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[1/2] The main deck of the Floating Storage and Regasification Unit (FSRU) "Neptune" is seen during the official commissioning of the liquefied natural gas (LNG) terminal "Deutsche Ostsee" at the harbour in Lubmin, Germany, January 14, 2023. John Macdougall/Pool via REUTERSLONDON/FRANKFURT, Feb 9 (Reuters) - Germany and Oman are in advanced talks to sign a long-term deal for liquefied natural gas (LNG) lasting at least 10 years as Berlin continues its search for alternatives to Russian fuel supplies, three sources familiar with the matter said. Europe has been scrambling to replace Russian gas since last year against a backdrop of war in Ukraine, with state-run Gazprom (GAZP.MM) progressively reducing and then suspending the lion's share of pipeline supplies to Europe. Germany has been holding talks for months with the world's biggest LNG producer Qatar for additional supplies, but negotiations have been lengthy. While supply deals with Qatar would be positive for Germany, they would not offer an immediate solution to Berlin's energy crisis.

☆ ADNOC eyes valuation of at least $50 bln for its gas business - sources
▼ + stars: | 2023-01-30 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +3 min

The state oil giant announced in November it was combining its gas processing arm and its liquefied natural gas (LNG) subsidiary into a single listed entity. ADNOC is eyeing a valuation of at least $50 billion for ADNOC Gas, though deliberations over valuations have not finalised and the company is yet to determine the size of the offering, said the sources close to the matter, declining to be named as the matter is not public. They said an initial public offering of ADNOC Gas could launch as soon as February, ahead of a slowdown in market activity during the Muslim fasting month of Ramadan which begins end of March. At $50 billion and above, ADNOC Gas' valuation would be broadly comparable to Italian energy group Eni (ENI.MI), U.S. Over the past two years, ADNOC listed petrochemicals company Borouge (BOROUGE.AD), fertilisers and clean ammonia products maker Fertiglobe (FERTIGLOBE.AD) and ADNOC Drilling (ADNOCDRILL.AD).

☆ Davos 2023: Big oil comes in from the cold on energy transition
▼ + stars: | 2023-01-20 | by ( Maha El Dahan | ) www.reuters.com time to read: +6 min

CHINA OUT./File Photo/File PhotoSummarySummary Companies Energy transition front and centre at Davos meetingEurope energy crisis forces moment of reckoningClimate activists sceptical of oil industry inclusionDAVOS, Switzerland, Jan 20 (Reuters) - A different type of energy transition has taken place at this year's World Economic Forum (WEF) meeting. Unlike 2021's COP26 climate conference in Glasgow, where oil and gas executives were personae non gratae, fossil fuel chiefs and renewable energy bosses sat cheek by jowl in Davos. Thunberg's was not the only voice at Davos with strong objections to the industry's new mantra that the energy crisis justifies new oil investments. Like Birol, British opposition leader Keir Starmer said the oil and gas sector has a role to play in the energy transition. Jaber, who is the founding CEO of Abu Dhabi’s renewable energy firm Masdar and has overseen the UAE's mandate to adopt renewables is not without green credentials.

☆ Greta Thunberg on Abu Dhabi's oil chief leading COP28 climate summit: 'Completely ridiculous'
▼ + stars: | 2023-01-19 | by ( Natasha Turak | ) www.cnbc.com time to read: +2 min

Climate activist Greta Thunberg speaking on the main stage in George Square as part of the Fridays for Future Scotland march during the Cop26 summit in Glasgow. Swedish climate activist Greta Thunberg on Thursday became the latest vocal critic of the United Arab Emirates' decision to name the head of the Abu Dhabi National Oil Company (Adnoc) as president of this year's COP28 climate summit. The UAE, one of the world's top oil producers, will host the U.N.-led climate summit from Nov. 30 to Dec. 12, 2023. And the hard reality is that, in order to achieve this goal, global emissions must fall 43% by 2030." According to the panel, roughly 90% of global CO2 emissions come from fossil fuels and the heavy industry.

