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

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

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.


Deliveroo raises $180 mln from investors, valued at $7 billion

Deliveroo raises $180 mln from investors, valued at $7 billion
Updated 17 January 2021

Deliveroo raises $180 mln from investors, valued at $7 billion

Deliveroo raises $180 mln from investors, valued at $7 billion
  • Deliveroo is set to hold an initial public offering in the coming months
  • The internet giant's stake is not expected to increase as a result of its participation in the latest round of fundraising

LONDON: British food-delivery company Deliveroo said on Sunday it had raised a further $180 million from existing investors, including minority shareholder Amazon, in a move that values the business at more than $7 billion.
Deliveroo is set to hold an initial public offering in the coming months, in what would be the biggest new share issue in London for three years.
"This investment will help us to continue to innovate, developing new tech tools to support restaurants, to provide riders with more work and to extend choice for customers," Deliveroo founder and chief executive Will Shu said.
Britain's competition regulator approved Amazon's May 2019 purchase of a 16% stake in Deliveroo in August, overruling objections from local competitors Just Eat Takeaway and Domino's Pizza.
The internet giant's stake is not expected to increase as a result of its participation in the latest round of fundraising, which was led by U.S. investors Durable Capital Partners and Fidelity Management & Research.
Deliveroo operates across 12 countries, mostly in western Europe but also in Australia, Hong Kong, Singapore and the United Arab Emirates. It did not state how much each investor had contributed in the latest funding round.
The company said it would spend the $180 million on expanding delivery-only kitchen sites, on-demand grocery deliveries and subscription services, as well as allowing more restaurants to take orders from via own websites.