UAE ramps up oil and gas output as Iran sanctions hit

UAE is OPEC’s fourth largest producer. (AFP)
Updated 05 November 2018
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UAE ramps up oil and gas output as Iran sanctions hit

  • a UAE oil company announced plans to boost output to four million barrels per day by 2020 and five million bpd by 2030
  • The UAE currently produces up to 3.5 million bpd

DUBAI: UAE oil company ADNOC has announced the discovery of new oil and gas resources, with an eye on full self-sufficiency as US sanctions on Iran go into effect.
State-run ADNOC, based in the oil-rich capital Abu Dhabi, said Sunday it had discovered new gas fields, totaling 15 trillion standard cubic feet, and another billion barrels of oil.
The company also announced plans to boost output to four million barrels per day by 2020 and five million bpd by 2030 — a plan UAE officials said was aimed at making the country entirely self-sufficient.
Abu Dhabi Crown Prince Mohammed bin Zayed also announced the Supreme Petroleum Council, the city’s main decision-making council, approved a budget of $132 billion to support a five-year growth plan.
This included ADNOC’s “gas strategy to become self-sufficient and a net gas exporter,” he said on Twitter.
The United Arab Emirates, OPEC’s fourth largest producer, currently produces up to 3.5 million bpd.
Sunday’s announcement came as the United States imposed strict sanctions against Iran.
The move targets buyers of Iranian oil with the aim of throttling Tehran’s main source of income.
The UAE and its main ally, Saudi Arabia, support the new sanctions.


Saudi Arabia’s SABIC and NCB sign deal to finance small businesses

The National Commercial Bank struck the agreement with SABIC. (Reuters)
Updated 19 November 2018
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Saudi Arabia’s SABIC and NCB sign deal to finance small businesses

  • The move will help develop local industries through financing and refinancing entrepreneurs

LONDON: The National Commercial Bank (NCB) has signed a memorandum of understanding with the Saudi Basic Industries Corporation (SABIC) to help boost the financing of small and medium enterprises (SMEs).

The move will help develop local industries through financing and refinancing entrepreneurs, Asharq Al-Awsat newspaper reported.

The agreement will enable entrepreneurs and small and medium enterprises (SMEs) to obtain support and funding from NCB at preferential rates.

In addition, NCB will provide other services, including training and educational and awareness courses.

NCB, also known as Al-Ahli Bank, recently organized three workshops geared toward SMEs, covering areas such as credit approvals, financing and trade.