The Abu Dhabi National Oil Company (Adnoc) plans to set up an oil trading unit, as the energy major expands its offering amid a new strategy aimed at beefing up its sales and creating new revenue streams, the company’s chief executive said on Monday.
The UAE is on track to ramp up its oil production capacity to 3.5 million barrels of oil per day and plans to boost its refining capacity by at least 60 per cent, Dr Sultan Al Jaber told participants attending the four-day Abu Dhabi International Petroleum Exhibition and Conference that started on Monday.
“We also plan to introduce non-speculative asset backed trading to further stretch the dollar from every barrel we produce,” said Dr Al Jaber.
Adnoc is joining regional peers in setting up its own oil trading unit.
In May, Iraq’s State Organization for Marketing of Oil (Somo) set up a Dubai-based joint venture with the Swiss trading unit of Russia’s Lukoil, to sell its oil.
State-owned Oman Oil Company has its own trading unit, Oman Trading International, to trade in crude products and liquefied natural gas. Aramco Trading Company, a unit of state-owned Saudi Aramco, began trading refined, liquid chemical, and polymer products in 2012.
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The UAE is also developing its production of sour gas, or gas with high sulphur content, to meet rising needs for the fuel for power generation, petrochemical production and other industries.
“In gas, we will continue to develop our natural resources by developing undeveloped reservoirs, tapping into vast gas caps and scaling up our sour gas production using best in class methods developed here in the UAE,” said Dr Al Jaber.
Adnoc plans to nearly triple production of petrochemicals and higher-value products to 11.4 million tonnes per annum (tpa) by 2025 from the current output of 4.5 million tpa, company officials had previously said.
“In downstream we plan to grow crude refinery capacity by at least 60 per cent and triple our petrochemical production capacity,” said Dr Al Jaber. “Once complete, we will convert almost 20 per cent of our crude to chemicals, diversifying our range of higher value products and providing a natural hedge to oil price movements and fluctuations.”
Dr Al Jaber confirmed that over a dozen companies have expressed interest in a major offshore oil concession that is up for renewal in March next year.
The current shareholders in the concession are BP with 14.67 per cent, Total with 13.33 per cent, and Japan’s Jodco with 12 per cent. The Abu Dhabi Government, through Adnoc, has a 60 per cent holding.
“Our enhanced efficiency is reinforcing our position among the world’s lowest cost producers and attracting a diverse class of international investors,” said Dr Al Jaber.
“This is clearly reflected in the unprecedented interest in the upcoming offshore concessions, which have in fact attracted over a dozen potential partners from all over the world. That is an achievement.”
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
Company profile
Company: Verity
Date started: May 2021
Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif
Based: Dubai
Sector: FinTech
Size: four team members
Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000
Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors
The biog
Name: Salem Alkarbi
Age: 32
Favourite Al Wasl player: Alexandre Oliveira
First started supporting Al Wasl: 7
Biggest rival: Al Nasr
Neil Thomson – THE BIO
Family: I am happily married to my wife Liz and we have two children together.
Favourite music: Rock music. I started at a young age due to my father’s influence. He played in an Indian rock band The Flintstones who were once asked by Apple Records to fly over to England to perform there.
Favourite book: I constantly find myself reading The Bible.
Favourite film: The Greatest Showman.
Favourite holiday destination: I love visiting Melbourne as I have family there and it’s a wonderful place. New York at Christmas is also magical.
Favourite food: I went to boarding school so I like any cuisine really.
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin
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.
Challenge Cup result:
1. UAE 3 faults
2. Ireland 9 faults
3. Brazil 11 faults
4. Spain 15 faults
5. Great Britain 17 faults
6. New Zealand 20 faults
7. Italy 26 faults
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.
Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5