
also negotiating the proposed merger of Borouge with OMV’s chemical producer Borealis AG.
Borouge will be Adnoc’s petrochemicals “champion,” Chief Executive Officer Hazeem Sultan Al
Suwaidi said in an interview.
“You’ve seen how things are evolving with Adnoc in terms of their expansion and acquisitions and
further growth,” the Borouge CEO said. “Petrochemicals will definitely will be big portions of this.”
Borouge has been “evaluating options,” which are likely to embrace the company’s key Asian
markets, including India and China, Al Suwaidi said at the construction site of its fourth major
production facility. The most important thing is to have the right partner, he added.
Al Suwaidi said he couldn’t comment on the talks between Adnoc and OMV on the Borouge-Borealis
merger.
The Borouge 4 project, at the Ruwais industrial area along the coast from Abu Dhabi city, is set to
be completed by the end of 2025 and boost the company’s production capacity to 6.4 million tons a
year from 5 million now. It exports plastics from the site, which is also the location for Adnoc’s main
refinery.
Chemical markets are set to remain under pressure this year, after prices declined in 2023, Al
Suwaidi said. Borouge pledged to maintain its 2024 dividend payout at $1.3 billion and will rely on
geographically diverse customer base to support sales, he said.
“We are navigating through year 2024 very cautiously,” the CEO said. “It’ll be also another
challenging year.”

US Oil Suppliers Muscling Into OPEC+ Markets All Over the World
Bloomberg + NewBase
One major beneficiary of sanctions on Russian and Venezuelan oil? US suppliers who’ve muscled
their way into markets once dominated by OPEC and its allies.
US oil exports have set five new monthly records since Western nations began imposing sanctions
on Russia in 2022. And with trade restrictions on Venezuela set to renew in April, American barrels
are beginning to displace sanctioned crude in India, one of the biggest buyers of illicit oil.
The shift underscores the extent to which sanctions have helped American crude capture market
share around the world. While US oil has long been the world’s go-to flex barrel, the disruption of
energy flows after Russia’s invasion of Ukraine created new pull for American barrels. Shipments
to Europe and Asia surged in the aftermath, transforming the US into one of the world’s largest
exporters.
Record production from the US — coming just as OPEC and its allies curb their own supply — has
also helped American producers gain a bigger foothold in overseas markets. Physical oil prices are
reflecting that, with WTI in Houston trading near the highest levels since October and sour
benchmark Mars not far behind.
“US production is going up and OPEC and Russian production is going down — so the US, by
definition, is going to have more market share,” said Gary Ross, a veteran oil consultant turned
hedge fund manager at Black Gold Investors LLC.

India — the third-largest crude importer and Moscow’s second largest buyer after China — is the
latest market seeing an influx of US oil. American shipments to India are set to jump in March to the
highest in nearly a year, according to data from crude tracking firm Kpler.
At the same time, Russian oil imports have fallen by about 800,000 barrels a day since last year’s
high point, Bloomberg tanker tracking shows. Russian shipments may decline further with Indian oil
refiners no longer accepting cargoes from tankers owned by state-run Sovcomflot PJSC, which was
recently sanctioned by the US.
While US supplies can’t fully replace Russian crude due to differences in oil quality and voyage
times, “there’s definitely a bit of a pivot there towards pulling in more US crude,” said Matt Smith,
lead Americas oil analyst at Kpler.
Indian refiners have also halted purchases from Venezuela ahead of the expiry of a US sanctions
waiver in the middle of next month. Those supplies are now poised to hit the lowest this year.
Even before the latest raft of trade restrictions, the US was fast becoming a key supplier to Asia,
where US imports hit an annual record last year, according to the EIA.
And in Europe, which has largely eschewed Russian oil since the war in Ukraine began, US
shipments will hit a record 2.2 million barrels a day in March, according to vessel tracking data
compiled by Bloomberg.
To be sure, not all of the pull from Europe is due to sanctions. Imports into the Netherlands have
surged since West Texas Intermediate was included in the dated Brent benchmark last year,
ensuring US crude would become a part of the European diet.
But shipments increased markedly after the imposition of sanctions as European nations sought
non-Russian sources of supply. US imports to France jumped nearly 40% from 2021 to 2023, while
those to Spain rose 134%.
“As US production continues to gradually grind higher, every incremental barrel that’s being
produced is likely going to be exported,” said Kpler’s Smith

