UAE’s ADNOC awards multibillion gas expansion contracts
UAE’s ADNOC Group has awarded contracts worth $16.9bn to develop an offshore natural gas field that will operate with net zero carbon dioxide emissions. The two engineering, procurement and construction (EPC) contracts for the Hail and Ghasha Offshore Development project will produce 1.5 billion standard cubic feet per day (bscfd) of gas before the decade’s […]
ADNOC Distribution to use biofuel to power its UAE vehicle fleet
ADNOC Distribution said its UAE heavy vehicle fleet will be powered by biofuel, a move that is set to reduce carbon dioxide emissions from the fleet by 15 per cent. The fleet of the UAE’s largest operator of fuel stations and convenience stores plays a crucial role in supplying fuels and liquefied petroleum gas (LPG) […]
ADNOC Distribution board approves $350m interim dividend
ADNOC Distribution’s board of directors has approved an interim dividend of $350m (Dhs1.3bn) for the first six months of 2023, equivalent to 10.3 fils per share. The interim dividend represents the first part of the expected full-year 2023 dividend payment of a minimum of $700m (Dhs2.57bn), which is equivalent to 20.57 fils per share, in […]
ADNOC Distribution launches 3 service stations in Egypt
ADNOC Distribution , the UAE’s largest fuel and convenience retailer, has inaugurated three ADNOC service stations in Egypt, strategically located in key areas across Greater Cairo to offer a full range of vehicle services to the local communities. The Company plans to open a further six ADNOC service stations nationwide by the end of 2023, […]
ADNOC & TAQA reach financial close on sustainable water supply project
ADNOC and Abu Dhabi National Energy Company (TAQA) have completed the financial closing of their $2.2 billion (AED8.3 billion) strategic project in order to provide sustainable water supply for ADNOC’s onshore operations. This strategic investment between two Abu Dhabi energy giants entails developing and operating facilities to sustainably treat and supply seawater for ADNOC’s operations […]
UAE’s ADNOC Group to invest in Habshan carbon capture
UAE’s ADNOC Group has reached a final investment decision to develop the Habshan carbon capture utilisation and storage (CCUS) project. The CCUS project will have the capacity to capture and permanently store 1.5 million tonnes per annum (mtpa) of carbon dioxide within geological formations deep underground. The Habshan project will triple the company’s carbon capture […]
OMV enters talks with ADNOC to form global chemical giant
Austria’s OMV is entering talks with Abu Dhabi National Oil Company (ADNOC Group) about combining some of their assets to create a chemicals and plastics giant. OMV’s executive board decided to pursue negotiations with state-owned ADNOC about a potential merger of Borouge and Borealis, it said in a statement Friday, confirming a Bloomberg News report. […]
ADNOC L&S reports 79% rise in Q1 net profit
ADNOC Logistics & Services (ADNOC L&S), which is expected to list its shares on the Abu Dhabi Securities Market on Thursday following an IPO, reported Q1 2023 net profit of $144.9 million, up 79% compared with $16.2 million in the year-ago period. Abu Dhabi National Oil Co. this month sold about 1.11 billion shares at […]
ADNOC Drilling posts 25% jump in Q1 net profit
ADNOC Drilling Co., a subsidiary of Abu Dhabi’s state oil company ADNOC, reported a Q1 2023 net profit of $219 million, 25% higher year-on-year (yoy) on the driven by onshore and oilfield services segments. The net profit fell shy of analysts’ mean estimate of $229.50 million, according to data compiled by Refinitiv’s Eikon. Revenue for […]
UAE’s Jaber urges donors to deliver on $100 bln pledge to developing countries
The UAE’s president-designate of the COP28 climate summit urged donors to deliver on a $100 billion pledge promised 14 years ago to developing countries and blamed delays in delivery for hindering climate action. “Expectations are high. Trust is low,” Sultan al-Jaber told the Petersberg Climate Dialogue in Berlin on Tuesday. “This is holding up progress […]