Markets Oman’s OQBI poised to make Muscat bourse debut Oman’s OQ Base Industries will debut on Muscat’s bourse on December 15 after the state oil company subsidiary completed a $489 million initial public offering. OQBI, the third OQ unit to float since March 2023, has offloaded 49 percent of its shares. Of the shares sold, 30 percent went to institutions, 40 percent to retail […] December 5, 2024
Petrochemicals Adnoc’s XRG to take over Germany’s Covestro XRG, the low-carbon and chemicals investment company founded by Abu Dhabi National Oil Company (Adnoc), is to become a major shareholder of German chemicals producer Covestro. The $16.3 billion takeover offer from Adnoc International Germany Holding, a wholly owned indirect subsidiary of XRG, has exceeded the minimum acceptance threshold, reaching 69.94 percent as of November […] December 3, 2024
Sustainability Adnoc launches $80bn unit for low-carbon transition State-backed energy major Abu Dhabi National Oil Company (Adnoc) has launched a new global lower-carbon energy and chemicals investment company valued at more than $80 billion. XRG will aim to more than double its asset value over the next decade by capitalising on the demand for low-carbon energy and chemicals. The three factors driving demand […] November 28, 2024
Analysis Renewable Energy Trump’s return may alter the future of renewable energy Adnoc’s acquisition in September of a 35 percent stake in ExxonMobil’s low-carbon hydrogen facility in Baytown, Texas, might have been a sign of things to come. The deal between the Abu Dhabi-owned oil company and the US energy major came as interest in clean hydrogen was waning in the US while rising in the Gulf. Former […] November 26, 2024
Markets OQ chemical subsidiary targets $490m from IPO OQ Base Industries, a subsidiary of Oman’s state energy company OQ, intends to raise up to OR187 million ($490 million) through an initial public offering on the Muscat Stock Exchange (MSX). The price range was set between 106 and 111 baisas per share, valuing the company between OR188 million and OR385 million. The subscription period […] November 19, 2024
Trade Nigeria nears trade deal with Saudi Arabia Nigeria is looking to finalise a $5 billion bilateral trade facility with Saudi Arabia, it said, following a meeting between its president, Bola Tinubu, and Crown Prince Mohammed bin Salman in Riyadh. The pair met on the sidelines of the joint Arab-Islamic Summit, which was convened to discuss the ongoing Israel-Hamas conflict. Following the meeting, […] November 13, 2024
Energy Sabic announces SAR1bn profit in dramatic turnaround Saudi Arabian petrochemical giant Sabic (Saudi Basic Industries Corp) has announced profit in Q3 2024 of SAR1 billion ($266.2 million) in a marked turnaround from the same period last year. In 2023, the company reported a Q3 loss of SAR2.88 billion. Revenues in Q3 2024 were up 3 percent year on year, and the company […] November 4, 2024
Oil & Gas Aramco considers investment in Vietnam’s oil industry Saudi Aramco has expressed interest in investing in Vietnam’s oil refinery sector and petroleum distribution, the south-east Asian country’s government says. Vietnam’s prime minister, Pham Minh Chinh, met Aramco president and CEO Amin Nasser during the Future Investment Initiative summit in the Saudi capital. “Vietnam has great potential in the region, therefore, Aramco wishes to […] October 30, 2024
Oil & Gas Aramco predicts oil market expansion on China demand Saudi Aramco is forecasting oil market growth in 2025 of 1.5 percent, driven by fundamental growth in China and the role of fossil fuels in underpinning the green energy transition. A recent stimulus package failed to alleviate market concerns about China. Although it accounted for 70 percent of oil demand growth in 2023, Chinese demand […] October 30, 2024
Trade UAE and Vietnam pact aims for $20bn in bilateral trade The UAE and Vietnam have signed a comprehensive economic partnership agreement (Cepa), paving the way for $20 billion in bilateral trade. This marks Vietnam’s first Cepa with a Middle Eastern country and was signed by prime minister Pham Minh Chinh in Dubai on Monday, the UAE state-run Wam news agency reported. The agreement seeks to […] October 29, 2024
Oil & Gas Aramco cancels Saudi project amid Asia focus Aramco, the world’s largest oil producer, has scrapped plans for a refinery and chemicals project in Saudi Arabia to focus on Asia expansion, mainly in China. The 400,000 barrels per day (bpd) facility at Ras Al Khair, which was being planned in collaboration with Saudi Basic Industries Corporation, an Aramco subsidiary, has been cancelled, Bloomberg […] October 16, 2024
