Latest news with #AbuDhabiNationalOilCo
Business Journals
16-05-2025
- Business
- Business Journals
Occidental may gain ADNOC as investor in South Texas DAC Hub
The latest development comes after years of discussions between Occidental Petroleum and United Arab Emirates-based Abu Dhabi National Oil Co.
The Star
07-05-2025
- Business
- The Star
Gulf states working on US$6bil in Africa energy deals
Dubai: Middle East countries have shown interest in or completed deals for at least US$6bil of African energy assets in recent weeks, demonstrating a larger investment appetite on the continent by the region. Abu Dhabi National Oil Co is among companies shortlisted to buy Shell Plc's downstream assets in South Africa valued at about US$1bil, people familiar with the deal said last month. Adnoc and other companies in the United Arab Emirates have expressed interest across the breadth of Africa's energy sector in a matter of weeks. Gulf states have ramped up investment in energy projects on the continent ranging from renewable plants to oil fields in recent years. Bilateral trade between Africa and the United Arab Emirates increased 38% in the two years through 2023 to US$86bil , according to an African Export-Import Bank report. The Gulf nations are diversifying their oil and gas industries by adding 'assets and investments in other jurisdictions that can help smooth out cyclical curves and localised market fluctuations', said Andrew Farrand, Middle East and North Africa director for Horizon Engage, a political risk consultancy. 'African countries offer great opportunities in this regard.' Dubai-based Alpha MBM Investments LLC, a private investment office led by a member of the Dubai royal family, signed an agreement with Uganda to build a 60,000 barrel a day refinery and hold a 60% stake in the business, the nation's presidency said in a March 30 statement. A deal for the US$4bil project follows a number of failed attempts to build a domestic refinery that will utilise crude discovered in landlocked fields. Alpha MBM didn't respond to emails seeking comment. Such arrangements offer a welcome change for governments to deal with partners who are already resource-rich, 'rather than primarily focusing on resource extraction to serve their home economies', Farrand said. Kenya renewed a contract to buy fuel on credit for two more years from Adnoc, Saudi Aramco and Emirates National Oil Co that the country credits with helping to stabilise the currency. Some of the imports are shipped on to markets in South Sudan, the Democratic Republic of Congo and Burundi. — Bloomberg
Time of India
02-05-2025
- Business
- Time of India
Bharat Petroleum eyes $20-30/ton gain from swap of Middle East LPG with cheaper US supplies
Indian fuel retailer Bharat Petroleum Corp Ltd expects a net gain of $20 to $30 a metric ton on delivery of U.S. liquefied petroleum gas through swap deal with Middle Eastern suppliers, its head of finance said on Friday. BPCL , India's second-biggest state refiner, is in talks with suppliers to swap contracted Middle Eastern cargo with U.S. supplies, Vetsa Ramakrishna Gupta told analysts. A U.S.-China tariff war has widened the price gap between Middle Eastern and U.S. LPG and upended trade routes. China has imposed duties on goods from the U.S. in response to tariffs imposed by the U.S. on imports from China. "We are approaching suppliers. We see little bit of opportunity in terms of U.S. LPG. We are expecting a net benefit of $20 to $30 per ton," Gupta said. Abu Dhabi National Oil Co is also replacing some of the LPG it supplies India with cheaper U.S. cargo from June, Reuters reported. Cheaper U.S. LPG will help BPCL offset some of the 6.5 billion to 7 billion rupees ($77 million to $83 million) monthly revenue loss it suffers on the local sale of the cooking fuel at below market rates. Gupta said he hopes the federal government will introduce a quarterly compensate scheme for refiners that incur a revenue loss on LPG sales. India sources more than 80 per cent of its LPG from the Middle East, including Saudi Arabia, the United Arab Emirates, Qatar and Kuwait, under annual contracts. Gupta also said BPCL sees the share of Russian oil in crude processing at its three refineries rising to about 30 per cent to 32 per cent from 24 per cent in January-March when U.S. sanctions disrupted supplies. He said BPCL is buying Russian crude at a discount of about $3 a barrel to Dubai benchmark. BPCL is looking to build a refinery of either 180,000 barrels per day or 240,000 bpd in southern Andhra Pradesh state within four years of a final investment decision, which Gupta said he expects by the end of 2025.
