BP has struck a deal with the UAE’s state-owned oil company as the British energy giant deepens ties to the Middle East. BP is to form a joint venture with the Abu Dhabi National Oil Company (Adnoc) focused on production from two massive Egyptian gas fields. Under the deal, BP will transfer interests in three...
International Holding Company (IHC.AD) is making headlines again. Shares in the Abu Dhabi-listed group have risen nearly 900% since 2021, giving it a market value of $245 billion, but left outside observers scratching their heads. While last week’s formation of a new spinoff called 2PointZero might seem like a way to aid transparency, it’s actually more of the same. IHC’s many...
300 kilometre-plus west-east pipeline is crucial for Abu Dhabi as it aims to minimise security threats to emirate’s oil infrastructure. A leading international contracting giant has emerged as the potential front runner for Abu Dhabi National Oil Company’s (Adnoc’s) much-delayed $3 billion project involving the strategic west-east oil pipeline from the Jabel Dhanna port in...
Stock markets in the United Arab Emirates closed higher on Friday on rising oil prices and after the Federal Reserve indicated earlier in the week it is likely to cut borrowing costs next year. Oil prices, a major driver for Gulf economies, were on track to notch up their first weekly rise in two months after a...
Leaked documents reveal COP28 president and UAE national oil company boss Sultan Al Jaber’s plans to discuss boosting fossil fuel business in bilateral meetings about the climate summit.. The United Arab Emirates’ COP28 president, Sultan Al Jaber, sought to lobby on oil and gas deals during meetings with foreign governments about the UN climate summit,...
Summary: The upcoming COP28 climate conference in Dubai is facing concerns over the influence of fossil fuel lobbies. Previous reports revealed close ties between the COP presidency and the United Arab Emirates’ national oil company, as well as the involvement of consultancy firms like McKinsey, which also work with fossil fuel companies. While the COP28...
Analysis deems technology promoted by Sultan Ahmed Al Jaber ‘dangerous red herring’. Climate-wrecking emissions produced by the oil company of the Cop28 president, Sultan Ahmed Al Jaber, would take hundreds of years to remove using the carbon capture technology he has been promoting. With just weeks to go until the crucial Cop28 climate summit, Al Jaber, who...
Exclusive: Fields run by climate summit host have burned gas near daily despite 20-year-old pledge, satellite monitoring reveals State-run oil and gas fields in the United Arab Emirates have been flaring gas virtually daily despite having committed 20 years ago to a policy of zero routine flaring, the Guardian can reveal. The UAE is hosting the UN Cop28 summit,...
A column by Christian Stöcker The World Climate Conference begins in Dubai in just under three weeks. Will it become a farce? The conference president is an oil manager – and he has a suicidal plan for climate policy. Thanks to McKinsey. Here are a few news stories that didn’t get too much attention this...
The United Arab Emirates is refashioning state-owned Abu Dhabi National Oil Company (ADNOC) in the image of an international oil major by stepping up its global expansion and finding new revenue streams to maximise earnings for the Gulf state. Like Gulf neighbours Saudi Arabia and Qatar, the UAE wants to exploit its fossil fuel resources...