United Arab Emirates

QatarEnergy increased the term price of al-Shaheen oil loading for June by $1.76 a barrel over Dubai's quotes, according to trade sources on Wednesday. The increase was the first in three months, and it came after a premium of $1.29 a barrel for cargoes loaded in May. Dubai and Oman, Middle East benchmarks for crude oil, also saw increases this month. This was due to increased buying interest after the drop in oil prices. They said that the producer sold two cargoes at a price premium between $1.68 and $1.75 per barrel over Dubai's quotes. One cargo was sold to...

Sudan informed the International Court of Justice that the United Arab Emirates violated the Genocide Convention on Thursday by supporting paramilitary groups in Darfur. The UAE, however, argued that the case should not be heard as the court lacks jurisdiction. Sudan requested that the judges issue an emergency order to prevent the attacks of the paramilitary Rapid Support Forces (RSF) and other Arab militias in West Darfur in 2023, which were documented by. The United Arab Emirates are complicit in the genocide of the Masalit, according to Sudan's acting Justice Minister, Muawia osman. The UAE have repeatedly dismissed Sudan's case...

Saudi Arabia's stock exchange led its Gulf counterparts higher on Thursday morning, following global shares. This was after U.S. president Donald Trump made the unexpected decision to suspend most of his recently implemented tariffs. Trump announced on Wednesday a 90-day suspension of many of his new tariffs. However, he increased the tariff rate on China from 104% to 125%, effective immediately. Saudi Arabia's benchmark stock index rose 4% on its way to the biggest intraday gain since March 2020. The increase was boosted by Al Rajhi Bank's 3.8% and Saudi National Bank's 3.9% increases. Saudi Arabia is currently subject to...

OMV, Austria's oil and gas group, said that it expects its first-quarter results to be boosted by the merger of Borealis and Borouge with ADNOC. Abu Dhabi National Oil Company (ADNOC) and OMV agreed last month to merge their polyolefin business to create Borouge Group International. The new company will have a $60 billion enterprise valuation. Vienna-based company stated that the positive impact of its clean operating results would be a mid-double digit million euro range for the first quarter compared to the final three months in 2024. Clean operating results are based on current costs of supply and exclude...

India's Foreign Ministry announced on Saturday that India and the United Arab Emirates had agreed to build an energy hub in Sri Lanka. This comes as New Delhi's rivalry with China in the Indian Ocean Island nation grows. The three nations signed a pact to create the hub during Indian PM Narendra Modi’s visit to Sri Lanka. This was the first time a world leader visited Sri Lanka since Anura Kumara dissanayake became president in September. New Delhi and Colombo are working to strengthen their ties, as India's southern neighbor recovers from the severe financial crisis that was triggered in...

ADNOC (Abu Dhabi National Oil Co.), a state-owned company, has pursued a number of mergers and acquisitions with European companies with the aim of diversifying and developing its renewable energy and chemicals operations. ADNOC has been involved in the following deals and discussions: COVESTRO ADNOC announced on October 1 that it had agreed to purchase German chemicals manufacturer Covestro for $14.7 billion. This is one of the largest foreign takeovers in the Gulf, and is intended to reduce the country's heavy reliance on oil during the energy transition. ADNOC will merge with OMV its polyolefin business to create a chemical...

UAE telecoms group e& announced on Wednesday it had agreed with artificial intelligence company G42 to sell its 40% share in Khazna Data Center Holdings, for $2.2 billion. In a statement, the telecoms company said that this deal would generate a capital profit of $1.4 billion prior to federal royalty and corporate taxes and that the proceeds would be used to pay down its debt. Khazna designs, builds, and operates wholesale datacenters. Separately, MGX and Silver Lake will become minority shareholders in addition to G42, the majority shareholder. The deal is expected to be finalized by the end the first...

At a Rome bilateral summit, the United Arab Emirates announced that it plans to invest 40 billion dollars in Italy. The two countries did not give a timeframe. Since taking office as Italian Prime Minister in 2022 Giorgia Mello has sought to strengthen ties with Gulf nations, ignoring the concerns raised by political rivals over human rights. Italy under her leadership lifted the arms embargoes imposed on the UAE and Saudi Arabia by previous governments in connection with the Yemen war. Meloni received Sheikh Mohammed bin Zayed Al Nahya, President of the UAE, on Monday during his state visit to...