Oil & Gas Adnoc drops plan to upgrade UAE’s only LNG facility An upgrade of the Das Island liquefied natural gas plant has been cancelled by Adnoc Gas, as it shifts priorities towards greenfield developments. “We have a funnel of exciting opportunities in which we can invest while at the same time exercising capital discipline,” Adnoc Gas said. Das Island’s liquefaction and export terminal, the only LNG […] October 11, 2024
Transport Hafeet Rail secures $1.5bn loan for UAE-Oman rail link Hafeet Rail, formerly Oman and Etihad Rail Company, has secured funding of $1.5 billion from a consortium of regional and global banks for the 238km railway network. The $2.5 billion Omani-Emirati railway network project is the first link in a unified regional transport and logistics chain and will link five major ports and various industrial and free […] October 10, 2024
Finance UAE-Jordan trade deal targets non-oil growth The UAE’s comprehensive economic partnership agreement (Cepa) with Jordan, its first with an Arab nation, is poised to strengthen economic ties and drive non-oil trade, which reached $4.2 billion in 2023. The agreement intends to foster investment, accelerate growth in key industries and bolster supply chains, the UAE state-run Wam news agency reported. The Cepa […] October 9, 2024
Adnoc to buy German chemicals company Abu Dhabi’s Adnoc has agreed to buy German chemicals producer Covestro for €15.9 billion ($18 billion) including debt, the state oil giant said on Tuesday, representing its largest acquisition to date. The deal is one of the biggest foreign takeovers by a Gulf state as Abu Dhabi and other countries in the region seek to reduce […] October 1, 2024
Oil & Gas Energy ambitions in Algeria go beyond oil and gas Algeria has ambitious plans to revitalise its bread-and-butter energy industry. The country is Africa’s largest gas exporter and third-largest oil producer. World Bank figures show hydrocarbons make up 93 percent of its total exports. The International Monetary Fund said Algeria’s economy grew by 4.2 percent to $244.75 billion in 2023, in part because of renewed hydrocarbon […] September 30, 2024
Oil & Gas Second-half slide expected for Saudi petrochemical industry With higher shipping and logistic rates and stable prices of raw materials, Saudi petrochemical producers are likely to report lower earnings in the second half of the year, an expert has said. The companies reported margin peaks in the second quarter of the year, but they are likely to face pressures on profit margins in […] September 20, 2024
INTERVIEW Oil & Gas Shopping trip for NMDC Energy boss after blockbuster IPO NMDC Energy is looking for merger and acquisition targets after delivering the UAE’s biggest initial public offering of 2024, its CEO has told AGBI. Ahmed Al Dhaheri said the Emirati company, which listed on the Abu Dhabi exchange on Wednesday, would announce “some M&A soon” and was focusing on expansion outside the Gulf. He also […] September 12, 2024
Oil & Gas Aramco and Rongsheng move on chem plant expansion Saudi Aramco is accelerating plans to expand the liquids-to-chemicals project in Jubail in collaboration with China’s Rongsheng Petrochemical Company. The companies have signed a development framework agreement to potentially expand Saudi Aramco Jubail Refinery Company (Sasref) facilities and increase investments in the petrochemical sectors of both nations. This follows a cooperation framework signed in April, where Rongsheng proposed […] September 12, 2024
Trade New shipping route links Jeddah to major Indian ports Saudi Arabia has launched a new shipping route between Jeddah Islamic Port and Mundra and Nhava Sheva, two of India’s largest ports. The 10-day service, operated by Folk Maritime Services, a subsidiary of the Public Investment Fund, started this month. The new route aims to increase the movement of goods such as petrochemicals, aligning with […] September 10, 2024
Energy Gulf’s profits rise thanks to petrochemicals and banks A turnaround in Saudi Arabia’s long-troubled petrochemicals industry has helped Gulf companies’ second-quarter earnings rise year on year. The region’s banking, telecom and real estate sectors also prospered. GCC listed companies’ earnings totalled $60.7 billion in the three months to June 30, up from $57.4 billion a year earlier, a report by Kuwait’s Kamco Invest […] September 9, 2024
Oil & Gas Iraq targets 6m bpd crude oil output by 2028 Iraq will increase its crude oil production to 6 million barrels per day (bpd) by 2028, a senior government official has said. The ambitious plan aims to support production levels and increase exports, state-owned Iraqi News Agency (INA) reported, citing deputy minister for extraction affairs Basim Khudair. Iraq, the second-largest producer in Opec, extracts more […] September 9, 2024
