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Oil & Gas

Oil & Gas

Covestro shares rise as ADNOC plans EU Concessions

Sept. 11 - Shares of German chemicals maker Covestro rose Thursday, after reports that ADNOC is preparing concessions to respond to an EU investigation into its 14.7 billion euros ($17.2 billion), bid for Covestro. At 0924 GMT the shares of Covestro had risen 5.5%, making it their best day for over a month. People familiar with the situation said that ADNOC (the Abu Dhabi state oil company) which bid on the German firm last year would convert the proposed capital increase of 1.2 billion euros into a shareholder loan. Thomas Schulte Vorwick, Metzler analyst, said: "These incrementally positive developments support...

Oil & Gas

Reactions to Israel's attack against Hamas leaders Qatar

Israel attacked the Hamas leadership in Qatar, where this Palestinian Islamist group had long been based. Here are some comments from state and national leaders in response. ISRAELI PREMIER MINISTER BENJAMIN NETANYAHU "Today's operation against top terrorist leaders of Hamas is a completely independent Israeli operation. Israel is fully responsible for the event, as it was Israel who initiated, conducted and conducted it. "Qatar condemns the cowardly Israeli assault that targeted the residential buildings in Doha, the Qatari capital where several members of Hamas' Political Bureau resided." This criminal attack is a flagrant violation of international law and norms and...

Oil & Gas

Reactions to Israel's attack against Hamas leaders Qatar

Israel attacked the Hamas leadership in Qatar, where this Palestinian Islamist group had long been based. Here are some comments from state and national leaders in response. ISRAELI PREMIER MINISTER BENJAMIN NETANYAHU "Today's operation against top terrorist leaders of Hamas is a completely independent Israeli operation. Israel is fully responsible for the event, as it was Israel who initiated, conducted and took full responsibility." "Qatar condemns the cowardly Israeli assault that targeted the residential buildings in Doha, the Qatari capital where several members of Hamas' Political Bureau resided." This criminal attack is a flagrant violation of international law and norms...

Oil & Gas

Reactions to Israel's attack against Hamas leaders Qatar

Israel attacked the Hamas leadership in Qatar, where this Palestinian Islamist group had long been based. Here are some comments from state and national leaders in response. ISRAELI PREMIER MINISTER BENJAMIN NETANYAHU "Today's operation against top terrorist leaders of Hamas is a completely independent Israeli operation. Israel is fully responsible for the event, as it was Israel who initiated, conducted and orchestrated it. "Qatar condemns the cowardly Israeli assault that targeted the residential buildings in Doha, the Qatari capital where several members of Hamas' Political Bureau resided." This criminal attack is a flagrant violation of international law and norms and...

Oil & Gas

Kurier reports that Austrian oil giant OMV is planning to reduce its staff by a twelfth in the evening across the globe.

The Kurier reported that the Austrian oil and gas group OMV will cut 2,000 jobs from its worldwide workforce of 23,000. In a Friday statement, the company stated that "competitiveness" of the group may require adjustments. It did not exclude what they called personnel measures. OMV said that details of its plans will be announced once internal consultations are completed. In a report that was published Thursday evening, the newspaper cited staff unions to say that the Romanian subsidiary Petrom of the company would be particularly affected. Cuts were also planned for its refinery in Germany's south and Slovakia's. Borealis...

Oil & Gas

ADNOC slams EU regulators for 'invasive' demands in subsidy probe into Covestro deal

ADNOC, the state-owned oil company of Abu Dhabi, criticized EU antitrust regulators on Thursday for their disproportionate and intrusive requests for information regarding its $17 billion bid for Covestro in Germany. The warning was that such demands could even compromise the acquisition. The criticism comes after the European Commission (which acts as the EU's competition watchdog) announced on Wednesday that it has temporarily halted an investigation in order to wait for ADNOC, the company who requested the information, to respond. "We are disappointed with the decision today. "The Commission's requirements have gone beyond what is reasonable and relevant for this...

Fuel Oil

Sources say that Fujairah's marine fuel prices are near their highest levels in a year, due to the suspension of Sudan supply.

