Energy

Abu Dhabi National Oil Company (Adnoc) has officially completed its acquisition of a 24.9 percent stake in OMV AG, a prominent energy and chemicals group based in Vienna, Austria. This strategic move, resulting from a deal with Mubadala Investment Company (Mubadala), marks a significant advancement in Adnoc’s global chemicals growth strategy and reinforces its status …
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In a significant move to stabilize its domestic fuel market, Russia announced on Thursday a six-month ban on petrol exports, starting from March 1st. This decision comes as the country, despite being the world’s third-largest oil producer, faces sporadic fuel shortages. The government’s statement indicated that the export ban is intended to ensure an adequate …
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Adnoc Distribution, a prominent player in the fuel and retail sector, has marked 2023 as a year of significant expansion, transformation, and sustained growth. The company surpassed its annual target by opening 41 new service stations across the UAE, Saudi Arabia, and Egypt, expanding its total network to 840 stations, including 597 in the UAE …
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In a significant move towards global energy technology investments, ADNOC Drilling Company and Alpha Dhabi Holding, one of Abu Dhabi’s largest investment entities, have established a new joint venture. This venture is set to pursue global investments in energy technology and expand tech-enabled energy services, marking a strategic shift in the energy sector. The joint …
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The UAE’s fuel price committee has recently released the petrol and diesel prices for January 2024, revealing a notable decrease compared to the previous month. This price adjustment is significant for residents and businesses across the UAE, as it influences a wide range of daily activities and economic sectors. For January 2024, the price of …
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The U.S. Energy Information Administration (EIA) anticipates a surge in oil prices in 2024, despite a slight dip in global oil demand, as production cuts by OPEC+ members start to significantly impact the market, according to its October Short-Term Energy Outlook. While the EIA has trimmed its global oil demand forecast for 2024 by 90,000 …
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Adnoc Drilling secures a $412 million, five-year contract for Integrated Drilling Services (IDS) from Adnoc Offshore to develop the Upper Zakum field. Adnoc Drilling Company PJSC announced on Thursday that it has secured a five-year contract worth $412 million from Adnoc Offshore for the provision of Integrated Drilling Services (IDS), beginning in the second quarter …
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In a bid to attract investment from local and international oil companies, Oman has announced the availability of three oil and gas concession areas, according to a statement from the Ministry of Energy and Minerals. The offering will be open between March 26 and June 25, as mentioned in the statement published on Twitter. The …
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