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THE ECONOMY - OIL AND GAS

Enoc cuts diesel prices by 6.4%

Posted on 07/02/2015

Emirates National Oil Company (Enoc) has reduced diesel prices by 6.4 per cent to Dh2.90 per litre. The revised price is applicable across the entire service station network of Enoc/Eppco effective 12am, February 8, 2015. Burhan Al Hashemi, Managing Director, Enoc Retail, said: "With oil prices recording a downtrend, we are constantly evaluating how we can pass on benefits to our customers. This also reflects our practice in ensuring that our customers receive good value at all times.” Enoc ...  >>MORE

ADMA-OPCO commissions NASR Phase-1 facilities

Posted on 05/02/2015

The Abu Dhabi Marine Operating Company, ADMA-OPCO, has commissioned its NASR Phase-1 facilities, producing its first oil on 24th January 2015 from the NASR Field located offshore from Abu Dhabi. The first well flowed at 6,000 BOPD and joined the offshore production system. It is a significant step in achieving Abu Dhabi Oil production goals. ADMA-OPCO plans to add 300,000 barrels per day capacity by developing three new fields Offshore, and NASR Field will contribute 65,000 barrels per day to ...  >>MORE

National Oil Companies lost 38 billion in 10 years, says Minister of Energy

Posted on 04/02/2015

ABU DHABI, 4th February, 2015 (WAM) -- Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy, has said that the UAE local oil companies suffered significant losses due to lower oil prices. The total losses reached nearly Dh 38 billion in 10 years. He noted that the Abu Dhabi National Oil Company "ADNOC" lost from the sale of gasoline in 2014, over Dh6.4 billion. The remarks came during the ninth session of the Federal National Council, held yesterday under the chairmanship of Dr. ...  >>MORE

UAE is second largest crude oil exporter to Japan

Posted on 02/02/2015

The United Arab Emirates' exports of crude oil to Japan amounted to 25,089 million barrels during December last year, representing 22.8% of total Japanese imports, which was 110,135 million barrels. In a statement, the Japanese Agency for Natural Resources and Energy, affiliated with the Ministry of Economy, Trade and Industry, explained that the UAE came in second place as the largest crude oil exporter to Japan after Saudi Arabia. The statement pointed out that Arab oil accounted for 73.6%, ...  >>MORE

Dana Gas scores huge achievements in Egypt in 2014

Posted on 02/02/2015

Dana Gas announced a number of major milestones in the successful fulfilment of its growth strategy in Egypt during 2014. Most recently, the signing of Blocks 1 and 3 Concession Agreements in the Nile Delta provides Dana Gas with additional highly material growth opportunities in the country. This supplements a number of positive developments including the recent signing of the landmark Gas Production Enhancement Agreement (GPEA) and the large payment made by the Egyptian government in ...  >>MORE

ADNOC and Total sign New ADCO Concession Agreement

Posted on 30/01/2015

The Abu Dhabi National Oil Company, ADNOC, and Total yesterday signed the new 40-year ADCO Concession Agreement for the ADCO onshore oil fields in the Emirate of Abu Dhabi. In its press statement received by the Emirates News Agency, WAM, ADNOC said that by this agreement, Total, which presented the best technical and commercial offers, receives a 10% participating interest in the new concession and is appointed Asset Leader for the South East and Bu Hasa integrated Asset Groups, with effect ...  >>MORE

Energy Minister: UAE committed to establish its stature as global oil and gas hub

Posted on 27/01/2015

Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy, on Monday reiterated the UAE's commitment to developing and investing in oil and gas industry to further establish its stature as a major global energy producer. In his opening remarks at the Tank Storage Middle East Conference in Abu Dhabi, Al Mazrouei stressed that the UAE is committed to developing oil facilities in accordance with the best international safety standards. He stressed that protecting the environment and human ...  >>MORE

