UAE’s ADNOC to double renewable energy portfolio in next 10 years

1 / 2
ADNOC will also reduce greenhouse gas intensity by an additional 25 percent. (Reuters)
2 / 2
Widodo witnessed the signing of the deals with Abu Dhabi Crown Prince Sheikh Mohammed Bin Zayed over the weekend during an official visit to Abu Dhabi. (WAM)
Short Url
Updated 13 January 2020

UAE’s ADNOC to double renewable energy portfolio in next 10 years

  • ADNOC will also reduce greenhouse gas intensity by an additional 25 percent
  • Indonesia signed 11 business deals with the UAE worth $23 billion

ABU DHABI: Abu Dhabi National Oil Co. (ADNOC) grew its renewable energy portfolio by more than 400 percent in the last 10 years, and is on track to double that again in the coming decade, chief executive Sultan Al-Jaber said on Monday.

“We will increase our carbon capture utilization and storage program by 500 percent … to capture the same amount of C02 as 5 million acres of forest,” Jaber told a sustainable energy event in the United Arab Emirates capital Abu Dhabi.

ADNOC will also reduce greenhouse gas intensity by an additional 25 percent and limit fresh water consumption to below 0.5 percent of total water use.

Indonesia signed 11 business deals with the United Arab Emirates worth a combined 314.9 trillion rupiah ($23 billion) covering investment in energy and other sectors, Indonesian President Joko Widodo said via his Twitter account on Monday.

Widodo witnessed the signing of the deals with Abu Dhabi Crown Prince Sheikh Mohammed Bin Zayed over the weekend during an official visit to Abu Dhabi, his tweet said.

President Widodo, who began his second term in office in October, is keen to boost foreign investment to help create jobs and boost growth in Southeast Asia’s biggest economy where economic growth has been stuck at around 5% for several years.

In the petrochemical and gas sectors, ADNOC signed deals with Indonesian companies PT Pertamina and PT Chandra Asri Petrochemicals , UAE state news agency WAM reported.

They included an agreement for ADNOC to supply 528,000 tons of liquid petroleum gas (LPG) to Pertamina by the end of 2020, WAM said.

Prior to the visit, Indonesian ministers had outlined some of the deals, including an agreement between Pertamina and ADNOC to upgrade a refinery in Balongan, West Java.

Widodo said five agreements were also signed between the governments. Agreements covered education, health, agriculture and counter-terrorism, Indonesian Foreign Minister Retno Marsudi said in a statement.

Widodo and the crown prince also discussed a plan to establish a sovereign wealth fund, Indonesia’s Coordinating Minister for Maritime and Investment Affairs Luhut Pandjaitan said.

Japan’s Softbank and the US International Development Finance Corp. (IDFC) were also interested in taking part in the fund, Pandjaitan said in a statement.

The UAE would be able to use the fund to invest in the development of Indonesia’s proposed new capital in East Kalimantan province on Borneo Island.

It is also interested in investing in a property development in Aceh province on Indonesia’s Sumatra island, Pandjaitan said.


Egypt banks step up anti-virus efforts

Updated 4 min 13 sec ago

Egypt banks step up anti-virus efforts

  • asures recommended by the Federation of Egyptian Banks (FEB) also include a ban on face-to-face meetings.

CAIRO: Up to half of bank employees in Egypt will be encouraged to work from home under guidelines to counter a second wave of the coronavirus pandemic.

Measures recommended by the Federation of Egyptian Banks (FEB) also include a ban on face-to-face meetings.

In a letter to banks, the FEB said its guidelines were aimed at ensuring sustainable operations “in the current circumstances.”

Banks will continue to operate from 8.30 a.m. to 3 p.m. for the public and from 8 a.m. to 4 p.m. for employees.

Previous guidelines were issued by the FEB on March 30 and April 5.

The federation's latest plan includes a follow-up on alternative workplaces to allow departments to continue working in cases of forced interruption.

The plan also issues strict instructions on wearing face masks in the workplace and while using the bank’s buses.

Employees also have been urged to follow precautionary measures while using public or private transport, and to avoid crowded places.

The FEB banned face-to-face meetings, replacing these with video conference meetings, and also underlined instructions to sanitize all surfaces using alcohol-based sanitizers, to regularly sanitize all workplaces at weekends, to provide sanitizers in areas that host employees and clients, and to regularly sanitize all main elevators.

Office boys and janitors have been instructed to wear face masks and to use paper cups instead of glass or metal ones.

The FEB said it will continue to post awareness videos and statements on combating the coronavirus.

It has urged banks to use e-payments, to continue banning delivery persons from entering the workplace, to continue halting the delivery of daily newspapers and magazines, and to continue temperature testing by security officials at workplace entrances.