Latest news with #ADNOCGas
Zawya
11-06-2025
- Business
- Zawya
Mideast Stocks: Gulf bourses end mixed on US-China trade-talks
Stock markets in the Gulf ended mixed on Wednesday as there was little progress in U.S.-China trade talks, dashing hopes it would ease long-standing tensions between the world's largest economies. Top officials of both countries said on Tuesday they agreed on a framework to get their trade truce back on track and remove China's export restrictions on rare earths, while offering little sign of a durable resolution. Saudi Arabia's benchmark index - which traded after a four-session eid break - gave up early gains to finish flat. Meanwhile, the kingdom's crude oil supply to China is set to dip slightly in July, Reuters reported on Tuesday, citing trade sources, but still strong for a third straight month as the OPEC kingpin regains its market share supplying the world's top crude importer. Dubai's main share index eased 0.1%, hovering around 17-year high, with top lender Emirates NBD losing 2%. The Dubai stock market remained relatively flat, suggesting potential uncertainty as the market hovers near 17-year highs, which may prompt some investors to engage in profit-taking, said Joseph Dahrieh, Managing Principal at Tickmill. In Abu Dhabi, the index inched 0.1% higher, with ADNOC Gas gaining 1.2%. ADNOC Gas said on Tuesday it had taken a final investment decision on the first phase of its Rich Gas Development (RGD) Project, awarding $5 billion in contracts to expand and improve efficiency at the project. The Qatari index added 0.2%, with Qatar Gas Transport increasing 2.8%. Outside the Gulf, Egypt's blue-chip index was up 0.1%, helped by a 2% rise in Commercial International Bank . SAUDI ARABIA was flat at 11,005 Abu Dhabi up 0.1% to 9,805 Dubai eased 0.1% to 5,596 QATAR added 0.2% to 10,713 EGYPT up 0.1% to 32,935 BAHRAIN down 0.1% to 1,923 OMAN rose 0.2% to 4,592 KUWAIT gained 0.7% to 8,983 (Reporting by Ateeq Shariff in Bengaluru; Editing by Leroy Leo)
Reuters
11-06-2025
- Business
- Reuters
Gulf bourses end mixed on US-China trade-talks
June 11 (Reuters) - Stock markets in the Gulf ended mixed on Wednesday as there was little progress in U.S.-China trade talks, dashing hopes it would ease long-standing tensions between the world's largest economies. Top officials of both countries said on Tuesday they agreed on a framework to get their trade truce back on track and remove China's export restrictions on rare earths, while offering little sign of a durable resolution. Saudi Arabia's benchmark index (.TASI), opens new tab - which traded after a four-session eid break - gave up early gains to finish flat. Meanwhile, the kingdom's crude oil supply to China is set to dip slightly in July, Reuters reported on Tuesday, citing trade sources, but still strong for a third straight month as the OPEC kingpin regains its market share supplying the world's top crude importer. Dubai's main share index (.DFMGI), opens new tab eased 0.1%, hovering around 17-year high, with top lender Emirates NBD ( opens new tab losing 2%. The Dubai stock market remained relatively flat, suggesting potential uncertainty as the market hovers near 17-year highs, which may prompt some investors to engage in profit-taking, said Joseph Dahrieh, Managing Principal at Tickmill. In Abu Dhabi, the index (.FTFADGI), opens new tab inched 0.1% higher, with ADNOC Gas ( opens new tab gaining 1.2%. ADNOC Gas said on Tuesday it had taken a final investment decision on the first phase of its Rich Gas Development (RGD) Project, awarding $5 billion in contracts to expand and improve efficiency at the project. The Qatari index (.QSI), opens new tab added 0.2%, with Qatar Gas Transport ( opens new tab increasing 2.8%. Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was up 0.1%, helped by a 2% rise in Commercial International Bank ( opens new tab.
Zawya
11-06-2025
- Business
- Zawya
Mideast Stocks: Major Gulf markets gain on progress in US-China trade talks
Major stock markets in the Gulf rose in early trade on Wednesday in line with Asian shares, on signs of progress in trade talks between the U.S. and China. Top officials of both the countries said on Tuesday they had agreed on a framework to get their trade truce back on track and remove China's export restrictions on rare earths. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.5%. Saudi Arabia's benchmark index - which traded after a four session break - advanced 1.2%, led by a 1.7% rise in Al Rajhi Bank and a 1.6% increase in oil giant Saudi Aramco. The kingdom's crude oil supply to China is set to dip slightly in July, Reuters reported on Tuesday, citing trade sources, but still strong for a third straight month as the OPEC kingpin regains its market share supplying the world's top crude importer. Dubai's main share index added 0.1%, helped by a 1.1% rise in blue-chip developer Emaar Properties. In Abu Dhabi, the index inched 0.1% higher, with ADNOC Gas climbing 1.2%. ADNOC Gas said on Tuesday it had taken a final investment decision on the first phase of its Rich Gas Development (RGD) Project, awarding $5 billion in contracts to expand and improve efficiency at the project. Elsewhere, chemicals maker Borouge gained 0.6% after awarding a $531 million contract to ADNOC Logistics & Services for streamlining maritime deliveries. Separately, the rush of financial firms setting up in Abu Dhabi to tap the oil-rich emirate's wealth funds and Middle East markets will continue at pace, the official in charge of expanding its financial hub has predicted. The Qatari index rose 0.4%, led by a 0.4% increase in the Gulf's biggest lender Qatar National Bank.