☆ India, UAE close to deal on renewable electricity grid link, Indian minister says
▼ + stars: | 2023-01-15 | by ( Rachna Uppal | ) www.reuters.com time to read: +2 min

The OSOWOG initiative, first proposed by Indian Prime Minister Narendra Modi, aims to transfer renewable energy power through connecting grids. Singh said the UAE has also indicated it would like to invest more in India's renewable energy projects, including solar and wind. India and the UAE also signed a Memorandum of Understanding on Jan. 13 on green hydrogen development, produced using renewable energy, India's embassy in the UAE said on Twitter on Friday. "He (Jaber) is the point man for renewables, for climate change," the Indian minister said. Jaber is also the UAE's minister of industry and advanced technology and helped to establish Abu Dhabi's renewable energy firm Masdar in 2006.

ABU DHABI, Jan 14 (Reuters) - The United Arab Emirates wants the COP28 climate conference it is hosting this year to be practical and show solidarity between the global north and south that "leaves no one behind", the country's oil chief and designated COP28 president said. In a speech on Saturday to the Global Energy Forum, Sultan al-Jaber, head of state oil giant ADNOC and UAE climate envoy, called for scaling up renewables, nuclear energy, hydrogen, carbon capture, energy efficiency and new technologies, among others. The UAE, a major OPEC oil exporter, will be the second Arab state to host the climate conference after Egypt in 2022. "We need to ensure a just transition that leaves no one behind," he said, adding that low carbon growth was the future. Reporting by Rachna Uppal, Yousef Saba and Ghaida Ghantous Editing by Clarence Fernandez and Frances KerryOur Standards: The Thomson Reuters Trust Principles.

☆ Op-ed: Oil CEO Sultan Al Jaber is the ideal person to lead the UN climate conference this year
▼ + stars: | 2023-01-14 | by ( Frederick Kempe | ) www.cnbc.com time to read: +7 min

Nowhere is this shift among climate activists more evident than in Germany, where Vice Chancellor Robert Habeck, the Green Party leader, is serving as the pragmatist-in-chief. Some climate activists were aghast this Thursday when the UAE named Sultan Al Jaber, the CEO of the Abu Dhabi National Oil Company (ADNOC), as president of this year's COP 28. Al Jaber, speaking to the Atlantic Council Global Energy Forum on Saturday, captured his ambition to drive faster and more transformative results at COP 28. "We are way off track," said Al Jaber. "We will work with the energy industry on accelerating the decarbonization, reducing methane, and expanding hydrogen," said Al Jaber.

☆ U.A.E. Names Oil Chief to Run COP28 Climate Summit
▼ + stars: | 2023-01-12 | by ( Summer Said | ) www.wsj.com time to read: 1 min

DUBAI—The United Arab Emirates named the chief executive of its national oil company as the president of this year’s United Nations climate summit, drawing criticism from environmental activists. The Gulf state said Thursday that Sultan al-Jaber, chief executive of Abu Dhabi National Oil Co., or Adnoc, would be tasked with framing the agenda of the COP28 summit in Dubai, which opens at the end of November. Mr. Jaber, a top Emirati technocrat, is also the country’s minister for industry and technology and special envoy on climate change, playing a leading role in the country’s move to finance and produce more renewable and nuclear energy.

☆ UAE sparks furious backlash by appointing Abu Dhabi oil chief as president of COP28 climate summit
▼ + stars: | 2023-01-12 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

In a statement confirming his appointment as COP28 president-designate, Al Jaber said, "The UAE is approaching COP28 with a strong sense of responsibility and the highest possible level of ambition." The United Arab Emirates announced Thursday that the head of the state oil giant Abu Dhabi National Oil Company (ADNOC), one of the world's largest oil companies, will lead the COP28 climate talks in Dubai later this year. The appointment of Sultan al-Jaber as COP28 president-designate provoked a furious backlash from climate activists and civil society groups. The UAE, the third largest producer of the OPEC oil alliance, will host the U.N.-brokered climate talks from Nov. 30 through to Dec. 12. In a statement confirming his appointment al-Jaber said, "The UAE is approaching COP28 with a strong sense of responsibility and the highest possible level of ambition."