Time of India
02-05-2025
- Business
- Time of India
Bharat Petroleum eyes $20-30/ton gain from swap of Middle East LPG with cheaper US supplies
Indian fuel retailer Bharat Petroleum Corp Ltd expects a net gain of $20 to $30 a metric ton on delivery of U.S. liquefied petroleum gas through swap deal with Middle Eastern suppliers, its head of finance said on Friday. #Pahalgam Terrorist Attack India's Rafale-M deal may turn up the heat on Pakistan China's support for Pakistan may be all talk, no action India brings grounded choppers back in action amid LoC tensions BPCL , India's second-biggest state refiner, is in talks with suppliers to swap contracted Middle Eastern cargo with U.S. supplies, Vetsa Ramakrishna Gupta told analysts. A U.S.-China tariff war has widened the price gap between Middle Eastern and U.S. LPG and upended trade routes. China has imposed duties on goods from the U.S. in response to tariffs imposed by the U.S. on imports from China. "We are approaching suppliers. We see little bit of opportunity in terms of U.S. LPG. We are expecting a net benefit of $20 to $30 per ton," Gupta said. Live Events Abu Dhabi National Oil Co is also replacing some of the LPG it supplies India with cheaper U.S. cargo from June, Reuters reported. Cheaper U.S. LPG will help BPCL offset some of the 6.5 billion to 7 billion rupees ($77 million to $83 million) monthly revenue loss it suffers on the local sale of the cooking fuel at below market rates. Gupta said he hopes the federal government will introduce a quarterly compensate scheme for refiners that incur a revenue loss on LPG sales. India sources more than 80% of its LPG from the Middle East, including Saudi Arabia, the United Arab Emirates, Qatar and Kuwait, under annual contracts. Gupta also said BPCL sees the share of Russian oil in crude processing at its three refineries rising to about 30% to 32% from 24% in January-March when U.S. sanctions disrupted supplies. He said BPCL is buying Russian crude at a discount of about $3 a barrel to Dubai benchmark. BPCL is looking to build a refinery of either 180,000 barrels per day or 240,000 bpd in southern Andhra Pradesh state within four years of a final investment decision, which Gupta said he expects by the end of 2025.
Zawya
02-05-2025
- Business
- Zawya
India's BPCL eyes $20–30/ton gain from swap of Middle East LPG with cheaper US supplies
NEW DELHI - Indian fuel retailer Bharat Petroleum Corp Ltd expects a net gain of $20 to $30 a metric ton on delivery of U.S. liquefied petroleum gas through swap deal with Middle Eastern suppliers, its head of finance said on Friday. BPCL, India's second-biggest state refiner, is in talks with suppliers to swap contracted Middle Eastern cargo with U.S. supplies, Vetsa Ramakrishna Gupta told analysts. A U.S.-China tariff war has widened the price gap between Middle Eastern and U.S. LPG and upended trade routes. China has imposed duties on goods from the U.S. in response to tariffs imposed by the U.S. on imports from China. "We are approaching suppliers. We see little bit of opportunity in terms of U.S. LPG. We are expecting a net benefit of $20 to $30 per ton," Gupta said. Abu Dhabi National Oil Co is also replacing some of the LPG it supplies India with cheaper U.S. cargo from June, Reuters reported. Cheaper U.S. LPG will help BPCL offset some of the 6.5 billion to 7 billion rupees ($77 million to $83 million) monthly revenue loss it suffers on the local sale of the cooking fuel at below market rates. Gupta said he hopes the federal government will introduce a quarterly compensate scheme for refiners that incur a revenue loss on LPG sales. India sources more than 80% of its LPG from the Middle East, including Saudi Arabia, the United Arab Emirates, Qatar and Kuwait, under annual contracts. Gupta also said BPCL sees the share of Russian oil in crude processing at its three refineries rising to about 30% to 32% from 24% in January-March when U.S. sanctions disrupted supplies. He said BPCL is buying Russian crude at a discount of about $3 a barrel to Dubai benchmark. BPCL is looking to build a refinery of either 180,000 barrels per day or 240,000 bpd in southern Andhra Pradesh state within four years of a final investment decision, which Gupta said he expects by the end of 2025. ($1 = 83.9850 Indian rupees)
