oil and gas

April 21, 2018

The UAE was the second-largest investor in the renewable energy sector in the Middle East and Africa last year, investing Dh8 billion ($2.2 billion), a stunning growth of 2,815 per cent over the previous year.

The UAE recorded the second highest growth after Rwanda's 8,665 per cent as the African country invested $400 million (Dh1.46 billion) in the renewable energy sector in 2017.

Regionally, Egypt took the lead with Dh9.5 billion ($2.6 billion) investments last year, achieving a growth of nearly 500 per cent over the previous year.

Jordan"...

Continue Reading >

April 19, 2018

Abu Dhabi National Energy Company, also known as TAQA, raised US$1.75 billion in a two-tranche dollar denominated bond issue that was 4.7 times oversubscribed.

The two tranches consisted of bonds with maturities of seven years with a coupon of 4.375 percent, and bonds with maturities of 12 years with a coupon of 4.875 percent. The issue was over 4.7 times subscribed. The proceeds from the issue will be used to refinance existing debt.

'We have seen robust demand from investors for this bond issuance,' said Mohammed Al Ahbabi, Acting Chief Financial Officer."...

Continue Reading >

April 17, 2018

The Abu Dhabi National Oil Company, ADNOC, today announced its plans to unveil its detailed downstream strategy, expansion plans of the Ruwais Industrial Complex and introduce new partnership and investment opportunities at the ADNOC Downstream Investment Forum, in Abu Dhabi, on 13th and 14th May.

ADNOC’s downstream strategy will act as a key catalyst to Abu Dhabi’s economic and diversification plans, attracting foreign direct investment and supporting significant in-country value. The company also confirmed the attendance of over 30 global CEOs and over 600 senior business leaders from various sectors.

The"...

Continue Reading >

April 15, 2018

Saudi Arabia’s Acwa Power and China’s Shanghai Electric have signed an Engineering, Procurement, and Construction (EPC) contract for the 700MW fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park, the largest Concentrated Solar Power (CSP) investment project in the world based on the Independent Power Producer model.

The deal was signed in Shanghai by Mohammad Abdullah Abunayyan, the chairman of Acwa Power, and Cao Min, the president of Shanghai Electric in the presence of Saeed Mohammed Al Tayer, the managing director and CEO of Dubai Electricity"...

Continue Reading >

April 15, 2018

Opec and its allies appear to have accomplished their mission of bringing global oil stocks to desired levels, the International Energy Agency said on Friday, signalling that the markets could become too tight if supply remains restrained.

The IEA, which coordinates the energy policies of industrialised nations, said global stocks in developed countries could fall to their five-year average - a metric used by Opec to measure the success of output cuts - as early as May.

'It is not for us to declare on behalf of the Vienna agreement countries that it is 'mission"...

Continue Reading >

April 14, 2018

Dubai’s Etihad Energy Services Company (Etihad Esco) will abate over one million tonnes of carbon dioxide (CO2) by 2030 and save 1.7 TWh of electricity by the same year in the emirate, the company revealed.

The announcement was made at the fourth annual Retrofit Tech Dubai Summit & Awards which began yesterday (April 11). The event highlighted the growing investments being made and projects being established to help save electricity, reduce water consumption and raise awareness on energy efficiency in Dubai.

Ali Al Jassim, CEO of Etihad Esco, revealed targets to have 5.6 billion gallons of water saved by 2030 through new initiatives. Solar projects were also a key focus of the event"...

Continue Reading >

April 12, 2018

GP Global (Formerly Gulf Petrochem Group) has completed its acquisition of MAG Lube, a leading manufacturer of lubricants in the Middle East, distributing its full range in more than 40 countries across the Middle East, Africa and Asia.

Established in 2013, MAG Lube is one of the fastest growing companies in the country that witnessed 100 per cent growth year on year, with 30,000-sq-m state-of-the art blending facility situated in National Industrial Park, Jebel Ali.

Its factory has the latest fully-automated blending system technologies designed in France and has a fully equipped, ultra modern laboratory focusing on research and"...

Continue Reading >

April 12, 2018

Total oil product stocks in Fujairah were 18.620 million barrels as of Monday, up 12.2 percent from a week earlier, after a sharp rise in middle distillate numbers, according to latest data from the Fujairah Energy Data Committee, or FEDCom.

Stocks of middle distillates surged 64.2 percent on the week to 2.855 million barrels. Bullish sentiment in the Asian jet fuel market intensified, supported by supply tightness for prompt barrels as a result of ongoing refinery turnarounds in Asia and the Middle East, S&P Global Platts Analytics said in a report.

In addition,"...

Continue Reading >

April 12, 2018

(AETOS Wire)-- Harbour Energy, Ltd. (“Harbour’’) today announced that David D. Powell has joined the organization as Chief Financial Officer. Mr. Powell is a seasoned oil and gas executive with global operating experience, who has built and managed finance, IT, and supply chain organizations worldwide, led post-acquisition integration activities, and has expertise in both operational transformation as well as long-term business strategy. He will be based in Harbour Energy’s Houston offices, and will have a global span of responsibilities in his new role.

Linda Z. Cook, the Chief Executive"...

Continue Reading >

April 11, 2018

Abu Dhabi National Oil Company (Adnoc) on Tuesday launched a first-ever competitive bidding for 6 of its oil and gas blocks.

Minister of State and Adnoc Group CEO Dr Sultan bin Ahmad Sultan Al Jaber said the launch of new licensing blocks is an important step for Abu Dhabi to unlock new opportunities.

'For the first time in our history, on behalf of the Supreme Petroleum Council, Adnoc will make available 6 new onshore and offshore blocks for competitive bid within Abu Dhabi. Our estimates suggest that these new blocks contain substantial amounts of hydrocarbons,'"...

Continue Reading >