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Search resuls for: "ADNOC"


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☆ OMV bets on more LNG from ADNOC, Q3 profit soars
  + stars: | 2022-10-28 | by ( ) www.reuters.com   time to read: +2 min
Like other European energy companies, OMV, which until the Ukraine war depended heavily on Russian oil and gas, is striving to diversify its supplies. "For us, it is important that we diversify the gas supply for Austria and this is a building block." High energy prices meant OMV (OMVV.VI), in which the Austrian state holds 31.5%, nearly doubled its core profit in the third quarter. For some years, OMV has been shifting its growth focus towards high-quality plastics such as polyethylene, polypropylene and PVC, from oil and gas. Mubadala, which also holds 24.9% in OMV, agreed to sell a remaining 25% stake in Borealis to ADNOC in April.
☆ Oman's sovereign wealth fund eyes tech investments in UK
  + stars: | 2022-10-26 | by ( Hadeel Al Sayegh | ) www.reuters.com   time to read: +2 min
RIYADH, Oct 26 (Reuters) - Oman's sovereign wealth fund, the Oman Investment Authority, is considering investing in the United Kingdom's technology sector to take advantage of valuations hit by rising interest rates and the fall in sterling, an OIA executive said on Wednesday. Ibrahim Al Eisri, director general of private equity at OIA, told Reuters the wealth fund was looking at unlisted technology firms in the UK and expanding them. The UK's economy is experiencing a cost-of-living crisis as Rushi Sunak became its third prime minister in two months on Tuesday. The fund is focused on alternative energy technology, logistics and messenger-RNA technology used in some COVID-19 vaccines. Reporting by Hadeel Al Sayegh in Riyadh; Writing by Hadeel Al Sayegh and Yousef Saba in Dubai; Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.
☆ ADNOC invites banks to pitch for IPO of logistics unit- sources
  + stars: | 2022-10-20 | by ( Hadeel Al Sayegh | ) www.reuters.com   time to read: +3 min
LONDON, Oct 20 (Reuters) - State oil firm Abu Dhabi National Oil Company (ADNOC) has invited banks to pitch for roles in an initial public offering of its marine services and logistics unit, two sources with knowledge of the matter said on Thursday. Reuters reported last year that ADNOC was weighing a potential float of ADNOC Logistics & Services (ADNOC L&S) in 2022. Banks are pitching for roles this week on the latest IPO of an ADNOC subsidiary, planned for next year, the sources said. ADNOC L&S delivers crude oil, refined products, dry bulk and liquefied natural gas from Abu Dhabi to its international customers. ADNOC began floating units in late 2017, raising $851 million in an IPO of its fuel distribution unit.
☆ Most Gulf markets subdued, Dubai set to snap four-day gaining streak
  + stars: | 2022-10-19 | by ( ) www.reuters.com   time to read: +2 min
Oct 19 (Reuters) - Major Gulf stock markets eased in early trade on Wednesday, tracking oil prices lower, with the Dubai index on course to snap four sessions of gains. Crude prices, a key catalyst for the Gulf's financial markets, turned negative and extended losses from the previous session. The United Arab Emirates is committed to increasing its oil production capacity, energy minister Suhail al-Mazrouei said on Tuesday. read moreState-owned Abu Dhabi National Oil Company (ADNOC) is aiming to produce the cleanest barrel on the planet, he told reporters. read more($1 = 3.7565 riyals)Register now for FREE unlimited access to Reuters.com RegisterReporting by Ateeq Shariff in BengaluruOur Standards: The Thomson Reuters Trust Principles.
☆ UAE signs energy agreement with Germany's Scholz
  + stars: | 2022-09-25 | by ( ) www.reuters.com   time to read: +1 min
German Chancellor Olaf Scholz gestures during his joint news conference with Georgian Prime Minister Irakli Garibashvili following their meeting in Berlin, Germany, September 14, 2022. REUTERS/Christian MangSept 25 (Reuters) - The president of the United Arab Emirates, Sheikh Mohammed bin Zayed al-Nahyan, has signed an agreement with German Chancellor Olaf Scholz that covers accelerating energy security and industrial growth, the state news agency (WAM) reported on Sunday. Abu Dhabi National Oil Company (ADNOC) signed an agreement to supply liquefied natural gas (LNG) to German utility RWE , the report said. ADNOC will deliver the first shipment in late 2022 for use in the trial operation of a floating natural gas terminal in Brunsbuettel, the report said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Moataz Mohamed; Editing by David ClarkeOur Standards: The Thomson Reuters Trust Principles.
☆ The UAE is pushing to produce 5 million barrels per day of crude oil 5 years earlier than previously disclosed, report says
  + stars: | 2022-09-19 | by ( Brian Evans | ) www.businessinsider.com   time to read: +2 min
The UAE is pushing up a target date for increased crude oil output by five years, according to Bloomberg. State-run producer ADNOC wants to produce 5 million barrels per day by 2025, up from a previously disclosed target of 2030. The UAE could target 6 million bpd by 2030 if the 2025 goal is successful. The country's state-run oil major, Abu Dhabi National Oil Co., is now targeting 2025 to increase crude oil output to 5 million barrels per day, as elevated prices give major producers incentive to rush flows onto the market. Crude oil has abated somewhat in recent months, with Brent hovering around $89 Monday.
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