More than US$10 billion worth of deals were signed at last week’s Abu Dhabi International Petroleum Exhibition Conference (Adipec), which proved to be the largest in the event’s 20-year history.
As oil prices rally to around $62 per barrel after a persistent dip since 2014, the world’s most prominent oil and gas majors congregated at a show that saw an estimated 103,000 visitors over the course of the week, demonstrating a renewal of market sentiment.
Headline news included plans revealed by Dr Sultan Ahmed Al Jaber, UAE Minister of State and group chief executive of the Abu Dhabi National Oil Company (Adnoc), to list a minority stake of at least 10 per cent in Adnoc Distribution, the UAE’s largest fuel distributor and convenience store operator, on the Abu Dhabi Securities Exchange (ADX).
Later in the week, Adnoc signed a framework agreement with China National Petroleum Corporation (CNPC) to examine joint offshore ventures and sour gas projects, including opportunities to develop Abu Dhabi’s Lower Zakum, Umm Shaif and Nasr offshore concessions, and the Bab Bu Hasa, Ghasha and Hail sour gas projects, among others.
Adipec effectively kicked off on November 12 with a gathering of chief executives of BP, Saudi Aramco, France’s Total, China’s CNPC, Exxon Mobil and Russia’s Lukoil, and other senior energy company executives from across the world, at Adnoc’s offices. The roundtable was moderated by Daniel Yergin, the Pulitzer-Prize winning author and energy economist, and sought to discuss critical issues facing the industry.
The main conference began the following day and saw a significant increase in attendance on previous records, according to Adipec organisers, with visitors from 135 different countries, 2,200 exhibiting companies, 25 country pavilions and 900 speakers.
As well as attracting more attendees, the event itself was larger, spanning 135,000 square metres of floor space at Abu Dhabi National Exhibition Centre, and featuring 185 conference sessions on technical and non-technical industry functions that could shape the future of the energy sector.
Energy leaders were positive about the impact of Opec production cuts on the industry, with the UAE's oil minister, Suhail Al Mazroui, telling The National: "The market has recovered. Demand has been better than expected." Opec secretary-general Mohammed Barkindo agreed the oil industry is benefiting from the deal to cut output agreed by both Opec and non-Opec producers. "If we hadn't done what we did last year, and jointly taken action in responding to the crisis, the industry would probably be in a different condition today," he said.
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With improving conditions, Adnoc announced expansions to offshore, onshore and downstream petroleum activities as it aims to hit targets set in its 2030 smart growth strategy. It inked an agreement with ExxonMobil and with Japan’s Inpex to increase the capacity of its offshore Upper Zakum oil field to 1 million barrels per day by 2024, having previously targeted capacity of 750,000 bpd by next year.
It also announced a significant investment to upgrade its Bab field – re-energising one of its most substantial onshore producing assets to sustain and increase output.
There were also framework agreements with partners Cepsa and Linde as Adnoc looks to expand its downstream portfolio by increasing crude refining capacity by 60 per cent and more than tripling its petrochemical production. Adnoc aims to transform the Ruwais refinery into the world’s largest integrated refining and chemicals site, which would aim to convert almost 20 per cent of Abu Dhabi’s crude to chemicals and diversify its range of higher value products.
“We are focused on creating the greatest value from our partnerships to capitalise on our oil and gas reserves and maximise the returns from our assets,” Mr Al Jaber said.
Abu Dhabi is increasingly making energy investments elsewhere in the world, too. Mubadala Investment Company revealed at Adipec it had spent $5bn in the past few months in countries offering low-cost opportunities, such as the US.
Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
88 Video's most popular rentals
Avengers 3: Infinity War: an American superhero film released in 2018 and based on the Marvel Comics story.
Sholay: a 1975 Indian action-adventure film. It follows the adventures of two criminals hired by police to catch a vagabond. The film was panned on release but is now considered a classic.
Lucifer: is a 2019 Malayalam-language action film. It dives into the gritty world of Kerala’s politics and has become one of the highest-grossing Malayalam films of all time.
ICC Awards for 2021
MEN
Cricketer of the Year – Shaheen Afridi (Pakistan)
T20 Cricketer of the Year – Mohammad Rizwan (Pakistan)
ODI Cricketer of the Year – Babar Azam (Pakistan)
Test Cricketer of the Year – Joe Root (England)
WOMEN
Cricketer of the Year – Smriti Mandhana (India)
ODI Cricketer of the Year – Lizelle Lee (South Africa)
T20 Cricketer of the Year – Tammy Beaumont (England)
Brief scores:
Manchester City 3
Bernardo Silva 16', Sterling 57', Gundogan 79'
Bournemouth 1
Wilson 44'
Man of the match: Leroy Sane (Manchester City)
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
PREMIER LEAGUE FIXTURES
Tuesday (UAE kick-off times)
Leicester City v Brighton (9pm)
Tottenham Hotspur v West Ham United (11.15pm)
Wednesday
Manchester United v Sheffield United (9pm)
Newcastle United v Aston Villa (9pm)
Norwich City v Everton (9pm)
Wolves v Bournemouth (9pm)
Liverpool v Crystal Palace (11.15pm)
Thursday
Burnley v Watford (9pm)
Southampton v Arsenal (9pm)
Chelsea v Manchester City (11.15pm)
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
TOURNAMENT INFO
Women’s World Twenty20 Qualifier
Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November
UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi
Five personal finance podcasts from The National
To help you get started, tune into these Pocketful of Dirham episodes
·
Balance is essential to happiness, health and wealth
·
What is a portfolio stress test?
·
What are NFTs and why are auction houses interested?
·
How gamers are getting rich by earning cryptocurrencies
·
Should you buy or rent a home in the UAE?
Zimbabwe v UAE, ODI series
All matches at the Harare Sports Club:
1st ODI, Wednesday, April 10
2nd ODI, Friday, April 12
3rd ODI, Sunday, April 14
4th ODI, Tuesday, April 16
UAE squad: Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Shaiman Anwar, Mohammed Usman, CP Rizwan, Chirag Suri, Mohammed Boota, Ghulam Shabber, Sultan Ahmed, Imran Haider, Amir Hayat, Zahoor Khan, Qadeer Ahmed
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
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WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
COMPANY%20PROFILE
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The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
SHAITTAN
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Graduated from the American University of Sharjah
She is the eldest of three brothers and two sisters
Has helped solve 15 cases of electric shocks
Enjoys travelling, reading and horse riding
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
The biog
Simon Nadim has completed 7,000 dives.
The hardest dive in the UAE is the German U-boat 110m down off the Fujairah coast.
As a child, he loved the documentaries of Jacques Cousteau
He also led a team that discovered the long-lost portion of the Ines oil tanker.
If you are interested in diving, he runs the XR Hub Dive Centre in Fujairah