☆ Most major Gulf stock markets fall on hawkish Fed, Egypt extends rally
▼ + stars: | 2023-01-05 | by ( Shamsuddin Mohd | ) www.reuters.com time to read: +2 min

Saudi Arabia's benchmark stock index (.TASI) closed flat, as losses in energy and financial shares were capped by gains in real estate stocks. In Abu Dhabi, the benchmark index (.FTFADGI) declined 0.3%, as the country's largest lender First Abu Dhabi Bank (FAB.AD) eased 0.6% while fertiliser maker Fertiglobe (FERTIGLOBE.AD) tumbled 2.4%. Alpha Dhabi (ALPHADHABI.AD) and Abu Dhabi state fund Mubadala Investment plan to deploy up to 9 billion dirhams ($2.45 billion) in credit markets through a new joint venture, the companies said. Elsewhere, Abu Dhabi National Oil Company (ADNOC) said on Thursday it would allocate $15 billion to decarbonisation projects by 2030. The benchmark stock index in Qatar (.QSI) jumped 2.8% to close the week with a gain of 4.3%.

☆ Fertiliser producer Fertiglobe refinances $900-mln loan
▼ + stars: | 2022-12-25 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Dec 25 (Reuters) - Abu Dhabi-listed fertiliser maker Fertiglobe (FERTIGLOBE.AD), which counts state oil company ADNOC and OCI (OCI.AS) as major shareholders, has refinanced a $900-million bridge loan, originally due in 2024. Fertiglobe has also increased the size of its Revolving Credit Facility (RCF) to $600 million, from $300 million, at a reduced margin of 140 bps from 175 bps previously. The maturity of the RCF has been extended to 2027, from 2026. It raised $795 million from an initial public offering on the Abu Dhabi stock exchange last year. Reporting by Rachna Uppal; Editing by Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

☆ UAE gets ducks in a row with chemicals reshuffle
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +2 min

LONDON, Dec 21 (Reuters Breakingviews) - The United Arab Emirates seems to have done a $4 billion deal with itself. The Abu Dhabi National Oil Company on Wednesday acquired a 25% stake in $16 billion Austrian oil group OMV (OMVV.VI) from Mubadala, the UAE’s wealth fund. The UAE wants to pump more oil and list its gas business. But it also wants to sharpen its focus on petrochemicals, which forecasters have long singled out for its growth potential. At some point, ADNOC might consider using this clout to consolidate these various chemicals businesses even more closely together.

☆ Abu Dhabi's ADNOC to acquire 24.9% stake in Austria's OMV from Mubadala - sources
▼ + stars: | 2022-12-21 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +1 min

DUBAI, Dec 21 (Reuters) - Abu Dhabi National Oil Company (ADNOC) has agreed to acquire a 24.9% shareholding in Austrian oil and gas group OMV from Abu Dhabi state fund Mubadala Investment Company, two sources familiar with the matter told Reuters. The transaction is subject to regulatory approvals, said the sources, declining to be named as the matter is not public. ADNOC and Mubadala did not immediately respond to a request for comment when contacted by Reuters on Wednesday. The transaction comes after Mubadala Petroleum rebranded to Mubadala Energy in September to pursue new energy sectors including blue hydrogen and carbon capture, and as Abu Dhabi's ADNOC looks to increase its presence internationally through mergers and acquisitions. ADNOC in April this year agreed to acquire a 25% stake from Mubadala in European petrochemical maker Borealis, which is 75% owned by OMV.

☆ UAE will look to a world beyond OPEC
▼ + stars: | 2022-12-19 | by ( George Hay | ) www.reuters.com time to read: +3 min

The UAE has chafed at OPEC restrictions before, in 2020 and 2021. OPEC’s alliance with Russia, as part of the wider OPEC+ group, similarly risks lumping its members in with a wider anti-Western bloc. But ADNOC’s accelerated oil production timetable is arguably more in keeping with a different outlook, preferred by the International Energy Agency, whereby oil demand peaks much sooner. If MbZ were to use the COP28 conference to make that more explicit, it could push the UAE further away from OPEC. And quitting OPEC to pump more oil would be awkward while hosting a climate conference.

☆ India may split planned mega refinery to various sites -sources
▼ + stars: | 2022-12-15 | by ( Nidhi Verma | ) www.reuters.com time to read: +2 min

[1/2] A 3D printed natural gas pipeline is placed in front of displayed Saudi Aramco logo in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/Illustration/FilesNEW DELHI, Dec 15 (Reuters) - India is considering building several refineries instead of a single mega plant planned with Saudi Aramco (2222.SE) and Abu Dhabi National Oil Company (ADNOC), due to challenges in acquiring land, three sources familiar with the matter said. Aramco and ADNOC own 25% each in the joint venture Ratnagiri Refinery & Petrochemicals Ltd (RRPCL), a company named after the region where the refinery was initially planned. "The role of Maharashtra government is crucial in acquiring the land," the source said. Another source said ADNOC and Aramco were aware of the plan for several refineries.