Russia Plans to Cut April Seaborne Diesel Exports to 5-Month Low
Russia plans to reduce daily diesel exports from key western ports in April to the lowest in five
months, after Ukrainian drone attacks on refineries and seasonal maintenance sharply lowered
crude processing rates.
Diesel loadings from the nation’s three major ports on the Black and Baltic Seas, including some
volumes originating in Belarus, are set to fall to around 2.29 million tons this month, according to
industry data seen by Bloomberg.
That equates to just over 569,000 barrels a day, down 21% compared with actual daily exports of
about 724,000 barrels from the same ports in March, calculations based on data from intelligence
firm Kpler show.
Baltic and Black Sea Diesel Exports
Russia's seaborne diesel flows set to decline sharply in March

Note: The April data is based on Russia's plans for diesel exports from the three major ports
Russia is cutting seaborne diesel supplies after weekly crude-processing rates dropped to a 10-
month low following the Ukrainian drone attacks as the war between the two nations entered its
third year. Seasonal maintenance that is set to last into summer, temporarily reducing crude
throughput at some Russian refineries further down, is also putting pressure on the nation’s diesel
flows.
Russia no longer sends diesel to Europe due to Western energy sanctions. Yet lower flows from
one of the word’s top producer of the fuel is set to raise volatility in the market that’s already been
affected by attacks on shipping in the Red Sea and regional refinery outages.
So far, Russia has no plans to ban diesel exports, Deputy Prime Minister Alexander Novak said
Friday, according to Russian newswires. “We produce enough diesel, twice as much as the
domestic market needs,” Novak said in Moscow, according to state news agency Tass. If Russia
were to impose the ban, the nation’s refining industry would face overstocking, he said.
The diesel-export plan for April seen by Bloomberg only shows flows delivered to the three key
domestic ports by pipeline. It doesn’t include smaller volumes sent to export outlets by rail and
outside of Transneft PJSC’s oil-product pipeline system. Actual flows may differ, depending on the
weather and demand from foreign customers.

NewBase April 01 -2024 Khaled Al Awadi
NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
Oil stays near five-month highs as tighter supply looms
Reuters + NewBase
Oil prices stayed near five-month highs on Monday as markets expected tighter supply due to
OPEC+ cuts and after attacks on Russian refineries, while Chinese manufacturing data supported
a stronger demand outlook.
Brent crude was 9 cents lower at $86.91 a barrel by 1410 GMT after rising 2.4% last week. U.S.
West Texas Intermediate crude was at $83.27 a barrel, up 10 cents following a 3.2% gain last week.
Trading volumes were thin as markets in several countries remained closed for the Easter holidays.
Both benchmarks posted a third consecutive month of gains in March, with Brent holding above $85
a barrel since the middle of last month.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as
OPEC+, has pledged to extend production cuts to the end of June which could tighten crude supply
during summer in the Northern Hemisphere.
Oil price special
coverage

