UAE’s ADNOC to invest $127bn in 2022-26 as oil, gas reserves rise

UAE’s ADNOC to invest $127bn in 2022-26 as oil, gas reserves rise
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Updated 01 December 2021

UAE’s ADNOC to invest $127bn in 2022-26 as oil, gas reserves rise

UAE’s ADNOC to invest $127bn in 2022-26 as oil, gas reserves rise
  • ADNOC said that reinforced the UAE’s position as number six in the world for oil reserves and number seven for gas reserves

Abu Dhabi National Oil Company announced on Wednesday a $127 billion capital spending plan for 2022-2026, as it reported an increase in the United Arab Emirates’ oil and natural gas reserves.


The state-owned company said national reserves had risen by 4 billion stock tank barrels, stb, of oil and 16 trillion standard cubic feet, scf, of natural gas, taking the totals to 111 billion stb and 289 trillion scf respectively.


ADNOC said that reinforced the UAE’s position as number six in the world for oil reserves and number seven for gas reserves.


Abu Dhabi Crown Prince Sheikh Moahmmed bin Zayed chaired the company’s annual board meeting, which approved capital spending of 466 billion dirhams ($127 billion) for 2022-2026, up from $122 billion for 2021-25.


The investment will expand upstream production capacity, the company’s downstream portfolio, plus low carbon and clean energy businesses, it said, without giving details.


ADNOC said that since the launch of its so-called in-country value program in 2018, it had driven 105 billion dirhams back into the UAE economy and created over 3,000 jobs in the private sector, including over 1,000 this year.


It aims to drive over 160 billion dirhams back into the UAE economy across 2022-2026 through the same program, it added.


The ADNOC board also approved a “New Energies Strategy” aimed at reducing its carbon footprint and capitalizing on opportunities in renewable energy, hydrogen and other lower carbon fuels.


Separately, the government announced a global clean energy powerhouse intended to spearhead the drive to net-zero carbon by 2050.

Consolidating their combined efforts in renewable energy and green hydrogen, Abu Dhabi National Energy Company PJSC (TAQA), Mubadala Investment Co. and ADNOC will partner under the Abu Dhabi Future Energy Company (Masdar) brand.


The partnership will have a combined current, committed, and exclusive capacity of over 23 gigawatts (GW) of renewable energy, with the expectation of reaching well over 50 GW total capacity by 2030, TAQA said in a separate statement.


TAQA will take the leading role with a 43 percent shareholding in Masdar’s renewable energy business, with Mubadala holding 33 percent and ADNOC 24 percent.


Meanwhile, ADNOC will take the leading role with a 43 percent shareholding in Masdar’s green hydrogen business, with Mubadala holding 33 percent and TAQA 24 percent, it said.


Military-affiliated companies to be listed on the Egyptian bourse next year: PM

Military-affiliated companies to be listed on the Egyptian bourse next year: PM
Updated 14 sec ago

Military-affiliated companies to be listed on the Egyptian bourse next year: PM

Military-affiliated companies to be listed on the Egyptian bourse next year: PM

RIYADH: Some military affiliated companies operating in the economy and civil sectors are being restructured to be listed on Cairo's Stock Exchange next year, Egypt's Prime Minister, Mostafa Madbouly, said.

The companies will be available to all Egyptians, not just the private sector,  he added during his interview on a BBC program, citing President Abdel Fattah El Sisi’s statement. 

Soliman did not disclose the names of other companies affiliated with the Egyptian army that are planned to be listed, until the validity of their legal structures is verified. 

Earlier, Egypt offered more than 25 percent of the wholly state-owned e-finance company on the Egyptian stock exchange, the prime minister added. 

Madbouly added that the size of the armed forces' institutions represents less than 1 percent of the Egyptian economy.

Ayman Soliman, the CEO of the Sovereign Fund of Egypt had previously revealed the organisation was in the process of completing the legal restructuring of two affiliated companies, namely the Safi food company and the Watania petroleum distribution company, with both set to be listed on the stock exchange.