NDC inaugurates its new state-of-the-art jack-up rig

Posted on 18/01/2015

National Drilling Company (NDC) has marked the inauguration of its new state-of-the-art jack-up rig, "Shuwehat", at a ceremony held in the Hamriyah Free Zone in Sharjah. "Shuwehat" is the fifth rig in a series of eight similar units being acquired by NDC and manufactured in the UAE by Lamprell. Commenting on the inauguration during the ceremony held in the presence of Sheikh Saud bin Khalid bin Sultan Al-Qasimi, Advisor at the office of the Ruler of Sharjah, NDC Chief Executive Officer, ...  >>MORE

UAE oil output rises as Opec holds the line

Posted on 17/01/2015

The UAE increased oil production substantially last month as Opec maintained output levels amid a worldwide oil glut, according to the body's latest monthly report on the market. Among individual Opec member countries, the UAE officially reported to the Opec secretariat in Vienna that it pumped an average of just more than 2.9 million barrels per day in December, an increase of about 153,000 bpd from the previous month. The UAE Energy Ministry was unavailable to comment on the source of the ...  >>MORE

UAE Energy Minister: Slump in world oil prices will not impact UAE economy, OPEC has no plan to cut output

Posted on 14/01/2015

Slump in world oil prices will have no impact on the UAE's vibrant economy, Suhail bin Mohammed Faraj Faris Al Mazrouei, the UAE Minister of Energy, emphasised on Tuesday. The minister told the Gulf Intelligence UAE Energy Forum in Abu Dhabi that the UAE would move ahead with plans to boost its oil and gas production capacity and the UAE Strategy 2030 will continue to focus on energy management, efficiency and rationalisation. The UAE's refining capacity, he said, would increase to one million ...  >>MORE

UAE's Shah gas project starts operation

Posted on 13/01/2015

The UAE's Shah gas project has started operations and is expected to reach full capacity by year end, the head of state-run Abu Dhabi National Oil Company (Adnoc) said on Monday. The multi-billion dollar, technically challenging project with U.S.-based Occidental Petroleum is meant to produce usable gas from Shah's high-sulphur field. "Successful commissioning of Shah gas project has started... We look forward to reaching full capacity this year," Adnoc Chief Executive Abdulla Nasser Al ...  >>MORE

Joint campaign of various Dubai Government entities to curb illegal trade in diesel fuel

Posted on 07/01/2015

A committee comprising various Dubai government entities has fined several companies and agents involved in the illegal trade of diesel fuel. The committee, which includes entities such as the Emirates Authority for Standardisation and Metrology, ESMA, Dubai Civil Defence, Dubai Department of Economic Development, Dubai Municipality, Roads and Transport Authority, Dubai Police and Emirates National Oil Company, ENOC, is taking concerted action against violators. The fines were imposed after ...  >>MORE

Abu Dhabi's ADNOC announces crude prices for December 2014

Posted on 07/01/2015

Abu Dhabi National Oil Company (ADNOC) has announced its crude oil prices for December 2014. A company statement said that the prices are as follows: Murban US$60.65 per barrel, Das (a blend of Umm Shaif and Lower Zakum grades) US$59.80, and Upper Zakum US$58.25 per barrel. ADNOC prices its crudes retrospectively for a whole month. – Emirates News Agency, WAM – >>MORE

ENOC reduces diesel prices by 20 fils to Dh 3.10

Posted on 31/12/2014

Emirates National Oil Company, ENOC, which is headquartered in Dubai, yesterday announced that it has reduced the price of diesel by an additional 20 fils to Dh3.10 per litre, effective as of December 30th, 2014. A statement issued by ENOC yesterday says that the decision is in line with the international decrease in crude oil prices, passing on benefits to customers in the shortest time possible. The revised price is applicable across the entire service station network of ENOC and EPPCO. ...  >>MORE

Emarat takes 20 fils off diesel price

Posted on 30/12/2014

Emirates General Petroleum Corporation, Emarat, has lowered diesel prices by 20 fils a litre across all their service stations effective from 30th December 2014. The new diesel price will be Dh3.10 per litre, down from Dh3.30 a litre, Emarat said in a statement. Emarat is revising the price of diesel in line with the international price trends for crude and refined products, said Hussain Kazim, Senior Manager, Corporate Communications at Emarat. He added, "The recent decline in international ...  >>MORE

