Wednesday 21 March 2018

Adnoc signs offshore concession deals with CNPC

The China National Petroleum Corporation (CNPC), the world’s third-largest oil company, has been awarded stakes in two of Abu Dhabi’s offshore concession areas following the signing of agreements with the Abu Dhabi National Oil Company (Adnoc) today.  


$1 trillion energy investment likely in Mena: Apicorp

Almost $1 trillion for energy investment is likely in the Middle East and North Africa (Mena) region over next five years, a research report said.   The  annual Mena Energy Investment outlook report by Arab Petroleum Investments Corporation (Apicorp), a mul


Aisus begins work on first Mideast contract

Scotland-based Aisus, a leading offshore inspection company, has revealed its first major contract in the Middle East with North Oil Company (NOC). The six-figure agreement marks a significant milestone for the firm and provides the foundation on which the company plans to build


Mubadala JV to go ahead with $1bn Malaysia gas project

Mubadala Petroleum and its partners Petronas Carigali and Sarawak Shell have agreed to proceed with the Pegaga gas field development in Malaysia, a statement said.   The final investment decision for the development in Block SK 320, offshore Malaysia was reached


Gulf economies set to improve this year: World Bank

The Gulf Cooperation Council (GCC) region witnessed another year of disappointing economic performance in 2017 but growth should improve in 2018 and 2019, according to the World Bank’s biannual Gulf Economic Monitor.   The region eked out growth of just 0.


FAB wins Saudi commercial banking licence

First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest financial institutions, has secured a licence from the Saudi Arabia Monetary Authority (Sama) to establish a commercial banking business in Saudi Arabia as part of its organic growth strategy. 


Dubai starts work on fourth phase of solar park

UAE Vice President and Prime Minister and Ruler of Dubai HH Sheikh Mohammed bin Rashid Al Maktoum has broken ground on the fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park, the biggest Concentrated Solar Power (CSP) project in the world.    Thi


Honeywell appoints new business leader

Honeywell, a global software-industrial company, has appointed Fahmi Jabri as its business leader for commercial security in the Middle East, Turkey and Africa (META). Jabri’s new role will see him grow Honeywell’s security business and drive greater customer focus, s


Adnoc honours employees with long service awards

The Abu Dhabi National Oil Company (Adnoc) recently honoured and celebrated its employees who have worked with the company between 10 and 40 years, said a report. More than 500 employees gathered in front of Adnoc’s headquarters to participate in a ceremony that focused on


Wacker Chemie sales top $6bn in 2017

Germany-based Wacker Chemie, a leading chemical company, reported that its sales reached €4.92 billion ($6.069 billion) in 2017, up 6 per cent year-over-year compared to sales of €4.63 billion ($5.71 billion) recorded in 2016. The rise was mainly due to higher volumes i

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