Abu Dhabi National Oil Company will be sharing a number of opportunities in the downstream sector with international investors as it looks to further attract foreign direct investment into its operations, its chief executive said.
The state-owned oil company has seen a flurry of investment activity in the first half of 2020, which has been fairly downbeat for the energy industry globally.
"This is an open invitation from Adnoc, from the UAE, to the investment community to come and engage with us in an open dialogue and to identify new investment opportunities in the downstream business of oil and gas,” Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Adnoc Group chief executive, told a Ceraweek panel. He was speaking with IHS Markit vice chairman and author Dan Yergin in an online conversation.
"We will soon be sharing with the investment community a number of investment opportunities in the downstream area,” Dr Al Jaber said.
Adnoc plans to double its refining capacity and treble its petrochemicals capacity as part of a multibillion dollar drive to attract foreign direct investment into its downstream operations.
In July, the company formed a partnership with Abu Dhabi’s industrial holding company, ADQ, to develop a chemicals manufacturing hub at Ruwais, the site of its refining and chemicals activity.
Earlier this year, Adnoc also attracted a group of investors to its midstream sector. A consortium of the world’s leading infrastructure and sovereign wealth funds signed an agreement worth $20.7bn (Dh76bn) in June to invest in Abu Dhabi’s natural gas pipeline infrastructure. The infrastructure deal, which followed a similar transaction involving Adnoc’s oil pipelines in 2019, was the largest in the energy sector so far this year.
Dr Al Jaber also remained optimistic in assessing oil demand recovery this year, citing “robust” growth, particularly from China.
“The market has clearly tightened in the last two months. This happened because of the fact that economies have begun to reopen,” he said.
Supply curbs by Opec+ also helped “build confidence in the markets".
"And as a result, we are seeing a robust return of oil demand," Dr Al Jaber said.
The oil industry needs to focus on “cost” and needs to remain “cautiously optimistic" as it adjusts to the multiple structural macroeconomic changes taking place globally, he added.
Opec+ is set to convene its joint ministerial monitoring committee on August 19 to assess compliance with a pact restricting 7.7 million barrels per day of supply. Early reports suggest the group achieved 100 per cent compliance with the deal in July.
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Sheikh Mohamed bin Zayed visits Adnoc facility in June
The%20specs
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The Bio
Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
The one book everyone should read: 100 Years of Solitude by Gabriel Garcia Marquez. It will make your mind fly
Favourite documentary: Chasing Coral by Jeff Orlowski. It's a good reality check about one of the most valued ecosystems for humanity
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
Torque: 390Nm at 3,000rpm
Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
TALE OF THE TAPE
Manny Pacquiao
Record: 59-6-2 (38 KOs)
Age: 38
Weight: 146lbs
Height: 166cm
Reach: 170cm
Jeff Horn
Record: 16-0-1 (11 KOs)
Age: 29
Weight: 146.2lbs
Height: 175cm
Reach: 173cm
Russia's Muslim Heartlands
Dominic Rubin, Oxford
Three-day coronation
Royal purification
The entire coronation ceremony extends over three days from May 4-6, but Saturday is the one to watch. At the time of 10:09am the royal purification ceremony begins. Wearing a white robe, the king will enter a pavilion at the Grand Palace, where he will be doused in sacred water from five rivers and four ponds in Thailand. In the distant past water was collected from specific rivers in India, reflecting the influential blend of Hindu and Buddhist cosmology on the coronation. Hindu Brahmins and the country's most senior Buddhist monks will be present. Coronation practices can be traced back thousands of years to ancient India.
The crown
Not long after royal purification rites, the king proceeds to the Baisal Daksin Throne Hall where he receives sacred water from eight directions. Symbolically that means he has received legitimacy from all directions of the kingdom. He ascends the Bhadrapitha Throne, where in regal robes he sits under a Nine-Tiered Umbrella of State. Brahmins will hand the monarch the royal regalia, including a wooden sceptre inlaid with gold, a precious stone-encrusted sword believed to have been found in a lake in northern Cambodia, slippers, and a whisk made from yak's hair.
The Great Crown of Victory is the centrepiece. Tiered, gold and weighing 7.3 kilograms, it has a diamond from India at the top. Vajiralongkorn will personally place the crown on his own head and then issues his first royal command.
The audience
On Saturday afternoon, the newly-crowned king is set to grant a "grand audience" to members of the royal family, the privy council, the cabinet and senior officials. Two hours later the king will visit the Temple of the Emerald Buddha, the most sacred space in Thailand, which on normal days is thronged with tourists. He then symbolically moves into the Royal Residence.
The procession
The main element of Sunday's ceremonies, streets across Bangkok's historic heart have been blocked off in preparation for this moment. The king will sit on a royal palanquin carried by soldiers dressed in colourful traditional garb. A 21-gun salute will start the procession. Some 200,000 people are expected to line the seven-kilometre route around the city.
Meet the people
On the last day of the ceremony Rama X will appear on the balcony of Suddhaisavarya Prasad Hall in the Grand Palace at 4:30pm "to receive the good wishes of the people". An hour later, diplomats will be given an audience at the Grand Palace. This is the only time during the ceremony that representatives of foreign governments will greet the king.
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GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
Normcore explained
Something of a fashion anomaly, normcore is essentially a celebration of the unremarkable. The term was first popularised by an article in New York magazine in 2014 and has been dubbed “ugly”, “bland’ and "anti-style" by fashion writers. It’s hallmarks are comfort, a lack of pretentiousness and neutrality – it is a trend for those who would rather not stand out from the crowd. For the most part, the style is unisex, favouring loose silhouettes, thrift-shop threads, baseball caps and boyish trainers. It is important to note that normcore is not synonymous with cheapness or low quality; there are high-fashion brands, including Parisian label Vetements, that specialise in this style. Embraced by fashion-forward street-style stars around the globe, it’s uptake in the UAE has been relatively slow.
Brief scores
Toss India, chose to bat
India 281-7 in 50 ov (Pandya 83, Dhoni 79; Coulter-Nile 3-44)
Australia 137-9 in 21 ov (Maxwell 39, Warner 25; Chahal 3-30)
India won by 26 runs on Duckworth-Lewis Method
The five pillars of Islam
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
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DIVINE%20INTERVENTOIN
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Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
Mobile phone packages comparison
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Dengue%20fever%20symptoms
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'My Son'
Director: Christian Carion
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
The specs
Engine: 1.6-litre 4-cyl turbo and dual electric motors
Power: 300hp at 6,000rpm
Torque: 520Nm at 1,500-3,000rpm
Transmission: 8-speed auto
Fuel consumption: 8.0L/100km
Price: from Dh199,900
On sale: now
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Company profile
Name: Dukkantek
Started: January 2021
Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based: UAE
Number of employees: 140
Sector: B2B Vertical SaaS(software as a service)
Investment: $5.2 million
Funding stage: Seed round
Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office