The government has granted permission to Russia's biggest oil companies to continue gasoline sales until the end February. This extends a waiver that was due to expire this Friday. The Russian government lifted the temporary ban at the end of November on gasoline exported by the majority of producers. However, the restrictions were extended to other exporters, such as independent traders or re-sellers until January 31. These restrictions will continue to be in effect in February. The first ban on gasoline imports was implemented in March of last year in response to a steep rise in wholesale fuel costs and...

Syrian Foreign Minister Asaad Hassan alShibani stated on Wednesday that the country will open its economy to foreign financial investment and that Damascus is also dealing with energy and electrical power collaborations with Gulf states. Syria's economic resources are diverse and we have a great deal of sectors - industry, tourist ... of course the economy in the future will be open and will open the road for foreign investment, he said at the World Economic Online forum meeting in Davos, Switzerland. Shibani paid different check outs to Saudi Arabia, the United Arab Emirates and Qatar in early January, during...

United Arab Emirates state energy company Masdar has actually signed a $15 billion renewable energy handle the Philippines to develop solar, wind and battery energy storage systems, offering it with up to 1 gigawatt of tidy power by 2030. The project is in line with the Philippines' goal of decreasing its reliance on nonrenewable fuel sources and increasing the share of clean energy in its power mix. This partnership with Masdar marks a transformative step in our renewable energy journey, Philippine Energy Secretary Raphael Lotilla stated in a joint statement with Masdar. The job is prepared to be scaled approximately...

XRG, the global financial investments arm of Abu Dhabi National Oil Company (ADNOC), stated on Thursday it will become the brand-new majority investor in Covestro after the German chemicals maker's. shareholders authorized a takeover offer. Shares tendered and purchased by XRG are comparable to 91.32%. of Covestro's overall impressive shares, XRG said. The takeover. still requires to fulfill regulative conditions and is anticipated to. close in the second half of next year. ADNOC struck a handle October to purchase Covestro for 14.7. billion euros ($ 15.28 billion), consisting of financial obligation, for what will be. its biggest ever takeover. The...

Data from industry and trade sources revealed that the share of OPEC crude oil in India's imported oil fell to a new record low during fiscal year 2024-25, as refiners continued to gorge themselves on cheaper Russian oil, which was the number one oil supplier for New Delhi for a third consecutive year. India, which is the third largest oil consumer and importer in the world, has been buying Russian oil at a discounted price after the West imposed sanctions against Moscow due to the Ukraine conflict. In the fiscal year ending March 2025, the South Asian nation imported 4.88...

Brent crude futures flipped into a discount versus Dubai swaps Wednesday for the first time in November 2023. LSEG data revealed this, highlighting the strength of Middle East sour crude compared to the global benchmark sweet crude. Brent-Dubai Exchange of Futures for Swaps LSEG data revealed that the price of oil was minus 2 cents per barrel as of Wednesday's close on the market at 0430 GMT. Two trade sources reported that the discount had since increased to 14 cents per barrel. Sweet oil is usually more expensive because it's easier to process. Harry Tchilligurian is the head of research...

Next week, the Russian Deputy Premier Alexander Novak will be in charge of a meeting between government officials and oil companies to discuss an possible ban on gasoline exports for fuel producers starting March 1. Novak's Office declined to comment. One source said that the meeting could take place either on Tuesday or Thursday. The TASS news agency reported last week that the Federal Anti-Monopoly Service could impose a one-month export ban on gasoline by large producers to stabilize wholesale prices before the planting season. A measure that was originally implemented in March last year prohibits traders and resellers from...

A survey shows that OPEC's oil production fell for a second consecutive month in January. This was due to a decline in exports, primarily from Nigeria and Iran, which offset a recovery in the United Arab Emirates, where maintenance on fields had reduced output in December. According to a survey released on Wednesday, the Organization of the Petroleum Exporting Countries (OPEC) pumped 26,53 million barrels of oil per day in December, a decrease of 50,000 bpd compared with the revised December total. Nigeria and Iran saw the biggest drops. The modest drop in production came at a time when the...

