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But OPEC ministers and executives from oil companies told a two-day conference in Vienna governments needed to turn their attention from supply to demand. But record profits from oil and gas last year and relatively low returns from renewable energy prompted some investors to demand companies renew their focus on oil and gas to raise profits. DEMAND HITS RECORDMeanwhile, oil demand has reached new peaks of above 102 million barrels per day this year, recovering from a dip during the COVID-19 pandemic. It is expected to rise further, driven by strong demand from Asia and for petrochemical production, oil executives and analysts said. The oil industry has long said lower investment in oil and gas in the absence of a reduction in oil demand will only lead to higher prices.
Persons: Bernard Looney, Wael Sawan, Abu, Sultan al Jaber, Patrick Pouyanne, Jean Paul Prates, Prates, Amin Nasser, Dmitry Zhdannikov, Barbara Lewis Organizations: BP, of, Petroleum, Reuters, Bloomberg, Wall Street, Companies, Shell, BBC, Investments, Rystad Energy, Petrobras, PETR4, Saudi Aramco, Thomson Locations: Vienna, VIENNA, Ukraine, Asia, Abu Dhabi
[1/2] A general view of ADNOC headquarters in Abu Dhabi, United Arab Emirates May 29, 2019. REUTERS/Christopher Pike/File PhotoJune 20 (Reuters) - Abu Dhabi National Oil Company (ADNOC) has approached German plastics and chemicals maker Covestro AG (1COV.DE) with a takeover proposal worth more than 10 billion euros ($10.9 billion), two people familiar with the matter said on Tuesday. The OMV deal would indirectly also increase ADNOC's holding in both European petrochemicals maker Borealis and Abu Dhabi-listed petrochemicals company Borouge (BOROUGE.AD). SABIC (2020.SE), also of Saudi Arabia, in the same year purchased a stake of almost 25% in Swiss chemicals maker Clariant (CLN.S). Thanks to a 2007 deal to buy GE's plastics unit, SABIC competes with Covestro in polycarbonate plastics.
Persons: Christopher Pike, Abu Dhabi's, ADNOC, Sultan, Jaber, Lanxess, SABIC, Ludwig Burger, Patricia Weiss, Christoph Steitz, Hadeel Al, Greg Roumeliotis, Louise Heavens, Sharon Singleton, Elisa Martinuzzi, Alexandra Hudson Organizations: United, United Arab Emirates, REUTERS, Abu Dhabi National Oil Company, Covestro, Alexandra Hudson Our, Thomson Locations: Abu Dhabi, United Arab, Covestro, Europe, Saudi Aramco, Saudi Arabia, Swiss, Frankfurt, Hadeel Al Sayegh, Dubai
[1/2] A general view of ADNOC headquarters in Abu Dhabi, United Arab Emirates May 29, 2019. ADNOC and Covestro declined to comment. The OMV deal would indirectly also increase ADNOC's holding in both European petrochemicals maker Borealis and Abu Dhabi-listed petrochemicals company Borouge (BOROUGE.AD). SABIC (2020.SE), also of Saudi Arabia, in the same year purchased a stake of almost 25% in Swiss chemicals maker Clariant (CLN.S). Thanks to a 2007 deal to buy GE's plastics unit, SABIC competes with Covestro in polycarbonate plastics.
Persons: Christopher Pike, Abu Dhabi's, ADNOC, Sultan, Jaber, Lanxess, SABIC, Ludwig Burger, Patricia Weiss, Christoph Steitz, Hadeel Al, Greg Roumeliotis, Louise Heavens, Sharon Singleton, Elisa Martinuzzi, Alexandra Hudson Organizations: United, United Arab Emirates, REUTERS, Abu Dhabi National Oil Company, Covestro, Alexandra Hudson Our, Thomson Locations: Abu Dhabi, United Arab, Covestro, Europe, Saudi Aramco, Saudi Arabia, Swiss, Frankfurt, Hadeel Al Sayegh, Dubai
An unavoidable tension surrounds this year’s United Nations-sponsored climate talks in November: They will take place in the oil-rich United Arab Emirates, and the most important role at the talks is held by the man who heads the national oil company. The executive, Sultan al-Jaber, and other representatives of the Emirates have argued that they have a “game changing” plan to fight climate change by welcoming oil and gas companies from around the world to participate more fully in the talks. In other words, invite the producers of the fuels that cause the majority of global warming as key players in developing a plan to slow the warming. In an interview, Majid al-Suwaidi, an Emirati diplomat who will also play a major role at the climate talks, known by the acronym COP28, said, “We need to engage the people who have the technical know-how, the skills, the technology — and, by the way, the people who provide jobs — in a conversation about how they transform.”To activists who have attended these conferences for years, that notion sounds far-fetched. “It’s just like how tobacco lobbyists need to be kept out of conversations about cancer prevention,” said Catherine Abreu, who heads Destination Zero, a network of nonprofits working on climate issues.