Reuters
11-06-2025
- Business
- Reuters
Major Gulf markets gain on progress in US-China trade talks
June 11 (Reuters) - Major stock markets in the Gulf rose in early trade on Wednesday in line with Asian shares, on signs of progress in trade talks between the U.S. and China. Top officials of both the countries said on Tuesday they had agreed on a framework to get their trade truce back on track and remove China's export restrictions on rare earths. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), opens new tab rose 0.5%. Saudi Arabia's benchmark index (.TASI), opens new tab - which traded after a four session break - advanced 1.2%, led by a 1.7% rise in Al Rajhi Bank ( opens new tab and a 1.6% increase in oil giant Saudi Aramco ( opens new tab. The kingdom's crude oil supply to China is set to dip slightly in July, Reuters reported on Tuesday, citing trade sources, but still strong for a third straight month as the OPEC kingpin regains its market share supplying the world's top crude importer. Dubai's main share index (.DFMGI), opens new tab added 0.1%, helped by a 1.1% rise in blue-chip developer Emaar Properties ( opens new tab. In Abu Dhabi, the index (.FTFADGI), opens new tab inched 0.1% higher, with ADNOC Gas ( opens new tab climbing 1.2%. ADNOC Gas said on Tuesday it had taken a final investment decision on the first phase of its Rich Gas Development (RGD) Project, awarding $5 billion in contracts to expand and improve efficiency at the project. Elsewhere, chemicals maker Borouge ( opens new tab gained 0.6% after awarding a $531 million contract to ADNOC Logistics & Services ( opens new tab for streamlining maritime deliveries. Separately, the rush of financial firms setting up in Abu Dhabi to tap the oil-rich emirate's wealth funds and Middle East markets will continue at pace, the official in charge of expanding its financial hub has predicted. The Qatari index (.QSI), opens new tab rose 0.4%, led by a 0.4% increase in the Gulf's biggest lender Qatar National Bank ( opens new tab.
Yemen Online
10-06-2025
- Business
- Yemen Online
ADNOC Gas takes final investment decision, awards $5 bn in contracts for first phase of its Rich Gas Development Project
ADNOC Gas Plc and its subsidiaries (together referred to as 'ADNOC Gas' or the 'Company') announced today it has taken a FID and awarded $5 billion in contracts for the first phase of its Rich Gas Development (RGD) Project, marking a key milestone in the company's largest-ever capital investment. The contracts involve expanding key processing units to increase throughput and improve operational efficiency across four ADNOC Gas Facilities: Asab, Buhasa, Habshan (Onshore), and the Das Island liquefaction facility (Offshore). The company intends to take FIDs on two additional phases of the RGD project at Habshan and Ruwais to enable the delivery of greater production capacity to meet growing market demands. The RGD project will enable the development of new gas reservoirs, which are key to boosting liquid gas exports, supporting gas self-sufficiency in the UAE, and providing essential feedstock to the country's growing petrochemical industry. Engineering, Procurement, and Construction Management (EPCM) contracts have been awarded in three tranches for phase 1. The first tranche, valued at $2.8 billion, has been awarded to Wood for the Habshan facility. The remaining two tranches – $1.2 billion for the Das Island liquefaction facility and $1.1 billion for the Asab and Buhasa facilities – have been awarded to two consortia: Petrofac; and Kent Plc. Fatema Al Nuaimi, Chief Executive Officer of ADNOC Gas, said: 'The FID and contract awards for the first phase of the Rich Gas Development project mark a significant milestone in ADNOC Gas' strategy to deliver +40% EBITDA growth between 2023 and 2029. This strategic investment is expected to deliver significant new value for our shareholders and enable continued sustainable growth for the company, our employees, and the UAE.' Phase 1 of the RGD project focuses on optimizing and debottlenecking existing gas assets while unlocking new and valuable gas streams. As part of ADNOC Gas' long-term strategy, which is focused on growth and futureproofing its business, the RGD project aligns with the company's vision to deliver important growth initiatives between 2025 and 2029. Additionally, the RGD project highlights ADNOC Gas' commitment to enhancing In-Country Value (ICV), with plans to create hundreds of new, field-based technical positions by 2029, further contributing to the UAE's economic growth.
