Cepsa, the Spanish energy company fully owned by Mubadala, will spend $500 million (Dh1.83 billion) over the next three years to develop its linear alkyl benzene (LAB) business, of which $300m will be spent in Abu Dhabi alone, according to its chief executive.
LAB, one of Cepsa’s key speciality petrochemical products, is a chemical used in the manufacture of biodegradable household and industrial detergents.
Cepsa, which signed an agreement to build a 150,000-tonne LAB plant with state-owned Abu Dhabi National Oil Company, values the project between $575m and $625m, according to chief executive Pedro Miro.
"Our estimation for the LAB plant here is $575 and $625m, and since it's a 50:50 joint venture, it will be $300m each way," he told The National.
Cepsa, which held back its plans for an initial public offering at a domestic exchange, operates LAB plants in Spain, Canada, Brazil, and one with Adnoc at its expanding downstream facilities in Abu Dhabi's western region of Ruwais.
The Spanish company is in the process of upgrading some existing plants, on which it would spend the remainder of its capital expenditure.
"We have a little bit less than $100m in Spain, $50m in Brazil and another $25m to $30m in Canada,” said Mr Miro.
"All of this gives us [a capex] of $500m for [the LAB business] in the next two and half to three years, keeping in mind we have a partner in Brazil, Petrobras, which is sharing 27 per cent and we have 73 per cent, so the total capex for LAB plants Cepsa is involved in is higher,” he clarified.
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Read more:
Exclusive: Mubadala to take investment decision on $6bn Pakistan refinery
Exclusive: Mubadala's petroleum and petrochemicals wing eyes lower cost barrels
Cepsa and Adnoc to consider LAB complex at Ruwais refinery
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In Abu Dhabi, Cepsa has undertaken front-end engineering and design (Feed) works on its planned LAB facility, and is expected to award a contract soon.
“We have launched the tendering process for the Feed, these rounds have been finalised and in a matter of days Feed will be awarded to an engineering company,” Mr Miro said, declining to name the firm.
The design work will take nine months from now, with the project expected to be sanctioned during “summertime” in 2019, he said.
"We’re looking at summertime [for the project to] be sanctioned and one of the advantages we have for the LAB is that we know the market and the customers because we use our own technology,” he added.
Apart from LAB, Cepsa was also awarded a 20 per cent stake in Adnoc's Umm Lulu and SARB offshore concessions earlier this year, which will see its first cargo shipped "in the coming weeks", according to Mr Miro.
The expansion of production “was progressing” with 100,000 barrels per day output capacity targeted by the beginning of the first quarter of 2019.
He said the quality of the Umm Lulu crude, which Adnoc recently graded and began to market, was "good and widely accepted" and expected to fetch a good price among buyers from the east.
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Frida%20
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The advice provided in our columns does not constitute legal advice and is provided for information only. Readers are encouraged to seek independent legal advice.
HOSTS
T20 WORLD CUP
2024: US and West Indies; 2026: India and Sri Lanka; 2028: Australia and New Zealand; 2030: England, Ireland and Scotland
ODI WORLD CUP
2027: South Africa, Zimbabwe and Namibia; 2031: India and
Bangladesh
CHAMPIONS TROPHY
2025: Pakistan; 2029: India
MATCH INFO
Alaves 1 (Perez 65' pen)
Real Madrid 2 (Ramos 52', Carvajal 69')
BRIEF SCORES
England 228-7, 50 overs
N Sciver 51; J Goswami 3-23
India 219, 48.4 overs
P Raut 86, H Kaur 51; A Shrubsole 6-46
England won by nine runs
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
if you go
The flights Fly Dubai, Air Arabia, Emirates, Etihad, and Royal Jordanian all offer direct, three-and-a-half-hour flights from the UAE to the Jordanian capital Amman. Alternatively, from June Fly Dubai will offer a new direct service from Dubai to Aqaba in the south of the country. See the airlines’ respective sites for varying prices or search on reliable price-comparison site Skyscanner.
The trip
Jamie Lafferty was a guest of the Jordan Tourist Board. For more information on adventure tourism in Jordan see Visit Jordan. A number of new and established tour companies offer the chance to go caving, rock-climbing, canyoning, and mountaineering in Jordan. Prices vary depending on how many activities you want to do and how many days you plan to stay in the country. Among the leaders are Terhaal, who offer a two-day canyoning trip from Dh845 per person. If you really want to push your limits, contact the Stronger Team. For a more trek-focused trip, KE Adventure offers an eight-day trip from Dh5,300 per person.
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
COMPANY%20PROFILE
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Dubai Rugby Sevens
November 30-December 2, at The Sevens, Dubai
Gulf Under 19
Pool A – Abu Dhabi Harlequins, Jumeirah College Tigers, Dubai English Speaking School 1, Gems World Academy
Pool B – British School Al Khubairat, Bahrain Colts, Jumeirah College Lions, Dubai English Speaking School 2
Pool C - Dubai College A, Dubai Sharks, Jumeirah English Speaking School, Al Yasmina
Pool D – Dubai Exiles, Dubai Hurricanes, Al Ain Amblers, Deira International School
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
The%20specs
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