UAE’s Masdar wants to hit 200 GW with global renewable energy projects: minister

UAE’s Masdar wants to hit 200 GW with global renewable energy projects: minister
Updated 3 min 33 sec ago

UAE’s Masdar wants to hit 200 GW with global renewable energy projects: minister

UAE’s Masdar wants to hit 200 GW with global renewable energy projects: minister

RIYADH: UAE-owned renewable energy company Masdar wants to see its global projects produce up to 200 gigawatts of electricity, the country’s Industry Minister Sultan al-Jaber said on Monday in Dubai.

Al-Jaber, who is also the CEO of Abu Dhabi National Oil Company (ADNOC), was speaking at the Abu Dhabi Sustainability Week Summit at the Expo 2020 site in Dubai.

He said  Masdar has invested in wind and solar projects in 40 countries around the world, according to Reuters, adding: “Our ambition is to accelerate this development globally to reach 100 GW and ultimately double that again to 200 GW.”

No timeframe was set out for the growth, but last month the  Abu Dhabi government confirmed plans to increase Masdar's capacity to more than 50 gigawatts by 2030.


Tanmiah Food appoints Ahmed Osilan as managing director

Tanmiah Food appoints Ahmed Osilan as managing director
Updated 34 min 2 sec ago

Tanmiah Food appoints Ahmed Osilan as managing director

Tanmiah Food appoints Ahmed Osilan as managing director

RIYADH: Saudi-listed Tanmiah Food Co. will see executive board member Ahmed Sharaf Osilan take over as managing director for the ongoing term, which shall end on April 4, 2022.

The decision was approved by the company’s board of directors today, Jan. 17.  

The newly elected member, Osilan, will replace Muhammad Sajid Saeed.

Osilan holds a bachelor’s degree in industrial management, and has 20 years of experience in the investment field, having held many leadership positions in the past.

The Riyadh-based food company, which employs more than 1,500 people, has grown to become a major supplier of chicken products.

It operates a veterinary services unit and food processing business.

 


General Motors Middle East appoints Sajed Sbeih as new vice president

General Motors Middle East appoints Sajed Sbeih as new vice president
Updated 51 min 20 sec ago

General Motors Middle East appoints Sajed Sbeih as new vice president

General Motors Middle East appoints Sajed Sbeih as new vice president

RIYADH: Automotive company General Motors Africa and Middle East, or GM AMEO, has appointed Sajed Sbeih to the role of vice president of strategy, product & operations at GM Europe. 

Sbeih was previously serving as the managing director of commercial operations for GM Middle East & Sub-Saharan Africa, according to the company’s statement.

Currently named as GM AMEO chief financial officer, Albert Nazarian has been named as the managing director of commercial operations for GM Middle East & Sub-Saharan Africa.

Also, Ajai Shankar, former finance director, is appointed as the company’s new chief financial officer.  

This comes in line with the company’s global growth strategy and efforts to support its vision of Zero Crashes, Zero Emissions and Zero Congestion.


Saudi energy minister: OPEC+ has worked hard to stabilize oil markets

Saudi energy minister: OPEC+ has worked hard to stabilize oil markets
Updated 17 January 2022

Saudi energy minister: OPEC+ has worked hard to stabilize oil markets

Saudi energy minister: OPEC+ has worked hard to stabilize oil markets

The Organization of Petroleum Exporting Countries and its allies, known as OPEC+, has done a lot to ensure the stability of the oil market, the Saudi Energy Minister has said.

Speaking at the Abu Dhabi Sustainability Week Summit on Monday, Prince Abdulaziz bin Salman emphasized the importance of a stable market, adding that the Kingdom enjoys good relationships with OPEC+ members.

OPEC+ has consistently resisted pressure from countries such as the US to raise oil production plans above the agreed rate of an extra 400,000 barrels a day.

Prince Abdulaziz also said that Saudi Arabia is engaging in many events globally with the aim of demonstrating the initiatives taken to boost sustainability.

In addition, while the energy sector faces some challenges in terms of technology, the minister said that young people are expected to welcome this with excitement as they try to satisfy their ambitions.