Trade sources reported that spot premiums for marine oil at Fujairah - the third largest bunkering port in the world - held near to their highest levels during this year as the fuel oil supply was tightened following the United Arab Emirates' decision to stop importing Sudanese crude oil. According to Kpler ship tracking data, the UAE imported no Sudanese crude oil in August, despite receiving one or two cargoes per month of Nile Blend or Dar Blend crude this year. The reason for the imports being stopped was not immediately apparent. Sudanese crude oil is usually refined in Fujairah...

Oil & Gas

Source: EU regulators to pause probe of ADNOC Covestro deal.

A person with first-hand knowledge of the situation said that EU antitrust regulators will pause their investigation on Wednesday into Abu Dhabi's state oil giant ADNOC’s bid for German chemicals firm Covestro. The bid is worth 14.7 billion euros ($17.2 billion). According to the person, the temporary suspension will allow the European Commission time to gather more information about the deal. ADNOC bought Covestro in October last year, making it its largest acquisition to date and the biggest foreign takeover of an EU firm by a Gulf State. Covestro produces foam chemicals that are used in car seats, mattresses and...

Oil & Gas

Poland will continue to pursue former Orlen executive after UAE rejects extradition

Donald Tusk, the Polish prime minister, said that Poland would continue to try and have a former oil industry executive, who was a senior executive, returned from the United Arab Emirates after it rejected Warsaw’s first request for extradition. According to Polish privacy laws the former chief executive officer of Orlen's Swiss unit, known only as Samer, was charged with entering into contracts which resulted in losses of $378 million for the company. It's hard to convince people in countries such as UAE, and you have to be patient. Tusk said to reporters during a press briefing that "we will...

Refined Products

India's IOC purchases 7 million barrels of US and Middle East crude following the Russian oil pause

Indian Oil Corp. (IOC), India's largest refiner, bought 7 million barrels from United States, Canada, and Middle East crudes arriving in September via an auction, according to several sources. IOC's large purchase of spot crude comes after the arbitrage windows for U.S. oil to Asia opened, and Indian state refiners stopped buying Russian crude oil at a time when discounts were shrinking. Donald Trump, the U.S. president, has warned that countries should not purchase oil from Moscow because it is currently under sanctions for its full-scale invasion in Ukraine on February 20, 2022. The sources stated that IOC purchased 4.5...

Oil Refineries

Sources say that Asia is increasing its imports of US WTI oil as Middle East prices increase.

Trade sources say that Asia will increase imports of U.S. West Texas intermediate crude in the fourth-quarter after Middle East oil price increased and opened arbitrage window. They said that the price gap between light-sweet U.S.WTI oil and Middle East crude benchmarks Dubai & Murban has narrowed this month due to strong demand in Asia for high-sulphur oils. WTI's Arbitrage to Asia has been open for the last week for cargoes that arrive in early November. This was stated by June Goh, senior analyst at Sparta Commodities. Sources said that U.S. oil producer Occidental sold WTI crude to Japanese refiner...

Oil & Gas

Covestro sticks with ADNOC timeline despite sales falling short of expectations

Covestro, a German chemicals manufacturer, missed its second-quarter sales targets on Thursday due to the impact of U.S. tariffs on prices. However, it expressed confidence that ADNOC's acquisition by Abu Dhabi would still be completed this year in spite of an EU investigation into competition. Covestro's products include foam chemicals that are used in mattresses, car seat and building insulation. The prospect of higher tariffs in the U.S. led to an oversupply in the U.S. market, especially from Asia-Pacific, which then caused a large drop in price. The company's revenue fell by 8.4% in April-June to $3.86 billion, falling short...

Fossil Fuels

Fossil Fuels

ADNOC close to finalising EU remedies for Covestro deal, sources say

People familiar with the situation said that ADNOC, Abu Dhabi's state oil company, is preparing remedies to deal with an EU investigation on subsidy allegations in its bid of 14.7 billion euros ($17.2 billion) for Germany's Covestro. It will likely convert a proposed capital increase of 1.2 billion euros into a shareholder loan. This is ADNOC’s largest acquisition ever and the largest foreign takeover of an EU-based company by a Gulf State. The European Commission (the EU's competition watchdog) has warned that ADNOC could be benefiting from subsidies, such as a guarantee that is unlimited, and that foreign aid may...

Fossil Fuels

Sources say that OPEC+ has agreed in principle to another major increase in oil production.

