DUBAI: The ENOC Group said it saved 86.9 million dirhams ($23.7 million) through an innovation program where employees were allowed to submit ideas, state news agency WAM has reported.
The UAE-based oil company has received some 3,824 suggestions through the innovation program since 2012, and it has considered 332 ideas, which it said helped the company significantly.
“The UAE has always taken pride in its ability to cultivate innovation and creativity and foster knowledge exchange; all of which are factors that played an immense role in driving the country’s development,” Said Humaid Al-Falasi, Group CEO of ENOC, said.
The innovation program was in line with a country-wide push to enhance the capabilities of the labor force.
“As such, the UAE ranks 35 in the 2020 Global Innovation Index, and continues to excel in tertiary education, information and communication technologies, general infrastructure, and innovative products and services,” Al-Falasi said.
ENOC employees have been suggesting ideas on energy and power savings, operational and maintenance cost reduction, and improving workflow across the group’s operation
UAE’s ENOC saves $23.7m in employee-centric innovation program
https://arab.news/zh9dv
UAE’s ENOC saves $23.7m in employee-centric innovation program
- The innovation program was in line with a country-wide push to enhance the capabilities of the labor force
European gas prices soar almost 50% as Iran conflict halts Qatar LNG output
- Analysts warn prolonged disruption could push prices higher
- Some shipments of oil, LNG through Strait of Hormuz suspended
- Benchmark Asian LNG price up almost 39 percent
LONDON: Benchmark Dutch and British wholesale gas prices soared by almost 50 percent on Monday, after major liquefied natural gas exporter Qatar Energy said it had halted production due to attacks in the Middle East.
Qatar, soon to cement its role as the world’s second largest LNG exporter after the US, plays a major role in balancing both Asian and European markets’ demand of LNG.
Most tanker owners, oil majors and trading houses have suspended crude oil, fuel and liquefied natural gas shipments via the Strait of Hormuz, trade sources said, after Tehran warned ships against moving through the waterway.
Europe has increased imports of LNG over the past few years as it seeks to phase out Russian gas following Russia’s invasion of Ukraine.
Around 20 percent of the world’s LNG transits through the Strait of Hormuz and a prolonged suspension or full closure would increase global competition for other sources of the gas, driving up prices internationally.
“Disruptions to LNG flows would reignite competition between Asia and Europe for available cargoes,” said Massimo Di Odoardo, vice president, gas and LNG research at Wood Mackenzie.
The Dutch front-month contract at the TTF hub, seen as a benchmark price for Europe, was up €14.56 at €46.52 per megawatt hour, or around $15.92/mmBtu, by 12:55 p.m. GMT, ICE data showed.
Prices were already some 25 percent higher earlier in the day but extended gains after QatarEnergy’s production halt.
Benchmark Asian LNG prices jumped almost 39 percent on Monday morning with the S&P Global Energy Japan-Korea-Marker, widely used as an Asian LNG benchmark, at $15.068 per million British thermal units, Platts data showed.
“If LNG/gas markets start to price in an extended period of losses to Qatari LNG supply, TTF could potentially spike to 80-100 euros/MWh ($28-35/mmBtu),” Warren Patterson, head of commodities strategy at ING, said. The British April contract was up 40.83 pence at 119.40 pence per therm, ICE data showed.
Europe is also relying on LNG imports to help fill its gas storage sites which have been depleted over the winter and are currently around 30 percent full, the latest data from Gas Infrastructure Europe showed. In the European carbon market, the benchmark contract was down €1.10 at €69.17 a tonne