☆ China shipyards feast on record LNG tanker orders as South Korea builders are full up
▼ + stars: | 2022-12-12 | by ( Chen Aizhu | ) www.reuters.com time to read: +7 min

Chinese shipyards this year won 45 LNG tanker orders worth an estimated $9.8 billion, about five times their 2021 order values, according to shipping data provider Clarksons Research. By late November, Chinese yards had grown their LNG order books to 66 from 21, giving them 21% of global orders worth around $60 billion. Still, Chinese yards received 19 foreign orders for LNG tankers this year and that number is likely to grow. "Chinese yards have become more attractive because of the South Korean backlog, as well as rising costs," said ICIS analyst Songer. Chinese yards' relationship with GTT also helps, he said.

☆ UAE's ADNOC, Taqa and Mubadala complete Masdar stake deal
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +2 min

DUBAI, Dec 8 (Reuters) - Abu Dhabi's National Oil Company [RIC:RIC:ADNOC.UL], Taqa (TAQA.AD) and Abu Dhabi sovereign wealth fund Mubadala Investment Company said on Thursday they would all become shareholders in Masdar, the Emirate's flagship clean energy company. Taqa will hold a 43% share in the company, Mubadala will retain its 33% and ADNOC will hold 24%, the three companies said in a statement. The partnership will see Taqa, which paid $1.02 bln in cash for its stake, take a lead role in Masdar's renewable business while ADNOC will be at the forefront of the firm's green hydrogen plans. The Abu Dhabi Future Energy Company Masdar was established by Mubadala in 2006 to extend the UAE's role in the global energy sector and drive the country's climate action agenda. Under the new partnership, Masdar has a target to grow to at least 100 GW of renewable energy capacity, mostly wind and solar, by 2030.

☆ Mubadala's head of UAE investments leaving to lead new ADNOC arm
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: +2 min

DUBAI, Dec 5 (Reuters) - Abu Dhabi sovereign wealth fund Mubadala Investment Company said on Monday its chief executive for UAE Investments would leave next month to head a new division at Abu Dhabi's state oil company. Musabbeh Al Kaabi, CEO of Mubadala's UAE Investments platform since January 2021, will head Abu Dhabi National Oil Company's (ADNOC) newly set up Low Carbon Solutions & International Growth business from Jan. 16, Mubadala said in a statement. Mubadala Deputy CEO Waleed Al Mokarrab Al Muhairi will become interim CEO of UAE Investments. Kaabi, who began his career at ADNOC where he worked for 16 years including leading the oil giant's Exploration Division, is also a member of Mubadala's Investment Committee. Before heading UAE investments, Kaabi oversaw Mubadala's international energy portfolio as CEO for Petroleum and Petrochemicals from 2017 to 2020.

☆ UAE's ADNOC to cut 5% of Dec crude volumes to term-buyers in Asia - sources
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, Nov 28 (Reuters) - Abu Dhabi National Oil Company (ADNOC) will cut 5% of the December crude oil supply to some term-lifters in Asia but will provide full contractual volumes in January, five sources with knowledge of the matter said on Monday. ADNOC exports the bulk of its crude to Asia and its grades include Murban, Umm Lulu, Das and Upper Zakum. "The output cut has to be reflected in the market. And it makes sense that oil producers want to hold off selling at such oil prices," a Singapore-based trader said. read moreSpot premiums of Middle Eastern crude, Oman, Dubai and Murban, slid this month as market sentiment soured amid oversupply fears.

☆ Energy trader Gunvor expands leadership team
▼ + stars: | 2022-11-24 | by ( Julia Payne | ) www.reuters.com time to read: +1 min

Companies Gunvor Group Ltd FollowLONDON, Nov 24 (Reuters) - Geneva-based energy trader Gunvor Group has widened its executive committee to 14 people including its chief executive, reflecting the growing importance of gas trading for the firm, the company’s website showed on Thursday. Gunvor has a separate company, Nyera, set up in 2021 to invest in renewable energy sources. As one of the world's top five oil traders, the company traded about 3.1 million barrels per day of oil last year. It posted a record profit in 2021 and a record first half of this year on the back of record energy price volatility. The leadership changes also come amid talks with Abu Dhabi National Oil company (ADNOC) to acquire the whole or a stake in Gunvor.