OPEC+ has agreed to increase oil production by 548,000 barrels a day in September. Two OPEC+ sources confirmed this on Sunday, as the group completes its largest tranche of production reductions amid fears that Russia will disrupt supply further. The meeting, which is scheduled to start at 1100 GMT on Monday, will likely result in a decision. Washington has recently demanded that India stop purchasing Russian oil. Washington also wants to find ways to pressure Moscow to reach a peace agreement with Ukraine. New EU sanctions have also forced Indian refiners and state-owned companies to stop buying Russian oil. OPEC+...

Fossil Fuels

Sources say that Asia is increasing its imports of US WTI oil as Middle East oil prices increase.

Trade sources say that Asia will increase imports of U.S. West Texas intermediate crude in the fourth-quarter after Middle East oil price increased and opened arbitrage window. They said that the price gap between light-sweet U.S.WTI oil and Middle East crude benchmarks Dubai & Murban has narrowed this month due to strong demand in Asia for high-sulfur oil. WTI's Arbitrage to Asia has been open for the last week for cargoes that arrive in early November. This was stated by June Goh, senior analyst at Sparta Commodities. Sources said that U.S. oil producer Occidental sold WTI crude to Japanese refiner...

Crude Oil

Mining

Mineral Resources

Strong investment demand is driving India's silver imports.

Industry officials said that India's imports of silver are expected to grow in the next few months. This is due to increased investment and industrial demand, which has already consumed the excess from last year's high shipments. The world's largest silver consumer, China, could boost global prices to the highest level since 14 years. Chirag Thakkar of Amrapali Group Gujarat (a silver importer) said at the India Gold Conference, New Delhi, that "with prices going up, the investment demand has also shot up -- nearly twice what it was before." Thakkar predicted that silver imports would increase in the next...

Mineral Resources

The US rate cuts have boosted the economy of most major Gulf countries.

The major Gulf stock markets edged up in early trading on Monday. This was helped by rising expectations that the U.S. Federal Reserve will cut rates this month. However, weak oil prices limited gains. The U.S. unemployment rate rose to nearly four-year levels in August. This confirms that the labour market is softening, which will lead the Fed to cut rates next week. According to CME FedWatch, traders have priced in a rate cut of 25 basis points (bp), with an 8 percent chance of a 50-bp jumbo cut. The Fed's position is important in the Gulf where the majority...

Mineral Resources

Abu Dhabi's financial hub sees 42% increase in active companies

Abu Dhabi's financial centre reported a 42% increase year-on-year in the number of registered entities for the first half 2025. Global firms are looking to gain access to the powerful sovereign wealth fund in the emirate and to expand their presence in Gulf. Abu Dhabi Global Market reported an increase of 42% in assets under management from last June. The financial hub is now home to 154 asset and fund managers who manage a total 209 funds. ADGM is an English Common Law financial free zone. Abu Dhabi, the city that holds 90% of its country's oil reserves has intensified...

Mineral Resources

The mine that funds Congo's rebels and feeds the tech industry

Under the watchful eyes of M23 rebels, in the hills surrounding the Congolese city of Rubaya a line men in rubber boot ferry sacks of crushed stones up winding paths cut in to the slopes. Coltan, a mineral which powers modern technology, is being hauled by the workers. The ore is loaded onto motorbikes, and then shipped thousands of kilometers to Asia. The ore is then processed into tantalum - a heat resistant metal which fetches over $300 per kilogram. It's in demand by manufacturers of mobile phones and computers as well as aerospace components and gas engines. Rubaya is...

Mining

As US trade tensions escalate, Indian jeweller Titan is looking to shift some manufacturing to the Gulf.

C.K. Venkataraman, the Managing Director of India's largest jeweller and watchmaker Titan, said that it is considering moving some production to the Middle East Gulf in order to maintain low tariff access to U.S. markets amid tensions between Washington D.C. and New Delhi. Venkataraman told reporters on Tuesday. Titan, a part of Tata Group, announced plans this month to acquire a major stake in Dubai's luxury retailer Damas. Damas operates 146 outlets across the Gulf. Venkataraman said that the deal is valued at $283m and the region will be used as a "manufacturing base" to export goods to the U.S....

