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

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ADNOC will also reduce greenhouse gas intensity by an additional 25 percent. (Reuters)
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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)
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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.


Egyptian state banks collect over $10bn from high-yield savings product

Updated 18 min 41 sec ago

Egyptian state banks collect over $10bn from high-yield savings product

CAIRO: Egypt’s two biggest state banks have collected 171 billion Egyptian pounds ($10.5 billion) from a new high-yield savings product they introduced in March, officials from the two banks were quoted as saying on Saturday.
The one-year product, launched on March 22, carry a 15% yield.
An official at the National Bank of Egypt said it had collected 122 billion pounds, while Banque Misr’s chairman said it had gathered 49 billion pounds, state news agency MENA reported.