The contracts also include the construction of a new bypass system to backup existing crude receiving stations at the Jebel Dhanna and Fujairah export terminals
ICE had announced plans in November last year to launch the platform in partnership with ADNOC
AIQ will develop and commercialise AI products and applications for the oil and gas industry
Over 50 per cent of the total award value will flow back into the UAE’s economy under ADNOC’s In-Country Value programme
The transaction will result in upfront proceeds of $2.7bn to ADNOC and is expected to close before end of 2020, subject to closing conditions and regulatory approvals
Upon completion in mid-2022, the upgrade will allow ADNOC to process up to 420,000 bpsd of heavier and sourer grades of crude oil in Ruwais
ADNOC is discussing moving its 51 per cent holding in the pipelines into a special-purpose vehicle
The plan is in its inception stage and could still change
ADNOC and its partner, ADQ, agreed to invest in and manage downstream activities at the planned Ruwais Derivatives Park
Froehlich spent 16 years working at Morgan Stanley in Europe and the Middle East
Murban for March sold at a $1.88 premium over the regional benchmark before plunging to discounts. For July, it will sell at a $1 premium
A deal could value the pipelines at more than $15bn, including debt
Its underlying EBITDA grew 4.7 per cent year-on-year to $171m in the first quarter of 2020
Prior to the pandemic, the plant had been mostly targeting Europe for sales of low-sulfur diesel and jet fuel
Initiative could eventually be rolled out across the emirate