UAE raises fuel prices for 5th time in a year

As oil prices jumped, gasoline prices in the UAE have surged by around 80 percent since the beginning of the year, while crude has increased almost 50 percent to reach over $100 a barrel. 
As oil prices jumped, gasoline prices in the UAE have surged by around 80 percent since the beginning of the year, while crude has increased almost 50 percent to reach over $100 a barrel. 
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Updated 03 July 2022

UAE raises fuel prices for 5th time in a year

UAE raises fuel prices for 5th time in a year

RIYADH: The UAE has raised fuel prices for the fifth time this year to further widen the gap with other oil producers who subsidize gasoline costs, Bloomberg reported. 

As oil prices jumped, gasoline prices in the UAE have surged by around 80 percent since the beginning of the year, while crude has increased almost 50 percent to reach over $100 a barrel. 

Gasoline in the UAE now costs three times more than in Kuwait and prices are more than double the average in the Gulf Cooperation Council members. 

According to data from globalpetrolprices.com, fuel prices in the UAE are below the global average. 


UAE’s ADNOC earns $425m in H1 profits fueled by higher fuel demand

UAE’s ADNOC earns $425m in H1 profits fueled by higher fuel demand
Updated 16 sec ago

UAE’s ADNOC earns $425m in H1 profits fueled by higher fuel demand

UAE’s ADNOC earns $425m in H1 profits fueled by higher fuel demand

RIYADH: Abu Dhabi-based fuel operator ADNOC Distribution earned 1.56 billion dirhams ($425 million) in net profit for the first half of 2022, boosted by higher fuel demand and prices.

The non-oil side of the business also contributed to the rise, resulting in a 10 percent increase in gross profit from a year ago, the company reported. 

Volumes of fuel increased 9 percent as a result of growth in ADNOC Distribution's retail and commercial businesses..

ADNOC will distribute a minimum of 1.28 billion dirhams as the first half-year dividend in October. The payout for the full year will be 2.57 billion dirhams.

 


Saudi Arabia invites tenders for Mosaisen-Makkah transmission scheme

Saudi Arabia invites tenders for Mosaisen-Makkah transmission scheme
Updated 30 min 22 sec ago

Saudi Arabia invites tenders for Mosaisen-Makkah transmission scheme

Saudi Arabia invites tenders for Mosaisen-Makkah transmission scheme

RIYADH: Saudi Water Partnership Co., also known as SWPC, has invited bids for the contract to develop the Kingdom’s independent water transmission pipeline project linking Ras Mohaisen, Al-Baha and Makkah.

According to a MEED report, 13 companies have been qualified to bid for the contract, with local firms including Abdul Aziz Al-Ajlan Sons Co. for Commercial & Real Estate Investment, Al-Bawani Water & Power, Al-Yamama Co., Mowah Co., and Vision International Invest Co expressing interest for the project. 

Other firms that qualified to submit the bid are Spain’s Cobra Instalaciones y Servicios, Kuwait’s Gulf Investment Corp., Japan’s Marubeni Corp., UAE’s Utico, and Abu Dhabi National Energy Co., a consortium of Taqa and UAE, the report added. 

As many as 35 firms including 23 local companies had expressed interest in the contract. 

The report further noted that the 300-kilometer water transmission scheme will have a capacity to transmit up to 185,000 cubic meters of water a day. 

The firm which will be selected for the IWTP will provide the entire transmission capacity to SWPC under a 35-year water transmission agreement.

The MEED report stated that the pipeline is expected to begin commercial operations by the second half of 2026. 


Commodities Update — Gold slips; Wheat ticks higher; Copper rises

Commodities Update — Gold slips; Wheat ticks higher; Copper rises
Updated 08 August 2022

Commodities Update — Gold slips; Wheat ticks higher; Copper rises

Commodities Update — Gold slips; Wheat ticks higher; Copper rises

RIYADH: Gold prices edged lower on Monday after solid US jobs data last week boosted the prospect of aggressive interest rate hikes by the US Federal Reserve, lifting the dollar and Treasury yields.

Spot gold was down 0.1 percent at $1,771.74 per ounce, as of 0454 GMT, after dropping 1 percent in the previous session. 

US gold futures eased 0.2 percent to $1,788.20.

Silver flat

Spot silver was flat at $19.87 per ounce, while platinum fell 1.3 percent to $920.25. 

Palladium was steady at $2,125.68.

