Adnoc’s $15bn investment in low carbon strategy is another step on a long road to net zero

From Europe, it appears as dilemma, a paradox, a contradiction. From the Gulf, it seems much simpler. What road must oil companies travel as an energy-hungry world seeks a climate-friendly destination?  Adnoc announced Dh55 billion ($15 billion) of investments to 2030 in its low-carbon activities. This follows three other important transactions: in December, it bought Mubadala’s 24.9 […]

Adnoc’s new gas subsidiary begins operations

Adnoc’s new gas processing and marketing company, Adnoc Gas, began operations on January 1. Adnoc intends to proceed with an initial public offering (IPO) of a minority stake in Adnoc Gas on the Abu Dhabi Securities Exchange (ADX) during the course of this year, the state-run energy company said in a statement on Tuesday. A […]

UAE’s Masdar signs agreement with Kyrgyzstan to develop renewable energy projects

Abu Dhabi’s clean energy company Masdar has signed an agreement with Kyrgyzstan’s energy ministry to develop clean energy projects with a capacity to generate up to 1 gigawatt. The pipeline of projects will start with a 200 megawatt solar photovoltaic plant, which is expected to begin operations by 2026, Masdar said on Tuesday. “Masdar has considerable […]

Borouge secures two contracts worth $15m from UAE manufacturers

Borouge, the joint venture between Adnoc and Austrian chemicals producer Borealis, has secured two contracts worth Dh55 million ($15 million) to supply polyolefins to UAE cable maker Ducab and Union Pipes Industry, its partner-customers. The companies will use the polyolefins to produce energy and infrastructure applications needed to construct the Borouge 4 project in Ruwais, Borouge said on Tuesday. Ducab will […]

First Abu Dhabi Bank raises $500m through Islamic bond

First Abu Dhabi Bank, the UAE’s largest lender by assets, has raised $500 million through a sukuk or Islamic bond, marking the first global sukuk issuance in 2023. The five-year sukuk was priced at 90 basis points over the US treasury rate which is the equivalent of a profit rate of 4.58 per cent and is listed […]

First Abu Dhabi explored offer for Standard Chartered

First Abu Dhabi Bank, the UAE’s largest lender, said it had considered making an offer for the emerging markets-focused Standard Chartered listed in London. “First Abu Dhabi Bank confirms that it had previously been at the very early stages of evaluating a possible offer for Standard Chartered, but as of the date of this announcement, […]