UAE ramps up oil and gas output as Iran sanctions hit

UAE is OPEC’s fourth largest producer. (AFP)
Updated 05 November 2018

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.


Japan’s Uniqlo pulls ad after South Korean fury

Updated 21 October 2019

Japan’s Uniqlo pulls ad after South Korean fury

  • South Korean and Japanese relationship is deeply strained by the legacy of Tokyo’s 20th-century expansionism
  • Seoul and Tokyo are currently locked in a bitter trade and diplomatic row stemming from historical disputes
SEOUL: Japanese retail giant Uniqlo has pulled a commercial featuring a 98-year-old US fashion figure from South Korean screens, it said Monday after it was accused of whitewashing colonial history.
South Korea and Japan are both US allies, democracies and market economies faced with an overbearing China and nuclear-armed North Korea, but their relationship is deeply strained by the legacy of Tokyo’s 20th-century expansionism.
The latest example is an advert for Uniqlo fleeces showing elderly fashion celebrity Iris Apfel chatting with designer Kheris Rogers, 85 years her junior.
The last line has the white-haired Apfel, asked how she used to dress as a teenager, innocuously responding: “Oh my God. I can’t remember that far back.”
But Uniqlo’s Korean arm subtitled its version of the ad slightly differently, reading: “I can’t remember things that happened more than 80 years ago.”
That would put the moment as 1939, toward the end of Japan’s brutal colonial rule over the Korean peninsula, where the period is still bitterly resented, and some South Koreans reacted furiously.
“A nation that forgets history has no future. We can’t forget what happened 80 years ago that Uniqlo made fun of,” commented one Internet user on Naver, the country’s largest portal.
The phrase “Uniqlo, comfort women,” in reference to women forced to become sex slaves to Japanese troops during the Second World War, was among the most searched terms on Naver at the weekend, and demonstrators protested outside Uniqlo shops on Monday.
Seoul and Tokyo are currently locked in a bitter trade and diplomatic row stemming from historical disputes, and South Korean consumers have mounted boycotts of Japanese products.
Uniqlo — which has 186 stores in South Korea — has itself been one of the highest-profile targets, while Japanese carmakers’ sales dropped nearly 60 percent year-on-year in September.
The company denied the allegations in a statement, saying the text was altered to highlight the age gap between the individuals and show that its fleeces were for people “across generations.”
“The ad had no intention whatsoever to imply anything” about colonial rule, a Uniqlo representative said on Monday, adding the firm had withdrawn the ad in an effort at damage control.
Analysts said the controversy demonstrated the politicization of the neighbors’ complex history.
The reaction was excessive, said Kim Sung-han, a former foreign affairs vice minister who teaches at Korea University, involving a “jump in logic” that “assumes everything Uniqlo does is political as a Japanese company.”
“I don’t see how her remark could be linked to the comfort women issue,” he added. “This is overly sensitive.”