☆ Saudi wealth fund, BlackRock to jointly explore Mideast infrastructure projects
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +2 min

DUBAI, Nov 14 (Reuters) - Saudi Arabia's sovereign wealth fund and BlackRock (BLK.N) have signed an agreement to jointly explore infrastructure projects in the Middle East, focused on Saudi Arabia. The Public Investment Fund (PIF), which manages more than $600 billion in assets, said their non-binding memorandum of understanding will serve as the anchor for BlackRock's Middle East Infrastructure strategy. It added that the world's biggest fund manager plans to build a dedicated infrastructure investment team in Riyadh. In October last year, Saudi Arabia launched a national infrastructure fund to support up to 200 billion riyals ($53 billion) in projects over the next decade. It was not immediately clear whether the MoU was related to that National Infrastructure Fund, which is part of the National Development Fund.

☆ Gulf Arab states can’t give up oil. But they can slash their emissions
▼ + stars: | 2022-11-11 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +15 min

Abu Dhabi CNN —As Western states try to wean themselves off their addiction to hydrocarbons, Gulf oil nations have been pushing back hard, warning that a hasty transition away from fossil fuels will be counterproductive. According to the World Bank, Qatar had the highest carbon emissions per capita as of 2019, followed by Kuwait, Bahrain, the United Arab Emirates and Saudi Arabia. So, investment in clean energy projects and renewables “makes very good business sense and PR sense for the Gulf,” he said. Gulf petro-states are warning against a quick transition away from hydrocarbons, with the UAE calling for a “mixed energy” approach that minimizes emissions without cutting hydrocarbons. Much of the hydrocarbons exported by Gulf states go to some of the world’s biggest consumers and polluters, including China and India.

☆ Bahrain energy strategy expected in six months, nogaholding CEO says
▼ + stars: | 2022-11-01 | by ( Yousef Saba | ) www.reuters.com time to read: +2 min

ABU DHABI, Nov 1 (Reuters) - Bahrain's energy strategy and its state oil holding firm's operation plan are likely to be decided in six months with implementation to begin a year later, the firm's CEO Mark Thomas said on Tuesday. "Junk"-rated Bahrain, a small non-OPEC oil producer, is one of the most indebted countries in the region, and seeks to capitalise on high energy prices. He said international oil firms and regional oil giants Saudi Aramco and ADNOC were being looked at as examples. Nogaholding hired banks to set up an environmental, social and governance (ESG) framework earlier this year, Thomas said, declining to name the banks. That framework is expected to be completed in a few months and will allow the company to issue green bonds if it decides to do so, he added.

"We are only a phone call away if the requirements are there," he said. OPEC+ faced one of its biggest clashes with the West after it agreed oil production cuts in October, a decision the U.S. administration called shortsighted. OPEC+ producers rallied around top oil exporter Saudi Arabia after the United States accused it of pushing members into the cut. Saudi Arabia and the UAE, two of the world's biggest oil producers, are boosting output and refining, and working on clean hydrogen, Saudi Energy Minister Prince Abdulaziz bin Salman said on Monday. The UAE is releasing its first revision of its energy plan in 2023, which will increase its green targets, Mazrouei said.

☆ Saudi Arabia, UAE boosting output, working on clean hydrogen -Saudi energy minister
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +1 min

ABU DHABI, Oct 31 (Reuters) - Saudi Arabia and the United Arab Emirates, two of the world's biggest oil producers, are boosting output and refining and working on clean hydrogen, Saudi Energy Minister Prince Abdulaziz bin Salman said on Monday. "We and the UAE are going to be the exemplary producers," he told a major industry event in Abu Dhabi. If we zero out hydrocarbon investment ... due to natural decline ... we would lose 5 million barrels per day of oil each year from current supplies. This would make the shocks we have experienced this year feel like a minor tremor," Jaber said. Reporting by Maha El Dahan; Writing by Michael Georgy; Editing by Kim Coghill and Tom HogueOur Standards: The Thomson Reuters Trust Principles.

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