Wheat edges up

Chicago wheat futures edged higher on Monday, recouping some of the previous session’s losses but pressure from expectations of higher sea-borne grain exports from Ukraine curbed gains.

Corn lost ground, falling for the first time in four sessions, while soybeans ticked higher, although higher US production and weakening Chinese demand limited gains.

The most-active wheat contract on the Chicago Board of Trade added 0.3 percent to $7.78-1/4 a bushel, as of 0426 GMT. 

Corn fell 0.2 percent to $6.08-3/4 a bushel and soybeans gained 0.2 percent to $14.11-1/4 a bushel.

Copper rises

Copper prices rose as falling inventories and improved exports in top consumer China balanced out fears of weakening demand from a global recession.

Three-month copper on the London Metal Exchange rose 0.1 percent to $7,881.50 a ton by 0222 GMT, while the most-traded September copper contract on the Shanghai Futures Exchange advanced 1.8 percent to $8,987.78 a ton.

(With input from Reuters)


TASI starts flat following market uncertainty over oil price shifts: Opening bell

TASI starts flat following market uncertainty over oil price shifts: Opening bell
Updated 08 August 2022

TASI starts flat following market uncertainty over oil price shifts: Opening bell

TASI starts flat following market uncertainty over oil price shifts: Opening bell

RIYADH: Saudi stock started Monday’s session flat with the market uncertain over oil price fluctuations.

As of 10:07 a.m. Saudi time, TASI and the parallel market Nomu opened at 12,227 and 21,780, respectively.

Middle East Paper Co. topped the gainers with a 5.51 percent gain, following a 216 percent increase in first-half profits.

Wafrah for Industry and Development Co. gained 2.67 percent, following the signing of a $4 million contract with German GEA Food for meat production.

Bank Albilad rose 0.60 percent, following the announcement of the establishment of Enjaz Payment Services Co., a closed joint stock company located in Riyadh.

Almarai Co. fell 0.56 percent, following the announcement of the re-appointment of Prince Naif bin Sultan bin Mohammed bin Saud Alkabeer as chairman and Suliman Al Muhaideb as vice chairman.

The Kingdom’s oil giant Saudi Aramco started the day with a 0.13 percent increase, while the Kingdom’s largest valued bank Al Rajhi added 0.12 percent.

In energy trading, Brent crude settled at $96.03 a barrel and US West Texas Intermediate at $90.07 a barrel, as of 10:12 a.m. Saudi time.


Oil Updates — Crude edges up; Mexico, Venezuela help Cuba to fight oil fire

Oil Updates — Crude edges up; Mexico, Venezuela help Cuba to fight oil fire
Updated 08 August 2022

Oil Updates — Crude edges up; Mexico, Venezuela help Cuba to fight oil fire

Oil Updates — Crude edges up; Mexico, Venezuela help Cuba to fight oil fire

RIYADH: Oil prices edged up from multi-month lows on Monday as investors’ appetite improved following data on US jobs and Chinese exports that eased recession concerns.

Brent crude futures had risen 22 cents, or 0.2 percent, to $95.14 a barrel by 0439 GMT. 

US West Texas Intermediate crude was at $89.18 a barrel, up 17 cents, or 0.2 percent.

Cuba gets help from Mexico, Venezuela to fight oil fire

Cuba appeared to make progress on Sunday bringing under control a fire at its main oil storage facility that has killed one firefighter, drawing on help from Mexico and Venezuela to fight the raging flames.

A lightning strike on Friday ignited one of eight storage tanks at the Matanzas super tanker port 60 miles east of Havana. A second tank caught fire on Saturday, catching firefighters and others at the scene by surprise. Sixteen people were missing.

Susely Morfa Gonzalez, head of the Communist Party in Matanzas, told local reporters “there are no flames at this time, only white smoke” coming from the first tank hit by lightning.

She said a second tank was still burning, sending up a huge column of black smoke, while a third, which on Saturday night officials feared would explode “is being cooled with water at intervals, in order to maintain an adequate temperature that prevents combustion.”

A secondary fire feeding off oil leaking from the area was also extinguished. No oil had contaminated Matanzas Bay, officials said.

The second explosion on Saturday injured more than 100 people, many first responders, and 24 remain hospitalized, five of those in critical condition.

On Sunday, 82 Mexican and 35 Venezuelan personnel experienced in combating fuel blazes joined the effort, bringing four planeloads of fire-fighting chemicals.

“The help is important, I would say that it is vital and it is going to be decisive,” Diaz-Canel said. 

(With input from Reuters)