Latest news with #ADNOC
Arab News
12 hours ago
- Automotive
- Arab News
Record participation as UAE students compete in annual contest at Yas Island
ABU DHABI: The 15th edition of the ADNOC Yas in Schools National Finals kicked off at Yas Marina Circuit, featuring a record-breaking number of participants from across the country. This year, 1,400 students representing 113 schools and 310 teams are competing in a series of STEM-focused competitions that run until June 22. For the latest updates, follow us @ArabNewsSport The event, a flagship initiative in the UAE's youth and education landscape, aims to foster skills in science, technology, engineering, and mathematics through hands-on projects and competitive challenges. The finals include contests in F1 in Schools, Formula Ethara, and 4x4 in Schools, which emphasize engineering, design, sustainability, and teamwork. Throughout the week, students will demonstrate their abilities by engineering miniature race cars, developing branding and sponsorship strategies, and presenting their projects to judges. The winners of the F1 in Schools category will represent the UAE at the global finals later this year. Ali Al-Beshr, general manager of Yas Marina Circuit, said: 'This year's finals showcase the ambition, creativity, and skill that define the ADNOC Yas in Schools program. We are proud to support ADNOC's commitment to youth empowerment, sustainability, and STEM development, and to watch the UAE's next generation rise to the challenge.' The competition aligns with national priorities to nurture a knowledge-based economy and promote sustainable innovation. Notably, many participating teams include students from underrepresented groups, with sustainability integrated into their engineering designs and presentations. Since its inception, the program has contributed over 1 million hours of student engagement across more than 1,100 schools nationwide. The event supports ADNOC's corporate social responsibility efforts and aligns with the UAE's broader goals in education, sustainability, and economic development. The winners will be announced during an online awards ceremony scheduled for June 24.
Al Bawaba
12 hours ago
- Business
- Al Bawaba
University of Birmingham Dubai students win fifth edition of the ADNOC-Bloomberg Trading Challenge
Students from University of Birmingham Dubai have won the 2025 edition of the ADNOC-Bloomberg Trading Challenge, marking the fifth edition of the unique commodities-focused competition designed to help students in the UAE showcase their skills in data analytics and Rania Guinomla and Malishka Kaur Bhasin from 'Fortune Traders' team were named the winners for their strategy, which which stood out for its disciplined "hold and watch" investment approach. The winners are eligible for training placements with ADNOC Global challenge forms part of the ADNOC-Bloomberg for Education Initiative, a long-term collaboration between ADNOC, the Ministry of Higher Education and Scientific Research, and Bloomberg aimed at supporting the UAE's next generation of graduates. Over the years, it has become a key platform for students from competing universities to gain hands-on experience using Bloomberg Terminals, guided by Bloomberg analysts from various sectors. Throughout the challenge, teams from participating universities simulate analyst workflows and develop commodities trading strategies, which they present as a research report to a jury of financial sector experts. Saif Al Falahi, ADNOC Director of Group Business Support & Special Tasks, said: 'We warmly congratulate the winners of this year's ADNOC-Bloomberg Trading Challenge on their exceptional performance in a competition that we are proud to have championed since its launch. The challenge offers a valuable platform for the next generation of UAE trading professionals to build the skills and hands-on experience needed to lead the fast-evolving world of global energy trading and drive the UAE's continued economic success.'In 2025, more than 450 students from nine universities took part in the challenge. Five teams were shortlisted as finalists, each presenting their approach to Massias, Head of Market Specialists - Middle East & Africa, Bloomberg LP said: 'What stands out most to me is how collaborative and committed these students are. They come in eager to learn and they leave with a real understanding of how to work with data, how to think critically, and perhaps most importantly, how to make informed decisions. This year's teams were impressive, and it's great to see such consistently strong talent in the UAE, especially at a time when the country is investing so much in innovation and digital skills.' Launched in 2019 following the signing of a Memorandum of Understanding (MoU) between ADNOC, Bloomberg, and the Ministry of Education, the initiative was created to equip future generations of UAE students with the financial skills needed to thrive in today's dynamic and globally connected world. Since then, it has continued to grow in scale and impact, supporting over 9,000 students and installing 100 Bloomberg Terminals across five of the UAE's leading universities: Khalifa University, Abu Dhabi University, UAE University, New York University Abu Dhabi, and the Higher Colleges of Technology. © 2000 - 2025 Al Bawaba ( Signal PressWire is the world's largest independent Middle East PR distribution service.
Zawya
12 hours ago
- Business
- Zawya
Asian refiners seek more Mideast oil after spot premiums jump on Israel-Iran conflict
SINGAPORE/NEW DELHI - Asian refiners have requested more term crude oil supplies loading in August and September from producers in the Middle East after spot premiums jumped, six trade sources said on Friday. Spot premiums for Middle East benchmarks rose above $3 a barrel on Thursday, the highest levels in four months, on fears of supply disruption after fighting broke out between Israel and Iran last week. "We are receiving additional interest from our customers in Asia," a source at a Middle East crude supplier said, adding that the requests are for cargoes loading in August and September. A source at an Asian refiner said the official selling prices (OSPs) for Middle East crude are lower than spot levels, making it more economical to seek more term supplies. Two sources at Indian refineries said they will be receiving more July-loading term crude supply from Middle East suppliers as they anticipate lower supplies from Russia. The sources declined to be named as they are not authorised to speak to the media. Producers such as Saudi Aramco, Abu Dhabi National Oil Co (ADNOC) and Iraq's SOMO typically notify term customers on their allotted volumes a month before cargoes are due to load. It is not immediately clear if the producers will supply more oil, three sources said, although one of them pointed to rising output from the bloc. The Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, are unwinding supply cuts, planning to increase output by 1.37 million barrels per day between April and July.
