ADNOC secures $1.2bn credit facility with banks

ADNOC secures $1.2bn credit facility with banks
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Updated 02 September 2021

ADNOC secures $1.2bn credit facility with banks

ADNOC secures $1.2bn credit facility with banks

Abu Dhabi National Oil Company (ADNOC) said on Thursday its trading arm has closed a $1.2 billion credit facility with a group of seven local and international banks.

The loan will be used to finance ADNOC Global Trading's trade flows and growth, the company said in a post on LinkedIn.

The banks involved in the deal are Standard Chartered, HSBC, Abu Dhabi Commercial Bank, Deutsche Bank, Societe Generale, SMBC and UniCredit Bank.

"The oversubscription of the latest credit facility demonstrates the trust in AGT and its strong shareholding structure," the state-owned oil company said, without disclosing by how much the deal was oversubscribed.

Martijn Rutters, chief financial officer at ADNOC Global Trading, said on LinkedIn the deal was oversubscribed two times as a result of strong interest from banks.

ADNOC Global Trading is a joint venture between ADNOC, which holds 65%, Italy's Eni with a 20 percent share and Austria's OMV with a 15 percent stake.

It went live in 2020 to trade refined products and supply feedstocks. It is "active in the products and paper markets for third party barrels as well as derivatives," according to ADNOC's website.

"As we continue to expand our operations into new markets, opening new offices in Asia, Europe, and the US, we have the right systems, people, and credit facilities in place to deliver an ambitious business plan," Rutters said.

 

— Reuters


TASI closes 0.2% higher at 10,811 points

TASI closes 0.2% higher at 10,811 points
Updated 11 sec ago

TASI closes 0.2% higher at 10,811 points

TASI closes 0.2% higher at 10,811 points

RIYADH: The Saudi stock market ended the session on Monday up 0.2 percent, or 23 points, to close at 10,811 points.

Some 189 million shares changed hands in 355,000 deals, with heavy trading in Al Rajhi bank, Alinma Bank, SABIC. 

Saudi Enaya and Amana Insurance were among the top gainers.

Saudi Kayan, Advanced and Petrochem also rose by between 3 and 6 percent. 

The market's increase today was also influenced by a 0.9 percent rise in Al Rajhi bank shares, while Riyad bank rose by 1.9 percent to SR135 ($36). SABIC Agri-Nutrients was up by 4.45 percent. 

Baazeem and Maadaniyah were the top fallers, losing more than 6 percent.

Saudi Basic Industries declined 1 percent to close at SR111.20.

Savola, Almarai, eXtra and Al Kathiri fell between 1 and 3 percent.

Qassim Cement closed at SR77.90, down 1 percent after the end of the eligibility for cash dividends.

The parallel Nomu index was down 42.3 points, or 0.19 percent, closing at 22,331.94 points after traded 2.7 million shares. 


Indonesia needs additional $148bn to limit carbon emissions 

Indonesia needs additional $148bn to limit carbon emissions 
Updated 40 min 35 sec ago

Indonesia needs additional $148bn to limit carbon emissions 

Indonesia needs additional $148bn to limit carbon emissions 

RIYADH: Indonesia will need an additional funding of $148 billion to meet its goal of curbing carbon emissions in 2030, Bloomberg reported.

The southeast Asian country needs a total of $365 billion in green investments to cut emissions by 29 percent, head of Fiscal Policy Agency, Febrio Kacaribu, said in a briefing. 

Of the total amount needed, $97 billion is to come from the government, while $120 billion to come from planned private investments. 

Indonesia could reduce emissions by 41 percent with “concrete” international help, Kacaribu added.


Nissan to spend $17.6bn over five years to accelerate vehicle electrification

Nissan to spend $17.6bn over five years to accelerate vehicle electrification
Updated 49 min 46 sec ago

Nissan to spend $17.6bn over five years to accelerate vehicle electrification

Nissan to spend $17.6bn over five years to accelerate vehicle electrification

RIYADH: Nissan Motor Co. plans to spend 2 trillion yen ($17.59 billion) over the next five years to accelerate vehicle electrification.

The new electrification strategy, called Nissan Ambition 2030, is a roadmap on how the company plans to meet its goals by the end of the decade, according to Bloomberg.

The Japanese automaker will launch 23 new electrified models by 2030, including 15 new electric vehicles.

Nissan has been ramping up its EV ambitions and announced plans to build a $1.4 billion hub to manufacture battery-powered cars in the UK. 

The Yokohama-based carmaker plans to further increase its global battery production capacity to 130 gigawatt-hours by 2030.

It will launch an EV equipped with a solid-state battery by 2028, the company said.

By 2024, a pilot plant for solid-state batteries will be operational in Yokohama, with mass production expected to start by 2028. 

According to Nissan, next-generation batteries are key to achieving cost parity between EV and gasoline vehicles. 

Over the next decade, global EV sales are projected to rise above 10 million a year from around 1 million today. 

Nissan also plans for EVs to account for more than 75 percent of sales in Europe, 55 percent in Japan, and 40 percent in China by 2026.

It plans to have EVs reach 40 percent of sales in the US in 2030. 


Aramco to spend $68bn to develop its giant Jafurah gas field

Aramco to spend $68bn to develop its giant Jafurah gas field
Updated 57 min 51 sec ago

Aramco to spend $68bn to develop its giant Jafurah gas field

Aramco to spend $68bn to develop its giant Jafurah gas field

Dhahran: Aramco is spending $68 billion to develop its giant unconventional gas field Jafurah, the company's CEO said in media briefing at the firm's headquarter in Dhahran. 

Responding to Arab News' question on the cost of the project, Amin Nasser stated that the first phase will cost $24 billion and will be completed by end if 2024, early 2025.

The second phase, he added, will cost $44 billion and will add up to 2 billion standard cubic feet per day of sales gas, and around 600,000 barrels per day of condensates — a very light type crude oil.


Orascom Construction eyes 25% stake in Egypt’s first hydrogen plant

Orascom Construction eyes 25% stake in Egypt’s first hydrogen plant
Updated 29 November 2021

Orascom Construction eyes 25% stake in Egypt’s first hydrogen plant

Orascom Construction eyes 25% stake in Egypt’s first hydrogen plant

RIYADH: Cairo-based Orascom Construction could acquire a 25 percent share in Egypt's first hydrogen plant announced last Wednesday, its CEO told Al Arabiya.

The plant is expected to start operation in 2014, Osama Bishai said.

Orascom joined the Green Hydrogen Consortium with Fertiglobe, Norway’s Scatec and the Sovereign Fund of Egypt to develop the first Egyptian green hydrogen production facility.

The production plant will consist of 100 MW PEM electrolyzer, ranked as world’s largest standalone electrolyzer and the first in Egypt, according to the company’s statement.