United Arab Emirates

S&P Global Platts announced on Tuesday that it would be changing the pricing mechanism of United Arab Emirates Murban crude oil in the Dubai benchmark oil from 2026, to better reflect the market dynamics. In a document posted on its website, the price-reporting organization said that the Abu Dhabi grade should be priced at a level above or below Dubai and other grades of medium-sour in the basket. Currently, a premium has been applied to the light-sour Murban in order to reflect its superior quality compared to other medium-sour grade - Dubai Oman Upper Zakum, and al-Shaheen - which can...

The Austrian energy company OMV said that the Borouge-Borealis merge will have a positive impact of 120 million euro ($140.8) on its operating result for the second quarter before special effects. This was part of an update to trading on Tuesday. After almost two years of negotiation, Abu Dhabi National Oil Company and OMV decided in March to combine their polyolefin business to create Borouge Group, a chemicals powerhouse with a $60 Billion enterprise value. OMV said that it also expected to take a 400-million-euro hit on its operating cash flow adjusted from Romania and Norway, compared with the first...

Israel claims it wants to prevent a nuclear catastrophe in the region, which is home to millions of people as well as producing much of the oil in the world. Israel's military announced that it had hit a Bushehr site on the Gulf Coast, home to Iran’s only nuclear power plant. But later said the announcement was an error. Here are some details about the damage that Israel has caused and what experts have to say about the dangers of contamination and other disasters. What has Israel done so far? Israel has declared attacks on nuclear sites at Natanz, Isfahan...

Santos announced on Wednesday that it has progressed towards the final commissioning of its Barossa LNG Project following the arrival and deployment of a floating storage, production and offloading vessel (FPSO) at the Barossa Gas Field. The number two independent gas producer in Australia said that five of the six wells have been drilled. The final well is expected to be finished by the third quarter. In a press release, Australia's No. 2 independent gas producer stated that five wells of the six-well programme have been drilled. The final well is expected to be completed in the third quarter. Santos...

The Information reported Wednesday that OpenAI, the maker of ChatGPT, has spoken to Saudi Arabia's PIF and India's Reliance industries, as well as existing shareholders United Arab Emirates' MGX, about its 40 billion financing. According to the report, people who are familiar with the fund-raising said that the investors could each invest at least hundreds millions of dollars. SoftBank, OpenAI's main financier, is seeking to raise additional funds for its ambitious Stargate infrastructure plan and model development. Two sources familiar with the matter said that OpenAI CEO Sam Altman had met earlier this year with India's Minister of IT and...

The major stock markets in the Gulf rose early on Wednesday, in line with Asian stocks. This was due to signs of progress between the U.S. Both countries' top officials said that they had reached an agreement on a framework for resuming their trade truce and removing China's export restriction on rare earths. The broadest MSCI index of Asia-Pacific stocks outside Japan increased by 0.5%. Saudi Arabia's benchmark stock index, which was traded after a break of four sessions, advanced by 1.2%. This was led by an increase of 1.7% in Al Rajhi Bank as well as a rise of...

International Resources Holding, based in the UAE, has agreed to purchase a controlling interest in Alphamin Resources, a major tin producer in Africa. The deal is valued at C$503million ($367million), and comes as it expands its presence on the continent. IRH, a division of International Holding Co., has entered into an agreement with Tremont Master Holdings to purchase a 56% share in Alphamin for C$0.70 or approximately $367 million. The companies announced the deal in a joint press release. Alphamin's Bisie mine is located in eastern Democratic Republic of Congo, an area rich in tantalum and tungsten, as well as...

A spokesperson for Mubadala Energy in the United Arab Emirates said that Mubadala Energy had signed an initial contract to supply gas to Indonesia's state fertiliser manufacturer Pupuk Indonesia. Paul Slinger, speaking at an industry conference organized by the Indonesia Petroleum Association, said that Mubadala Energy would supply 115 millions standard cubic feet of methanol per day to Pupuk and 85 mmscfd for its ammonia facility. Slinger stated that the gas will be delivered as soon as production starts at Mubadala Energy South Andaman Block. The Tangkulo-1 well is expected to begin producing by late 2028. Mubadala Energy reported last...

ADNOC, the state-owned oil company of Abu Dhabi, requested approval from the EU on Thursday under the rules on foreign subsidies for its $16.4 billion acquisition of German chemicals firm Covestro. The request was made on the website of the European Commission. ADNOC's largest acquisition ever, for which it received the green light last week under EU merger regulations, demonstrates the Middle East countries diversification of investments in order to reduce their dependence upon oil. The EU's Foreign Subsidies Regulations (FSR) target unfair foreign aid to companies in order to reduce the competition from non EU companies that are subsidised...

What are the possible contours of a peace agreement between Russia and Ukraine? SECURITY GUARANTEE Ukraine, which has been subjected to a full scale invasion in 2022, and witnessed Russia annex Crimea, needs security guarantees from major powers, primarily the United States. The Budapest Memorandum of 1994, in which the U.S., Russia and Britain agreed to refrain from using force against Ukraine and respect Ukrainian sovereignty was not enough for the Ukrainian government. The powers agreed to take the matter to the United Nations Security Council in the event of an attack on Ukraine. Sources involved in the talks say...

