Page 13 - MEOG Week 01 2023

MEOG NEWS IN BRIEF MEOG

The news service reported that British both Borealis and Borouge, bolstering its by 13.5 per cent to reach 283.534 million
insurer Lloyds Marine sent out a warning footprint in the chemicals sector, enabling barrels, while the production of condensates
to its clients revealing the alleged scheme synergies and unlocking significant growth dropped by 2 per cent till the end of
running through Venezuela. Iranian proxy opportunities across its broader chemicals November 2022.
Hezbollah holds sway over the politics of portfolio, in particular at Borouge. The The average price of Oman’s crude
eastern Mediterranean country Lebanon. transaction marks the next major milestone oil surged by 52.7 per cent by the end of
The warning, given in an internal for ADNOC as it accelerates its ambitious November 2022 to reach $95.8 per barrel
document dating from October 28, headed domestic and international chemicals growth compared to $62.77 per barrel by the end of
“Illegal trade and transfer of gold and Iranian strategy and also aligns with Mubadala’s long- November 2021.
oil,” was said to state that Iran’s Islamic term investment strategy. Oman’s total exports of oil increased by
Revolutionary Guard Corps’ (IRGC’s) Commenting on the transaction, His 12.7 per cent by the end of November 2022
expeditionary force, Quds Force, was Excellency Dr. Sultan Al Jaber, UAE Minister to stand at 293,944,600 barrels compared to
“facilitating the sale of Iranian oil” to a Latin of Industry and Advanced Technology and 260,804,100 barrels during the corresponding
American country and receiving gold as ADNOC Managing Director and Group period in 2021.
payment, which was then allegedly sent to CEO said: “Building on the strong bilateral Oman’s oil exports to Japan surged by
Hezbollah in Lebanon. ties between the UAE and Austria, and 215.9 per cent to stand at 10,695,200 barrels
Lloyds Marine added in its claim that our long-standing partnership with OMV, by the end of November 2022 compared to
flights from Caracas to Tehran using Iran’s ADNOC is delighted to be acquiring a 24.9% 3,385,700 barrels by the end of November
Mahan Air were being used to transport the stake in OMV. As we continue to meet the 2021. Oil exports to the Republic of Korea also
gold. Mahan Air is a private airline associated growing global demand for lower carbon rose by 92.8 per cent to stand at 12,621,100
with the IRGC and under US sanctions for energy, we are fast-tracking the delivery of our barrels compared to 6,547,800 barrels by the
alleged instances of weapons transported on growth strategy and expanding our footprint end of November 2021.
some of its planes. across key strategic markets and sectors. Gas production (including imports) in
BNE This milestone transaction, alongside our Oman registered a growth of 2.3 per cent to
25% shareholding in Borealis, is testament reach 47,113.1 million cubic metres.
to our focused investment in building an Consumption of natural gas increased by
COMPANIES integrated chemicals platform to accelerate 12.5 per cent in industrial areas and 7.5 per
our ambitious growth strategy that will unlock cent in industrial projects. Meanwhile, natural
ADNOC acquires 24.9% significant growth opportunities across our gas consumption declined by 7 per cent in
oil fields and 1.8 per cent in electricity power
broader chemicals portfolio, with a particular
stake in OMV focus on creating distinctive value for Borouge plants.
and its shareholders.”
TIMES OF OMAN
Abu Dhabi National Oil Company ADNOC
(ADNOC) and Mubadala Investment Co. Iran beats record in
have announced a transaction involving
OMV, a global energy and chemicals group, OIL exporting oil, gas
headquartered and listed in Vienna, Austria.
Under the agreement, ADNOC will acquire a Oman’s oil, condensate condensate
24.9% shareholding in OMV from Mubadala.
Financial details of the transaction are not production rises by 10% The spokesman for the Iranian Government
being disclosed. reported on Tuesday that the country has set a
Upon completion of the transaction, The Sultanate of Oman’s production of crude record in its export of oil and gas condensate
which is subject to certain closing conditions oil and condensates recorded a rise by 10 per in the recent month after the onset of the
and regulatory approvals, ADNOC will own cent till the end of November 2022 to stand at new round of sanctions against the country
24.9% of OMV, Osterreichische Beteiligungs, 355,473,100 barrels compared to 323,174,600 four years ago, adding that the country has
an Austrian independent holding company, barrels during the corresponding period in witnessed a decrease in growth of liquidity to
holding 31.5%, with the remaining share 2021, according to the latest data issued by the 34.3 percent, trend reports citing IRNA.
capital in free float. Through this investment National Centre for Statistics and Information Ali Bahadori Jahromi made the remarks at
in OMV, who hold a 75% stake in Borealis, (NCSI). his weekly press briefing in Tehran.
ADNOC will increase its shareholdings in Separately, crude oil production increased A decrease in the growth of liquidity is an

Week 01 04•January•2023 www. NEWSBASE .com P13