April 18, 2019

ABU DHABI, 17th April, 2019 (WAM) -- Top Chinese energy officials have underlined the importance of the 24th World Energy Congress (24th WEC) 2019, to be hosted in Abu Dhabi on September 9-12.

'The event is a valuable opportunity to accelerate cooperation between the Chinese energy firms and their international counterparts,' said Yang Kun, the Executive President of China Electricity Council, adding that the Congress will be a significant platform to enhance awareness about the Belt and Road Initiative.

The Chinese official made the statements during his meeting"...

April 17, 2019

UAE-based oil and gas logistics firm Tristar Group has signed firm contracts for six new build oil and chemical tankers with South Korean shipbuilder Hyundai Mipo Dockyard.

The vessels will be delivered between the middle of May 2020 and the first week of January 2021.

The vessels have been ordered on the back of long-term charter contracts with oil major Shell, Tristar said in a statement.

This follows Tristar’s acquisition of six new build tankers from the same yard in 2016, also"...

April 15, 2019

ABU DHABI, 14th April, 2019 (WAM) -- The Abu Dhabi National Oil Company, ADNOC, announced today that it has entered into a follow-on pipeline infrastructure investment agreement with the Abu Dhabi Retirement Pensions and Benefits Fund, ADRPBF.

ADRPBF will invest AED1.1 billion (US$300 million), following BlackRock and KKR who in February of this year signed the initial investment agreement to invest AED14.7 billion (US$4 billion) into the midstream pipeline assets.

To mark the occasion, a signing ceremony was held today at ADNOC Headquarters with Dr. Sultan bin Ahmad"...

April 11, 2019

FUJAIRAH, 10th April, 2019 (WAM) -- Oil product inventories in the UAE’s Fujairah trading hub rose 7.8 per cent week on week to a record 25.088 million barrels Monday, led by swelling stockpiles of marine fuels and other heavy distillate residues, data released Wednesday by the Fujairah Oil Industry Zone, FOIZ, at the city’s port showed.

The previous record was 24.4 million barrels in July 2017, FOIZ data provided exclusively to S&P Global Platts showed.

Heavy distillates inventories jumped 18 per cent week on week to 11.747 million barrels, the highest"...

April 10, 2019

Dubai-based fuel retailer Enoc Group has announced the launch of EnocPay, a cashless, cardless payment platform at Enoc and Eppco service stations.

The company said EnocPay enhances the customer experience by enabling them to pay with their mobile phones, without having to leave the comfort of their vehicle.

It allows users to link their vehicle identification pass (VIP) RFID account to enable top-up, pay for fuel as well pay in-store at Zoom and Pronto.

The app also allows for remote payments"...

April 9, 2019

The UAE and Saudi Arabia’s energy ministers reaffirmed commitments to oil trading in the US dollar following speculation Saudi Arabia would trade in a different currency amid pending US legislation to hinder Opec.

“The trading in the US dollar is something that you don’t change overnight,” UAE Minister of Energy and Industry Suhail Al Mazrouei said on the sidelines of the Middle East Petroleum & Gas Conference (MPGC) in Dubai. “I think that [has been] a norm in the industry for years and years so let’s not jump into some of those ideas … Opec did not claim that they will change the currency in trading.”

April 8, 2019

Construction work on the fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site concentrated solar power (CSP) project in the world is progressing on schedule, it has been announced.

Saeed Mohammed Al Tayer, managing director and CEO of Dubai Electricity and Water Authority (DEWA), has inspected the construction work of the project which has a capacity of 950MW and will cost up to AED15.8 billion.

The base concrete of the CSP tower has been completed and, once built, the 260-metre tower will be the tallest solar power tower in the world.

April 8, 2019

ABU DHABI, 7th April, 2019 (WAM) -- ADNOC Distribution traded high at AED2.7 on Sunday, eight percent higher than the last trading session with a volume of 5.59 million shares at Abu Dhabi Securities Exchange.

The rally comes after the company received the shareholders’ approval last week to increase its dividend for fiscal year 2019 to AED2.39 billion, a 63 percent increase on last year’s dividend of AED1.47 bn.

Under the new policy, the annual dividend for fiscal year 2020 will be AED2.57 billion (USD 700 million), equivalent to AED 0.2057 per share,"...

April 7, 2019

Adnoc Distribution is open to acquisitions of fuel and convenience retailers or other assets that fit its business model - including in markets like India - as it pursues growth, its deputy chief executive said.

“We want to widen our options to the customers,” John Carey told The National, when asked if he would consider acquiring assets to boost the company’s growth. “When you look at the inorganic [growth] it’s about the investment return and the fit with our business,” he said on Saturday, declining to say if the company is already engaged in discussions to snap up other companies.

The"...

April 7, 2019

Dubai-based publisher and events organiser, The Maritime Standard, has officially launched the Maritime Standard Awards 2019. The company has confirmed they will be held at The Atlantis, the Palm Dubai, on Monday, 21st October. This is the sixth time in a row that this famous and iconic venue has been chosen to stage the Awards, reflecting the high calibre and quality of the event.

The TMS Awards, widely accepted as being the leading event of its kind in the region, is a glamorous occasion which aims to recognise and reward exceptional performance and achievement within the maritime industry. Managing director, Trevor Pereira, says, “I"...