July 11, 2020

Abu Dhabi's investment fund Mubadala Investment Co will enter into exclusive talks with Petrobras to purchase Brazil's second-largest refinery, the Brazilian state-owned oil company said in a securities filing on Thursday.

Reuters was the first to report earlier on Thursday that Mubadala was on an inside track to acquire the refinery, known as Rlam, after beating back competition from India's Essar Group, according to three people close to the negotiations.

Petroleo Brasileiro SA, as Petrobras is formally known, confirmed in a filing that Mubadala had submitted"...

July 9, 2020

FUJAIRAH, 8th July, 2020 (WAM / S & P Platts) -- Stockpiles of light, middle and heavy distillates at the oil trading and bunkering hub of Fujairah declined to a two-month low July 6th, extending declines from the record set in early June amid signs of improved demand for transportation fuels as nations ease travel restrictions.

Total inventory stood at 27.361 million barrels as of 6th July, down 4 percent week on week, the Fujairah Oil Industry Zone, FOIZ, said today.

Stockpiles are now the lowest since 4th May and down 11 percent since the record 30.71 million"...

July 9, 2020

ABU DHABI, 8th July, 2020 (WAM) -- The Emirates Global Aluminium, EGA, today announced that production at its new Al Taweelah alumina refinery achieved nameplate capacity from bauxite to alumina for June, a major milestone in the ramp-up of the giant plant.

The milestone was achieved just 14 months after alumina production began in April last year, a world-class performance.

Alumina refineries convert bauxite to alumina in a four-step process which in parts exceeds 1,000˚C and 100 times the atmospheric pressure. It can take several years or more for new alumina refineries"...

July 8, 2020

Abu Dhabi National Energy Company (Taqa) announced on Tuesday the successful financial closing of the largest gas-fired power plant in the UAE.

The AED4.2 billion ($1.14 billion) Fujairah F3 Independent Power Producer (IPP) project will have a power generation capacity of 2.4 GW – equivalent to the powering of 380,000 UAE households, said a Wam news agency report.

The power plant is expected to begin power"...

July 7, 2020

ABU DHABI, 6th July, 2020 (WAM) -- Abu Dhabi Global Market, ADGM, and the International Renewable Energy Agency, IRENA, have announced the signing of a Memorandum of Understanding to signify their joint commitment to progressing sustainable finance across the UAE and the wider region.

Through the MoU, ADGM and IRENA solidified their mutual dedication to promoting solutions that facilitate investment in renewable energy. The agreement was signed by Dhaher bin Dhaher AlMheiri, CEO of the ADGM Registration Authority, and Francesco La Camera, Director-General of IRENA.

Commenting"...

July 7, 2020

DUBAI, 6th July, 2020 (WAM) -- Ducab Group, one of the UAE’s largest manufacturing businesses has taken a significant step towards increasing its sustainability with the official opening of its solar plant, which was inaugurated by Saeed Mohammed Al Tayer, MD and CEO of the Dubai Electricity and Water Authority, DEWA, in the presence of Dr Ahmad bin Hassan Al Shaikh, Chairman, Ducab, Board members and senior officials from both parties.

The solar plant, a 2MWp (megawatt peak) renewable generation project located at Ducab’s head office site in Jebel Ali, Dubai, was developed in partnership with Etihad Energy Service Company, Etihad,"...

July 5, 2020

(WAM) -- The Ministry of Energy and Industry has announced the development of a new national platform dedicated to showcasing products and equipment that can be used in the fight against the COVID-19 pandemic.

The products will be listed on the digital platform for the industrial sector in the country, which was previously launched in coordination with the Departments of Economic Development, DED, of each of the seven emirates and members of the Industrial Coordination Council.

Suhail Al Mazrouei, Minister of Energy and Industry, said the COVID-19 platform is designed"...

July 2, 2020

Schlumberger Limited is providing the following disclosure pursuant to L. 225-102-3 of the French Commercial Code (“FCC”) , which requires disclosures of certain payments made by Schlumberger Limited and its consolidated subsidiaries (together, the “Company”) to governments for the year ended December 31, 2019 relating to “extractive industries” as defined by, and required under, the FCC. The following schedules disclose the payments made by the Company in 2019 to governments in Bolivia, Georgia, Morocco, the United Kingdom and the United States in connection with Schlumberger’s extractive activities under the FCC, including its operation of sand and barite mines.

Payments"...

July 2, 2020

NEW YORK,1st July 2020 (WAM) -- Brooge Energy Limited, today announced its financial results for the full year ended December 31, 2019.

Revenue for the full year 2019 increased 23% to $44 million, compared to $36 million in the full year 2018. Gross profit for the full year 2019 was $34 million, resulting in gross margin of 77%, compared to $26 million for the full year 2018.

'We are pleased to report record financial results for the full year 2019,' said Nicolaas L. Paardenkooper, Chief Executive Officer of Brooge Energy.

'Our"...

July 2, 2020

ABU DHABI, 1st July, 2020 (WAM) -- A webinar dialogue session was recently hosted by the UAE-Canada Business Council to discuss the ‘Energy issues in the post-COVID-19 world' in the presence of Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Industry, OPEC Secretary General, Mohammad Sanusi Barkindo, and Jason Kenney, Premier of Alberta, Canada.

The Canada-UAE Business Council has helped in facilitating long-term relationships and strategic initiatives among industry stakeholders.

Addressing the meeting, Al Mazrouei said, 'The UAE"...