Tomorrow, a new era will begin for global oil markets, when the first Murban futures contract is sold on the opening day of trading on ICE Futures Abu Dhabi: a new independent energy commodities exchange that will be hosted at Abu Dhabi Global Market.
The launch of ICE Futures Abu Dhabi and the Murban futures contract represents an historic moment for Adnoc, Abu Dhabi and the UAE. As a centre of gravity for the world's energy needs, our nation has long been a reliable supplier. Now, with the entry of our largest crude grade into the global futures market, we will create more value from the energy we produce.
The new Abu Dhabi-based exchange, IFAD, will essentially liberalise access to Murban by transforming the UAE’s flagship crude into a freely traded global commodity. Preferred by many refineries across Asia, about 60 customers in 30 markets choose Murban for its consistent quality, reliable production volumes, stable supply and capacity to increase to meet flexible demand. As demand for oil continues to grow, Murban will be ideally placed to fulfil it. Abu Dhabi and the UAE will gain more value from a product that is freely traded at a price that the market sets, and price transparency will allow our customers to better hedge and manage their market risks. Importantly, for energy-consuming economies, this will increase access to some of the world's least carbon-intensive barrels, as Murban’s carbon intensity is less than half the industry average, giving it a distinct competitive advantage.
When oil first flowed from a well in 1953 about 100 kilometres west of the city of Abu Dhabi, few predicted the impact it would have on our emerging nation. In fact, the first Murban well proved unproductive, but subsequent wells reached commercial viability by 1958, and on December 14, 1963 the first tanker-load of Murban oil was shipped to foreign shores. This marked the beginning of the Murban era, which would transform the economic and social trajectory of our country. Over the past five decades, the growth and enduring success of the Abu Dhabi National Oil Company has been inextricably linked to the development of the UAE, supporting the country's domestic economy, its geopolitical standing and its soft power influence throughout the world.
The Murban Futures contract represents the next step in that journey, and marks a step change in Adnoc's progress as a proactive player in oil markets. This evolution began with the formation of Adnoc's trading arms, beginning in 2019, which enabled the company to become an active market participant last year. An additional key enabler was the move from retroactive pricing of our Murban crude to forward pricing last March, a critical prerequisite to creating the Murban Futures Contract. Going forward, Murban will be destination-free, allowing buyers to sell it on without restrictions, and allowing Adnoc to capture the incremental value. In short, wherever and whenever crude oil is traded, Murban will be traded, and increasingly, when traders turn on their screens anywhere in the world, Murban will appear alongside its benchmark peers.
Both the futures contract and IFAD are innovations that will introduce new skillsets to the UAE and offer our partners a rewarding investment in the future of our country. Backed by nine of the world’s biggest energy traders, IFAD will establish itself as a key presence in energy markets, with Murban as its core product, extending its reach across energy consuming markets. Analysts already consider Murban as a reference grade for Asia, and over time the name “Murban” will resonate as a benchmark alongside Brent and West Texas Intermediate.
Murban has long been the pride of the UAE. It will soon become a byword for quality and reliability in oil markets everywhere, representing the best of the UAE as an enterprising, positive force in the world, committed to stability, prosperity and sustainable economic progress.
Dr Sultan Al Jaber is Minister of Industry and Advanced Technology, and Adnoc managing director and group chief executive
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SPECS
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Sholto Byrnes on Myanmar politics
The view from The National
Company%20profile
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Results
6.30pm: Mazrat Al Ruwayah – Group 2 (PA) $36,000 (Dirt) 1,600m, Winner: RB Money To Burn, Tadhg O’Shea (jockey), Eric Lemartinel (trainer)
7.05pm: Handicap (TB) $68,000 (Turf) 2,410m, Winner: Star Safari, William Buick, Charlie Appleby
7.40pm: Meydan Trophy – Conditions (TB) $50,000 (T) 1,900m, Winner: Secret Protector, William Buick, Charlie Appleby
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8.50pm: Al Rashidiya – Group 2 (TB) $163,000 (T) 1,800m, Winner: Zakouski, William Buick, Charlie Appleby
9.25pm: Handicap (TB) $65,000 (T) 1,000m, Winner: Motafaawit, Sam Hitchcock, Doug Watson
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
WISH
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Analysis
Maros Sefcovic is juggling multiple international trade agreement files, but his message was clear when he spoke to The National on Wednesday.
The EU-UAE bilateral trade deal will be finalised soon, he said. It is in everyone’s interests to do so. Both sides want to move quickly and are in alignment. He said the UAE is a very important partner for the EU. It’s full speed ahead - and with some lofty ambitions - on the road to a free trade agreement.
We also talked about US-EU tariffs. He answered that both sides need to talk more and more often, but he is prepared to defend Europe's position and said diplomacy should be a guiding principle through the current moment.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The specs
Engine: 3.5-litre V6
Power: 272hp at 6,400rpm
Torque: 331Nm from 5,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.7L/100km
On sale: now
Price: Dh149,000
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Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
Scoreline:
Cardiff City 0
Liverpool 2
Wijnaldum 57', Milner 81' (pen)
COMPANY%20PROFILE
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SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2A)
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Persuasion
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Martin Sabbagh profile
Job: CEO JCDecaux Middle East
In the role: Since January 2015
Lives: In the UAE
Background: M&A, investment banking
Studied: Corporate finance
THE BIO
Favourite place to go to in the UAE: The desert sand dunes, just after some rain
Who inspires you: Anybody with new and smart ideas, challenging questions, an open mind and a positive attitude
Where would you like to retire: Most probably in my home country, Hungary, but with frequent returns to the UAE
Favorite book: A book by Transilvanian author, Albert Wass, entitled ‘Sword and Reap’ (Kard es Kasza) - not really known internationally
Favourite subjects in school: Mathematics and science
RESULTS
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Call of Duty: Black Ops 6
Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Scream%20VI
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
No more lice
Defining head lice
Pediculus humanus capitis are tiny wingless insects that feed on blood from the human scalp. The adult head louse is up to 3mm long, has six legs, and is tan to greyish-white in colour. The female lives up to four weeks and, once mature, can lay up to 10 eggs per day. These tiny nits firmly attach to the base of the hair shaft, get incubated by body heat and hatch in eight days or so.
Identifying lice
Lice can be identified by itching or a tickling sensation of something moving within the hair. One can confirm that a person has lice by looking closely through the hair and scalp for nits, nymphs or lice. Head lice are most frequently located behind the ears and near the neckline.
Treating lice at home
Head lice must be treated as soon as they are spotted. Start by checking everyone in the family for them, then follow these steps. Remove and wash all clothing and bedding with hot water. Apply medicine according to the label instructions. If some live lice are still found eight to 12 hours after treatment, but are moving more slowly than before, do not re-treat. Comb dead and remaining live lice out of the hair using a fine-toothed comb.
After the initial treatment, check for, comb and remove nits and lice from hair every two to three days. Soak combs and brushes in hot water for 10 minutes.Vacuum the floor and furniture, particularly where the infested person sat or lay.
Courtesy Dr Vishal Rajmal Mehta, specialist paediatrics, RAK Hospital
Barbie
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LOVE%20AGAIN
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