Page 13 - MEOG Week 09 2022

MEOG NEWS IN BRIEF MEOG

Economics Chairman Dr. Majid Al-Munif and it soared the maximum limit to 35.2 riyals already paid in quarterly dividends, TAQA
said that regardless of the immediate on its market debut. said in a statement on Wednesday to the
challenges in the global energy systems, the Crude surged past $113 a barrel Abu Dhabi Securities Exchange, where its
world is moving toward enhancing energy Wednesday with investors growing shares are traded. The payout is pending
efficiency, developing renewables, electrifying increasingly fearful about the Ukraine war’s shareholders’ approval at the company’s
the transport sector, and the Paris Agreement impact on global energy supplies. annual general meeting, which is scheduled
goals. The conflict in eastern Europe comes with for March 15.
He noted that MENA region is more prices already elevated owing to tight supplies “Altogether it means that the total dividend
concerned about transformation, as it has and a strong recovery in global demand as payments to shareholders will be Dh5.3bn
more reserves, and the high production economies reopen from pandemic-induced for the financial year 2021. This total exceeds
potentials of oil and gas, as well as the lockdowns. expected payment outlined in the company’s
lowest cost of carbon emissions, which Traders will be keeping a close eye on a dividend policy with the increase reflecting
gives advantages over other hydrocarbon- meeting of OPEC and other major producers, the strong financial performance in 2021.”
producing countries. including Russia, later in the day where they The move comes as TAQA posted strong
For his part, Vice President for Knowledge will discuss whether to ramp up output to financial results last year amid higher oil
and Analysis at KAPSARC Dr. Fahad Al-Turki temper the price rises, which are helping fan prices. The company’s profit in 2021 more
stated that renewable energy is expected to inflation. than doubled to Dh6bn as revenue grew 11
double in MENA region during the next five Saudi Arabia confirmed its commitment per cent to Dh46bn.
years, due to the various projects announced to the OPEC+ agreement with Russia Sunday, “TAQA’s proposed dividend payment,
by the countries of the region, as it can the official Saudi Press Agency reported. totalling Dh5.3bn for the full year, speaks
contribute to the energy transition. Crown Prince Mohammed bin Salman to the financial strength of the company
He pointed out that research centres have made the comments during a conversation and robust performance for 2021,” Jasim
the ability to make the region a leader in with French President Emmanuel Macron Thabet, TAQA’s group chief executive and
renewable energy, despite being the main that also covered the situation in Ukraine and managing director said. “We continue to
supplier of oil and gas in the world as the its impact on the energy markets, SPA said. meet our dividend policy and our strategic
region produced 35% of oil and 20% of gas. “In this regard, His Royal Highness commitments while maintaining a strong
Additionally, it can contribute to energy the Crown Prince affirmed the kingdom’s balance sheet.”
transformations as it has the lowest cost of keenness on the stability and balance of oil TAQA has operations in a number of
renewable energy. markets and the kingdom’s commitment to countries including the UAE, Canada, Ghana,
SAUDI GAZETTE the OPEC+ agreement,” the agency added. India, Iraq, Morocco, Oman, the Netherlands,
While Saudi Arabia is seen as the kingpin Saudi Arabia, the UK and US. The company
of the original OPEC member states, Russia is has significant investments in power and
COMPANIES the major player among the 10 other countries water generation as well as in the oil and gas
that make up OPEC+. sector.
Aramco shares hit record AFP shareholder in Abu Dhabi’s clean energy
The company is also set to become a
high TAQA proposes $1.4bn company Masdar, along with Adnoc and
Mubadala Investment Company.
Saudi energy giant Aramco’s shares rose to a dividend after strong It will take a 43 per cent stake in
record high on Wednesday amid a surge in Masdar’s renewable energy business with
global oil prices following Russia’s invasion of performance Mubadala retaining a 33 per cent share and
Ukraine. Adnoc holding a 24 per cent stake after the
Aramco’s stock was trading at 42.9 Saudi Abu Dhabi National Energy Company, completion of the transaction in the coming
riyals ($11.4) in Riyadh, according to the known as TAQA, is recommending that months.
Saudi Tadawul market website. its shareholders approve a special dividend Meanwhile, TAQA will have a 24 per
The Gulf kingdom – the world’s top crude payment of Dh2.2 billion ($598.9m), in cent stake, Adnoc will hold 43 per cent and
exporter – has remained the firm’s majority addition to the final payment of Dh1.2bn as Mubadala will have 33 per cent in Masdar’s
shareholder since a December 11, 2019 listing. the company’s net profit doubled last year green hydrogen business.
Aramco had priced its landmark initial amid higher oil prices. THE NATIONAL
public offering at 32 riyals ($8.53) per share This comes in addition to the Dh1.9bn

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