The two sides will explore joint investment opportunities
Energy
Abu Dhabi
ADNOC Drilling forecasts $1.3bn of net profit in 2024
ADNOC Drilling has raised its medium-term revenue expectations to $3.85 billion for the fiscal year 2024
DEWA
DEWA revenue hits record $3.7bn in H1
DEWA records profit after tax of more than $700m in first half of the year
Dana Gas
Improved collections boost Dana Gas net profit to $33.76mn
Collections amounted to $151.6 million during H1 2024, compared to $105.9 million during H1 2023
Oil and Gas
Oil and gas investments in Arab countries hit $406bn since 2003
Arab countries have attracted investment in 610 oil and gas projects since start of 2023
Aramco
Aramco signs deal to buy further $702m stake in Petro Rabigh from Sumitomo Chem
Aramco takes larger stake in joint venture with Japan’s Sumitomo Chemical
Aramco
Aramco plans $124bn dividends in 2024
Aramco has declared plans to declare industry-leading total dividends in 2024
ADNOC Drilling
Enersol on an acquisition spree – buys EV Holdings for $45mn
US-based EV Holdings is a global provider of vision-based diagnostics and analytical services in the global oil and gas sector
geopolitical tensions
Oil prices hover near 8-month lows as US recession fears offset Middle East supply concerns
Slumping diesel consumption in China, the world’s biggest contributor to oil demand growth, is also weighing on global oil prices
DEWA opens new digital customer centre in Ibn Battuta Mall
The opening was attended by Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA
Dubai
Vertiv, Gulf Data Hub partnership with Dubai Silicon Oasis successfully tackles long-standing energy sector challenges
The facility has also vastly expanded its operational scope to meet the growing demands for sophisticated data management and energy-efficient solutions in the region
UAE
UAE announces petrol, diesel prices to increase for August 2024
UAE petrol prices will see a rise in August compared to July
Abu Dhabi
EWEC to develop 400MW Battery Energy Storage System in Abu Dhabi
27 companies and consortiums qualified for the Request for Proposals stage after 93 submitted Expression of Interest
crude imports
India’s Reliance gets US approval to resume crude imports from Venezuela
US sanctions were reinstated in April after Venezuela failed to honour the agreement, and oil companies have been applying for permits from the US Treasury Department to keep doing business there
Abu Dhabi
Abu Dhabi’s Borouge to construct Speciality Polyolefins complex in China
A consortium with Borouge, ADNOC and Borealis to collaborate with Wanhua Chemical; New plant to produce 1.6 MTPA of speciality polyolefins
Green bonds
Masdar raises $1bn with green bond sale
Masdar advances UAE clean energy financing with Green Bond sale