Reuters
13 hours ago
- Business
- Reuters
Asian refiners seek more Mideast oil after spot premiums jump on Israel-Iran conflict
SINGAPORE/NEW DELHI, June 20 (Reuters) - Asian refiners have requested more term crude oil supplies loading in August and September from producers in the Middle East after spot premiums jumped, six trade sources said on Friday. Spot premiums for Middle East benchmarks rose above $3 a barrel on Thursday, the highest levels in four months, on fears of supply disruption after fighting broke out between Israel and Iranlast week. "We are receiving additional interest from our customers in Asia," a source at a Middle East crude supplier said, adding that the requests are for cargoes loading in August and September. A source at an Asian refiner said the official selling prices (OSPs) for Middle East crude are lower than spot levels, making it more economical to seek more term supplies. Two sources at Indian refineries said they will be receiving more July-loading term crude supply from Middle East suppliers as they anticipate lower supplies from Russia. The sources declined to be named as they are not authorised to speak to the media. Producers such as Saudi Aramco ( opens new tab, Abu Dhabi National Oil Co (ADNOC) and Iraq's SOMO typically notify term customers on their allotted volumes a month before cargoes are due to load. It is not immediately clear if the producers will supply more oil, three sources said, although one of them pointed to rising output from the bloc. The Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, are unwinding supply cuts, planning to increase output by 1.37 million barrels per day between April and July.
Arabian Post
15 hours ago
- Business
- Arabian Post
Abu Dhabi Bid for Santos Sparks Energy Sovereignty Debate
Santos Ltd's board of directors has endorsed a US $18.7 billion cash offer from an Abu Dhabi-led consortium, pledging immediate relief for stretched gas markets but plunging Australia into a high-stakes national interest conflict. The bid, sponsored by ADNOC's investment arm XRG alongside ADQ and Carlyle, offers A$8.89 per share—a 28 per cent premium to Santos's market value—while assuming A$36.4 billion in enterprise debt. It marks the largest all‑cash takeover ever in Australia. Investors have reacted with caution: Santos shares rallied nearly 11 per cent upon news of the bid but remain significantly below the offer price, reflecting deep concern over regulatory approval. Analysts warn that the deal's fate now hinges on the Foreign Investment Review Board and Treasurer Jim Chalmers, whose approval will weigh economic gain against strategic control of critical energy infrastructure. ADVERTISEMENT Proponents emphasise that ADNOC's financial strength can catalyse development of Santos's undeveloped assets—including Narrabri and shale projects like Beetaloo—and help mitigate an anticipated east‑coast gas shortage by 2027. With ADNOC targeting 20–25 million tonnes per annum of LNG capacity by 2035, acquiring Santos's stakes in Gladstone, Darwin and PNG LNG represents a strategic alignment for both parties. However, a chorus of concern has emerged over the implications for domestic energy sovereignty. The high concentration of export‑oriented gas supply—over 70 per cent in Queensland—raises alarms that ADNOC might prioritise LNG sales over local consumption, deepening east‑coast supply pressures. RenewEconomy warns that 'if ADNOC's focus is primarily on LNG markets, it will likely seek to export as much gas as possible'. Australian Energy Producers, which counts Santos CEO Kevin Gallagher as a board member, has yet to publicly weigh in, but the Australian Energy Market Operator has flagged potential domestic shortfalls by late decade if projects like Barossa and Narrabri are delayed. Political figures are sharpening oversight. South Australia's energy minister, Tom Koutsantonis, invoked state power to oversee licence transfers, while Treasurer Chalmers cautioned that the deal 'would be a big decision' and pledged not to pre‑empt FIRB's findings. Historical precedents include the federal government blocking Shell's bid for Woodside in 2001 and the NSW Ausgrid sale in 2016—illustrating a willingness to restrict foreign control of strategic infrastructure. From Adelaide to Canberra, voices across politics and industry are watching keenly. South Australian Premier Peter Malinauskas stressed that the headquarters and local workforce must be retained; this position is reinforced by new state laws granting oversight over petroleum licence assignments. On the investor side, divergent assessments persist. UBS analysts see ADNOC's deep pockets as a positive, while others like Evans & Partners downgraded Santos stock, suggesting investors might prefer Woodside, citing superior oil market positioning. The bid aligns with Australia‑UAE economic ties following a free trade agreement, yet regulatory scrutiny is expected to be heightened due to the sovereign‑state nature of ADNOC. Approval would mark a milestone in Australia's economic evolution, yet rejection—or imposition of conditions like domestic supply carve‑outs—could serve as a policy catalyst in securing energy infrastructure for public benefit. This takeover bid places domestic energy security at the centre of policymaking, challenging Australia to find balance between foreign investment and safeguarding its energy future.
