Page 14 - MEOG Week 05 2021

MEOG NEWS IN BRIEF MEOG

COMPANIES Emirates, Eni is also present in Abu Dhabi and business and strategic growth projects,” the
Ras Al Khaimah. energy company said.
Sharjah ruler meets ENI CEO OGME ZAWYA

to discuss progress Abu Dhabi pension fund Oman Shipping launches

His Highness Sheikh Sultan bin Muhammad to acquire stake in ADNOC giant oil tanker Dhalkot
Al Qasimi, member of the Supreme Council
of the United Arab Emirates, the Ruler of property vehicle Oman Shipping Company has launched a
Sharjah, met with Eni’s Chief Executive giant oil tanker.
Officer, Claudio Descalzi, today to take stock Abu Dhabi National Oil Company (ADNOC) A statement issued online by Oman
of Eni’s activities in the country, following its said Tuesday that Abu Dhabi Pension Fund Shipping Company said : “Oman Shipping
entry in January 2019 with the acquisition of would acquire 31 percent of the energy Company launched the giant oil tanker
the exploration rights for the onshore areas A, company’s real estate vehicle. (Dhalkot), which was built at the DSME
B and C. Under the agreement, ADPF will acquire shipyard in South Korea and is the last vessel
Recently Eni and SNOC, the state 31 percent of Abu Dhabi Energy Real Estate out of 3 other tankers that were launched
company of Sharjah, announced the start of Company (ADREC), which was created recently last year (Sur, Bahla).This is in order
production from the Mahani field, located to hold ADNOC’s 51 percent stake in Abu to consolidate its position in the global crude
in the Concession Area B, onshore. This Dhabi Property Leasing Holding Co, for oil transportation market and translate
was achieved in less than two years from the $900 million, the energy company said in a to further expansion in the level of its
signing of the oil contract and in less than a statement. operational business. “
year from the declaration of discovery. The partnership with the pension fund “The ship has a tonnage of 300,000
Eni is also carrying out exploration follows the announcement by ADNOC tons and it meets all future environmental
activities in areas A and C of the Emirate, in September last year that it had entered standards. The giant oil tanker “Dhalkot” is
of which Area C is largely underexplored, into a long-term strategic investment pact considered the 60th ship of the company’s
in order to contribute to the discovery of with Apollo Global Management Inc. and fleet.”
additional resources for the benefit of the its subsidiaries, one of the world’s largest “As one of the Asyad Group companies,
development of Sharjah. alternative investment managers, and a group Oman Shipping Company plays a vital role in
H.H Sheikh Sultan bin Muhammad of institutional investors, for an underlying the Sultanate’s endeavors to become one of the
Al-Qasimi and Eni’s CEO also discussed real estate portfolio valued at $5.5 billion. top ten countries in the world in the logistics
future opportunities relating to the energy ADPLHC was created to leverage rental sector, as the company supports integration
transition and projects related to renewables, income streams from select ADNOC real activities across the various stages of the
an increasingly strategic area for Eni in the estate assets under a 24-year master lease supply chain in the Sultanate.”
Middle East. agreement. ADPLHC holds long-term “The company provides a full range of
SNOC and Eni are engaged in exploring leasehold interests underpinned by a sizeable, services, as it handles tanker ownership,
future collaboration in the broad energy value diversified portfolio of ADNOC real estate technical management, maintenance and
chain, including renewables, in line with Eni’s assets located across Abu Dhabi. commercial operation of ships.” the statement
commitment for energy transition, toward Following the transaction’s completion, added.
carbon neutrality. ADNOC will hold 69 percent and ADPF 31 TIMES OF OMAN
Eni Chief Executive Officer Claudio percent of ADEREC, whilst Apollo and its
Descalzi commented: “The milestones we subsidiaries will continue to hold 49 percent
have achieved so far with an incredible of ADPLHC directly. OIL
time-to-market is the result of the support ADNOC will maintain full ownership and
of Dr. Sultan III bin Muhammad al-Qasimi control over the select real estate and social OPEC production increase
and the harmonious partnership between infrastructure assets and responsibility for all
SNOC and Eni. These are great achievements, operations and maintenance, the statement offset by Africa disruptions
particularly considering the exceptional said.
challenges incurred during the year due to the The partnership “allows ADNOC to unlock OPEC boosted crude production as planned
COVID-19 pandemic.” further value from non-oil and gas strategic last month, but the increase was tempered by
In addition to Sharjah, in the United Arab infrastructure to redeploy into its core disruptions at long-troubled member nations.

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