Opinion Energy Something old, something new: GCC energy trends in 2025 To avoid a 2008-style power crunch, every type of energy must be thrown into the mix January 2, 2025
Manufacturing Adnoc aims to add $54bn and thousands of jobs to UAE economy Abu Dhabi National Oil Company is looking to make investments worth AED200 billion ($54 billion) in the UAE economy over the next five years via what it calls its “in-country value programme”. The initiative is meant to ensure that Adnoc’s spending is kept inside the UAE, stimulating the economy and providing local suppliers and workers […] December 31, 2024
Oil & Gas Iraq gives go-ahead to $4.6bn oil pipeline Iraq has approved the construction of the 5.97 trillion dinars ($4.6 billion) Basrah-Haditha oil pipeline, according to a local media report. The project is being developed by state-backed Basra Oil Company and Oil Projects Company, and funded under the Iraq-China agreement, Shafaq News reported. In August, the oil ministry proposed a pipeline to transport crude […] December 31, 2024
Oil & Gas India’s oil major turns to Middle East amid Russian shortfall State-run Indian refiner Bharat Petroleum Corporation (BPCL) is buying Middle Eastern crude to make up for a slowing supply of cheaper Russian oil, its head of finance Vetsa Ramakrishna Gupta said. Indian state refiners typically buy Russian oil in the spot market rather than under long-term contract, but have struggled to purchase 8 to 10 million […] December 30, 2024
Opinion Energy DP World, energy and AI: five predictions for 2025 Let the guessing game begin – but no promises... December 27, 2024
Trade Saudi Arabian non-oil exports increase by 13% Non-oil exports from Saudi Arabia increased by almost 13 percent to SAR25.38 billion ($6.76 billion) in October compared to the same month last year, according to the latest government trade report. Chemical products made up 26.8 percent of non-oil exports over the month, followed by plastics and rubber products at 23.7 percent, the General Authority […] December 27, 2024
Opinion Economy The state of the Russian economy in 2025 should be a concern for the Gulf Soaring defence expenditure means the Russian economy is overheating at a rapid rate December 23, 2024
Oil & Gas Iraq has a tough job to balance Opec quotas with its capacity goals Iraq is facing some tough choices and conflicts when it comes to its national oil policy. While its oil production is expected to rise by only around 200,000 barrels per day (bpd) in the next two years, in line with a new supply restraint accord by Opec+, it already has plans to boost output capacity […] December 23, 2024
Economy GCC economy to grow at 4.5% in 2025 on oil support The GDP of the six Gulf Cooperation Council (GCC) countries is forecast to grow at a higher pace in 2025 to reach 4.5 percent. While the regional GDP is expected to grow by 3.7 percent in 2024, it will stabilise at 3.5 percent in 2026, the UAE state-run Wam news agency reported, quoting a Statistical […] December 23, 2024
Oil & Gas Qatar threatens LNG halt over EU due diligence law Qatar has threatened to cease liquefied natural gas (LNG) shipments to the European Union (EU) if the bloc enforces a corporate sustainability due diligence directive, according to a news report. The directive, set to take effect in 2027, imposes penalties for companies failing to meet stringent standards on environmental protection and forced labour in supply […] December 23, 2024
Oil & Gas Nigeria targets Abu Dhabi for oil-backed loan Nigeria’s state-owned oil company, the Nigerian National Petroleum Company (NNPC), is looking to Abu Dhabi National Oil Company (Adnoc) as a potential source of financing as the African state strives to increase its crude oil production capacity. NNPC seeks to raise $2 billion through a syndicated crude oil-backed loan in an operation called Project Leopard. […] December 20, 2024
Analysis Oil & Gas UAE to shake up old world order as oil trading centre For years, Geneva, London, Amsterdam and Singapore have been the preferred homes of middlemen helping to move crude oil and its derivatives around the world. But recent geopolitical and economic shifts have paved the way for the UAE to emerge as a trading powerhouse, attracting international talent and rivalling the old world order. The UAE […] December 20, 2024
