August 15, 2019

Dubai's Damac Properties reported a 87 per cent slide in second-quarter net profit on the back of lower revenue and rising expenses as well as costs.

Net profit attributable to the owners of the company for the three-month period ending June 30 dropped to Dh50.6 million, the company said on Wednesday in a statement to the Dubai Financial Market, where its shares trade. Revenue plunged 46 per cent at the end of the second quarter to Dh971m from the same period a year earlier, while expenses increased to Dh238m.

We remain financially robust, and with the UAE economy"...

August 15, 2019

FUJAIRAH, 14th August, 2019 (WAM/S&P Platts) -- Refined oil product stockpiles at the Middle Eastern hub of Fujairah jumped 10 percent in the week to 12th August to 21.253 million barrels -- an eight-week high -- according to data released Wednesday by the Fujairah Oil Industry Zone, FOIZ.

The biggest increase was in middle distillates, which ballooned 35 percent to 2.86 million barrels. Lackluster demand in the region amid the Eid holiday was noted in a report by S&P Global Platts. 'Cargoes are still flowing to Singapore and demand is still weak,' a source said, according to the Platts report.

The"...

August 14, 2019

Siemens Gamesa Renewable Energy has secured its first order in India with Alfanar for the supply of 206 units of the SG 2.2-122 wind turbines for two wind farms, totalling 453 MW.

Both projects will be located in Bhuj in the Indian state of Gujarat, where the company will supply 202 MW for one project and 251 MW for the other. The wind farms are expected to be commissioned by 2020.

The SG 2.2-122 is specifically optimized for low wind, low turbulence sites typical of the Indian market, thanks to extremely low power density and high efficiency. This turbine has been crucial to cement Siemens Gamesa leading position in India having sold over 1 GW in the current fiscal year.

“Alfanar"...

August 14, 2019

KBR, a global provider of professional services and technologies, has announced that it has acquired isomerization technologies from RRT Global that will enable KBR to offer expanded octane and clean fuel technology solutions to customers.

KBR, in alliance with RRT Global, has been offering MAX-ISOM catalytic distillation technology for the isomerization of C5 and C6 n-paraffins to boost gasoline pool octane since 2015. Isomerization of C5 and C6 streams is practiced to improve the octane rating of light straight run naphtha, said a statement.

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August 11, 2019

The Indian government is preparing to reform domestic fuel marketing in India, opening up this lucrative sector to foreign oil companies, especially those in the Gulf, according to the Emirati news agency Wam.

To set this process in motion, the Ministry of Petroleum and Natural Gas has prepared a cabinet note which will end rules that essentially restricted fuel distribution in India to domestic oil companies. Most of them are state-run energy enterprises, said the report.

The"...

August 11, 2019

Oil, gas and petrochemical projects, valued at more than $859 billion are either underway or planned in the Middle East and North Africa, of which $283 billion are projects are being implemented, as the region gets ready to meet the forecast increases in demand for energy over the next two decades.

According to industry forecasts, global oil demand will increase by at least 10 million barrels per day by 2040, while natural gas demand is set to grow by 40 per cent and petrochemicals by 60 per cent. The expansion in demand for petroleum and petrochemicals in particular is driving downstream investment across the Mena, says dmg events, organisers"...

August 8, 2019

Sharjah-based Dana Gas's net profit for the first half of 2019 increased almost six fold as a new assessment citing higher reserves led to an increase in the value of earn-out entitlements.

The company said first-half profit was up 483 per cent to $140 million (Dh513m), of which just over half ($71m) was attributed to 'the recognition at fair value of certain reserve-based earn-out entitlements'.

Dana Gas said the entitlements were due 'from certain shareholders in Pearl Petroleum', which were contingent on Pearl proving certain reserves.

August 8, 2019

Abu Dhabi National Oil Company (Adnoc) on Wednesday said it will acquire a stake in VTTI, a Vitol-backed global energy storage company, as part of the state-run UAE energy firm's transformation drive and its expansion into oil trading.

Adnoc will acquire a 10 per cent stake in VTTI, allowing it to secure storage in global export markets as well as at the port of Fujairah, a regional bunkering and storage hub in the UAE.

Under the deal both Vitol and IFM Global Infrastructure Fund, an investment vehicle managed by IFM Investors, will each own a 45 per cent stake"...

August 6, 2019

Adnoc Distribution, the UAE’s largest fuel retailer, will progress plans to enter the Indian lubricants market in the third quarter of 2019 as it looks to increase corporate sales volumes.

The company will also roll out 100 refurbished convenience stores in the UAE by the end of the next quarter and plans to realise cost savings of around $50 million (Dh183.6m) by year-end, its chief operating officer said.

'We might have some announcements this year, in terms of at least by the end of Q3, we’d be able to give on the lubricants side,” Mohamed"...

August 5, 2019

ABU DHABI, 4th August, 2019 (WAM) -- ADNOC Distribution today reported that its first-half 2019 net profit increased by 4.3 percent, to AED1.173 billion, compared with the same period last year.

Free cash flow (EBITDA minus capital expenditures) generation was up 21 percent year-on-year to AED1.345 billion in the first half of 2019. For the second quarter of 2019, EBITDA was AED750 million and net profit was AED 595 million, up 1.3 percent and 2.2 percent, respectively, compared to the second quarter of 2018.

Excluding inventory gains, underlying EBITDA for the first"...