Abu Dhabi National Oil Company will remove destination clauses on the sale of four of its crude grades following the start of trading of its Murban Crude Oil Futures contract later this month.
Abu Dhabi's Murban, Upper Zakum, Das and Umm Lulu crude grades will be exempt from destination restrictions, Khaled Salmeen, executive director of Adnoc's downstream industry, marketing and trading directorate told reporters on Wednesday.
Removing destination clauses allows Adnoc’s customers to sell its crude grades onwards freely, with no restrictions on future resale.
The removal of destination restrictions will bring "additional value" to customers and to Adnoc, Mr Salmeen said.
The company also published its first Murban Export Availability report on its onshore subsidiary's website. The report will allow market participants to have an insight into available volumes for 12 months.
"That's an extremely important step because [what] it does [is to] give everybody a clear, similar visibility, around the export availability of Murban to the international market," Mr Salmeen said.
Adnoc's Murban crude futures will begin trading on March 29 following its switch from retroactive pricing to forward pricing last year.
ICE Futures Abu Dhabi will start trading its flagship futures contract and a range of related cash derivatives against the widely-traded Brent and West Texas Intermediate contracts this month.
That's an extremely important step because [what] it does [is to] give everybody a clear, similar visibility, around the production and the availability of Murban to the international market
The ICE Murban Crude Oil Futures contract will be based on a two-month delivery period, with the first contract for June delivery expiring at the end of April.
Murban is Abu Dhabi's flagship crude grade, which flows at approximately 1.7 million barrels per day.
By 2030, nearly 50 per cent of Adnoc's crude production will be Murban, according to Yasser Al Mazrouei, executive director, upstream at Adnoc.
Abu Dhabi's state oil company plans to raise its production capacity to 5m bpd by 2030 from just over 4m bpd presently.
The drive towards boosting Murban production will come from "3000 wells, with an investment of multiple billions of dollars over the coming 10 years", Mr Al Mazrouei said.
Adnoc's other crude grades, Upper Zakum, Das and Umm Lulu will be priced at a differential to Murban. Grades traded under Murban futures will be priced two months ahead, Adnoc will announce the prices for Upper Zakum, Das and Umm Lulu a month prior to loading.
Murban is produced from fields with a total capacity of 2m bpd as of the end of 2020, according to Mr Al Mazrouei.
Production capacity of Bab, Abu Dhabi's biggest onshore oil field, will be raised from over 420,000 bpd to 485,000 bpd by the end of the year, he added.
On Wednesday, Adnoc also signed agreements with Rongsheng Petrochemical Singapore and China's Unipec to explore the possibility of using the Murban futures contract.
“IFAD will provide us with more alternatives to hedge and optimise our crude pricing portfolio,” said Leo Yang, trading general manager at Unipec Asia.
In 2019, Adnoc agreed a deal with oil majors including BP and Total, trading house Vitol and Asian energy companies to set up the international futures exchange for Murban.
Intercontinental Exchange Abu Dhabi is based at the Abu Dhabi Global Market, the capital’s international financial centre. Companies that signed the partnership include Thailand’s PTT, Japan’s JXTG and Inpex, BP, France’s Total, South Korea’s GS Caltex, PetroChina, Anglo-Dutch major Shell and Vitol.
The biog
Age: 32
Qualifications: Diploma in engineering from TSI Technical Institute, bachelor’s degree in accounting from Dubai’s Al Ghurair University, master’s degree in human resources from Abu Dhabi University, currently third years PHD in strategy of human resources.