Oil & Gas US gives Turkey sanctions waiver for gas payments to Russia The US has given Turkey an exemption from sanctions on Gazprombank for its gas payments to Russia, the Turkish energy minister Alparslan Bayraktar said on Friday. New sanctions on Russia’s Gazprombank were imposed by the US in November, creating an obstacle for buyers of Russian gas, who had been using the bank to make payments. […] December 20, 2024
Energy BP and Iraq agree terms on redeveloping Kirkuk oilfield British oil major BP has finalised the technical terms with the Iraqi government for redeveloping the Kirkuk oil and gas fields. In August, it signed an agreement with Iraq to develop and explore the Kirkuk oilfield, including plans to build power plants and solar capacity, Reuters reported. Iraq, the second-largest oil producer in Opec, has a production capacity of almost 5 […] December 20, 2024
Analysis Oil & Gas How Adnoc’s XRG will achieve its bold investment ambitions When XRG, the newly formed investment arm of the Abu Dhabi National Oil Company (Adnoc), launched last month it said that it wanted to double its $80 billion in assets under management by 2035. For comparison, Abu Dhabi’s ADQ, the world’s 10th largest sovereign wealth fund and the younger sibling of Adia and Mubadala, had […] December 19, 2024
Opinion Energy BP could be a savvy investment for Gulf buyers Rarely does the opportunity to buy an international energy leader arise December 19, 2024
Oil & Gas Opec+ wary of rise in US oil output under Trump Opec+ members are contemplating a renewed rise in US oil output when Donald Trump returns to the White House, delegates from the group said. More US oil would further erode Opec+ market share and hamper the producer group’s efforts to support prices. Opec+ pumps about half of the world’s oil and earlier this month delayed […] December 18, 2024
Oil & Gas Kenya extends oil deals with Saudi Arabia and UAE Kenya has extended oil import agreements with one Saudi and two UAE oil companies to ease pressure on its currency, according to media reports. The deals were initially signed with Saudi Aramco, Abu Dhabi National Oil Company and Emirates National Oil Company in March 2023, offering a 180-day credit period, Business Daily newspaper reported. Reuters […] December 18, 2024
Oil & Gas UAE and Qatari energy giants strike LNG deals State-owned energy companies in the UAE and Qatar have struck long-term liquefied natural gas (LNG) deals with international companies. The UAE’s Adnoc has signed its third agreement to supply LNG from its Ruwais plant. The 15-year deal is with Germany’s energy infrastructure company, EnBW Energie Baden-Württemberg AG (EnBW), and will deliver 0.6 million tonnes per […] December 17, 2024
Energy BP and Adnoc launch joint gas platform Arcius Energy BP and XRG, the new lower carbon energy and chemicals investment company set up by Abu Dhabi National Oil Company (Adnoc), have completed the formation of a joint venture named Arcius Energy. The new venture, 51 percent owned by BP and the remaining 49 percent by XRG, will focus on international gas operations. It will […] December 16, 2024
Oil & Gas Oil shipments from UAE to Asia to be cut next year The UAE is reducing its oil shipments early next year as Opec+ pushes for compliance with production cuts in order to try to stop prices falling. However it is unclear if this means that the country – Opec’s fifth largest producer – is cutting its output, analysts have told AGBI. Adnoc, the UAE’s state-owned oil […] December 16, 2024
Oil & Gas QatarEnergy acquires stake in offshore Namibia block State-backed QatarEnergy has agreed to acquire a 27.5 percent interest in Block 2813B offshore Namibia from Harmattan Energy Limited (HEL), an indirect subsidiary of US company Chevron Corporation. HEL is the operator of the block and will retain a 52.5 percent interest. Trago Energy Limited and the National Petroleum Corporation of Namibia are the other partners, […] December 16, 2024