Russian Deputy Prime Minister Alexander Novak said on Friday that the country's oil companies
will focus on reducing output rather than exports in the second quarter in order to evenly spread
production cuts with other OPEC+ members.
Drone attacks from Ukraine have knocked out several Russian refineries, which is expected to
reduce Russia's fuel exports.
"Geopolitical risks to crude and heavy feedstock supplies add to strong (second-quarter) demand
fundamentals," Energy Aspects analysts said in a note.
Almost 1 million barrels per day (bpd) of Russian crude processing capacity is offline from the
attacks, impacting its high-sulphur fuel oil exports which are processed at Chinese and Indian
refineries, the consultancy added.
In Europe, oil demand was firmer than expected, rising 100,000 bpd on the year in February,
Goldman Sachs analysts said, versus its forecast of a 200,000 bpd contraction in 2024.
Meanwhile, China's manufacturing activity expanded for the first time in six months in March, an
official factory survey showed on Sunday, supporting oil demand in the world's largest crude
importer, even as a crisis in the property sector continues to drag on the economy.
Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign
up here.
The $100 Oil Call Is Back
Bloomberg - Julian Lee
Welcome to Energy Daily, our guide to the energy and commodities markets powering the global
economy. Today, oil strategist Julian Lee looks at the outlook for crude as banks dust off forecasts
for $100 a barrel. To get this newsletter sent to your inbox, you can sign up here.
Oil prices have the potential to rally to $100 a barrel by the end of the Northern Hemisphere’s
summer, but there’s a lot that could send that forecast awry. Analysts at JPMorgan Chase & Co.

have laid out a scenario that sees Brent crude pushing triple digits by September, which would be
the first time in two years.
The catalyst is a decision by Moscow to cut production further in the coming quarter. That move,
announced as part of a coordinated extension of output curbs by a group of OPEC+ members this
month, would take Russia’s quota below 9 million barrels a day by June, bringing it back in line with
Saudi Arabia’s target.
Oil’s gains, the analysts say, may be amplified by the possibility that OPEC+ producers decide when
they meet in June to prolong cuts for the rest of the year. They see an extension as a 50-50 bet.
That would be enough to tip the market into a supply deficit for the whole year, according to an
International Energy Agency forecast. Yet even if the cutbacks are extended, a price rally isn’t a
foregone conclusion.
US gasoline prices are rising and may hit $4 a gallon by May. That might be enough to trim demand
growth or trigger another release of crude from the country’s Strategic Petroleum Reserve.
There’s still plenty in the storage caverns to make that possible.
Then there’s demand. The IEA raised its 2024 forecast by 200,000 barrels a day this month. But
growth is still seen at little more than half what it was last year. High borrowing costs and dollar
strength may yet cause severe disruptions to global consumption.
As for Russia itself, Moscow doesn’t have the best record in meeting output promises. In January,
it almost achieved its target for voluntary cuts for the first time since pledging the curbs last year.
But production rose again last month. Triple-digit oil prices may be crossing the minds of analysts
once more, but the road to get there is still strewn with obstacles.
Pump jacks, like this one on an oil field near Samara in Russia, may
be idled if the country cuts output
Russia’s pledge to cut output has sparked talk of a return to triple digits, but
there are obstacles ahead.

NewBase Specual Coverage
The Energy world –April 01 -2024
CLEAN ENERGY
How fossil fuels thrived despite the White House's climate
policies
By Reuters Prinz Magtulis, Nichola Groom, Jarrett Renshaw and Moira Warburton
The counter-intuitive fossil fuel boom under Biden reflects an awkward truth for his supporters and
detractors alike ahead of the November elections, proving that what happens in globally
interconnected markets like oil and gas is often well outside the immediate control of the person in
the White House.
In Biden's case, Russia's invasion of Ukraine pushed oil and gas prices so high that many producers
worldwide made record profits, not just those in the United States. The global economic recovery
that followed the darkest days of the COVID pandemic also rapidly pumped up demand for fossil
fuels.
The profits of the top five publicly traded oil companies, for example — BP, Shell, Exxon, Chevron,
and TotalEnergies — amounted to $410 billion during the first three years of the Biden
administration, a 100% increase over the first three years of Donald Trump’s presidency, according
to data compiled by Reuters.

