Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, has endorsed Abu Dhabi National Oil Company's plans to expand its trading activities to support global energy security and boost the UAE’s position as an important player in global energy markets.
Sheikh Khaled, who visited Adnoc’s trading office at Abu Dhabi Global Market – the emirate's financial free zone – reviewed the achievements of company’s trading businesses, Adnoc Global Trading and Adnoc Trading.
He stressed on the role of Adnoc’s trading businesses in strengthening Abu Dhabi’s position as a global trading hub while supporting the country’s growth into new energy and further diversifying the economy to continue driving sustainable economic development, Abu Dhabi Media Office said in a statement on Monday.
Launched in December 2020, Adnoc Global Trading is a partnership with European oil services companies Eni and OMV. The business, which is 65 per cent owned by Adnoc, 20 per cent by Italy's Eni and 15 per cent by Austria's OMV, aims to commercialise Adnoc's refined products offering new delivery, pricing and hedging options to customers.
Over the past few years, Adnoc’s trading companies have unlocked “sizeable revenue streams” for the company, ADMO statement said.
Adnoc has also expanded its trading desks from refined products, such as gasoline, jet fuel, gas oil, naphtha and crude oil, to include liquefied petroleum gas, liquefied natural gas, biofuels, sulphur and carbon. It helped Adnoc to capture new market share and support the Emirates’ growth into new energy.
Adnoc has also established active trading offices in Singapore, expanded its trading operations with offices in Europe and plans to extend its operations to the US.
During his tour of the trading floor, Sheikh Khaled also met Emirati commodity traders and he was briefed on how Adnoc is equipping UAE citizens with skills in international commodity trading through its trading academy.
Adnoc Global Trading and Adnoc Trading employ more than 100 Emiratis, who are responsible for core trading functions, including physical trading, chartering for own flows and third-party volumes and derivatives trading including hedging.
Adnoc Global Trading trades refined products from Adnoc and other sources to the market, while Adnoc Trading is focused on the trade of crude oil and LNG and is active on Ice Futures Abu Dhabi, an independent futures exchange for the trade of Murban Futures contract derivatives.
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
Company%20profile
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South and West: From a Notebook
Joan Didion
Fourth Estate
Essentials
The flights
Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes.
Where to stay
In Kuala Lumpur, Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes.
In Penang, Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes.
23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes.
In Langkawi, Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.
Sonchiriya
Director: Abhishek Chaubey
Producer: RSVP Movies, Azure Entertainment
Cast: Sushant Singh Rajput, Manoj Bajpayee, Ashutosh Rana, Bhumi Pednekar, Ranvir Shorey
Rating: 3/5
Ovo's tips to find extra heat
- Open your curtains when it’s sunny
- Keep your oven open after cooking
- Have a cuddle with pets and loved ones to help stay cosy
- Eat ginger but avoid chilli as it makes you sweat
- Put on extra layers
- Do a few star jumps
- Avoid alcohol
India squad for fourth and fifth Tests
Kohli (c), Dhawan, Rahul, Shaw, Pujara, Rahane (vc), Karun, Karthik (wk), Pant (wk), Ashwin, Jadeja, Pandya, Ishant, Shami, Umesh, Bumrah, Thakur, Vihari
Company profile
Company: Eighty6
Date started: October 2021
Founders: Abdul Kader Saadi and Anwar Nusseibeh
Based: Dubai, UAE
Sector: Hospitality
Size: 25 employees
Funding stage: Pre-series A
Investment: $1 million
Investors: Seed funding, angel investors
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The advice provided in our columns does not constitute legal advice and is provided for information only. Readers are encouraged to seek independent legal advice.
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
Britain's travel restrictions
- A negative test 2 days before flying
- Complete passenger locator form
- Book a post-arrival PCR test
- Double-vaccinated must self-isolate
- 11 countries on red list quarantine
