RIYADH: On a macro level, Egypt, Israel and the EU have signed a gas export agreement as Europe seeks an alternative to Russian gas, while the UK has ended its electric cars $349 million subsidies program, as demand surged.
Zooming in, the British oil giant BP has acquired a 40.5 percent stake in a massive Australian renewables project, that is valued at $30 billion. Saudi Aramco aims to ramp up blue ammonia production as it releases its first sustainability report.
Looking at the bigger picture:
Egypt, Israel and the EU have signed a gas export agreement as Europe seeks to replace Russian supply of energy that it had depended on for years.
The deal will allow Israel to increase its natural gas exports through existing pipelines to Egyptian ports in which it will be transported to Europe after being liquified.
• As demand for electric cars surges, the UK closes its $349 million grant-funding program, according to Bloomberg.
The decision to end subsidies for EVs comes in a bid to free up cash to expand charging network and boost other battery-powered vehicles sales, such as vans, taxis and motorcycles.
Through a micro lens:
Oil giant BP acquired a 40.5 percent stake in a massive $30 billion Australian renewables and green hydrogen project, according to a statement.
Following the acquisition, the British energy firm will lead and operate the 6,500 square kilometers project that is expected to develop up to 26 GW of combined solar and wind generating capacity.
Saudi Aramco aims to ramp up production of blue ammonia and hydrogen business, to produce up to 11 million metric tonnes of blue ammonia per year by 2030, according to a statement.
