Page 16 - DMEA Week 50 2022

DMEA NEWS IN BRIEF DMEA

business new africa bna/IntelliNews

His Excellency Dr. Sultan Ahmed Al Jaber, UAE’s global energy leadership.” Member; Dr. Bakheet Saeed Al Katheeri, Board
Minister of Industry and Advanced Technol- Al Mubarak added: “Global cooperation is Member.
ogy, Managing` Director and Group CEO of vital to achieving the critical scale in clean energy Mohamed Jameel Al Ramahi will continue as
ADNOC, and Chairman of Masdar said: “As sources, and we are committed to leveraging Chief Executive Officer (CEO) of the enlarged
the founding CEO of Masdar, I am excited to our partnerships to enable Masdar to deliver a Masdar.
see Abu Dhabi’s energy leaders coming together broader global impact.” As part of the deal, TAQA will offer to con-
to take Masdar to the next level. The Masdar His Excellency Mohamed Hassan Alsuwaidi, tribute its ownership interests in future Abu
clean energy powerhouse will unlock a new Chairman of TAQA, said: “This transaction Dhabi renewable power projects to Masdar. Mas-
chapter of growth, development, and opportu- marks the start of Masdar’s journey towards dar City, Abu Dhabi’s flagship sustainable urban
nity for renewable energy and green hydrogen becoming one of the largest clean energy com- development, will continue to remain under
projects, both in the UAE and worldwide. As panies in the world, backed by three of the Mubadala’s ownership as the sole shareholder.
the UAE delivers on its Net Zero by 2050 stra- UAE’s energy and investment pacesetters. Over Masdar, December 8 2022
tegic initiative and prepares to host COP28 next the next decade, Masdar will rapidly expand its
year, by leveraging the skills and experience of renewable energy and green hydrogen invest-
its partners, Masdar will build on its rich leg- ments to accelerate decarbonisation. Last year, REFINING & FUELS
acy as a pioneer in the renewable energy sector, TAQA committed to a renewable energy share
accelerate the delivery of world-scale projects, of 30% of its total power generation capacity by Turkey’s gasoline prices
and help meet the world’s growing demand for 2030. Our stake in Masdar is a key part of deliv-
clean energy. For ADNOC, our participation in ering on this target, while supporting the UAE’s fall below TRY18 per litre
Masdar is an important pillar in our strategy to ambition to cut greenhouse gas emissions and
expand clean energy production, unlock new be a driving force in the global energy transition. The gasoline price (unleaded 95 octane) at Opet
opportunities for industrial development and Today, we stand as one of the largest integrated stations on the European side of Istanbul fell to
drive decarbonisation.” utility players in Europe, the Middle East and TRY17.43 ($0.93) per litre on December 12, still
His Excellency Khaldoon Khalifa Al Africa. Tomorrow, we will be known as a pan-re- up 69% y/y, but down from the record high of
Mubarak, Managing Director and Group Chief gional low carbon power and water champion.” TRY28.46 registered on June 13, according to
Executive Officer of Mubadala said: “We estab- Alongside the completion of the transaction, data provided by Opet.
lished Masdar 16 years ago based on an early a new Board of Directors has been appointed In approximately the same period, the die-
conviction that building capabilities and sup- for Masdar’s renewable business with His Excel- sel fuel (Eco Force) price fell to TRY21.05 on
porting innovation and scale across the clean lency Dr. Sultan Ahmed Al Jaber reappointed December 7, still up 104% y/y but considerably
energy spectrum would be transformative for his position as Chairman. Members include: lower than the record high of TRY29.94 regis-
the nation and an investment in future genera- H. E. Mohamed Hassan Alsuwaidi, Deputy tered in June.
tions. Today, Masdar is one of the world’s fast- Chairman; Jasim Husain Thabet, Board Mem- The annual price increases for diesel and gas-
est-growing renewable energy companies. This ber; Farid Al Awlaqi, Board Member; Khaled oline’s topped 316% and 269%, respectively, at
significant milestone helps unlock synergies Salmeen, Board Member; Musabbeh AlKaabi, the price peaks.
in Masdar’s continued growth journey and the Board Member; Ahmed Saeed Al Calily, Board Gasoline prices in Turkey are automatically
updated based on a formula. The variables are
the Brent oil price, crack margins (CIF Med),
the $/TRY rate and the special consumption tax
(SCT).
As of December 14, Brent was up 8% y/y to
$81 per barrel (down from the $120s seen in
June) while the $/TRY pair was up 35% y/y to
18.65.
The diesel differential stood at $43, up 747%
y/y but sharply lower compared to the record $83
seen in October. The gasoline differential stood
at $6, down 30% y/y but greatly lower compared
to the record $54 seen in June.
The average gasoline price in the US was
down 3% y/y to $3.21 per gallon ($0.85 per litre).
A record $5.02 was registered on June 14.
According to data from the Petroleum Indus-
try Foundation of Turkey (PETDER), gasoline
sales in Turkey were up 31% y/y to 4mn cubic
metres (3mn tonnes), while diesel sales were up
11% y/y to 32mn cubic metres (11mn tonnes)
and auto gasoline sales were up 7% y/y to 3.1mn
cubic metres.
bne/IntelliNews, December 14 2022

P16 www. NEWSBASE .com Week 50 15•December•2022