Banking & Finance Arab Energy Fund raises $650m in bonds The Arab Energy Fund, formerly known as Apicorp, has raised $650 million in a five-year bond issue that was oversubscribed 1.4 times. AEF is a multilateral lender focused on the Mena energy sector, with headquarters in Riyadh. It initially planned to raise $500 million but increased the issue size after demand surged, attracting more than […] February 28, 2025
Oil & Gas Adnoc Gas to supply LNG to Osaka Abu Dhabi’s state-owned Adnoc Gas has signed a fourth sales and purchase agreement for its Ruwais liquefied natural gas project, which is under development at Al Ruwais Industrial City. Adnoc Gas signed the 15-year contract with one of Japan’s utility companies, Osaka Gas, to supply up to 800,000 tonnes of LNG per year, Adnoc said […] February 27, 2025
Energy BP to develop Iraq oil fields at potential cost of $25bn British oil company BP has finalised an agreement with the Iraqi government to redevelop four oil and gas fields in the northern Kirkuk region. BP is expected to invest up to $25 billion in the project over its lifetime, according to previous reports. The deal aims to rejuvenate Iraq’s oil production capacity. It also aligns […] February 26, 2025
Oil & Gas Oversubscribed Adnoc Gas listing raises almost $3bn Abu Dhabi state oil company Adnoc has completed a secondary offering of its gas business unit, raising $2.84 billion, in the largest-ever placement of shares on the Abu Dhabi stock exchange ADX. The company said in a statement on Friday the sale of approximately 3.1 billion Adnoc Gas shares was 4.4 times oversubscribed. Adnoc announced […] February 21, 2025
Oil & Gas Adnoc to sell 4% of its gas unit to raise up to $3bn Abu Dhabi National Oil Company is to offer approximately 3.1 billion shares in its subsidiary Adnoc Gas, in what will be the biggest share sale in the Middle East and North Africa since Saudi Aramco’s offering last June. The sale will represent 4 percent of Adnoc’s outstanding share capital and Reuters estimates that it could […] February 20, 2025
Manufacturing Trinasolar of China to open first Mena factory in Jeddah Chinese solar panel maker Trinasolar will open its first factory in the Middle East in Jeddah to tap Saudi Arabia’s renewable energy market, which is expected to reach $125 billion by 2033. The plant in the kingdom’s second largest city will start operations before the end of next month. It will specialise in making solar […] February 20, 2025
Oil & Gas Brazil joins Opec+ oil producers’ group Brazil, the largest oil producer in South America, has officially joined the Opec+ group of more than 20 countries that attempts to manage global oil output. The participation formalises an initial announcement in November 2023, a statement by Opec said. Brazil’s membership will be limited to the Opec+ Charter of Cooperation, a permanent forum between […] February 19, 2025
Analysis Oil & Gas Middle East oil producers claw back India market share from Russia Middle East oil producers are clawing back market share from Russia in India. The Gulf producers – led by Iraq, Saudi Arabia and the UAE – have made gains as US-led sanctions on Moscow bite and Chinese buyers take more Russian oil. Middle East oil exports to India, which is poised to become the world’s […] February 19, 2025
Analysis Oil & Gas Opec+ market share to fall as US ramps up oil output Opec+ members’ market share is likely to shrink this year and in 2026 as non-Opec supply led by the US accelerates, according to energy experts. The Opec+ group’s market share was 53 percent when it was set up in 2016. That figure is likely to drop to 46 percent in 2025 and 2026, even as […] February 18, 2025
Oil & Gas Adnoc Drilling plans further acquisitions in US and Europe Adnoc Drilling is looking at more investment opportunities in the US, as President Donald Trump’s “Drill, baby, drill” mantra acts as a catalyst for increased shale oil and gas activity in the world’s biggest energy producer, a top executive told AGBI. The Abu Dhabi-listed company is planning to invest $1 billion this year, with around […] February 16, 2025
Oil & Gas Adnoc Drilling proposes higher dividend after profit growth The board of directors of Adnoc Drilling has recommended raising the 2024 cash dividend by 10 percent year on year to $788 million after revenues rose 32 percent to $4.03 billion last year. The payout is subject to shareholders’ approval, and if approved, Adnoc Drilling’s dividend will amount to 18.1 fils per share (100 fils […] February 13, 2025
