South Korea has announced a $5.32 billion financial support package aimed at helping the country’s battery makers invest in infrastructure in North America over the next five years. The initiative is intended to help South Korean firms capitalize on the United States’ Inflation Reduction Act, which requires automakers to source …

In a fairy-tale turnaround that few could have foretold, oil prices have soared to multi-year highs, largely aided by strong post-Covid demand, surprise OPEC+ cuts and the disruption caused by Russia’s war in Ukraine. The petrodollar windfall has really given a boost to previously battered Gulf economies, allowing some Gulf …

North Korea claimed Saturday it had tested another underwater nuclear attack drone, in its latest response to South Korean and United States military drills, though analysts have questioned whether Pyongyang has such a weapon. In recent weeks, North Korea has tested what state media have described as an underwater nuclear-capable …

The Middle East and North Africa account for some 48 percent of the world’s daily production of desalinated water, according to a report by BNC Intelligence. Desalination is the process of removing salt and contaminants from sea water to produce fresh water. The 4th MENA Desalination Projects 2023 Report details …

Oil prices surged at the end of the week, with Basra Heavy crude leading the gains with a 9.09% increase, while Basra Intermediate, Brent, and West Texas Intermediate (WTI) crude also closed with gains. Basra Heavy crude closed at $80.63 per barrel, up by 9 cents. while Brent crude closed …

Exxon this week started a new crude oil distillation unit at its Beaumont refinery, boosting its daily capacity to almost 620,000 bpd. This makes the Beaumont facility the second-largest refinery in the United States after Aramco’s Motiva, Reuters reported. The new unit itself will have a capacity of 250,000 barrels …

India is looking to boost its renewable energy capacity by 250 gigawatts (GW) over the next five years as part of a plan to have 500 GW of installed clean energy capacity by 2030. The Indian government will invite bids for installation of 50 GW of renewable capacity each financial …

Oil prices decreased on Thursday after weak economic data in the US sparked recession fears. International benchmark Brent crude traded at $84.61 per barrel at 10.08 a.m. local time (0708 GMT), a 0.45% drop from the closing price of $84.99 a barrel in the previous trading session. At the same …

The crypto industry is in crisis. Crypto bigwigs all over the world, from the United States to South Korea, have been slapped with very public criminal charges concerning fraud. After the scandalous downfall of FTX, one of the largest cryptocurrency exchanges in the world, regulators have escalated a crackdown on …

European natural gas prices declined for a third session amid lackluster demand, even as uncertainty remains about the full restart of LNG terminals in France. Dutch front-month futures fell 0.9% to €44.17 a megawatt-hour after slumping 13% during the previous two sessions. The UK equivalent also edged lower. European gas …