Mineral Resources

Bloomberg News reports that Abu Dhabi's MGX may raise up to 25 billion dollars for AI fund.

Bloomberg News reported that Abu Dhabi's MGX was considering raising up to $25 billion from third parties to increase its artificial intelligence holdings. MGX refused to comment on the reports and could not verify them immediately. The report stated that company executives are considering raising money from strategic and financial investors in Abu Dhabi, and elsewhere, but Mubadala Investment Co. and AI firm G42 remain MGX’s primary backers. According to the report, no final decisions have yet been taken. MGX is headed by Sheikh Tahnoon bin Zayed al Nahyan. He is the UAE's National Security Advisor and a younger brother...

Mineral Resources

Guinea withdraws its mining concession from Emirates Global Aluminium, a statement states

Guinea has transferred the concession for bauxite to a newly-created state-backed company, citing violations to its mining code. This move escalates the standoff regarding refinery construction, and highlights the push by militarily-ruled countries of West Africa to regain control over strategic minerals assets. EGA started operating in Guinea in 2019. It exported 14 million metric tonnes of bauxite by 2022. EGA operates in Guinea through its Guinea Alumina Corporation subsidiary. This concession covers 690 square kilometres and contains 400 million tonnes worth of bauxite minerals. According to the decree issued late Monday, the concession will be transferred by local state-backed...

Mineral Resources

India's gold imports in June fell to a two-year low due to record prices

India's gold exports fell by 40% in June compared to the same month last year, to their lowest level for more than two years. The price surge to record levels sapped demand. A government official who refused to be identified because he wasn't authorised to speak to the media said that imports to India fell to 21 tonnes, the lowest level since April 2023. The official stated that the value of gold imports dropped to $1.84 Billion in June, from $2.48 Billion a year earlier. India has imported an average of 52.4 tons per month in the last decade. The...

Mining

Guinean ships haul in 48.6 millions tons of bauxite, as China's demand increases

Official data from showed that Guinea's exports bauxite - a feedstock used to make aluminium - soared by 39% in the first quarter, reaching a new record of 48.6 millions metric tons, even though regulatory crackdowns forced major operators out of business. The majority of this bauxite has been shipped to China where the aluminium industry is recovering. China produced 18,59 million tons of bauxite in the first five month of this year, an increase of 4.0% over the same period of last year. Guinea, which is the second largest bauxite exporter in the world, has shipped 312 vessels, compared...

Mineral Resources

Gulf stock markets continue to grow despite regional conflict

Investors were anxiously waiting to see if Iran would respond to U.S. strikes on its nuclear sites. The price of oil has risen to its highest level since January, as supply fears were stoked by the United States joining Israel to attack Iran's nuclear sites. The market participants are expecting further price increases amid growing fears that a retaliatory move by Iran could include the closing of the Strait of Hormuz through which approximately a fifth of world crude oil supply passes. Saudi Arabia's benchmark stock index rose 0.7%. Al Rajhi Bank gained 0.6%, and Saudi Arabian Mining Company added...

Mineral Resources

The Gulf countries are recovering from the conflict between Iran and Israel.

The major stock markets in the Gulf recovered some of the losses they suffered in previous sessions, when the conflict between Israel and Iran escalated. Saudi Arabia's benchmark Index gained 1.2%. This was mainly due to a 1.9% increase at Al Rajhi Bank, and a 3.2% rise at Saudi Arabian Mining Company. Sunday, the index fell 1%. After a 7% increase on Friday, oil prices were volatile. Israel and Iran renewed their strikes over the weekend, raising fears that the conflict could spread across the Middle East and disrupt oil exports. The Qatari Index rose 1.7%, a day after it...

Mining

Sudanese Army accuses Libyan Haftar forces border attack

Tuesday, the Sudanese Army accused the forces of eastern Libyan commander Khalifa Hastar of attacking Sudanese borders posts. This is the first time the army has directly accused its northern neighbour of involvement in the two-year conflict. Multiple foreign countries have been drawn into the war between Sudan's military and the paramilitary Rapid Support Forces (whom the military has also accused of being involved), while international efforts to bring about peace so far have failed. Early in the war, Sudan accused Haftar from eastern Libya of supporting RSF through weapons deliveries. The Sudan has accused Haftar and his ally, the...