ADNOC (Abu Dhabi National Oil Co.), a state-owned company, has pursued a number of mergers and acquisitions with European companies with the aim to diversify its chemicals and renewable energy businesses. ADNOC has been involved in the following deals and discussions: COVESTRO ADNOC announced on October 1 that it had agreed to purchase German chemicals producer Covestro, for $15.1 billion. This is one of the largest foreign takeovers in Gulf states and aims to reduce the country's heavy reliance on oil during the energy transition. Austrian oil group OMV and ADNOC announced on January 31 that they are considering a...

Abu Dhabi National Oil Company has signed an arrangement to provide German energy company EnBW with 600,000 tons per year of liquefied natural gas from its Ruwais job for 15 years, ADNOC said on Monday. The sales and purchase agreement (MEDICAL SPA), which will see the United Arab Emirates state oil giant ship LNG beginning in 2028, settles a heads of arrangement reached in May. More than 8 million tons per year (mtpa) of Ruwais' overall 9.6 mtpa expected production has been committed through long-lasting arrangements, ADNOC stated. ADNOC sees LNG and gas, together with petrochemicals and renewables, as pillars...

Vietnam's Binh Kid Refining and Petrochemical has purchased its very first freight of Murban crude oil produced in the United Arab Emirates as it diversifies import sources for its Dung Quat refinery, 2 sources knowledgeable about the matter said on Friday. The 300,000-barrel freight will be delivered in December, one of the sources stated. This will be the refinery's very first trial of a high-sulphur grade, he added. The plant typically processes low-sulphur, or sweet, unrefined. The seller and cost of the freight were not instantly known. The company, likewise called BSR, declined to comment. The Dung Quat refinery is...

Asian refiners are grabbing Middle East light petroleum freights as high Brent rates suppress arbitrage supply from the U.S., Europe and Africa, driving up the Murban criteria to its highest this month, traders stated on Friday. Refiners from South Korea and Japan have actually purchased area Abu Dhabi light grades - Murban, Das and Umm Lulu - for October filling in the past 2 weeks while Indian Oil Corp, the country's top refiner, purchased 3 million barrels of Murban by means of a tender this week, they said. The purchases enhanced benchmark IFAD Murban unrefined futures, with the premium for...

Japanese city gas provider Osaka Gas intends to keep annual handling volume of liquefied gas at 11.5 million metric heaps in the financial 2030 year, an executive said on Thursday. One of Japan's most significant LNG purchasers, Osaka Gas stated on Tuesday it had signed a preliminary long-lasting contract with UAE's ADNOC for the delivery of as much as 800,000 metric tons per year of the super-chilled fuel. Its LNG handling volume, including imports for its own demand, wholesale and trading, stood at 11.5 million lots in financial 2023 that ended on March 31 this year versus 3.5 million tons...

Abu Dhabi petrochemicals firm Borouge on Wednesday reported a 33% jump in secondquarter net revenue, beating price quotes, on the back of greater production volumes and effectiveness. Borouge reported income of $308 million in the 3 months to end-June. Profits were up 6% to $1.5 billion. That beat analysts' average expectation of $294.67 million earnings for the quarter, according to LSEG. Borouge is a joint endeavor between UAE state oil giant ADNOC and Borealis in which they hold a 54% and 36% stake, respectively. Borealis is a joint venture owned in which Austria's OMV owns 75% and ADNOC owns 25%...

U.S. melted gas (LNG). supplier NextDecade has actually signed a nonbinding arrangement. with Saudi Aramco to provide 1.2 million tonnes per. year (MTPA) of LNG for 20 years, the companies stated on. Thursday. The offer comes at a time when Aramco is looking for to. reinforce its position in the LNG market, which is set to grow. internationally by 50% by 2030, especially in the United States, where. LNG capacity is set to nearly fold the next 4 years. Aramco stated the deal became part of its efforts to expand its. existence in global energy markets. Under the terms, LNG...

International airlines on Monday raised their earnings forecast for 2024 and projected industry broad revenues just shy of $1 trillion as a record number of visitors board flights. The International Air Transport Association (IATA) stated it anticipated the around the world industry to generate $30.5 billion of revenue this year, higher than an upwardly modified $27.4 billion in 2023 as carriers keep a lid on underlying labour costs regardless of current strikes. That comes simply 4 years after the market collapsed to a. $ 140 billion loss in 2020 as a result of the pandemic and is. above the $25.7...