Persons: Sultan al, Jaber, Majid al, , “ It’s, Catherine Abreu Organizations: United Nations, United, Emirates Locations: United, United Arab Emirates
A statue of George Best, Denis Law and Bobby Charlton standing outside Old Trafford, home of Manchester United in Manchester, England. Shares of Manchester United rose as much as 16% in premarket trading on Tuesday after Qatari media suggested Sheikh Jassim bin Hamad al-Thani was likely to succeed with his takeover bid. Al-Watan is co-owned by Hamad bin Jassim bin Jaber al-Thani. Shares of Manchester United, which exclusively trade on the New York Stock Exchange, were around 4% higher at 3:15 a.m. "All the news received indicates the success of Sheikh Jassim bin Hamad bin Jassim's acquisition of Manchester United, and the announcement of the deal will be very soon," he said.
Persons: George Best, Denis Law, Bobby Charlton, Sheikh Jassim bin Hamad, Thani, Qatar's, Sheikh Jassim, Hamad bin Jassim bin Jaber, Jim Ratcliffe, Fahad, Glazer, Ratcliffe Organizations: Manchester United, Watan, Premier League soccer, New York Stock Exchange, Twitter, Al, Al Watan Locations: Old Trafford, Manchester, England, Qatar's Al, Thani
Investors in Saudi Arabia, Qatar, and United Arab Emirates are pouring money into Western media and entertainment. Sovereign funds and other entities in Saudi Arabia, Qatar, and the UAE are pouring millions into US media and entertainment, and they're finding plenty of takers. The channels for money from Saudi Arabia and other parts of the Middle East are complex. Insider broke down the key entities — their owners, leaders, and high-profile investments and joint ventures — in the top three Middle Eastern nations pouring money into US entertainment and media. It describes itself as the largest media company in the Middle East and North Africa and runs one of the largest TV news channels, Al Arabiya.
Persons: Jamal Khashoggi's, Saudi Crown Prince Mohammed bin Salman, , WME, Jimmy Finkelstein's, Abu Dhabi's, It's, Yasir Al, Rumayyan, Waleed bin Ibrahim Al Ibrahim, Sam Barnett, Peter Smith —, Christina Wayne, SRMG, Mohammed bin Salman, Alrashid, Johnny Depp, Jeanne du Barry, Sharon Stone, Bruno Mars, Luca Guadanigno, Vince McMahon's, Turki Al, Mohammed bin Abdulrahman bin Dayel, Mansoor bin Ebrahim Al, Mahmoud, Peter Chernin, Nasser Al, Germain, BeIN, Sheikha Al Mayassa bint Hamad, Khalifa Al, Vincent, Asghar Farhadi's Oscar, Nart Bouran, JAF, Jeff Zucker, Graydon Carter's, it's, Semafor, Sheikh Mansour bin Zayed Al Nahyan, Sheikh Mansour, Sultan Ahmed Al Jaber Organizations: United, Sovereign, Saudi, Washington Post, Saudi Crown, Endeavor, UFC, IMI, Abu Dhabi Media Investment Corporation, Public Investment Fund, Saudi Aramco, Newcastle United, English football, PGA, MBC, Shahid, Netflix, Vice Media, Variety, MBC Group's, Antenna Group, Cineflex Studios, NBCUniversal International, Amazon, AMC, Saudi Research, Media, Publicly, Red Sea, Cannes, Penske Media Corporation, Bloomberg Media, Vince McMahon's WWE, country's General Entertainment Authority, Development, Cultural Development Fund, George Washington University, American University . Qatar Qatar Investment, Qatar Investment Authority, Providence, BeIN Media, Paris Saint, Miramax, Paramount, Doha Film, Doha Film Institute, H.E, Hollywood Reporter, United Arab Emirates Abu, Investment