New oil firm starts operations

Posted on 25/12/2014

Al Dhafra Petroleum Operations Company Ltd, a new petroleum company, has started functioning in Abu Dhabi, in a joint venture between Abu Dhabi National Oil Company (Adnoc) and Korea's two energy giants Knoc and GS who have a combined 40 per cent share interest. The company will soon start its activities on two onshore blocks and one offshore block. The company was set up in December last year by a law issued by the President, His Highness Shaikh Khailfa bin Zayed Al Nahyan. The company board ...  >>MORE

Emirati technical team completes fuel equipment upgrade

Posted on 23/12/2014

Adnoc Distribution, the sole provider of aviation fuel in the Abu Dhabi International Airport, completed the upgrading of supplying fuel equipment and trucks to ensure compliance with world-class technical standards. Adnoc Distribution's Emirati technical team was assigned to upgrading the work. The preliminary stages of the project commenced in end - 2013 focusing on upgrading of fuel equipment, reviewing the designs for conformity and conducting accredited training workshops for the staff. ...  >>MORE

The value of UAE non-oil trade reached Dh525 billion during first half of 2014

Posted on 22/12/2014

The preliminary statistics of the Federal Customs Authority, FCA, showed an increase in the UAE direct total foreign non-oil trade value, amounting to Dh524.7 billion during the first half of 2014, of which imports amounted to Dh340.1 billion, the exports to Dh63.3 billion, and the re-exports to Dh121.4 billion. The FCA announced in a press statement yesterday that the UAE has continued to strengthen its pre-eminent position on the world trade map, and expand the role it plays in facilitating ...  >>MORE

Dubai announces crude oil price for March

Posted on 19/12/2014

The Department of Oil Affairs of the Government of Dubai has announced that it has notified its customers that the official price of Dubai crude oil, to be delivered in March 2015, will be US$1 lower than the average daily settlement price of the Oman Crude Oil Financial Contract in Dubai Mercantile Exchange for contracts being traded over the next month. Abdullah Abdul Karim, Director-General of the department, told Emirates News Agency, WAM, that the department sets the price of Dubai crude ...  >>MORE

UAE’s non-oil private sector output on the rise

Posted on 06/12/2014

The Purchasing Manager's Index (PMI) for October showed that the non-oil private sector economy continued to indicate a marked improvement in business conditions in the final quarter of 2014, 'Gulf News' reported yesterday. The PMI, compiled by HSBC and Markit Economics, is a composite indicator of UAE's non-oil economy based on data compiled from purchasing executives in approximately 400 private sector companies in the UAE. The survey's headline figure remained well above the neutral ...  >>MORE

First fuel station within DIP opens

Posted on 01/12/2014

Dubai Investments Park (DIP), a unique integrated commercial, industrial & residential community in the Middle East wholly-owned by Dubai Investments PJSC, has announced the opening of the first fuel station within the development. Located between DIP -1 and DIP -2, the service station is operated by Emirates National Oil Company (ENOC).Spread over an area of over 6,250 square metres - with a forecourt of over 350 square metres and the ZOOM convenience store extending over 135 square metres, ...  >>MORE

ADNOC takes full ownership of IRSHAD

Posted on 01/12/2014

Abu Dhabi National Oil Company (ADNOC) has become the sole owner of Abu Dhabi Petroleum Ports Operating Company (IRSHAD) after it acquired Smit Lamnalco limited 40 per cent share in IRSHAD. IRSHAD Company was established on January 1979 as a joint venture between ADNOC with 60 percent of its capital share and Land Marine National Contracting Company (LAMNALCO) with 40 percent share to operate and maintain the petroleum and industrial ports of Abu Dhabi. The deal was signed by Darwish Abdullah ...  >>MORE

U.A.E. is considering new strategy for energy sector, minister says

Posted on 25/11/2014

The United Arab Emirates will adopt a new strategy for diversifying the sources of energy and integrating nuclear power with hydrocarbons and renewable energy sources for power generation, energy minister Suhail bin Mohammed Faraj Faris Al Mazrouei has said. Al Mazrouei made the remarks while speaking to over 100 visiting journalists from 45 countries on the behest of the National Media Council as part of the celebrations of the U.A.E.'s 43rd national day anniversary. The minister said the ...  >>MORE

