'Make energy great again' says UAE's ADNOC CEO, pledging US gas investment
The UAE is a member of the OPEC+ producer group and one of the world's top oil producers. ADNOC's wholly-owned international investment arm XRG has about $80 billion in assets and Reuters reported last week the UAE was considering options for an XRG IPO.
"It is time to make energy great again," he told the world's largest annual gathering of energy executives in Houston, mirroring the Make America Great Again slogan of U.S. President Donald Trump.
"Over the next few months and foreseeable future you will see very large and significant investment by XRG in the United States," he said.
XRG would invest throughout the gas supply chain, from exploration and development through distribution, and wanted to be a one-stop shop for gas, he said.
Trump has reversed some of the energy policies of his predecessor Joe Biden as he overhauls government in the early weeks of his presidency. Trump has exhorted the industry to maximise production, although under Biden there were few checks on production and oil and gas output hit record levels.
Trump ordered the
withdrawal
of the United States from the United Nations' Paris Climate Agreement in January, removing the world's biggest historic emitter from global efforts to fight climate change for the second time in a decade.
Jaber said it was time for pragmatic energy policy and actions as the world needs all forms of energy supply to meet rising demand.
Oil demand would reach 109 million barrels per day (bpd) by 2035, up from 103 million bpd now, he said. Global power demand would rise 70% to 15,000 gigawatts from 9,000 GW, he said.
The race for supremacy in artificial intelligence worldwide was essentially an energy play, he said, due to the huge power demand needed for data processing.
XRG was designed to help meet the fast-growing demand of energy for AI, he added.
Jaber presided over the UN's COP-28 climate talks in December 2023, which took place in the UAE. The appointment of an oil industry chief executive to manage talks to combat climate change was controversial. Emissions from fossil fuel use have caused global warming.
Jaber said he had wanted to inject realism and pragmatism into climate change talks when he took on that mandate. (Reporting by Simon Webb; Editing by Marguerita Choy)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Dubai Eye
an hour ago
- Dubai Eye
Trump says US may provide air support to back a Ukraine peace deal
US President Donald Trump said on Tuesday he had ruled out putting American troops on the ground in Ukraine, but said the country might provide air support as part of a deal to end Russia's war in the country. A day after Trump pledged security guarantees to help end the war at an extraordinary White House summit, the path to peace remained uncertain as the U.S. and allies prepared to work out what military support for Ukraine might include. "When it comes to security, (Europeans) are willing to put people on the ground. We're willing to help them with things, especially, probably... by air," Trump said in an interview with the Fox News "Fox & Friends" program. Trump did not elaborate. Later, in an interview with radio host Mark Levin, Trump characterised his negotiating style in trying to end the war as "probably instinct more than process". Hours after Zelenskyy's meetings in Washington, Russia launched its biggest air assault in more than a month on Ukraine, with 270 drones and 10 missiles launched, the Ukrainian air force said. The energy ministry said the strikes caused big fires at energy facilities in the central Poltava region, home to Ukraine's only oil refinery. Trump conceded that Russian President Vladimir Putin might not want to make a deal after all, saying, "We're going to find out about President Putin in the next couple of weeks." The nature of US military aid for Ukraine under a peace deal was unclear. Air support could take many forms, such as missile defence systems or fighter jets enforcing a no-fly zone. White House press secretary Karoline Leavitt confirmed that US air support was "an option and a possibility," but, like Trump, she did not provide any details. "The president has definitively stated US boots will not be on the ground in Ukraine, but we can certainly help in the coordination and perhaps provide other means of security guarantees to our European allies," she said at a news briefing. Before Monday's summit in Washington, Russia, which has often said that it agreed with the idea of security guarantees for Kyiv, reiterated its long-standing position that it "categorically" rejected "any scenarios involving the deployment of NATO troops in Ukraine". Analysts say more than 1 million people have been killed or wounded in the conflict, which began with Russia's full-scale invasion of Ukraine in February 2022. TRILATERAL MEETING? Zelenskyy hailed the White House talks as a "major step forward" toward ending Europe's deadliest conflict in 80 years and setting up a trilateral meeting with Putin and Trump. Zelenskyy's warm rapport with Trump contrasted sharply with their disastrous Oval Office meeting in February. Trump