Two people with direct knowledge said that the Abu Dhabi state oil company ADNOC will receive unconditional EU antitrust approval in its $16.6 billion acquisition of German chemicals firm Covestro for 14.7 billion euros. The largest deal ever signed by ADNOC demonstrates the Middle East's plans to diversify investments and reduce their dependence on oil as global energy transitions move towards cleaner sources of energy. According to the source, the European Commission is not concerned about competition because the companies are not overlapping. The EU Competition watchdog declined to comment. ADNOC could not be reached immediately for comment. The company...

Covestro, a German chemical company, cut its core profit forecast for 2025 on Tuesday and announced that it would continue to produce in the same area as it sells. This is because higher U.S. import tariffs are threatening the earnings of the chemical manufacturer. The company has narrowed its range of expected earnings before interest tax, depreciation, and amortization for 2025 to 1 billion to 14 billion euros ($1.13b to $1.59b). The company had forecasted EBITDA to be in the range of 1.0-1.6billion euros. Covestro and LyondellBasell announced that they had both permanently closed their Propylene Oxide Styrene Monomer production...

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...

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...

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...

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...

Emirates Global Aluminium (EGA)'s subsidiary in Guinea announced on Tuesday that it hopes to resume discussions with the Guinean Government, which could lead to the lifting of current measures blocking its bauxite mine operations. EGA is in a dispute over bauxite with the government. The authorities have been preventing its mining and exporting operations since October of last year. Reports stated that earlier this month it had begun a process of withdrawing EGA's mining license due to its failure to construct an alumina refining plant. Guinea Alumina Corporation, a subsidiary of EGA, said that they had always met their obligations...

People familiar with the matter said that the Guinean government's decision to revoke Emirates Global Aluminium (EGA's) mining license was due to the company's failure in fulfilling its commitment to build an alumina refining plant. Reports on Wednesday indicated that Guinea had begun a process of revoking the EGA license, intensifying a dispute which began in October when the Emirati firm's mining and bauxite-export operations were suspended. Guinea's move, as the second largest bauxite producer in the world, could disrupt global supply chains for aluminium and signal the country's increasing hostility toward foreign miners, especially since the September 2021 junta...

Two people familiar with the matter said on Wednesday that Guinea had begun a process of revoking Emirates Global Aluminium's mine licence. Emirates Global Aluminium is owned equally by Abu Dhabi sovereign fund Mubadala and Dubai sovereign fund Investment Corporation of Dubai. It operates through its Guinea Alumina Corporation subsidiary one of the world's largest bauxite mining operations in Guinea. In a reply, the company stated that it "continues to work hard to find a solution with the government so we can resume our operations." EGA and the Government of Guinea have been involved in a dispute since October last,...

The major stock markets in the Gulf region rose in early trading on Tuesday. This was largely due to positive corporate earnings and the easing of trade tensions with the U.S. Officials said that the U.S. will take steps to reduce the impact on domestically produced cars of foreign parts, and prevent tariffs on imported cars from piling up. Businesses that were notified say China has exempted certain U.S. imports of its 125% tariffs, and asked firms to identify the critical goods for which they require levy-free treatment. This is the clearest indication yet that Beijing is worried about the...

The major stock markets of the Gulf gained ground in the early trading on Wednesday. This was after recent losses caused by global trade wars and economic concerns. Trump increased duties on Chinese imports by 104%, accusing Beijing of manipulating yuan in order to offset the levies. But caution won out. China did not bow down to this blackmail and vowed to "fight until the end". Trump's tariffs on specific countries and products have been in effect since 0401 GMT. Saudi Arabia's benchmark Index gained 0.4%. Saudi Arabian Mining Company Ma'aden rose 2.2%. Ma'aden may choose at least one foreign...

Solidcore, a Kazakh gold miner, is looking at issuing bonds to fund investment in Kazakhstan, including new projects estimated to cost $350 million. The company's CEO Vitaly Nesis said that Solidcore was considering issuing these bonds to the Gulf region. Solidcore (formerly Polymetal International) is the second largest gold miner of Kazakhstan. In 2024, the company was forced to sell its Russian assets which accounted for 70% of its production. This happened after U.S. sanctioned its operations in Russia. Mercury Investments, a government-owned fund in Oman, was the largest shareholder of this new company. Its five-year investment program had to...

The United Arab Emirates exported aluminium to the United States in the first eleven days of March. This was due to buyers stocking up on shipments before U.S. Tariffs went into effect on Wednesday. The UAE has exported 68.560.29 tons of aluminum to the U.S. so far in March before tariffs were imposed, compared with 16,124.88 tons for the whole of March 2024. Exports are at their highest level in nearly two years on a monthly scale. The President Donald Trump has imposed 25% tariffs for all U.S. imports of steel and aluminum with the aim of strengthening domestic production....

Binance announced on Wednesday that Abu Dhabi's investment group MGX had invested $2 billion in cryptocurrency. This was Binance's first institutional investment. Binance and MGX stated in their statements on their websites that the investment had been made in stablecoin – a type cryptocurrency pegged to a currency like the dollar. Binance's spokesperson declined to say which stablecoin was used for the payment. United Arab Emirates aims to be a global hub for digital assets including the crypto industry. It has tried to attract some of the largest firms to build locally in a bid to diversify the economy. The...