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After Yemen's Iran-aligned Houthi militia claimed responsibility for the attacks on Saudi oil pumping stations, Saudi's Deputy Defence Minister has slammed Iran. On Thursday, he accused Iran of arranging this attack. Prince Khalid Bin Salman tweeted that this "proves that these militias are merely a tool that Iran's regime uses to implement its expansionist agenda". However, UAE has not taken any names yet, for the incident is still under investigation.
The foreign ministry of UAE informed about the "sabotage operations" on four commercial vessels. The attack occurred near the UAE emirate of Fujairah but did not cause any casualties. Fujairah is one of the largest bunkering hubs situated outside the Strait of Hormuz. Bahrain has described this incident as "a dangerous criminal act". According to the sources, the operations ran smoothly at Fujairah on Sunday.
The London-based investment firm, Twelve Seas Investment Co. has entered into a $1 billion agreement to acquire UAE-based oil storage and services business, Brooge Petroleum & Gas Investment Co. (BGPIC). The acquisition is expected to conclude by the end of the second quarter or early in the third quarter. BGPIC will still be led by its current management team with headquarters in Fujairah.
State-run, ADNOC is looking to expand business activities outside UAE. The oil major aims at drilling outside the UAE, apart from a 40% ramp up in drilling of local conventional resources by 2025. Oilfield services giant, BHGE, which owns 5% stakes in ADNOC Drilling, will assist the company in carrying out local drilling operations. ADNOC Drilling recently concluded the first “fully integrated drilling services” well in the Al Dabbyia field.
A Bloomberg report published on Tuesday reported that OPEC has warned US bankers against the NOPEC bill currently under debate in US Congress. Sources quoted UAE oil minister saying that if the NOPEC bill passed and made OPEC members prone to U.S. anti-cartel legislation, the group would first break up and then, every member would lift individual production to the maximum.
UAE state-owned Abu Dhabi National Oil Corporation (ADNOC) has entered into a definitive agreement with U.S. investment firms KKR and BlackRock. The $4 billion midstream pipeline infrastructure deal is expected to close in 3Q2019. While the consortium of KKR and BlackRock will own 40% stakes in the entity, ADNOC will own the rest. ADNOC will also hold sovereignty over the pipelines and management of operations.
UAE state-run ADNOC Refining has awarded a contract to John Wood Group for a new refinery in Ruwais. The contract requires Wood to deliver Pre-Front End Engineering and Designing (Pre-FEED) for the refinery in Ruwais. The contract award is in line with ADNOC’s renewed focus on the downstream sector. The oil major is now accelerating its $45 billion downstream expansion project announced last year.
UAE state-owned ADNOC yesterday awarded a $1.36 billion contract to UAE’s National Marine Dredging Company (NMDC). The contract requires NMDC to construct 10 artificial islands and 2 causeways in the first development phase of the Ghasha concession. The terms of the contract also require NMDC to expand an existing island. The project will support the development of Ghasha island and is slated for completion in 38 months.
UAE’s ambassador to India, Al Banna informed that UAE and Saudi Arabia will be there to help India in the times of oil supply deficits. According to Indian sources, the oil ministers of both the countries have assured Prime Minister Modi to supply oil continuously. Al Banna has made it clear that India has nothing to worry when it comes to oil supplies.
Indian Prime Minister, Narendra Modi and UAE Minister of States and Group CEO of ADNOC, Sultan Ahmed Al Jaber met at an invitation-only energy leaders’ roundtable. Al Jaber stressed on expanding investment and partnership opportunities, mainly in the energy sector. He said, “ADNOC is ready to work with its existing and potential new partners to meet the growing demand for energy and petrochemical products in India,”
India’s 8.2% economic growth rate in 1Q2018 is expected to draw huge investment from the GCC. Speaking at the India-UAE Partnership Summit (IUPS), Assistant Under-secretary of the UAE Ministry of Economy pointed out how India and the UAE have fostered strong bilateral ties over the years. Reports indicate that the two-way trade between India and UAE might cross $100 billion/year by 2020.
Continuing on the downstream expansion strategy, oil major, Abu Dhabi National Oil Company (ADNOC) incorporated a specialised coker unit as part of its Carbon Black and Coker Project. The new delayed coker unit will enable ADNOC to recover highly specialised and valuable grades of carbon black and calcined coke. The UAE state-owned firm is eyeing the growth in Asian market for its petrochemical business.
Natural gas giant, Dana Gas has posted a $24 million in profits for the first half of 2018. Displaying improved underlying business performance, Dana Gas reported a 200% jump in the second-quarter profits to $36 million. The off sukuk restructuring costs sunk the profits by $2 million for the company. Dana took big steps this year in bringing transformational expansion in KRI (Kurdistan Region of Iraq).
ADNOC has awarded a pre-FEED preparation and licensor evaluation contract to the Worley Parsons’ global consulting firm, Advisian. The firm will carry out the pre-FEED and the licensor assessment for the expansion of Borouge-4 Plant, which is under the JV between ADNOC and Borealis. ADNOC is planning to invest over $45b in its downstream operations to build the world’s largest integrated refining and petrochemical facility in Ruwais.
UAE and China yesterday signed numerous agreements and memorandums worth $1.6 billion, pertaining to oil and gas exploration in the UAE-capital Abu Dhabi. The two countries also entered into an agreement to establish a “trade market” at Dubai Jebal Ali Free Zone sectors. China’s investment in UAE is part of the Chinese President Xi’s “Belt and Road” initiative.
The UAE Ambassador to India has dispelled fears of oil shortage due to the embargo on Iranian crude supply, taking effect in November due to US sanctions. Iran supplies more than 425,000 bpd to one of its largest buyers of crude. The envoy reminded India about the time when UAE and Saudi Arabia were able to supply the shortfall that arose due to the sanctions placed during Obama tenure.
ADNOC and Chinese state-owned CNPC are believed to be closing in on a deal pertaining to a major investment into upstream and downstream businesses. The UAE oil major is putting into execution its plans to almost double its refining capacity and triple petrochemicals output potential by 2025. ADNOC has diverted its focus on the expansion of its downstream division to capture new growth markets.
As part of their three year agreement, Abu Dhabi Sports Council (ASDC) and ADNOC are coming together to host the first Abu Dhabi Marathon. The marathon, scheduled in December, will be organized over a course of 42.195 km and will showcase the city of Abu Dhabi to the world. ADNOC has entered into an agreement with ASDC which gives the company rights to name events.