Abu Dhabi National Oil Company agreed to transfer rights to the Lower Zakum and Umm Shaif and Nasr concessions from China National Petroleum Corporation (CNPC) to its offshore subsidiary China National Offshore Oil Corporation (CNOOC).
Abu Dhabi’s Supreme Petroleum Council approved the transaction of the offshore assets. CNOOC is the first Chinese offshore firm to engage in the production of Abu Dhabi’s hydrocarbon assets. The company indirectly acquired 4 per cent of CNPC’s 10 per cent interest in each of the offshore concessions.
“CNOOC joins our other international partners in the Lower Zakum and Umm Shaif and Nasr concessions and bring world-class expertise and technology to help us continue to maximise value from the concessions as we create a more profitable upstream business and deliver our 2030 strategy,” said Dr Sultan Al Jaber, Adnoc Group chief executive and UAE Minister of Industry and Advanced Technology.
The UAE, Opec's third-largest producer, plans to increase its output capacity to 5 million barrels per day by 2030. The country achieved its planned capacity target for 2020, reaching 4.2m bpd capacity in April, the country's energy minister Suhail Al Mazrouei said in June. The UAE's output reached 2.349m bpd in June, according to Opec's latest oil market report.
In 2018, CNPC subsidiary PetroChina picked up a 10 per cent interest in the Lower Zakum and Umm Shaif and Nasr concessions for Dh4.3bn. At the time, the transaction made China one of the largest foreign energy partners in the UAE.
PetroChina, CNPC’s listed arm and the country’s biggest oil producer, also manages concessions in Iraq. It paid a participating fee of Dh2.1bn to enter Umm Shaif and Nasr and Dh2.2bn for Lower Zakum.
Following the latest transfer of shares, PetroChina will have a 6 per cent interest in the two offshore concessions with CNOOC retaining the remaining 4 per cent.
The deal will allow the two Chinese firms to "help reinforce the development" of the concessions, said CNPC chairman Dai Houliang.
CNOOC and Adnoc also previously signed an agreement in 2019 to explore opportunities in the upstream and downstream sectors, as well as liquefied natural gas.
The Lower Zakum concession is being jointly developed by a consortium led by India’s ONGC and Japan's Inpex, both of which have 10 per cent stakes.
CNPC has a 6 per cent interest, while Italy’s Eni and France's Total each have 5 per cent stakes in the offshore concession.
In the Umm Shaif and Nasr concession, CNOOC joins Eni with 10 per cent, Total with 20 per cent and CNPC with 6 per cent interests. Adnoc retains the majority 60 per cent share across both concessions.
TOUCH RULES
Touch is derived from rugby league. Teams consist of up to 14 players with a maximum of six on the field at any time.
Teams can make as many substitutions as they want during the 40 minute matches.
Similar to rugby league, the attacking team has six attempts - or touches - before possession changes over.
A touch is any contact between the player with the ball and a defender, and must be with minimum force.
After a touch the player performs a “roll-ball” - similar to the play-the-ball in league - stepping over or rolling the ball between the feet.
At the roll-ball, the defenders have to retreat a minimum of five metres.
A touchdown is scored when an attacking player places the ball on or over the score-line.
Sour%20Grapes
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Adele: The Stories Behind The Songs
Caroline Sullivan
Carlton Books
What went into the film
25 visual effects (VFX) studios
2,150 VFX shots in a film with 2,500 shots
1,000 VFX artists
3,000 technicians
10 Concept artists, 25 3D designers
New sound technology, named 4D SRL
Company%20profile
%3Cp%3EName%3A%20Tabby%3Cbr%3EFounded%3A%20August%202019%3B%20platform%20went%20live%20in%20February%202020%3Cbr%3EFounder%2FCEO%3A%20Hosam%20Arab%2C%20co-founder%3A%20Daniil%20Barkalov%3Cbr%3EBased%3A%20Dubai%2C%20UAE%3Cbr%3ESector%3A%20Payments%3Cbr%3ESize%3A%2040-50%20employees%3Cbr%3EStage%3A%20Series%20A%3Cbr%3EInvestors%3A%20Arbor%20Ventures%2C%20Mubadala%20Capital%2C%20Wamda%20Capital%2C%20STV%2C%20Raed%20Ventures%2C%20Global%20Founders%20Capital%2C%20JIMCO%2C%20Global%20Ventures%2C%20Venture%20Souq%2C%20Outliers%20VC%2C%20MSA%20Capital%2C%20HOF%20and%20AB%20Accelerator.%3Cbr%3E%3C%2Fp%3E%0A
SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
Guns N’ Roses’s last gig before Abu Dhabi was in Hong Kong on November 21. We were there – and here’s what they played, and in what order. You were warned.
- It’s So Easy
- Mr Brownstone
- Chinese Democracy
- Welcome to the Jungle
- Double Talkin’ Jive
- Better
- Estranged
- Live and Let Die (Wings cover)
- Slither (Velvet Revolver cover)
- Rocket Queen
- You Could Be Mine
- Shadow of Your Love
- Attitude (Misfits cover)
- Civil War
- Coma
- Love Theme from The Godfather (movie cover)
- Sweet Child O’ Mine
- Wichita Lineman (Jimmy Webb cover)
- Wish You Were Here (instrumental Pink Floyd cover)
- November Rain
- Black Hole Sun (Soundgarden cover)
- Knockin’ on Heaven’s Door (Bob Dylan cover)
- Nightrain
Encore:
- Patience
- Don’t Cry
- The Seeker (The Who cover)
- Paradise City
The five pillars of Islam
Read more about the coronavirus
Killing of Qassem Suleimani
The bio
Academics: Phd in strategic management in University of Wales
Number one caps: His best-seller caps are in shades of grey, blue, black and yellow
Reading: Is immersed in books on colours to understand more about the usage of different shades
Sport: Started playing polo two years ago. Helps him relax, plus he enjoys the speed and focus
Cars: Loves exotic cars and currently drives a Bentley Bentayga
Holiday: Favourite travel destinations are London and St Tropez
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Company%C2%A0profile
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
RESULTS
6.30pm: Handicap (rated 95-108) US$125,000 2000m (Dirt).
Winner: Don’t Give Up, Gerald Mosse (jockey), Saeed bin Suroor (trainer).
7.05pm: Handicap (95 ) $160,000 2810m (Turf).
Winner: Los Barbados, Adrie de Vries, Fawzi Nass.
7.40pm: Handicap (80-89) $60,000 1600m (D).
Winner: Claim The Roses, Mickael Barzalona, Salem bin Ghadayer.
8.15pm: UAE 2000 Guineas Trial (Div-1) Conditions $100,000 1,400m (D)
Winner: Gold Town, William Buick, Charlie Appleby.
8.50pm: Cape Verdi Group 2 $200,000 1600m (T).
Winner: Promising Run, Patrick Cosgrave, Saeed bin Suroor.
9.25pm: UAE 2000 Guineas Conditions $100,000 1,400m (D).
Winner: El Chapo, Luke Morris, Fawzi Nass.
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