Favourite mountain range: The Himalayas
Favourite experience: Two months trekking in Alaska
COMPANY%20PROFILE
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The%20specs
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Racecard
6.35pm: American Business Council – Maiden (PA) Dh80,000 (Dirt) 1,600m
7.10pm: British Business Group – Maiden (TB) Dh82,500 (D) 1,200m
7.45pm: CCI France UAE – Handicap (TB) Dh87,500 (D) 1,400m
8.20pm: Czech Business Council – Rated Conditions (TB) Dh105,000 (D) 1,400m
8.55pm: Netherlands Business Council – Rated Conditions (TB) Dh95,000 (D) 1,600m
9.30pm: Indian Business and Professional Council – Handicap (TB) Dh95,000 (D) 1,200m
Five hymns the crowds can join in
Papal Mass will begin at 10.30am at the Zayed Sports City Stadium on Tuesday
Some 17 hymns will be sung by a 120-strong UAE choir
Five hymns will be rehearsed with crowds on Tuesday morning before the Pope arrives at stadium
‘Christ be our Light’ as the entrance song
‘All that I am’ for the offertory or during the symbolic offering of gifts at the altar
‘Make me a Channel of your Peace’ and ‘Soul of my Saviour’ for the communion
‘Tell out my Soul’ as the final hymn after the blessings from the Pope
The choir will also sing the hymn ‘Legions of Heaven’ in Arabic as ‘Assakiroo Sama’
There are 15 Arabic speakers from Syria, Lebanon and Jordan in the choir that comprises residents from the Philippines, India, France, Italy, America, Netherlands, Armenia and Indonesia
The choir will be accompanied by a brass ensemble and an organ
They will practice for the first time at the stadium on the eve of the public mass on Monday evening
Biography
Favourite drink: Must have karak chai and Chinese tea every day
Favourite non-Chinese food: Arabic sweets and Indian puri, small round bread of wheat flour
Favourite Chinese dish: Spicy boiled fish or anything cooked by her mother because of its flavour
Best vacation: Returning home to China
Music interests: Enjoys playing the zheng, a string musical instrument
Enjoys reading: Chinese novels, romantic comedies, reading up on business trends, government policy changes
Favourite book: Chairman Mao Zedong’s poems
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
COMPANY PROFILE
Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception
The specs: 2019 Infiniti QX50
Price, base: Dh138,000 (estimate)
Engine: 2.0L, turbocharged, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 268hp @ 5,600rpm
Torque: 380Nm @ 4,400rpm
Fuel economy: 6.7L / 100km (estimate)
Fixtures and results:
Wed, Aug 29:
- Malaysia bt Hong Kong by 3 wickets
- Oman bt Nepal by 7 wickets
- UAE bt Singapore by 215 runs
Thu, Aug 30:
- UAE bt Nepal by 78 runs
- Hong Kong bt Singapore by 5 wickets
- Oman bt Malaysia by 2 wickets
Sat, Sep 1: UAE v Hong Kong; Oman v Singapore; Malaysia v Nepal
Sun, Sep 2: Hong Kong v Oman; Malaysia v UAE; Nepal v Singapore
Tue, Sep 4: Malaysia v Singapore; UAE v Oman; Nepal v Hong Kong
Thu, Sep 6: Final
If you go
The flights
There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.
The trip
Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.
The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.
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More from Rashmee Roshan Lall
The essentials
What: Emirates Airline Festival of Literature
When: Friday until March 9
Where: All main sessions are held in the InterContinental Dubai Festival City
Price: Sessions range from free entry to Dh125 tickets, with the exception of special events.
Hot Tip: If waiting for your book to be signed looks like it will be timeconsuming, ask the festival’s bookstore if they have pre-signed copies of the book you’re looking for. They should have a bunch from some of the festival’s biggest guest authors.
Information: www.emirateslitfest.com
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
UAE currency: the story behind the money in your pockets
KILLING OF QASSEM SULEIMANI
Results
4.30pm Jebel Jais – Maiden (PA) Dh60,000 (Turf) 1,000m; Winner: MM Al Balqaa, Bernardo Pinheiro (jockey), Qaiss Aboud (trainer)
5pm: Jabel Faya – Maiden (PA) Dh60,000 (T) 1,000m; Winner: AF Rasam, Tadhg O’Shea, Ernst Oertel
5.30pm: Al Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m; Winner: AF Mukhrej, Tadhg O’Shea, Ernst Oertel
6pm: The President’s Cup Prep – Conditions (PA) Dh100,000 (T) 2,200m; Winner: Mujeeb, Richard Mullen, Salem Al Ketbi
6.30pm: Abu Dhabi Equestrian Club – Prestige (PA) Dh125,000 (T) 1,600m; Winner: Jawal Al Reef, Antonio Fresu, Abubakar Daud
7pm: Al Ruwais – Group 3 (PA) Dh300,000 (T) 1,200m; Winner: Ashton Tourettes, Pat Dobbs, Ibrahim Aseel
7.30pm: Jebel Hafeet – Maiden (TB) Dh80,000 (T) 1,400m; Winner: Nibraas, Richard Mullen, Nicholas Bachalard
