November 16th, 2018 | 0 commentsThe Abu Dhabi National Oil Company (Adnoc) has signed an agreement with Saudi Arabia-based King Fahd University of Petroleum and Minerals (KFUPM) to explore cooperation opportunities in research and development (R&D), along with a student-Adnoc graduates exchange programme. Bilateral investments between Abu Dhabi's state-run firm and...
November 16th, 2018 | 0 commentsThe Abu Dhabi National Oil Company (ADNOC) on Thursday announced that it will spend an amount of AED 18 billion in its recently launched In-Country Value (ICV) programme by the end of 2018. ADNOC and its contractors will spend this investment on local goods and services, which is expected to increase even further in the coming years as re...
November 16th, 2018 | 0 commentsAbu Dhabi National Oil Company for Distribution (ADNOC Distribution) on Thursday reported a 55% year-on-year profit growth in the third quarter of 2018. The fuel distribution unit of Abu Dhabi National Oil Company (Adnoc) logged a net profit of AED 558 million ($151.91 million) during the three-month period ended September, compared to AE...
November 15th, 2018 | 0 commentsQatar Fuel Company (Woqod) on Wednesday announced that it has opened Mesaimeer South petrol station, increasing its various petrol station network to 78. The company eyes expanding its petrol station network in the GCC country in a bid to meet the rising demand for petroleum products and achieve the goal of providing customers with access...
November 15th, 2018 | 0 commentsThe UAE-based Brooge Petroleum and Gas Investment Company (BPGIC) is implementing mega oil projects that are expected to boost the country’s oil sector over the next period, the Organization of the Petroleum Exporting Countries’ (OPEC) secretary general Mohammed Barkindo said. The GCC country is in dire need of these projects, as the oil...
November 15th, 2018 | 0 commentsDana Gas will continue to distribute annual cash dividends to its shareholders, the company’s head of investor relations affirmed on Wednesday. Speaking to Mubasher, Mohammed Mubaideen explained that the percentage available for making cash distributions, as per the sukuk restructuring agreement, is 5.5% of capital at most. Cash dividends...
November 15th, 2018 | 0 commentsDana Gas on Wednesday said it has received total payments of $197 million (AED 722 million) during the first nine months of this year. The Sharjah-based company has received around $111 million (AED 407 million) from the Egyptian government’s outstanding debt, whereas it received $77 million (AED 282 million) and $9 million (AED 33 millio...
November 15th, 2018 | 0 commentshe Abu Dhabi National Oil Company (ADNOC) on Wednesday announced that it will invest an amount of AED 5.1 billion ($1.4 billion) to upgrade and expand its Bab and Bu Hasa. This will increase ADNOC’s crude oil production capacity to 650,000 barrels per day (bpd), according to the state-run company’s statement. “This is an important step to...
November 15th, 2018 | 0 commentsEgypt Gas on Wednesday posted a 70% year-on-year drop in losses for the first half of 2018. The company incurred EGP 17.6 million in net loss for the nine-month period ended September, versus EGP 58.9 million in the prior-year period, according to a filing to the Egyptian Exchange (EGX). Revenues increased to EGP 1.6 billion at the end of...
November 13th, 2018 | 0 commentsMubadala Petroleum, a subsidiary of Abu Dhabi state fund Mubadala Investment Company, announced it has signed an agreement with Italy’s Eni to purchase a 20% stake in the Nour offshore concession in North Sinai, Egypt. The Italian oil and gas giant is the operator of the Nour offshore concession through its Egyptian unit IEOC and holds an...
