ADNOC to build largest global refining & chemical site -CEO

UAE Minister of State and Director-General of the Abu Dhabi National Oil Company, Sultan Al-Jaber said ADNOC plans to build the world’s largest integrated refining and chemical site in Ruwais. (File Photo: AFP)
Updated 06 March 2018

ADNOC to build largest global refining & chemical site -CEO

HOUSTON: State oil giant Abu Dhabi National Oil Co. (ADNOC) plans to build the world’s largest integrated refining and chemical site in Ruwais, United Arab Emirates, ADNOC’s chief executive officer said on Tuesday.
Speaking at the CERAWeek conference in Houston, Sultan Al-Jaber, head of ADNOC, said downstream investments like refining and chemicals represent the company’s biggest future opportunity. The company plans on tripling petrochemical production to 14.4 million tons annually by 2025, he said.
“Our goal by 2025 is to transform Ruwais into the largest integrated refining and chemicals site in the world — doubling our refining capacity and tripling our petrochemicals production,” said Al-Jaber.
Al-Jaber said the company also plans to make unexplored blocks of oil in the UAE available for auction in the near-future.


France ready to take Trump’s tariff threat to WTO

Updated 08 December 2019

France ready to take Trump’s tariff threat to WTO

  • Macron government will discuss a global digital tax with Washington at the OECD, says finance minister

PARIS: France is ready to go to the World Trade Organization to challenge US President Donald Trump’s threat to put tariffs on French goods in a row over a French tax on internet companies, its finance minister said on Sunday.

“We are ready to take this to an international court, notably the WTO, because the national tax on digital companies touches US companies in the same way as EU or French companies or Chinese. It is not discriminatory,” Finance Minister Bruno Le Maire told France 3 television. Paris has long complained about US digital companies not paying enough tax on revenues earned in France.

In July, the French government decided to apply a 3 percent levy on revenue from digital services earned in France by firms with more than €25 million in French revenue and €750 million ($845 million) worldwide. It is due to kick in retroactively from the start of 2019.

Washington is threatening to retaliate with heavy duties on imports of French cheeses and luxury handbags, but France and the EU say they are ready to retaliate in turn if Trump carries out the threat. Le Maire said France was willing to discuss a global digital tax with the US at the Organization for Economic Cooperation and Development (OECD), but that such a tax could not be optional for internet companies.

“If there is agreement at the OECD, all the better, then we will finally have a global digital tax. If there is no agreement at OECD level, we will restart talks at EU level,” Le Maire said.

He added that new EU Commissioner for Economy Paolo Gentiloni had already proposed to restart such talks.

France pushed ahead with its digital tax after EU member states, under the previous executive European Commission, failed to agree on a levy valid across the bloc after opposition from Ireland, Denmark, Sweden and Finland.

The new European Commission assumed office on Dec. 1.