U.A.E. launches State of Energy Report

Posted on 24/11/2014

The United Arab Emirates has issued the ‘State of Energy Report in the U.A.E. 2015', highlighting the best practices and success stories of national activities in the process of developing the energy sector. The report also focuses on renewable energy contributions in the U.A.E.'s energy diversification policy and energy efficiency criteria as well as the consolidation of efforts to achieve clean, safe and sustainable energy as the main basis of promoting economic and social growth and ...  >>MORE

Minister of Energy: U.A.E. will continue to invest in oil output capacity despite oil prices slump

Posted on 19/11/2014

The U.A.E. will continue to invest heavily in oil and gas output capacity to meet the growing global demand for energy products regardless of the current slump in world oil prices, Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy, affirmed yesterday. 'We will also work with the OPEC to stabilise the supply-demand equation...We don't see any need for politicising the oil and gas pricing mechanism,' Al Mazrouie said in a keynote address at the opening of the 20th Annual Energy ...  >>MORE

U.A.E. participates in the 4th Joint Ministerial Gas Forum in Mexico

Posted on 15/11/2014

The U.A.E. participated in the 4th joint Ministerial Gas Forum, organised by the International Energy Forum (IEF) and the International Gas Union (IGU) in partnership with Ministry of Energy of Mexico in Acapulco from 11-12 November 2014. The 4th IEF-IGU Ministerial Gas Forum gathered energy ministers, industry CEOs and selected thought-leaders for discussions around "The Role of Gas in Energy Security and Sustainable Economic Development". Dr. Mattar Al Neyadi, Undersecretary of Ministry of ...  >>MORE

ADNOC is committed to its responsibility towards society and the environment, says official

Posted on 14/11/2014

Speaking to WAM on Thursday, on the sidelines of the last day of the Abu Dhabi International Petroleum Exhibition and Conference, ADIPEC, Ali Khalifa Al Shamsi, Chairman of ADIPEC 2014, Director of Strategy and Coordination, ADNOC, said that ADNOC is committed to its responsibility towards society and the environment, and has taken progressive measures towards minimising its carbon footprint. "One of ADNOC's core commitments is to society and the environment, and to raising awareness through ...  >>MORE

Women leaders in the energy sector spotlight gender equality developments in the workplace

Posted on 14/11/2014

Although great strides have been made when it comes to women entering the energy sector, the present challenge for female professionals in the field lies in attaining senior-level positions, according to women leaders in the oil and gas industry. Women leaders shared their insights during a panel discussion on "Women in Industry", which is an exclusive series of ADIPEC 2014 events and initiatives held under the patronage of Sheikha Lubna Bint Khalid Al Qasimi, Minister of International ...  >>MORE

ADNOC collaborates with Wintershall and OMV for exploration and evaluation of Shuwaihat field

Posted on 14/11/2014

Abu Dhabi National Oil Company (ADNOC) is collaborating with Wintershall, Germany's largest internationally active oil and gas producer, and Austria's OMV company for exploration and evaluation of Shuwaihat field. In this spirit, Wintershall, the Abu Dhabi National Oil Company (ADNOC) and Austria's OMV company signed an agreement in June 2012 to appraise the Shuwaihat sour gas and condensate field. As the operator Wintershall will be responsible for the technical appraisal and development of ...  >>MORE

U.A.E. has taken its lead in widening its own energy mix: U.A.E. governor for OPEC

Posted on 13/11/2014

Ali Obaid Al Yabhouni, U.A.E. Governor for OPEC, and Chairman of the Board and Chief Executive Officer of ADNATCO and NGSCO, has said that U.A.E. has taken its lead in widening its own energy mix to include nuclear, renewable energy to ensure that the country's carbon foot print is reduced. "While at the same time more crude oil and petroleum products are made available for export, we also recognise the importance of protecting environment mitigating the climate change," he said while speaking ...  >>MORE

