ADNOC signs $ billion deal with French TOTAL ENERGIES
26 May 23Chem Chat
The Global News Source for the World of Science and Chemicals
26 May 2023Chem Chat
The UAE’s national oil company (Abu Dhabi National Oil Company, or ADNOC) has announced that its Gas division has penned a deal with the French conglomerate TotalEnergies, rumoured to be worth between $1 billion and $1.2 billion in value. The contract comes in the wake of an agreement announced last July between the two entities.
According to the terms of the deal, ADNOC Gas will supply Tota...
07 April 2023Chem Chat
p>The UAE’s top energy official has warned that a lack of supply, and not any variance in demand, is the biggest threat to the oil industry in the immediate future. Suhail Al Mazrouei, the current Energy Minister for the Emirates, made the statement on Bloomberg TV and warned that insufficiency could drive prices up in the coming year.
Al Mazrouei’s predictions were made against the backdrop...
31 March 2023Chem Chat
Three years after the outbreak of coronavirus, the world’s second largest economy has finally reopened its doors to the world. China had been notable for implementing tougher and longer-lasting lockdown restrictions than almost anywhere else in the world, resulting in a massive drop-off in trade and a substantial knock-on effect on the global economy.
With all restrictions rescinded from Jan...
17 March 2023Chem Chat
Guyana is currently in negotiations with a number of nations (including the UAE) regarding the allocation of offshore oil blocks in its territory. President Irfaan Ali made the disclosure on the fringes of an energy conference in nearby Trinidad and Tobago late last month.
The news might come as a surprise to many oil companies around the world, especially those not owned by state entities. ...
27 February 2023Chem Chat
The Emirati renewable energy company Masdar is joining forces with German utilities firm Uniper SE with a view to producing green hydrogen in the UAE. Together, the two businesses plan to construct a green hydrogen facility that will be commissioned within the next three years and will be powered by almost 1.3GW of solar power.
The announcement is the latest concrete collaboration between th...
09 January 2023Chem Chat
In anticipation of the first public offering of the Abu Dhabi National Oil Company (ADNOC)’s Distribution arm on the stock market this month, the company have published information about how they regulate their fuel prices in the country. Since August 2015, prices have been set afresh each month according to recommendations made by the Retail Pricing Committee.
This Committee, which is chair...
12 December 2022Chem Chat
The UAE has announced it will target the expansion of its oil production capacity to five million barrels per day (bpd) three years sooner than previously expected. Originally slated to come into effect in 2030, the board of the Abu Dhabi National Oil Company (ADNOC), which is the state-owned oil company, has revealed it will now do so by 2027 instead.
The reason for bringing forward the exp...
06 May 2022Chem Chat
The UAE’s plans to expand its oil production capacity from four million barrels per day (bpd) today to five million bpd by 2030 are continuing apace. Last month, the state-owned oil company ADNOC announced that it had awarded multiple contracts worth a cumulative $653 million to a variety of different companies operating in the industry.
Those deals will allow the UAE to drill thousands of n...
15 April 2022Chem Chat
The UAE is making steady progress towards its twin goals of expanding its oil production capacities and enhancing its environmental credentials on the international stage. Although the objectives might seem to be at loggerheads with one another, the UAE is confident that it can attain its long-term target of a net-zero economy by 2050, even as it relies on fossil fuels for a significant part of...
08 April 2022Chem Chat
The UAE is a chief trading hub for oils and lubricants in the Middle East, according to an experienced industry insider. Although the UAE’s capacity for lubricant production is dwarfed by some other nations around the globe and it consumes a far smaller volume of the product than its counterparts, it is still a major player in trading, storage and distribution.
This is largely due to the cou...
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