Two major state-owned oil companies from the UAE and Saudi Arabia have announced a reduction in their benchmark crude oil prices. Saudi Aramco, recognized as the world’s leading oil exporter, has lowered its crude oil prices for Asian buyers in April for the first time in three months. This decision aligns with market expectations following...
The Abu Dhabi National Oil Company and Austria’s OMV have announced the creation of a new joint venture called Borouge Group International, which is valued at $60 billion. This new entity will combine their shareholdings in Borouge plc and Borealis AG and will also acquire the North American producer NOVA Chemicals Corporation for AED49.2 billion....
ADNOC has signed a long-term Sales and Purchase Agreement with Osaka Gas, a major Japanese utility company. This agreement, which covers the supply of up to 0.8 million tonnes per annum (mtpa) of liquefied natural gas (LNG) from ADNOC’s Ruwais LNG project, will last for 15 years. It marks the first long-term LNG sales agreement...
The Abu Dhabi National Oil Company (ADNOC) said Thursday that it planned to sell a 4% share in its subsidiary, ADNOC Gas, in order to raise up to $3 billion. Since Saudi Aramco’s $12.3 billion follow-on selling in June, this is the biggest sale of shares in the Middle East and North Africa (MENA) region....
The global liquefied natural gas (LNG) shipping market is heading for tighter capacity by the end of 2027, with older vessels set to retire and demand for fuel supplies growing. This reduction in capacity is expected to push up freight rates, according to Nicholas Gleeson, Chief Financial Officer of Adnoc Logistics and Services (Adnoc L&S),...