Latest news with #AbuDhabiNationalOilCo.
Yahoo
16-05-2025
- Business
- Yahoo
Trump Tells Gulf Hosts He's ‘Not Thrilled' With Their Gift
President Donald Trump joked that he was 'not thrilled' with the tiny amount of oil he received as a gift during his trip to the United Arab Emirates on Friday. A clip shared online by Margo Martin, Trump's special assistant and communications adviser, captured the moment the president was presented with a memento during his diplomatic visit to the Gulf nation. The gift, given by Sultan Al Jaber, head of the state-owned Abu Dhabi National Oil Co., was a box containing a small amount of Murban crude oil visible through glass. 'This is the highest quality oil there is on the planet, and they only gave me a drop,' Trump said, prompting laughter from those around him. 'So I'm not thrilled, but it's better than no drop.' Trump's visit to the UAE on Friday marks the end of his four-day charm offensive in the Middle East, which also included stops in Saudi Arabia and Qatar. At a business forum held Friday at Qasr Al Watan in Abu Dhabi, Trump was wooed by industry leaders and oil tycoons. It was there that Al Jaber presented him with the small memento. UAE President Sheikh Mohammed bin Zayed Al Nahyan was also in attendance as Trump toured the event held at the royal palace. During the meet-and-greet, Trump was shown a presentation highlighting the UAE's aviation sector, where he offered praise for Boeing. 'It's just my opinion, but Boeing makes the best planes,' Trump said, reported Sky News. 'They've had some headaches over the last few years, but they make the best planes.' Trump's Middle East tour has been plagued by controversy over his plans to accept a $400 million Boeing 747-8 jumbo jet from the Qatari royal family to use in place of the current Air Force One. On Thursday, the White House announced a major deal between Boeing and GE Aerospace with Etihad Airways, the UAE's national airline. As part of efforts to strengthen ties between the U.S. and the Gulf state, Etihad agreed to purchase 28 U.S.-made Boeing 787 and 777X jets powered by GE engines in a deal worth over $14.5 billion.
Mint
16-05-2025
- Business
- Mint
‘I'm not thrilled': Donald Trump reacts after receiving a drop of ‘highest quality oil' during UAE visit
US President Donald Trump, who is in the United Arab Emirates, was presented with high-quality crude oil, but he said he was 'not too thrilled'. In a video that is going viral, Sultan Al Jaber, the chief executive of Abu Dhabi oil giant ADNOC, presents Trump with a capsule of high-quality domestically produced crude oil. Trump entered and listened to a presentation from Sultan Al-Jaber, the head of the state-owned Abu Dhabi National Oil Co., as well as officials from Exxon Mobil Corp. and Occidental, two oil firms. Al-Jaber then presented Trump a memento that included a drop of oil in it. He then told the US President that the oil that he just received was Murban, one of the finest grades of crude oil. 'The highest quality oil there is on the planet, and they only gave me a drop of it…so I'm not thrilled,' Trump joked. His remarks drew laughter among the attendees. As per the website of ADNOC, Murban is a light sweet crude oil produced by the company, which was discovered at the Murban Bab Oil Field in 1958. The well, called Murban-3, began producing 3,674 barrels per day of crude oil upon its completion in 1960. This oil has an API gravity of 40 and a sulfur content of 0.778, making it one of the lowest carbon-emission crude oils in the world. Sultan al-Jaber, the head of UAE oil giant ADNOC, said on Friday that the Gulf Arab state and the United States plan to spend $440 billion in the energy sector through 2035. The deal boosts Trump's efforts to secure major business deals on a Gulf tour. 'Our partners have committed new investments worth $60 billion in upstream oil and gas, as well as new and unconventional opportunities,' Al Jaber said in front of a slide showing projects in the UAE under the logos of U.S. companies ExxonMobil, Oxy and EOG Resources. When senior UAE officials met with Trump in March, the UAE committed to a 10-year, $1.4 trillion investment framework in the United States to deepen reciprocal ties. The framework will 'substantially increase the UAE's existing investments in the U.S. economy' in AI infrastructure, semiconductors, energy and manufacturing, the White House said in a statement.
Bloomberg
03-05-2025
- Business
- Bloomberg
Gulf States See $6 Billion of Africa Energy Deals Within Weeks
Middle East countries have shown interest in or completed deals for at least $6 billion 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 $1 billion, 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.
Bloomberg
28-04-2025
- Business
- Bloomberg
Adnoc Sells Debut Sukuk in Bid to Diversify Funding Sources
Abu Dhabi National Oil Co. is selling debt compliant with Islamic rules for the first time as the state oil producer works to diversify funding. Adnoc set the spread on a 10-year Shariah-compliant note at 60 basis points over US Treasuries, according to a person familiar with the matter. The debut sukuk, as the securities are known, is expected to raise at least $500 million, the person said, asking not to be identified discussing private information.
IOL News
22-04-2025
- Business
- IOL News
New owners lined up for Shell petrol stations in South Africa
Abu Dhabi National Oil Co. and Swiss commodities trading firm Gunvor are among companies that have been shortlisted to buy Shell Plc's downstream assets in South Africa, according to various news reports over the weekend. The two companies are strong contenders for the assets that are valued at about $1 billion (R18.82 billion), the reports said, citing people, who asked not to be identified, as the information was private. Previous potential bidders including Trafigura's Puma Energy, Sasol and PetroSA are no longer in the running, the reports said. 'While Adnoc Distribution regularly reviews opportunities for domestic and international growth, we don't comment on market speculation,' Adnoc's fuel retail unit said. Shell has been looking to offload the assets, which include about 600 fuel stations and trading operations in Africa's biggest economy, as part of a broader strategy to focus on regions and businesses that offer higher returns. The assets are attractive for trading firms since they ensure demand for fuels that they can then supply. Adnoc and other Middle East oil companies such as Saudi Aramco have been expanding their trading arms as they look to break into new markets. Talks were continuing and there was no certainty there would be a final sale, the reports said. A deal would give the buyer about 10% of South Africa's fuel stations. The market in the country has changed significantly in recent years with trader Glencore Plc acquiring Chevron Corp.'s Caltex-branded stations a few years back. Ttrader Vitol Group's Vivo Energy last year bought Engen, the African nation's largest petrol station chain.