Bar chart showing the profits generated by oil companies BP, TotalEnergies, Shell, Chevron and
ExxonMobil during the first three years of the Trump and Biden administrations.
Jobs growth in U.S. fossil fuels also far outpaced that in the renewable energy industries Biden has
been promoting to fight climate change, according to the data.
and paid their shareholders larger dividends, too
Lollipop chart showing the dollar amount of dividends awarded to shareholders by oil companies
BP, TotalEnergies, Shell, Chevron and ExxonMobil during the first three years of the Trump and
Biden administrations.
Trump, Biden's Republican presidential challenger this November, nonetheless frequently uses
Biden's energy policy as a punchline at his campaign rallies, promising to “drill baby, drill” and
restore America's energy independence when he returns to the White House — even as the U.S.
cements its position as a fossil fuel superpower.
Biden’s supporters, meanwhile, rarely, if ever, tout the lofty oil and gas performance, focusing
instead on his push for a green economy through lucrative subsidy packages for solar, wind, electric
vehicles and other clean energy technologies that have sparked new manufacturing projects across
the country.
“If Trump were president, he would be talking about the great oil boom in the United States, the
great energy independence and be taking credit for the relatively low gas prices,” said Ed Hirs, an
energy economist at the University of Houston.

After pandemic slump, oil shares surge under Biden
Change in share price of Dow Jones U.S. oil and gas index from start of presidency
Line chart showing the percentage change in share price of Dow Jones U.S. oil and gas index during
the Trump and Biden administrations.
Note: Data plotted according to trading days. Latest share price data for Biden as of March 20.
The White House told Reuters that the high U.S. oil and gas output is helping, not hurting, U.S.
efforts to decarbonize the economy because it ensures steady energy supply in the meantime.
“President Biden has led and delivered on the most ambitious climate agenda in history, restoring
America’s climate leadership at home and abroad,” it said in a statement. “As we make the historic
investments needed to transition to a clean energy economy, record domestic oil and gas production
is helping to meet our immediate needs.”
Longer-term impact
Biden came to the White House vowing to accelerate the end of the oil and gas industry by shifting
to a green economy powered by electric vehicles, hydrogen, wind and solar. Many of his actions
could be transformative over time if allowed to remain in place.
Among his biggest actions: He canceled the Keystone XL Pipeline project to bring in more Canadian
crude to U.S. refineries, paused new LNG export permits pending an environmental review, reduced
the federal oil leasing schedule, and is using the regulatory system and tax credits to speed up the
transition to electric vehicles and renewables.

Federal onshore drilling permit approvals up under Biden
Stacked bar chart showing the number of federal drilling permits in the U.S. granted during the first
three years of the Biden and Trump administrations.
Note: Year 1 runs from the inauguration day of each president to Dec. 31 of that year.
Source: Bureau of Land Management Automated Fluid Minerals Support System
His critics have sought to tie these actions to rising prices at the gas pump, which soared amid the
turmoil of Russia's invasion of Ukraine and strain from a surge in post-COVID demand.
The average price at the pumps during Biden's first three years was $3.60 a gallon, compared to
$2.57 during Trump's presidency, according to data from the Energy Information Administration.
Biden's signature climate law — the Inflation Reduction Act — includes billions of dollars in tax
credits to help bolster green industries, and while that package has already triggered a rush of new
manufacturing announcements, its full impact won’t be felt for years.
Dustin Meyer, senior vice president of policy, economics and regulatory affairs at the American
Petroleum Institute, the top U.S. oil and gas trade group, said he feared Biden’s policy choices could
damage oil and gas in years to come, even if they are having little impact now.
"There's only so much that an administration of either party can do in the near term to impact supply
or demand," he said. “We are concerned about the administration's policies when it comes to
leasing, when it comes to LNG, when it comes to infrastructure development, and they are going to
make it very difficult for us to meet the energy needs of the future.”
In the meantime, though, fossil fuels jobs have expanded more quickly than clean energy jobs during
Biden’s presidency.
Jobs in clean energy rise under Biden, but so did those in fossil fuels
The first two years of the Trump and Biden administrations saw a growth in jobs in electric
power generation