Authority, UAE, Abu, Abu Dhabi Investment Authority, Hollywood, Dubai Studio, Dubai Media City, National Geographic, BBC News, International Media Investments International Media Investments, National, CNN, Sky News Arabia, Reuters, JAF Communications, Grid, RedBird Capital Partners, Punchbowl News, New York Times, Manchester City, The, Abu Dhabi National Oil Company Locations: Saudi Arabia, Qatar, United Arab Emirates, UAE, Saudi, East, North Africa, Al Arabiya, Netherlands, Greece, Dubai, Jeddah, SRMG, Riyadh, Doha, Europe, Americas, ViacomCBS, Qatari, Thani, Abu Dhabi
Since leaving CNN a year ago, Jeff Zucker, the network’s former president, has been on the hunt for deals, flush with $1 billion in backing from big investors in the worlds of media and finance. In addition to Mr. Zucker, the key players in the new venture, known as RedBird IMI, are Gerry Cardinale, the chief executive and founder of RedBird, and Sultan Ahmed Al Jaber, an Emirati government minister who has spearheaded many of IMI’s investment conversations in the United States. Mr. Cardinale is the chief investment officer of RedBird IMI, and Mr. Al Jaber is chairman. RedBird is committing $250 million to the venture, and IMI has agreed to commit the remaining $750 million. The men gathered to discuss business last fall in a suite overlooking a Formula 1 racetrack in Abu Dhabi.
Persons: Jeff Zucker, Zucker, Gerry Cardinale, Sultan Ahmed Al Jaber, Cardinale, Al Jaber, RedBird Organizations: CNN, RedBird Capital Partners, International Media Investments, United Arab, IMI Locations: United Arab Emirates, United States, Abu Dhabi
The UAE will host the COP28 climate summit from Nov. 30 through to Dec. 12. The director general of COP28 on Thursday defended the appointment of oil executive Sultan al-Jaber, describing the Abu Dhabi National Oil Company CEO as the "perfect person" to lead the climate talks. The UAE, the third-largest oil-producing member of the OPEC alliance, will host the COP28 climate summit from Nov. 30 through to Dec. 12. Asked by CNBC's Dan Murphy to respond to the calls to remove al-Jaber as president-designate of the summit, COP28 Director General Majid al-Suwaidi said: "This is a discussion that we've seen a lot in the media. "As the UAE we've been really focused on how do we deliver the results we need for COP28 and I know that Dr. Sultan is the perfect person to do that.
Persons: Sultan al, Jaber, COP28, Joe Biden, Ursula von der Leyen, Bernie Sanders, Elizabeth Warren, CNBC's Dan Murphy, Majid al, Suwaidi, we've, , they're, Sultan Organizations: Abu, Abu Dhabi National Oil Company, European, United, U.S, UAE we've Locations: UAE, COP28, Abu Dhabi, United Arab Emirates
View on Jericho from the Mount of Temptation in Jericho, West Bank on March 31, 2019. Dominika Zarzycka/NurPhoto/Getty ImagesAqabat Jaber refugee camp houses thousands of Palestinians who have lived there since fleeing or being evicted from their homes in 1948 during Israel’s founding. Weeks earlier, the Israel Defense Forces (IDF) said militants tried to open fire at a nearby Israeli restaurant but their gun malfunctioned in the process. The militant group Hamas claimed five of the nine killed in this refugee camp this year as their fighters. Jericho mayor Abdul-Karim Sedir says he fears the city will lose its reputation as a calm oasis in the desert.
