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Saudi Aramco to supply LNG to Bangladesh as part of power deal

Wednesday, 13 November 2019

Saudi Arabian state energy company Aramco plans to supply liquefied natural gas (LNG) to Bangladesh as part of a tentative $3 billion deal signed in October, officials told Reuters. ACWA Power and Saudi Aramco signed a deal with Bangladesh Power Development Board to develop a 3,600-megawatt LNG-based power plant and terminal in the country. The power plant and an onshore regasification terminal could be built in the Moheshkhali area in Cox’s Bazar or an alternative location, upon ...

OPEC's Barkindo says US-China trade deal would remove ‘dark cloud’ on oil market

Wednesday, 13 November 2019

OPEC’s Secretary General Mohammad Barkindo said on Wednesday he is confident that the United States and China would reach a trade deal and that it would remove a “dark cloud” over the oil market. It is premature to discuss the December OPEC+ decision and it is too early to say if further output cuts would be needed, Barkindo told reporters on the sidelines of an industry event in Abu Dhabi. OPEC and its non-OPEC partners need to continue working together to weather ...

ADNOC to invest $489 mln to upgrade Bab oil field

Wednesday, 13 November 2019

The Abu Dhabi National Oil Company (ADNOC) said on Wednesday it would invest 1.8 billion dirhams ($489 million) to upgrade its Bab onshore field and sustain long-term crude oil output capacity of 485,000 barrels per day from the field.The UAE’s state-owned oil company awarded the contract to Archirodon Construction Overseas, which will build the facilities and infrastructure.The contract, which has a term of more than three years, was announced at the Abu Dhabi International Petroleum ...

UAE’s ADNOC inks deal with Chinese firm to explore sale of refined products

Wednesday, 13 November 2019

The Abu Dhabi National Oil Company (ADNOC) signed an agreement with China’s Rongsheng Petrochemical Co Ltd as the UAE’s state-owned oil company looks for new markets for its refined products and natural gas.The deal includes the sale of refined products from ADNOC to Rongsheng and the supply of liquefied natural gas (LNG) to the Chinese company.“The agreement covers domestic and international growth opportunities across a range of sectors, which have the potential to open new ...

ADNOC wants Murban as a price marker alongside Brent crude

Tuesday, 12 November 2019

Abu Dhabi National Oil Company’s head of trading said on Tuesday that ADNOC wanted to make its Murban futures contract a price marker alongside Brent futures. “The Brent is depleting in quality and quantity,” Philippe Khoury said at the ADIPEC energy conference. Khoury also expects Murban futures to trade at a premium to Brent next year. His remarks came a day after Intercontinental Exchange (ICE), the owner of the New York Stock Exchange, announced the launch of a new exchange ...

Saudi Aramco’s $2 trillion valuation still possible, says Al Jazira banker

Tuesday, 12 November 2019

A $2 trillion valuation for Saudi Aramco is still possible thanks to overwhelming interest from retail investors in Saudi Arabia and beyond, a bank researcher told Al Arabiya English. The state oil giant – already the world’s most profitable company – is expected to become the world’s most valuable company when it lists for the first time on the Saudi Stock Exchange, known as Tadawul, on December 11. “They can achieve a $2 trillion valuation,” said Talha Nazar ...

A new energy hub emerges among unlikely partners in the Mediterranean

Tuesday, 12 November 2019

The discovery of massive natural gas deposits in the Eastern Mediterranean is bringing old rivals together as the region looks to unite itself under a shared goal of energy independence.Following the finding of the Leviathan gas field offshore Israel more than a decade ago, exploration by energy firms is on the rise. Over 60 trillion cubic feet (tcf) of natural gas has been discovered so far in Israel, Egypt, Cyprus and Lebanon, which already exceeds OPEC-member Libya’s gas ...

Saudi Aramco to announce IPO price range on November 17

Tuesday, 12 November 2019

Saudi Aramco’s price range for its initial public offering (IPO) will be determined on November 17, while the announcement of the final offer price will be on December 5, the company confirmed to Al Arabiya English. The deadline to submit bid forms for institutional investors, such as banks or hedge funds, is set for December 4, while the deadline for retail investors – otherwise known as individual investors – is set for November 28, the company confirmed to Al Arabiya English ...

UAE’s ADNOC extends deadline for exploration bids

Tuesday, 12 November 2019

The UAE’s state-owned Abu Dhabi National Oil Company (ADNOC) said it extended the deadline for bids for oil and gas exploration until the end of December to give firms more time to discuss forming potential consortiums.The latest deadline applies to the second bid round for onshore and offshore blocks that the state-owned oil company launched last May, the company confirmed to Al Arabiya English on Tuesday.ADNOC launched the second bid round for five new oil and gas blocks in May.The ...

Dubai mobile fueling app ENOC Link to provide fuel services to Jafza free zone

Tuesday, 12 November 2019

ENOC Link, which is 100 percent owned by Emirates National Oil Company (ENOC), recently signed a deal with DP World and UAE Region – the United Arab Emirates’ trade enabler – that will allow it to offer mobile fueling services to companies and employees working and operating in Dubai’s Jebel Ali Free Zone (Jafza). The service can be accessed through a mobile app, which provides fuel delivery tracking, and allows delivery even if the customer is not present so long as the ...

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