Abu Dhabi National Oil Company (Adnoc) has completed partnership agreements with Eni and OMV which will see them take stakes of 20 and 15 per cent, respectively, in its refining unit. It has also established a trading joint venture with the two energy companies.
Adnoc did not disclose the value of the transaction, though an earlier estimate had placed it at $5.8 billion (Dh21.3bn).
The partners' new trading venture, Adnoc Global Trading, will focus on the direct sale of products from the state-oil company's refinery at Ruwais to customers in Asia. It will be based at the Abu Dhabi Global Market.
Physical and derivative trading is expected to begin in 2020, following completion of all necessary processes, Adnoc said.
The Italian and Austrian energy companies have the same shareholdings in the trading venture as in Adnoc Refining.
The UAE, which accounts for 4 per cent of global crude production, much of it from fields owned and operated by Adnoc, wants to double refining and triple chemical capacity by 2025. The Abu Dhabi major unveiled plans to invest Dh165bn with partners across the downstream value chain, amid ambitions to build the world’s largest integrated refining and chemicals complex in the emirate’s western region of Ruwais by 2025.
Adnoc Refining has a total capacity of 922,000 barrels per day (bpd) and is the world’s fourth-biggest single-site refinery. After the development of a new 600,000 bpd refinery, the unit’s capacity is expected to increase to process crude and condensate amounting to 1.5 million bpd, rivaling India’s 1.24 million bpd at the Jamnagar refinery, which is currently the world’s biggest.
The Abu Dhabi company will retain a 65 per cent stake in Adnoc Refining, which has an enterprise valuation of $19.3 billion (Dh71bn).
In April last year, Adnoc announced its intention to set up a non-speculative trading unit as the company looks to expand revenue streams and derive greater value from the sale of crude and products. Other state-owned firms in the region have adopted a similar strategy.
Saudi Aramco set up a unit to trade in refined, liquid chemical and polymer products in 2012. Iraq’s State Marketing of Oil has a Dubai-based joint venture with Russia’s Lukoil to sell its oil. Oman Oil Company also has its own unit, Oman Trading International, which trades in crude products and liquefied natural gas.
Adnoc Refining, which has a product range that includes liquefied petroleum gas, naphtha, gasoline, jet fuel, gas oil, base oils, fuel oil and petrochemical feedstock such as propylene, expects to achieve better optimisation of systems and better management of international product flows following the establishment of the trading unit.
The transaction is the second for Eni this year with the Abu Dhabi major following the award of two offshore exploration blocks in Adnoc's first ever competitive bid round. The Italian major, in consortium with Thailand's PTT Exploration and Production Public Company, paid Dh844 million for exploration and appraisal of the concessions.
TV: World Cup Qualifier 2018 matches will be aired on on OSN Sports HD Cricket channel
PREMIER LEAGUE RESULTS
Bournemouth 1 Manchester City 2
Watford 0 Brighton and Hove Albion 0
Newcastle United 3 West Ham United 0
Huddersfield Town 0 Southampton 0
Crystal Palace 0 Swansea City 2
Manchester United 2 Leicester City 0
West Bromwich Albion 1 Stoke City 1
Chelsea 2 Everton 0
Tottenham Hotspur 1 Burnley 1
Liverpool 4 Arsenal 0
Global state-owned investor ranking by size
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UAE
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Norway
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Canada
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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Which products are to be taxed?
To be taxed:
Flavoured water, long-life fruit juice concentrates, pre-packaged sweetened coffee drinks fall under the ‘sweetened drink’ category
Not taxed
Freshly squeezed fruit juices, ground coffee beans, tea leaves and pre-prepared flavoured milkshakes do not come under the ‘sweetened drink’ band.
Products excluded from the ‘sweetened drink’ category would contain at least 75 per cent milk in a ready-to-drink form or as a milk substitute, baby formula, follow-up formula or baby food, beverages consumed for medicinal use and special dietary needs determined as per GCC Standardisation Organisation rules
GOLF’S RAHMBO
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- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Torque: 678Nm at 7,250rpm
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Available: Now
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12.30pm GP3 race (18 laps)
2pm Formula One final practice
5pm Formula One qualifying
6.40pm Formula 2 race (31 laps)
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
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Chris Greaves, the managing director of Hays Gulf Region, says those without a pay rise for an extended period must start asking questions – both of themselves and their employer.
“First, are they happy with that or do they want more?” he says. “Job-seeking is a time-consuming, frustrating and long-winded affair so are they prepared to put themselves through that rigmarole? Before they consider that, they must ask their employer what is happening.”
Most employees bring up pay rise queries at their annual performance appraisal and find out what the company has in store for them from a career perspective.
Those with no formal appraisal system, Mr Greaves says, should ask HR or their line manager for an assessment.
“You want to find out how they value your contribution and where your job could go,” he says. “You’ve got to be brave enough to ask some questions and if you don’t like the answers then you have to develop a strategy or change jobs if you are prepared to go through the job-seeking process.”
For those that do reach the salary negotiation with their current employer, Mr Greaves says there is no point in asking for less than 5 per cent.
“However, this can only really have any chance of success if you can identify where you add value to the business (preferably you can put a monetary value on it), or you can point to a sustained contribution above the call of duty or to other achievements you think your employer will value.”
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Under 19 Cricket World Cup, Asia Qualifier
Fixtures
Friday, April 12, Malaysia v UAE
Saturday, April 13, UAE v Nepal
Monday, April 15, UAE v Kuwait
Tuesday, April 16, UAE v Singapore
Thursday, April 18, UAE v Oman
UAE squad
Aryan Lakra (captain), Aaron Benjamin, Akasha Mohammed, Alishan Sharafu, Anand Kumar, Ansh Tandon, Ashwanth Valthapa, Karthik Meiyappan, Mohammed Faraazuddin, Rishab Mukherjee, Niel Lobo, Osama Hassan, Vritya Aravind, Wasi Shah
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In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
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Based: Dubai
Launch year: 2017
Number of employees: 90
Sector: Online gaming industry
Funding: $1.2m from a UAE angel investor
MATCH INFO
BRIGHTON 0
MANCHESTER UNITED 3
McTominay 44'
Mata 73'
Pogba 80'
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- Chelsea v Crystal Palace
- Everton v Southampton
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