Drydocks World bags ADIPEC award for Best Oil and Gas project

Posted on 13/11/2014

Drydocks World has received the Best Oil and Gas Project award for the Construction of World's Deepest and Largest Subsea Oil Storage facility consisting of a 45m x 45m x 25m structural tank connected with pile sleeves and mud mats weighing a total of 10,150 tonnes. The award recognises a project that showcases regional innovation through an outstanding original approach and was presented during a ceremony held yesterday on the 30th anniversary of Abu Dhabi International Petroleum Exhibition ...  >>MORE

ADCO, ESNAAD announce cooperation on well stimulation services

Posted on 13/11/2014

A Memorandum of Cooperation (MoC) between ADCO and ESNAAD for the provision of new coiled tubing & stimulation package and related services on ADCO's Wells was signed yesterday at ADIPEC. The agreement was signed yesterday by Abdul Munim Saif Al Kindi, CEO of ADCO and Dagher Darwish Al Marar, CEO of ESNAAD at ADNOC stand at the Abu Dhabi International Exhibition and Conference (ADIPEC 2014), which is taking place at the Abu Dhabi National Exhibitions Centre (ADNEC). The MoC was signed in the ...  >>MORE

TAQA reports income of Dh620 million during 1st nine months of 2014

Posted on 13/11/2014

TAQA, the Abu Dhabi National Energy Company, generated net income of Dh620 million and reduced its debt by over Dh3 billion during the first nine months of 2014. TAQA's oil and gas production averaged a new record level of 158,500 barrels of oil equivalent per day during the nine month period, up 17% compared to the first nine months of 2013. The company increased its power generation capacity by 700 megawatt (MW) to 17,095 MW following the expansion of the Jorf Lasfar power station in ...  >>MORE

ADNOC Distribution implements further reduction on price of refilling LPG cylinders in service stations across Northern Emirates

Posted on 13/11/2014

ADNOC Distribution has announced reduced prices for the refilling of liquefied petroleum gas (LPG) cylinders of 25 lbs capacity at its service stations in the Northern Emirates including Sharjah, Ajman, Umm Al Qaiwain, Ras Al Khaimah and Fujairah. Effective from 12 November, 2014, ADNOC Distribution has brought down the price to Dh33 per 25 lb cylinder from its previous marked retail price of Dh40. Khalid Hadi, Vice-President of Marketing and Corporate Communications, ADNOC Distribution, ...  >>MORE

Abu Dhabi's economy in a booming stage with new projects unfolding in oil and gas

Posted on 12/11/2014

Abu Dhabi's economy is in a booming stage with new projects unfolding in the oil and gas sector of the emirate, transforming the capital city into a major regional hub of economic and industrial activities with a strong future outlook. "Abu Dhabi is going to be a big market when all the previous projects have ended, and six months from now there will be another boom of projects in oil and gas, some power plants are coming, there are couple of projects coming in Fujairah as well, some ...  >>MORE

Mubadala Petroleum starts production at Manora oil field in Thailand

Posted on 12/11/2014

Mubadala Petroleum has announced that production commenced at its Manora oil field in the northern Gulf of Thailand on 11th November. Production is expected to reach a peak rate of approximately 15,000 bpd as production wells are completed. Up to 10 production wells and five injection wells in the main reservoir sequence are planned. The field is located within the G1/48 concession, approximately 80 kilometres offshore in 44 meters of water. The Manora project has been delivered with a strong ...  >>MORE

ADMA-OPCO signs $3.5 billion contracts for Nasr Field Development, additional gas production at Umm Shaif Field

Posted on 12/11/2014

Abu Dhabi Marine Operating Company, ADMA-OPCO, has signed three major contracts for Nasr Full Field Development Project with National Petroleum Construction Company (NPCC), Hyundai Heavy Industries (HHI) and Technip, at an approximate total value of US$ 3 billion (Dh11.02 billion). ADMA-OPCO has also awarded a forth contract for EPC Work for Additional Gas Supply to Onshore & Flexibility Assurance at Umm Shaif Super Complex to NPCC at an approximate value of US$ 494 million (Dh1.8 billion). ...  >>MORE

