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.


First IT-related company starts trading in Saudi bourse

Updated 42 min 36 sec ago
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First IT-related company starts trading in Saudi bourse

DUBAI: Shares of Al-Moammar Information Systems Company started trading at the Saudi Stock Exchange (Tadawul) on Wednesday, the first IT-related entity in the bourse’s roster of 201 listed companies.

Al-Moammar Information Systems Company has been assigned a trading symbol of 7200. The trading symbol is used by investors and traders to transact orders.

Shares were up 3.2 percent to 48.2 riyals in late trade, with 1,038,877 counters changing hands.

The company held a five-day public offering last March and opened for subscription 4.8 million ordinary shares, at an offer price of 45 Saudi riyals per share, representing 30 percent of its paid-up capital.

Saudi Fransi Capital was assigned as financial advisor, lead manager, bookrunner and underwriter of the offering, while Riyad Bank, Saudi British Bank and Banque Saudi Fransi were tasked as receiving agents.