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Saudi Aramco ready now for IPOs

Saudi Aramco is primed to float on international markets to complement a planned domestic initial public offering (IPO) which has been selected as its primary listing, the state oil giant’s chief executive said on Tuesday. An IPO of Saudi Aramco would happen “very soon”, Amin Nasser cited the kingdom’s new …

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UAE launcing gas-fired power plant

Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Industry and Chairman of the Federal Electricity and Water Authority, FEWA, said that the authority, in cooperation with Emirates Water and Electricity Company, EWEC, is in the process of launching a gas-fired power plant, which will be the most …

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ADNOC closes $600 million with Singapore wealth fund

The Abu Dhabi National Oil Company, ADNOC, today announced that it has formally closed its US$600 million pipeline infrastructure investment agreement with GIC, Singapore’s sovereign wealth fund. This marks the successful closing of the total investment transaction, following the formal closing of the initial investment agreement with BlackRock and KKR …

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Iran oil products increase despite US sanctions

While U.S. sanctions on Iran’s oil industry have slashed the OPEC member’s crude exports by more than 80%, oil product sales from the Islamic Republic remain strong at nearly $500 million a month, shipping data and Reuters calculations show. Sanctions have barely affected Iran’s exports of oil products, primarily fuel …

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Banned Iranian tanker headed to Lebanon

Turkey said on Friday that an Iranian tanker at the center of a confrontation between Washington and Tehran was headed to Lebanon after changing course several times, although Beirut said it was not informed of the plan. According to Refinitiv tracking data, the Adrian Darya, formerly called Grace 1, made …

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Iran welcomes French nuclear negotiating

Iran is prepared to work on French proposals to salvage the international nuclear deal that Tehran signed with world powers in 2015, Foreign Minister Mohammad Javad Zarif said on Thursday. “There are proposals on the table… and we are going to work on those proposals,” he said at the Norwegian …

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ADNOC issues ‘smart’ procurement contract

The Abu Dhabi National Oil Company, ADNOC, announced on Wednesday the award of multi-billion-dollar contracts for the procurement of casing and tubing as it drives value through its smart approach to procurement. The combined scope of the three contracts awarded is one of the world’s largest in this category, maximising …

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Pompeo unhappy Iranian tanker released

U.S. Secretary of State Mike Pompeo said in a television interview on Monday that it was unfortunate an Iranian oil tanker detained off Gibraltar had been allowed to leave. “It’s unfortunate that that happened,” Pompeo told Fox News Channel. He added that if Iran is successful in making profit from …

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DEWA to build pumped-storage hydroelectric power station

Dubai Electricity and Water Authority, DEWA, has awarded the Strabag Dubai LLC, Strabag AG, Andritz Hydro and Ozkar consortium the construction contract for the AED 1.437 billion pumped-storage hydroelectric power station at Hatta. This is part of the Comprehensive Development Plan for Hatta, launched by His Highness Sheikh Mohammed bin …

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Saudi-Malaysian refinery back on track

Pengerang Refining and Petrochemical (PrefChem), a joint venture between Petronas and Saudi Aramco, has begun to restart a crude distillation unit (CDU) at its oil refinery in Malaysia, Petronas said on Saturday. Malaysia’s state oil firm said the refinery had started feeding crude oil into the unit earlier this week, …

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Gulf-India investment ties expanding

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. To set this process in motion, the Ministry of Petroleum and Natural Gas has prepared a cabinet note which will end rules that essentially …

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Turkey sending another drill ship to Cypriot waters

Two Turkish drill ships are continuing operations in the eastern Mediterranean and another ship will join them this month, Energy Minister Fatih Donmez said, as a dispute over natural resources there fuels tensions between Turkey and Cyprus. EU member Cyprus and Turkey have argued for years regarding the ownership of …

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UAE launching accelorator programme for energy sector

ENOC Group announced the launch of ‘NEXT’, an accelerator programme designed to unlock growth opportunities and tackle challenges in the energy sector through building new digital ventures for business-to-business and consumer categories. According to a statement, NEXT underpins the Group’s commitment to contributing to the UAE’s future agenda and Dubai’s …

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ADNOC Distribution enjoys 4.3% profit rise

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 …

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Iran captures tanker smuggling fuel amidst Gulf crisis

Iranian Revolutionary Guards seized a foreign oil tanker in the Gulf that was smuggling fuel and detained seven crewmen, Iran’s state media reported on Sunday, in a show of power amid heightened tension with the West. The vessel was intercepted near Iran’s Farsi Island in the Gulf, Iran’s semi-official Fars …

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35% of all Japanese oil imports come from UAE

Japan imported 26.899 million barrels of crude oil in June 2019 from the United Arab Emirates, according to data released by Japanese Agency of Energy and Natural Resource, AENR. This accounts for 34.7 percent of Japan’s total crude imports, said AENR, an affiliate of the Japanese Ministry of Economy, Trade …

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ADNOC closes landmark equity partnerships

The Abu Dhabi National Oil Company, ADNOC, on Wednesday announced that it has closed its landmark strategic equity partnerships with the Italian oil and gas company Eni and the Austrian oil and gas company, OMV, covering both the existing ADNOC Refining business and a new trading joint venture. The agreement, …

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