The deal will take the combined lease-based investment of GIC, ADRPBF, KKR and BlackRock in the ADNOC’s pipeline infrastructure to $4.9bn
Fuel prices in the country were cut by 10 per cent in July
Oil importers “have to do what they have to do to protect their own energy shipments”, said Saudi energy minister
Saudi Arabia’s energy minister Khalid al-Falih said he was ‘optimistic’ that a deal between the two companies would work out
About 20 per cent of global oil supply is transported daily through the Strait of Hormuz
The two countries halted output from the jointly run oilfields – Khafji and Wafra – more than four years ago
They signed an agreement to collaborate in the downstream sector and for a shipping joint venture
Aramco plans what would be the world’s biggest stock market listing in 2020 or 2021
China is the world’s largest oil importer, with the UAE one of its key suppliers
The move follows threats from Tehran to retaliate for Britain’s July 4 seizure of the Iranian tanker Grace 1
Iran said the impounded ship was smuggling one million litres of fuel
Iran said the vessel, which it did not identify, was smuggling fuel
Sources estimated the value of the gas pipeline assets at around $12 to $15bn
Regional governments have been accelerating their investment plans with 87GW of capacity additions already at execution stage
The IEA said that markets were concerned by escalating tension between Iran and the West over oil tankers
OPEC and its allies last week renewed a supply-cutting pact until March 2020
Three Iranian vessels tried to block the passage of a British ship run by BP through the Strait of Hormuz, the British government said
OPEC, Russia and other non-OPEC members agreed this month to extend their oil supply cut until the end of March 2020
The state-owned oil company plans to invest hundreds of billions of dollars by 2040
Aramco plans to boost production capacity at the two fields
The agreement is for a 150 million gallons per day desalination plant in Umm Al Quwain
Construction of the four units of the power plant is more than 93 per cent complete
Those registered with the ADNOC Wallet service will be offered free assisted fuelling between 11am to 5pm during July and August
The MoU includes the possibility of building a shared refinery in Oman for processing imported Iraqi crude
Saudi Energy Minister Khalid Al Falih said the deal would most likely be extended by nine months
The new 2GW solar project in Al Dhafra will eclipse the 1GW Noor Abu Dhabi plant – currently the world’s largest single solar project
Noor Abu Dhabi is spread across an 8 kilometre-squared site, features more than 3.2 million solar panels, and has a capacity of 1,117 megawatts
Saudi Energy Minister Khalid Al Falih said on Sunday that the deal would most likely be extended by nine months
Aramco will supply 150,000 barrels per day of crude to the refiner for 20 years
ADNOC Oil Pipelines will lease 18 pipelines transporting crude oil and condensates for 23 years