Bar chart with data from BW Research showing the percentage change in the number of jobs
generated in the natural gas, oil and coal sectors as well as wind, solar and hydro for electricity
generation during the first two years of the Trump and Biden administrations. Source: BW Research
The number of U.S. jobs in oil, gas, and coal rose by 11.3% during the first two years of Biden's
presidency, outpacing the 8.8% growth posted in solar and wind energy jobs, according to figures
compiled by BW Research.
The discrepancy was even greater in terms of total jobs, with fossil fuels growing by nearly 80,000
compared with just over 38,000 for solar and wind, according to the BW figures.
Data for 2023 has not yet been released.
During Trump's presidency, fossil fuels jobs shrank, driven mainly by an economic contraction
triggered by the COVID pandemic.
Crude oil output hits a record high in 2023
Output per day

Lollipop chart showing U.S. crude oil production and natural gas dry production from 2017 to 2019
under
the Trump administration and from 2021 to 2023 under the Biden administration.
Note: 2023 data for natural gas dry production is a projection.
Source: U.S. Energy Information Administration
U.S. oil production, meanwhile, has also hit record highs under Biden, continuing to outpace rivals
Saudi Arabia and Russia. The U.S. also produces more natural gas than ever, pulling record
volumes from wells that spread from Texas to Pennsylvania. As a result, American ports are sending
record volumes of both abroad, including to allies in Europe who are weaning themselves off Russia
for energy supplies.
As production peaks, US ships more oil abroad

All of this has been good for companies and their shareholders.
In addition to soaring share prices, dividend payments and share buybacks by the top five oil
companies were $111 billion during the first three years of the Biden administration, a 57% increase
over the first three years of Trump’s presidency, according to the data.
“You could make an argument that the industry has been more productive, relatively speaking,
under this president than ever before,” said Hirs.

1ewBase Energy News 04- April - Issue No. 1712 call on +971504822502, UAE
The Editor:” Khaled Al Awadi” Your partner in Energy Services
NewBase energy news is produced Twice a week and sponsored by Hawk Energy Service – Dubai, UAE.
For additional free subscriptions, please email us.
About: Khaled Malallah Al Awadi,
Energy Consultant
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME member since 1995
Hawk Energy member 2010
www.linkedin.com/in/khaled-al-awadi-38b995b
Mobile: +971504822502
khdmohd@hawkenergy.net or khdmohd@hotmail.com
Khaled Al Awadi is a UAE National with over 30 years of experience in the Oil & Gas
sector. Has Mechanical Engineering BSc. & MSc. Degrees from leading U.S.
Universities. Currently working as self leading external Energy consultant for the
GCC area via many leading Energy Services companies. Khaled is the Founder of
the NewBase Energy news articles issues, Khaled is an international consultant,
advisor, ecopreneur and journalist with expertise in Gas & Oil pipeline Networks,
waste management, waste-to-energy, renewable energy, environment protection
and sustainable development. His geographical areas of focus include Middle East,
Africa and Asia. Khaled has successfully accomplished a wide range of projects in
the areas of Gas & Oil with extensive works on Gas Pipeline Network Facilities & gas
compressor stations. Executed projects in the designing & constructing of gas pipelines, gas metering &
regulating stations and in the engineering of gas/oil supply routes.
Has drafted & finalized many contracts/agreements in products sale, transportation, operation &
maintenance agreements. Along with many MOUs & JVs for organizations & governments authorities.
Currently dealing for biomass energy, biogas, waste-to-energy, recycling and waste management. He has
participated in numerous conferences and workshops as chairman, session chair, keynote speaker and
panelist.
Khaled is the Editor-in-Chief of NewBase Energy News and is a professional environmental writer with over
1400 popular articles to his credit. He is proactively engaged in creating mass awareness on renewable
energy, waste management, plant Automation IA and environmental sustainability in different parts of the
world. Khaled has become a reference for many of the Oil & Gas Conferences and for many Energy program
broadcasted internationally, via GCC leading satellite Channels. Khaled can be reached at any time, see
contact details above.

NewBase 01 April 2024 Energy News issue - 1712 by Khaled Al Awadi.pdf

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