CNN —The United Arab Emirates has invited Syrian President Bashar al-Assad to attend the United Nations’ COP28 Climate Summit, which will take place from November 30 in Dubai. The UAE embassy in Damascus said in a post on Twitter on Sunday that Assad had received an invitation to attend COP28 from Sheikh Mohamed bin Zayed Al Nahyan, president of the UAE and ruler of Abu Dhabi. If Assad attends, it would be his first global summit since the start of the country’s brutal civil war in 2011, and could cause diplomatic tensions for countries which continue to impose sanctions on his regime. A COP28 spokesperson told Reuters in a statement this week: “COP28 is committed to an inclusive COP process that produces transformational solutions. This can only happen if we have everyone in the room.”In March, Assad visited the UAE on an official invitation for the first time since the Syrian civil war began.
BERLIN, May 3 (Reuters) - U.S. climate envoy John Kerry said on Wednesday China has invited him to visit "in the near term" for talks on averting a global climate change crisis even as diplomatic relations between the world's two biggest greenhouse gas emitters remain tense. The United States and China must work together to address climate change, Kerry said in an interview with Reuters on the sidelines of a conference on global warming in Berlin. China, for example, first must issue its plan to reduce methane emissions and advance in the transition away from coal, Kerry added. "We're not pointing fingers and we're not out there trying to, you know, make this part of the other issues that are out there" between the United States and China, Kerry added. "This (climate change) is a free-standing issue which affects China as it affects the United States."
In March, European countries agreed to promote a global phase-out of fossil fuels in a text setting out their priorities for COP28. “The shift towards a climate neutral economy will require the global phase-out of unabated fossil fuels,” the text said. Al Jaber emphasized the role of technologies like carbon capture in reducing planet-heating pollution. “All indicators… are telling us that we are way off track,” said Al Jaber. We have to get out of fossil fuels, we have to dramatically reduce emissions.”“it is no longer about visions.
G7 vows to step up moves to renewable energy, zero carbon
  + stars: | 2023-04-16 | by ( ) www.cnbc.com   time to read: +6 min
Japan won endorsements from fellow G-7 countries for its own national strategy emphasizing so-called clean coal, hydrogen and nuclear energy to help ensure its energy security. The stipulation that countries rely on "predominantly" clean energy by 2035 leaves room for the continuation of fossil-fuel-fired power. The G-7 nations account for 40% of the world's economic activity and a quarter of global carbon emissions. The document crafted in Sapporo included significant amounts of nuance to allow for differences between the G-7 energy strategies, climate advocates said. "I think energy security is being exaggerated in some cases," Kerry said, pointing to Germany's progress in embracing renewable energy.
"The G7 countries have agreed that the first response to the energy crisis must be to reduce energy and gas consumption… For the first time ever, the G7 said that we must accelerate the phasing out of all unabated fossil fuels... The event has also put focus on the need to help emerging countries reduce emissions, including through financing. Nishimura said ministers would like to discuss ways to use finance to help reduce carbon in so-called "hard-to-abate" industries, which include chemicals, shipping and steel. "Developed countries first need to follow through on the $100 billion pledge they made to developing countries over a decade ago." G7 countries must exert "much stronger leadership" in leveraging financial and technology resources to help developing countries reduce emissions, Meyer said.
The 1.5 degrees Celsius temperature threshold is widely recognized as crucial because so-called tipping points become more likely beyond this level. In short, our world needs climate action on all fronts — everything, everywhere, all at once. But it will take a quantum leap in climate action." He added, "In short, our world needs climate action on all fronts — everything, everywhere, all at once." "Climate justice is crucial because those who have contributed least to climate change are being disproportionately affected," said Aditi Mukherji, one of the 93 authors of this Synthesis Report.
[1/8] A view shows a gravestone reading "unidentified, little girl wearing green sweater" in Arabic inside a cemetery in the rebel-held town of Jandaris, Syria March 4, 2023. "So we wrote down that she was wearing a green sweater, things like that." Hussein shows the images to people who visit looking for missing loved ones. Fadel El Jaber, 65, is searching for three grandchildren missing since their apartment block collapsed in the town of Salqin. Two or three survived, and those three remain missing," Jaber said, standing on rubble.
