UAE’s ADNOC to cut Murban crude allocations for customers in March

The UAE has committed to achieve a reduction in crude oil output of 139,000 barrels of oil per day under the cooperation agreement concluded in Vienna last November. (Courtesy ADNOC)
Updated 30 January 2018
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UAE’s ADNOC to cut Murban crude allocations for customers in March

DUBAI: Customers of Abu Dhabi National Oil Company (ADNOC) have to contend with lower Murban crude allocations after the state giant announced a 25 percent cut in supply for March.
The reduction was in line with “the UAE’s continued commitment to the OPEC and non-OPEC ‘Declaration of Cooperation,’” the country’s energy minister Suhail Mohamed Al-Mazrouei confirmed in a Twitter message.
Murban crude is the main onshore grade for ADNOC, while its offshore grades include Das crude – a newly introduced high quality crude blend from the Umm Shaif and Lower Zakum oilfields – and Upper Zakum.
“In March, ADNOC will reduce its Murban crude allocation by 25 percent. Customers have been notified accordingly by ADNOC,” Al-Mazrouei tweeted.
OPEC and non-OPEC producers led by Russia last November agreed to maintain production cutbacks until the end of 2018 to clear up the glut in global supply and balance the market while propping oil market prices.

The UAE has committed to achieve a reduction in crude oil output of 139,000 barrels of oil per day under the cooperation agreement concluded in Vienna last November during the OPEC’s annual gathering.
UAE is the 12th largest oil producer in the world with an average output of 3 million barrels per day.


Abraaj founder’s extradition hearing adjourned

Updated 18 April 2019
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Abraaj founder’s extradition hearing adjourned

  • The US alleges that Arif Naqvi and his firm raised money for the Abraaj Growth Markets Health Fund, collecting more than $100 million over three years from US-based charities and investors
  • According to the SEC’s complaint, Naqvi misappropriated money from the health fund and commingled the assets with corporate funds of Abraaj Investment Management

LONDON: A case in a London court to extradite Arif Naqvi, the founder of collapsed private equity firm Abraaj, to the US on fraud charges was adjourned until April 26, a court official said on Thursday.
The official said that a former managing partner of Dubai-based Abraaj, Sev Vettivetpillai, had also been arrested and was facing a US extradition request linked to the same charges.
While at Abraaj, Vettivetpillai was head of impact investing in a role that oversaw the firm’s troubled health care fund. Abraaj’s executives are facing US charges that they defrauded investors, including the Bill & Melinda Gates Foundation.
The US Securities and Exchange Commission alleges that Naqvi and his firm raised money for the Abraaj Growth Markets Health Fund, collecting more than $100 million over three years from US-based charities and other US investors.
According to the SEC’s complaint, Naqvi misappropriated money from the health fund and commingled the assets with corporate funds of Abraaj Investment Management and its parent company, and used it for purposes unrelated to the health fund.
Naqvi pleaded innocent last week in a statement released through a PR firm.
He was arrested in the UK earlier this month, while managing partner Mustafa Abdel-Wadood was arrested at a New York hotel, Assistant US Attorney Andrea Griswold told a Manhattan federal court on April 11.