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☆ Oil chief leading COP28 climate summit urges energy industry to 'up its game' to reduce emissions
▼ + stars: | 2023-03-07 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

"Alongside all industries, the oil and gas sector needs to up its game, do more and do it faster," Abu Dhabi National Oil Company CEO Sultan al-Jaber said during a keynote speech at CERAWeek. The chief executive of one of the world's biggest oil companies, who will lead talks at the COP28 climate summit later this year, called on the energy industry to "up its game" to reduce emissions. The head of the United Arab Emirates' state oil company was seen as a controversial choice to lead the COP28 climate talks in Dubai later this year. 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. The COP28 summit will see the first global stocktake since the 2015 Paris Agreement.

Others welcomed it as a sign the energy industry would get involved in the transition. Russia's invasion of Ukraine sparked an energy crunch that disrupted fossil fuel supplies to industry and consumers. A disorderly energy transition could be "painful and chaotic", Wirth said. Top U.S. oil firm Exxon said each country would take a different path to energy transition, depending on the resources available. In some countries, gas would be a transition fuel, said Liam Mallon, the president upstream oil and gas at Exxon.

☆ UAE's Masdar to invest $1.2 bln in British battery storage tech
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: 1 min

Companies Abu Dhabi Future Energy Company PJSC FollowLONDON, March 1 (Reuters) - The United Arab Emirates' state-owned renewables developer Masdar will invest 1 billion pounds ($1.20 billion) in British battery storage technology, its chief executive said on Wednesday. "We are committed... to deploy a billion pounds across the United Kingdom to accelerate the battery storage solutions," Jameel Al Ramahi told the International Energy Week conference. Masdar bought UK-based battery company Arlington Energy last year. Masdar is owned by the Abu Dhabi National Oil Company (ADNOC), Mubadala Investment Company, and Abu Dhabi National Energy Company PJSC (TAQA). ($1 = 0.8310 pounds)Reporting by Ron Bousso and Sarah McFarlane; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ UAE gas IPO’s $50 bln valuation looks like a floor
▼ + stars: | 2023-02-22 | by ( Karen Kwok | ) www.reuters.com time to read: +3 min

LONDON, Feb 22 (Reuters Breakingviews) - The United Arab Emirates’ bumper gas listing inevitably invites comparisons with Saudi Aramco (2222.SE). As with the five other subsidiaries which ADNOC has listed, including its distribution arm and Borouge (BOROUGE.AD), ADNOC Gas comes with juicy shareholder payouts. While ADNOC Gas benefits from a 25-year agreement with its parent to provide gas for its needs, ADNOC takes a share of the resulting profit. That said, with over two thirds of its gas serving local customers who contribute one-third of its operating profit after tax, ADNOC Gas earnings are arguably more predictable. ADNOC Gas envisages an equity valuation of at least $50 billion, people familiar with the situation told Reuters Breakingviews.

☆ Abu Dhabi's ADNOC to float 4% of gas business - sources
▼ + stars: | 2023-02-16 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +1 min

DUBAI, Feb 16 (Reuters) - Abu Dhabi National Oil Company (ADNOC) plans to float 4% of its gas business in an initial public offering, two sources told Reuters on Thursday. The state oil giant made the decision on ADNOC Gas ahead of the official announcement of the IPO expected on Friday, said the sources, declining to be named as the matter is not public. Sources told Reuters last month that ADNOC was eyeing a valuation of at least $50 billion for its gas business, which would translate to proceeds from the IPO of roughly $2 billion, according to Reuters calculations. The company announced in November it was combining its gas processing arm and its liquefied natural gas (LNG) subsidiary into a single listed entity. Over the past two years, ADNOC has listed petrochemicals company Borouge (BOROUGE.AD), fertilisers and clean ammonia products maker Fertiglobe (FERTIGLOBE.AD), and ADNOC Drilling (ADNOCDRILL.AD).

☆ Exclusive: UAE's Jaber says keeping 1.5 Celsius goal 'alive' is top priority for COP28
▼ + stars: | 2023-02-15 | by ( Maha El Dahan | ) www.reuters.com time to read: +4 min

Jaber's appointment fuelled activist concern that big industry was hijacking the world's response to the global warming crisis. "I have no intention whatsoever of deviating from the 1.5 goal," Jaber said in his first interview since being assigned the role. "Keeping 1.5 alive is a top priority and it will cut across everything I do." As COP28 president, Jaber will help shape the conference agenda and intergovernmental negotiations. "How about for once we capitalise on everybody's capabilities and strengths and fight climate change rather than going after each other," he said when asked about the criticism.

☆ 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).

☆ 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.

☆ 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.

☆ 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%.

☆ 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 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.

☆ 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.

☆ Germany's half-a-trillion dollar energy bazooka may not be enough
▼ + stars: | 2022-12-15 | by ( Christoph Steitz | ) www.reuters.com time to read: +8 min

Almost half a trillion dollars, and counting, since the Ukraine war jolted it into an energy crisis nine months ago. The money set aside stands at up to 440 billion euros ($465 billion), according to the calculations, which provide the first combined tally of all of Germany's drives aimed at avoiding running out of power and securing new sources of energy. That equates to about 1.5 billion euros a day since Russia invaded Ukraine on Feb. 24. Energy rationing is a risk in the event of a long cold spell this winter, Germany's first in half a century without Russian gas. There's no security in sight either, with the push to build up of two alternatives to Russian fuel - liquefied natural gas (LNG) and renewables - years away from targeted levels.

☆ 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.

☆ 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.

☆ 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.

☆ 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.

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