DUBAI, March 9 (Reuters) - Abu Dhabi announced a reshuffle at the top of its two biggest sovereign wealth funds on Thursday, appointing senior members of the royal family as chairmen. Sheikh Tahnoun bin Zayed Al Nahyan, one of the most powerful members of Abu Dhabi's royal family, was named chair of the Abu Dhabi Investment Authority (ADIA), among the world's largest sovereign wealth funds, the government's media office said. ADIA is estimated by Global SWF to manage $993 billion in assets, while the Sovereign Wealth Fund Institute puts the figure at $790 billion. The wealth fund's last chairman was the previous UAE president, Sheikh Khalifa bin Zayed Al Nahyan, who died last year. MORE NEWCOMERSThe UAE president is appointing his brothers as chairmen at state sovereign wealth funds rather than chairing them himself.
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.
"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.
"I think discussions this morning went very, very well and we're going back to a strategic partnership. Italy historically had very strong relations with UAE which in recent years experienced serious difficulties," Meloni told reporters in Abu Dhabi. Italy in 2021 halted the sale of thousands of missiles to Saudi Arabia and the UAE, citing Rome's commitment to restoring peace in Yemen. "On all these matters Sheikh Mohammed bin Zayed has expressed his willingness to help," Meloni said. "I think there is a strong will on both sides to rebuild not just good but excellent relations, a friendship, which I think is very important for our national interest."
Former Qatari prime minister's son bids for Manchester United
  + stars: | 2023-02-18 | by ( ) www.cnbc.com   time to read: +1 min
A statue of George Best, Denis Law and Bobby Charlton standing outside Old Trafford, home of Manchester United in Manchester, England. Sheikh Jassim Bin Hamad Al Thani, a son of Qatar's former prime minister, on Friday launched a bid to buy Premier League soccer club Manchester United, whose American owners launched a formal sale process late last year. Sheikh Jassim is the son of Sheikh Hamad bin Jassim bin Jaber Al Thani, who is one of the richest men in the Gulf state. However, Qatari state investors, who own a stake in French champions Paris Saint-Germain, could face challenges structuring a takeover of Manchester United, as rules forbid two clubs with the same owner taking part in the lucrative Champions League. Sheikh Hamad is the owner of PSG and it is unclear how the Qatari bid will be structured.
Soccer’s new M&A binge will mostly benefit players
  + stars: | 2023-02-17 | by ( Streisand Neto | ) www.reuters.com   time to read: +3 min
A Qatari consortium is set to make a $6 billion offer for Man Utd, home to stars including Marcus Rashford, Bloomberg reported on Thursday. The Financial Times reported that Iranian-American billionaire Jahm Najafi is preparing a $3.8 billion swoop on Harry Kane’s Tottenham Hotspur. The Qataris’ reported Man Utd offer of $6 billion would value the New York-listed club at 8.6 times trailing revenue. Man Utd, whose financial advisers are U.S. investment bank Raine Group, has set an initial Feb. 17 deadline for bids. The Financial Times on Feb. 15 reported that Iranian-American billionaire Jahm Najafi was preparing a $3.8 billion offer for Tottenham Hotspur.
Son of former Qatari PM bids for Manchester United
  + stars: | 2023-02-17 | by ( Anirban Sen | ) www.reuters.com   time to read: +3 min
[1/2] Soccer Football - Premier League - Manchester United v West Ham United - Old Trafford, Manchester, Britain - July 22, 2020 General view of the corner flag inside the stadium before the match, as play resumes behind closed doors following the outbreak of the coronavirus disease (COVID-19) Martin Rickett/Pool via REUTERS. Feb 17 (Reuters) - Sheikh Jassim Bin Hamad Al Thani, a son of Qatar’s former prime minister, on Friday launched a bid to buy Premier League soccer club Manchester United, whose American owners launched a formal sale process late last year. A deal for United is expected to shatter records for the sale of a sports business. Sheikh Jassim is the son of Sheikh Hamad bin Jassim bin Jaber Al Thani, who is one of the richest men in the Gulf state. However, Qatari state investors, who own a stake in French champions Paris Saint-Germain, could face challenges structuring a takeover of Manchester United, as rules forbid two clubs with the same owner taking part in the lucrative Champions League.
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.
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).
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