Page 13 - MEOG Week 28 2022

MEOG NEWS IN BRIEF MEOG

State for Public Education and Advanced Sheikh Khaled also “gave directives to In 2019, ADNOC clinched a $5 billion
Technology, who also travelled to Turkey, create and expand on strategic partnerships deal with a consortium that includes GIC,
said: “Based on the directives of the UAE to capitalize on opportunities in the evolving BlackRock Inc., KKR & Co. and Abu Dhabi
leadership, UAE-Turkish relations are energy landscape,” according to the statement, Retirement Pensions and Benefits Fund, to sell
flourishing across various sectors. The such as a May agreement with BP. them pipeline infrastructure and collectively
signing of the MoU between the UAE Space Under the May agreement, ADNOC hold a 49% stake in ADNOC Oil Pipelines, a
Agency and the Turkish Space Agency which will acquire a minority stake in BP’s 1-GW subsidiary of the parent company.
includes space research and technology H2Teesside blue hydrogen project in the UK, S&P GLOBAL
and joint studies on suborbital flights and while Abu Dhabi’s Masdar will invest in the
satellite systems lies at the heart of the UAE’s company’s 500-MW green hydrogen plant on WesternZagros share
efforts to build bridges for space exploration. Teesside. ADNOC and BP will also undertake
Our joint efforts will help to expand the a joint feasibility study for a low carbon average drops
region’s contribution to humanity’s broader hydrogen project in Abu Dhabi.
space exploration. I would like to take this H2Teesside, a natural gas reforming WesternZagros Resources ULC crossed
opportunity to wish Turkey every success in hydrogen production facility using North below its 50 day moving average during
its lunar mission next year.” Sea gas, combined with carbon capture and trading on Thursday. The stock has a 50-day
GULF BUSINESS storage, is due to start operations in 2027, moving average of C$0.28 and traded as low
reaching full capacity of 1 GW by 2030. A as C$0.28. WesternZagros Resources ULC,
final investment decision is expected in 2024. shares last traded at C$0.28, with a volume of
COMPANIES ADNOC is spending $127 billion over 26,847 shares trading hands.
2022-2026 on growth projects, including plans The stock’s 50 day moving average price is
ADNOC to pursue more to raise oil production capacity to 5 million C$0.28 and its 200-day moving average price
is C$0.27.
b/d by 2030 from about 4 million b/d now.
foreign investments The company’s previous five-year capital WesternZagros Resources Ltd, is a Canada-
WesternZagros Resources ULC, formerly
expenditure plan was for $122 billion.
The UAE’s Abu Dhabi National Oil Co. plans “Over the course of the year, the executive based international oil and gas company. The
to continue wooing foreign investments and committee meets to review ADNOC’s Company is focused on acquiring properties
striking strategic partnerships, the Abu Dhabi progress against its strategic and financial and exploring for, developing and producing
government said July 13, as the national oil targets as well as its operational performance,” crude oil and natural gas in the Kurdistan
producer forges ahead with its 2030 goal to the Abu Dhabi government said in the Region of Iraq. The Company, through its
boost crude production capacity by 25%. statement. subsidiaries, holds working interest in each
The plans were approved at a meeting ADNOC has been monetizing its oil and of the Garmian production sharing contract
of the executive committee of ADNOC’s gas assets as it seeks to unlock cash to fund (PSC) and the Kurdamir PSC.
board of directors chaired by Sheikh Khalid strategic projects. DEFENSE WORLD
bin Mohamed bin Zayed, the Abu Dhabi In June 2020, ADNOC inked a deal
government media office said in a statement worth more than $10 billion with a group
Sheikh Khaled “endorsed plans to continue of investors to sell a 49% stake in its gas OIL
expanding ADNOC’s investor base to drive pipelines.
foreign direct investment to the UAE,” it said Under the agreement, a consortium IOOC begins repairing
in the statement. grouping Global Infrastructure Partners,
Since 2016, ADNOC has attracted or GIP, Brookfield Asset Management, generator at Salman oilfield
over $64.5 billion in foreign investments Singapore’s sovereign wealth fund GIC,
from various stakeholders as the company Ontario Teachers’ Pension Plan Board, South The Iranian Offshore Oil Company (IOOC)
continues to monetize its assets, including big Korea’s NH Investment & Securities and Italy’s has started maintaining and repairing
ticket transactions on its oil and gas pipelines Snam invested in ADNOC gas pipeline assets operation of Generator D of Salman Offshore
and initial public offerings of four units. valued at $20.7 billion. Complex at Lavan Operational District.

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