Analysis Energy Oman advances liquefied hydrogen export project While countries in the Gulf have big ambitions for hydrogen projects, they are still trying to work out how to export it. Oman, however, is advancing plans to establish what it says is the world’s first commercial scale liquid hydrogen “corridor” to export to Europe green hydrogen produced domestically. Usually, producers think about transforming it […] February 13, 2025
Aviation Airbus expects Middle East aircraft fleet to double by 2043 Aircraft manufacturer Airbus expects fleet size in the Middle East to more than double in the 18-year period to 2043, the world’s third-fastest rate after China and the Asia-Pacific region. In its latest Global Market and Services Forecast, Airbus said Middle East demand, led by airlines in the Gulf, is estimated at 3,740 new aircraft […] February 11, 2025
Exclusive Energy Adnoc Distribution to spend billions on M&A deals Adnoc Distribution, the UAE’s largest fuel and convenience retailer, is looking to deploy $2 billion in potential mergers and acquisitions in the Middle East and beyond, a senior executive has told AGBI. Athmane Benzerroug, Adnoc Distribution’s chief strategy, transformation & sustainability officer, said on Tuesday that with a free cash flow of more than $700 […] February 11, 2025
Exclusive Sustainability Mashreq calls for state help to push green financing The UAE needs to introduce new incentives, subsidies and tax rebates to increase financing for sustainability projects in the country, a senior executive at Mashreq Bank has told AGBI. “We need the government to introduce incentives and subsidies to create the momentum, the tsunami of sustainable finance,” said Faisal Al Shimmari, Mashreq Bank’s head of […] February 10, 2025
Oil & Gas Adnoc Gas dividend unchanged despite record profit Adnoc Gas, which is traded on the Abu Dhabi stock exchange, left its 2024 fiscal-year dividend commitment unchanged, despite record profits. The gas-processing company, which is majority owned by national hydrocarbon producer Abu Dhabi National Oil Company (Adnoc), said it confirms its commitment to a 2024 dividend payout of $3.41 billion, of which $1.71 billion […] February 6, 2025
Renewable Energy Abu Dhabi’s NMDC Energy to invest in wind power Abu Dhabi’s NMDC Energy, an engineering, procurement and construction contractor for energy projects, is hoping to expand its renewable energy business in South East Asia and Europe. Ahmed Al Dhaheri, NMDC Energy’s CEO, told AGBI that wind will account for as much as 20 percent of the company’s revenues in the next few years, with […] February 5, 2025
Analysis Sustainability UAE ramps up cloud seeding to combat water shortage The UAE is stepping up its use of cloud seeding as a cost-effective way to tackle its chronic water shortages. The technique, which the country first tried in the 1980s, involves shooting a salt flare into a cloud. The salt attracts water, the water drops collide with others and get bigger, and then fall as […] February 5, 2025
Oil & Gas UK’s Sound Energy helps Morocco enter LNG market Led by the UK company Sound Energy, Morocco is due to enter the liquefied natural gas market by the end of this year, as it finalises the development of its first LNG processing facility. Sound Energy owns a 20 percent stake in the project. The Moroccan mining company Managem owns 55 percent, while the remaining […] February 5, 2025
Analysis Renewable Energy Trump’s climate agenda ‘may push UAE investors away from US’ Masdar and the UAE’s other renewable energy companies may need to rethink their US investments now that President Donald Trump has pulled the plug on new offshore wind projects, industry watchers have warned. “We’re not going to do the wind thing. Big, ugly windmills. They ruin your neighbourhood,” Trump said on his return to the […] February 2, 2025
Oil & Gas Kuwait ‘ready to go ahead with merger of state oil companies’ Kuwait’s plan to merge some of its eight state-owned oil companies is ready to go ahead, according to reports in the country. Kuwait Petroleum Corporation (KPC), which manages the country’s hydrocarbon industry, is set to oversee the mergers. The plan was approved by the cabinet two years ago as part of a strategy to cut […] January 28, 2025
EXCLUSIVE Renewable Energy China renewables pivot to Middle East to avoid Trump tariffs Chinese renewables manufacturers are looking to move some operations to the Middle East to avoid higher tariffs under US president Donald Trump, a senior executive from one of the sector’s largest players has told AGBI. Vincent Wu, vice president of sales at global solar panel manufacturer Trinasolar, said the region is the right place to […] January 27, 2025
