Updated 29 min 9 sec ago
March 25, 2021 10:24
DUBAI: Abu Dhabi National Oil Company (ADNOC) has deepened crude oil supply cuts to Asian customers in June to 15 percent from 5 percent in May, several sources with knowledge of the matter said on Thursday.
The supply reduction will apply to the four grades of crude that ADNOC sells to Asia, namely Murban, Das, Umm Lulu and Upper Zakum, they said.
The cuts are part of theUAE obligation under a pact between the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, to reduce output and balance global oil markets.
ADNOC’s June allocation comes ahead of the next OPEC+ meeting scheduled on April 1, where producers will decide on May supplies.
Saudi Basic Industries Corp. (SABIC) is seeking to become the largest petrochemical company in the world in 2030 after moving to the third place this year, said company Vice Chairman and CEO, Yousef Al-Benyan.
The ambition is supported by Saudi Arabia s Vision 2030, which is considered a compass for SABIC to achieve its goal, while offering excellent growth opportunities for the petrochemical industry.
The company s expertise on the global level, employees determination and the recent discoveries of oil and gas will help achieve the goal, the CEO said in an interview with Rotana Khalejia TV channel.
He added that SABIC moved from being just a dream for 11 young people in an apartment behind King Abdulaziz Hospital in 1976 to the world’s third-largest company in the petrochemical industry. The company has presence in over 50 countries and employs 33,000 employees globally. Its products reach over 100 countries, has more than 12,000 patents, trademark valued at SR16 billion ($4.2
DUBAI: The investment arm of Saudi Basic Industries Corp. (SABIC) has signed an agreement to invest in a company manufacturing personal protective equipment (PPE).
Nusaned Investment’s mandate is to invest in emerging technologies in the Kingdom and increase SABIC’s support for small and medium-sized firms in the country’s industrial sector.
The latest agreement with Abdul Aziz and Brothers Co. (A&BC) will see it invest in a new manufacturing facility in Jubail, which will specialize in the production of PPE, specifically helmets, protective glasses, and cut-resistant gloves for the industrial and construction sectors.
A&BC is one of the first local producers of PPE in the Kingdom.
JPMorgan Ousted as Mideast-Africa’s Top Dealmaker by U.S. Rivals
Bloomberg 12/21/2020 Matthew Martin
(Bloomberg) JPMorgan Chase & Co. is no longer the top dealmaker in the Middle East and Africa after losing ground this year to rivals Citigroup Inc. and Morgan Stanley.
Citigroup leads the regional league table for initial public offerings, buoyed by its re-entry to Saudi Arabia in 2017 after a 13-year absence. It also worked on secondary placements from Egypt’s Hikma Pharmaceuticals and the United Arab Emirate’s Network International Holdings, according to data compiled by Bloomberg.
For Morgan Stanley, advising on the $18 billion merger of National Commercial Bank and Samba Financial Group, one of the biggest bank combinations of the year, helped propel it to the top of the table for takeovers. It also worked with a consortium that invested $10 billion in Abu Dhabi National Oil Co.’s gas pipelines.
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(Reuters) - Major Gulf markets ended higher on Wednesday on higher oil prices as a weakening dollar and progress on the rollout of COVID-19 vaccines helped crude climb above $51 a barrel.
FILE PHOTO: An investor monitors a screen displaying stock information at the Abu Dhabi Securities Exchange June 25, 2014
The positive sentiment was also aided by U.S. congressional leaders expressing optimism about a stimulus deal.
Brent crude futures rose 25 cents, or 0.5%, to $51.01 a barrel by 1017 GMT, but the gains were capped by a surprise gain in U.S. crude inventories and tighter coronavirus lockdowns in Europe.
The movement in oil prices is a key catalyst for the Gulf region’s financial markets.