Browsing: Business

Al Seer Marine, a marine company in the Middle East region that is engaged across multiple marine sectors, has announced the formation of a joint venture with BGN International, one of the leading energy, trading, storage, and transportation companies, to acquire a portfolio of Very Large Gas Carriers (VLGCs) for the transport of Liquefied Petroleum Gas (LPG).In addition, the joint venture has agreed to award Hyundai Heavy Industries (HHI) in Korea with an order to build two new VLGCs, both sized at 86,000 cubic metres capacity. The new-build VLGCs are due for delivery in the first and second quarters of…

India is expanding its strategic petroleum reserves programme, the Minister of State for Petroleum and Natural Gas, Rameswar Teli, told the lower House of Parliament, the Lok Sabha. In the second phase of its petroleum reserves programme, approvals were given this month for establishing two additional commercial-cum-strategic storage facilities with a total capacity of 6.5 million metric tonnes (MMT) in underground storage structures. The approvals were announced by the Minister today in reply to questions from Lok Sabha members.In the first phase of India’s strategic petroleum reserves programme, an agreement to store oil from Abu Dhabi at strategic petroleum reserves…

The OPEC Fund for International Development (OFID) has signed a US$75 million loan agreement with Bangladesh to improve connectivity and accessibility between the rural southwest regions and the capital Dhaka. The OPEC Fund loan will co-finance the construction of the Nalua-Baherchar Bridge (1.3km) over the Pandab-Paira River and build access roads. This project will improve connectivity between Dhaka and the southwest districts of Barisal and Patukhali, where agriculture and fishing are key economic activities. As travelers currently cross the river by ferry, the project will reduce travel time and costs while also allowing agricultural produce to reach marketplaces faster. The government…

The Abu Dhabi National Oil Company (ADNOC), announced an investment of US$763.7 million (AED2.8 billion) in integrated rigless services across six of its artificial islands in the Upper Zakum and Satah Al Razboot (SARB) fields to support its production capacity expansion to 5 million barrels per day (mmbpd) by 2030. The investment is in the form of three contracts awarded by ADNOC Offshore to Schlumberger, ADNOC Drilling, and Halliburton after a competitive tender process.Schlumberger’s share of the award is valued at US$381.18 million (AED1.4 billion); ADNOC Drilling’s share is valued at US$228.71 million (AED839.58 million), and Halliburton’s share is valued…

Masdar announced that it is expanding its footprint in the Republic of Uzbekistan, with the signing of agreements to develop two photovoltaic (PV) power projects in the country for a combined capacity of 440 megawatts. Sardor Umurzakov, Deputy Prime Minister and Minister of Investments and Foreign Trade of Uzbekistan, signed the Investment Agreements for both projects with Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, in Tashkent. The Power Purchase Agreements were signed by Sobirjon Artikov, First Deputy Chairman of the Board of JSC National Electric Grid of Uzbekistan, and Masdar’s Al Ramahi.”The Government of Uzbekistan opened up the power…

Masdar (Abu Dhabi Future Energy Company) has won a tender to build a US$174 million utility-scale solar project in Armenia. The Armenian Government had implemented an international tender following Masdar’s initial offer of $0,0299/kWh in December 2019. After a competitive process, Masdar submitted a final price of $0,0290/kWh.The 200-megawatt (MW) plant will be located in the Talin and Dashtadem communities of Armenia, in an area where solar radiation is both high and land is unusable for agricultural purposes. The project will be developed on a design, finance, build, own, and operate (DFBOO) basis and the project company will be 85…

DP World has announced the acquisition of 100 percent of syncreon for an enterprise value of US$1.2 billion. This transaction is subject to customary completion conditions and is expected to close in second half of 2021.Syncreon is a US based global logistics provider that specializes in the design and operation of complex supply chains for the high growth automotive and technology industries. syncreon provides specialized value-added warehousing and distribution solutions through a variety of manufacturing, export packaging, transportation management, reverse/repair and fulfillment services. syncreon has a global presence across 91 sites in 19 countries and services a large and diversified…

Al Maryah Community Bank, UAE’s first fully integrated digital bank, has announced the completion of its pragmatic architectural design of technology platform which is infused with an artificial intelligence capability that will lead to the complete transformation of digital banking, dispensing maximum customer satisfaction.Mohammed Wassim Khayata, CEO, Al Maryah Community Bank, said, “After extensive research of the available technologies in the market, we zeroed into this state-of-the-art turnkey solution which will transform and amplify the power of digital banking and help maximize digital customer service. We are also excited to share that we have successfully implemented and tested the first…

Abu Dhabi Airports and Masdar have announced the completion of Abu Dhabi’s largest solar-powered car park, which will save 5,300 tonnes of carbon dioxide per year. The three-megawatt (MW) solar photovoltaic (PV) project is installed on the car shading at the short-term car park of the Midfield Terminal at Abu Dhabi International Airport, with 7,542 solar panels producing electricity. The energy generated by the grid-connected project will be used to power the car parking facility, with excess energy fed to other sections of the airport.Shareef Al Hashmi, Chief Executive Officer of Abu Dhabi Airports, commented, “The Midfield Terminal is designed…

The Danish Government has confirmed its official participation in Expo 2020 Dubai, partnering the Danish Business Council at the six-month global gathering. The participation was confirmed by Danish Ambassador Franz-Michael Mellbin, who has been appointed Commissioner General for Denmark at Expo 2020, at the end of last week’s International Participants Meeting (IPM) in Dubai.The Denmark Pavilion will showcase the country’s export and investment potential alongside the strength of its relationship with the UAE, during a six-month global gathering that will welcome more than 190 nations and millions of visitors from across the planet.With less than five months to go until…