discussed Budapest as a venue for a summit involving Zelenskyy and Putin with Hungarian Prime Minister Viktor Orban on Tuesday, a White House official said. Istanbul, where delegations for the two countries have met previously, has also been mentioned, a senior administration official said. Hungary is one of the few European places that Putin could visit without fear of arrest on International Criminal Court charges as Orban maintains close ties with the Russian leader. It was unclear whether Ukraine would accept Hungary as a venue. Neutral Switzerland also said it would be ready to host Putin for any peace talks. "They are in the process of setting it up," Trump told radio host Levin about a Putin-Zelenskyy meeting. But Trump cast doubt on whether he would attend. "Now I think it would be better if they met without me... If necessary, I'll go," he said. There has been so far no confirmation from Russia that a potential bilateral meeting between Putin and Zelenskyy is being planned. After Trump's call to Putin on Monday, Kremlin aide Yuri Ushakov said only that discussion included the idea of "raising the level of representatives" in peace talks from both countries - but he did not elaborate to what level. Russian Foreign Minister Sergei Lavrov said in remarks published on Tuesday that contacts involving national leaders must be prepared "with the utmost thoroughness" and cannot be pursed for the sake of "media coverage or evening broadcasts". Ukraine's allies held talks in the so-called Coalition of the Willing format on Tuesday, discussing additional sanctions to crank up the pressure on Russia. The grouping has also agreed that planning teams will meet US counterparts in the coming days to develop security guarantees for Ukraine. NATO military leaders were expected to meet on Wednesday to discuss Ukraine, with US General Dan Caine, the chairman of the Joint Chiefs of Staff, expected to attend virtually, officials told Reuters. Putin has shown no sign of backing down from demands for territory, including land not under Russia's military control, following his summit with Trump on Friday in Alaska. Neil Melvin, a director at the International Security at the Royal United Services Institute think-tank, said Russia could drag out the war while trying to deflect US pressure with a protracted peace negotiation. Melvin said both Ukraine and its European allies on one side and Russia on the other were striving "not to present themselves to Trump as the obstacle to his peace process". "They're all tiptoeing around Trump" to avoid any blame, he said, adding that Trump's statements on security guarantees were "so vague it's very hard to take it seriously".
Zawya
4 hours ago
- Zawya
Saudi Arabia's June crude exports fall to lowest since March
Saudi Arabia's crude oil exports slipped in June to their lowest level in three months, according to data from the Joint Organizations Data Initiative (JODI) released on Wednesday. Crude exports from the world's largest oil exporter fell to 6.141 million barrels per day, from 6.191 million bpd in May. Saudi Arabia's crude output for June was 9.752 million bpd, up from 9.184 million bpd in May. Saudi refineries' crude throughput was 2.703 million bpd, down 18,000 bpd from May's 2.721 million bpd, the data showed, while direct crude burning increased by 185,000 bpd to 674,000 bpd. Saudi Arabia and other members of OPEC provide monthly export figures to JODI, which publishes them on its website. OPEC+, comprising OPEC and allies such as Russia, this month agreed to raise oil production by 547,000 bpd for September, the latest in a series of accelerated output hikes to regain market share, as concerns mount over potential supply disruptions linked to Russia. Eight OPEC+ members began raising output in April with a hike of 138,000 bpd, followed by larger-than-planned increases of 411,000 bpd in May, June and July, 548,000 bpd in August and now 547,000 bpd for September. The eight members are Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman. The International Energy Agency said last week that world oil supply would rise more rapidly than expected this year and next as OPEC+ members further increase output and supply from outside the group grows. (Reporting by Sherin Elizabeth Varghese in Bengaluru. Editing by Mark Potter)
Zawya
4 hours ago
- Zawya
Kuwait eyes China for new petrochemical projects: report
Kuwait is considering investing in new petrochemical projects in China as part of a drive to expand its overseas hydrocarbon assets and diversify sources of income, a Kuwaiti newspaper has reported. The Kuwait Petroleum Corporation (KPC), which manages the OPEC member's hydrocarbon sector, has presented proposals for such projects to China, the Arabic language daily Alseyassah said, citing KPC sources. 'The offer submitted by KPC for a large petrochemical project in China has been accepted by the Chinese authorities…it has also been approved by KPC board of directors,' the paper said. It did not provide details of that project but said KPC is also considering similar investment opportunities in Brazil and Latin America. (Writing by Nadim Kawach; Editing by Anoop Menon) (
