GulfBase Live Support
Abu Dhabi National Oil Company and Morocco’s OCP Group, the world's largest phosphate exporter, have signed an agreement to look at the phased creation of a fertiliser joint venture with plants in the UAE and the North African country.
“The agreement builds on the expanded partnership model we announced last year, as we open our entire value chain to reliable, value-adding, long-term partners, who can complement our capabilities and resources, and enhance our market access,” said Dr Sultan Al Jaber, UAE minister of state and Adnoc Group chief executive in a statement on Monday.
The pact between the two partners follows a long-term sulphur off-take partnership signed in December. Abu Dhabi is one of the world’s largest producers of sulphur, which is a byproduct of processing its largely sour gas reserves. Sulphur production currently stands at 7 million tonnes per annum, which Adnoc plans to increase by at least 50 per cent on the back of increased production from its sour gas caps.
Phosphate rock finds wide ranging uses in the fertilisers industry. The UAE outlined a Dh400 billion five-year investment plan last year to invest in exploring and producing its sour gas reserves as well as to acquire and develop downstream assets abroad. On Sunday, Adnoc announced a strategy to invest Dh165bn over the next five years in the refining and petrochemicals sector in the UAE, in partnership with international energy companies.
A fertiliser joint venture would allow for the creation of two hubs, one in Morocco, with access to European markets and another to the east of Suez in Ruwais, close to Asian markets. Adnoc would look to develop such a scheme close to its expanding refining and petrochemicals facilities in Abu Dhabi’s western region, using feedstock from its refineries. Part of the Abu Dhabi company’s downstream strategy involves developing a derivatives and conversion park adjacent to existing and planned facilities, which would be home to industry clusters.
Morocco’s OCP is currently undertaking a large-scale development programme to grow its fertiliser capacity to 12 million tonnes and rock export capacity to over 18 million tonnes.
Abu Dhabi National Oil Company (Adnoc) is discussing with Chinese energy majors opportunities to deepen investment and partnership in the sector, a company statement said.
Dr Sultan Ahmed
Abu Dhabi Ports has signed a pact with Adnoc Logistics & services, a unit of the state-owned oil firm, to help it manage big oil spills at ports in the emirate.
Under the terms of the memo
The National Petroleum Construction Company (NPCC), part of Senaat Abu Dhabi, has won an EPC contract for the Bu Haseer FFD project from Adnoc Offshore.
NPCC, a leading international EPC c
The Gulf Today
Du, the UAE's second-biggest telecoms operator, reported a 1.3 per cent increase in second-quarter net profit on Thursday, as total revenues rose The Dubai-based operator made a net profit after roy
United Development Company (UDC), the master developer of The Pearl-Qatar, has posted a QR279mn net profit on revenues of QR889mn for the first half of the year.
The net profit attributabl
Dubai Islamic Bank (DIB), the United Arab Emirates' largest sharia-compliant lender, posted a 14.6 per cent increase in second-quarter net profit on Wednesday as income from Islamic financing and inv
Times of Oman
Saudi Electricity Co has recently discussed with a group of international banks its plan to issue a US dollar-denominated bond, sources familiar with the matter said.
The state-controlled u
Mashreq has posted first-half 2018 net profit of Dh1.2 billion up 5.2 per cent compared to Dh1.1 billion in the same period in 2017. For the second quarter of this year the bank reported a net profit