August 18, 2018

Oil product stocks at the Middle East's key oil hub of Fujairah slipped another 2.5 percent in the week to Monday, hitting a new 10-week low, despite a jump in middle distillate inventories.

Total oil stocks were 17,665 million barrels, down 449,000 barrels from a week earlier, according to the Fujairah Energy Data Committee.

Stocks of middle distillates jumped 20 percent to 3.521 million barrels, the highest since last August.

Middle distillates appear to be gaining momentum as the crack"...

August 18, 2018

UAE-linked DNO ASA, the Norwegian oil and gas operator, today announced plans for its first dividend distribution to shareholders in 13 years following release of strong half-year 2018 results, including revenues of US$289 million, up 83 percent from the same period last year. The company also reported a net profit of US$61 million and free cash flow of US$142 million during the first half of the year.

DNO’s largest shareholder is RAK Petroleum, which is also listed on the Oslo Stock Exchange.

'With growing production and robust and reliable revenues, the"...

August 16, 2018

The Dubai Electricity and Water Authority, DEWA, has commissioned the 2MWp Solar Carport Project, at its headquarters and at the Ministry of Climate Change and Environment, MOCCAE, building.

DEWA launched the project last year as part of the Shams Dubai initiative, to increase reliance on clean energy, support the Smart Dubai initiative, and achieve its vision of becoming a sustainable innovative world-class utility.

This project covers a total of 885 parking spaces in the two locations, using 6,700 locally manufactured solar modules, spanning an area of 13,200 square"...

August 15, 2018

Dana Gas will follow a strategy of balancing new capex against payments in Egypt as the Sharjah energy-based firm posts a 17 per cent second quarter profit drop due to costs linked to the restructuring of its $700 million sukuk.

“Since the Arab Spring and the revolution, the receivables position of Dana Gas has fluctuated between $200 million and $250m on a year-end basis. There have been high points and low points,' Dana Gas chief executive Patrick Allman-Ward told reporters. 'The worst was over $300m and the best was at $190m odd but over the course of the last seven years the overall position has not substantially improved.”

August 15, 2018

Sharjah Water and Electricity Authority, SEWA, hosted a high-level delegation from General Electric Power, GE Power, to discuss potential projects to strengthen Sharjah’s power sector in line with the SEWA's Vision 2020 and the UAE Energy Plan 2050 aimed at driving a culture of innovation, sustainability, cutting carbon dioxide emissions, increasing clean energy and strengthen energy efficiency.

Dr. Rashid AlLeem, SEWA Chairman, said, 'In SEWA we are committed to achieving world-class standards in all aspects of our operations to deliver reliable and high-quality electricity, water and natural gas to serve as the growth engine"...

August 14, 2018

Leading fuel retailer, Adnoc Distribution, reported on Monday 18 per cent jump in first-half net profit to Dh1.124 billion compared with the same 2017 period.

The UAE's largest fuel and convenience retailer said in a statement that the company's financial performance during the first half of 2018 remained resilient notwithstanding a challenging market environment. Total fuel volumes sold during the period was 4,763 million liters, a one per cent decrease compared to the same period last year.

Earnings before interest, taxes, depreciation, and amortisation grew"...

August 13, 2018

Petrochemicals producer Borealis will complete the acquisition of an Austrian plastics recycler over the next couple of weeks, as the company looks to develop more recycled products in Europe and Asian markets, according to its chief executive.

“The transaction is not complete and we’re waiting for regulatory approvals...I expect that we can get that in the next couple of weeks,” Alfred Stern, chief executive at Borealis, told The National in an interview in Abu Dhabi.

The Austrian chemicals firm, owned by the country’s state-backed producer"...

August 11, 2018

The UAE will build a pipeline connecting Ethiopia to the Eritrean port of Assab, state media have reported.

The agreement was reportedly made during discussions in Addis Ababa between Ethiopian Prime Minister Abiy Ahmed and UAE Minister of International Cooperation Reem Al-Hashimy.

The state-affiliated Fana Broadcasting Corporate did not provide details on the agreement.

Landlocked Ethiopia used an oil refinery located in Assab port for its domestic oil needs before a two-year war over the"...

August 11, 2018

Concerns about oil supplies have eased as major producers have stepped up output, but the respite may be only temporary as tough new US sanctions on Iran approach, the IEA warned on Friday.

Crude prices have dipped in recent weeks, reflecting less worry about supplies following increased output by Russia and several Opec nations, the International Energy Agency said in its latest monthly report about the global oil market.

However the Paris-based body warned supply tensions could quickly flare.

'When"...

August 9, 2018

Oil product stocks at the Middle East's key oil hub of Fujairah fell another 3.3 percent in the week to Monday, a new seven-week low, as light distillate inventories slipped to their lowest level of the year.

Total oil stocks were 18.114 million barrels, down 625,000 barrels from a week earlier, according to the Fujairah Energy Data Committee.

Light distillates had the biggest decline again in the week, falling 15.9 percent to just 4.83 million barrels, the lowest so far this year, the data showed.

Gasoline"...