U.A.E. looks for a sustainable future for oil industry: Suhail Al Mazrouei

Posted on 11/11/2014

Suhail Mohamed Faraj Al Mazrouei, U.A.E. Minister of Energy has said that U.A.E. is not panicking and looking forward for a sustainable future of the oil industry. He was answering queries from the journalists after the conclusion of the ministerial panel session, here at the ADIPEC. He said, as member of the Organisation of the Petroleum Exporting Countries (OPEC), the U.A.E. is committed to supply the world with the resources. "Let's wait, let's not panic, let's wait for the OPEC meeting, ...  >>MORE

ADNOC and Masdar launch joint venture to develop Commercial-Scale Carbon Capture, Usage and Storage Projects

Posted on 11/11/2014

Abu Dhabi National Oil Company (ADNOC) and Masdar yesterday signed a joint venture agreement – the Middle East's first company focused on exploring and developing commercial-scale projects for carbon capture, usage and storage (CCUS). The parties jointly awarded a Dh450 million engineering, procurement and construction (EPC) contract to Dodsal Group to build a carbon dioxide (CO2) compression facility and a 50 km pipeline. The joint venture is 51 percent owned by ADNOC and 49 percent by ...  >>MORE

Minister of Energy: U.A.E. invested US$70 billion to develop and boost oil and gas output capacity

Posted on 10/11/2014

Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy, has revealed that Abu Dhabi National Oil Company (ADNOC) has so far invested US$70 billion to develop new oil and gas fields and to boost the current output capacity of the U.A.E. to 3.5 million barrels per day by 2017. 'The Shah Gas Project is on track to commence production in 2014. Developed by Al Hosn Gas, the project is the first of its kind to process sour gas. ADNOC is also developing the Bab sour gas field, making the ...  >>MORE

Japan and Abu Dhabi: agreement on joint oil storage

Posted on 10/11/2014

Mr. Yosuke Takagi, State Minister for Economy, Trade and Industry (METI) of Japan, and Abdulla Nasser Al Sweidi, Director General of Abu Dhabi National Oil Company (ADNOC) signed the new Memorandum of Cooperation (MoC) for Joint Oil Storage Project between Japan and Abu Dhabi. Under the project, METI provides ADNOC with private crude oil tanks of approximately 6.3 million barrels in Japan, where ADNOC stores its crude oil. In case that Japan faces oil supply shortage, ADNOC gives priority to ...  >>MORE

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Quick List

Enoc cuts diesel prices by 6.4%


ADMA-OPCO commissions NASR Phase-1 facilities


National Oil Companies lost 38 billion in 10 years, says Minister of Energy


UAE is second largest crude oil exporter to Japan


Dana Gas scores huge achievements in Egypt in 2014


ADNOC and Total sign New ADCO Concession Agreement


Energy Minister: UAE committed to establish its stature as global oil and gas hub


NDC inaugurates its new state-of-the-art jack-up rig


UAE oil output rises as Opec holds the line


UAE Energy Minister: Slump in world oil prices will not impact UAE economy, OPEC has no plan to cut output


UAE's Shah gas project starts operation


Joint campaign of various Dubai Government entities to curb illegal trade in diesel fuel


Abu Dhabi's ADNOC announces crude prices for December 2014


ENOC reduces diesel prices by 20 fils to Dh 3.10


Emarat takes 20 fils off diesel price


New oil firm starts operations


Emirati technical team completes fuel equipment upgrade


The value of UAE non-oil trade reached Dh525 billion during first half of 2014


Dubai announces crude oil price for March


UAE’s non-oil private sector output on the rise


First fuel station within DIP opens


ADNOC takes full ownership of IRSHAD


U.A.E. is considering new strategy for energy sector, minister says


U.A.E. launches State of Energy Report


Minister of Energy: U.A.E. will continue to invest in oil output capacity despite oil prices slump


U.A.E. participates in the 4th Joint Ministerial Gas Forum in Mexico


ADNOC is committed to its responsibility towards society and the environment, says official


Women leaders in the energy sector spotlight gender equality developments in the workplace


ADNOC collaborates with Wintershall and OMV for exploration and evaluation of Shuwaihat field


U.A.E. has taken its lead in widening its own energy mix: U.A.E. governor for OPEC


Drydocks World bags ADIPEC award for Best Oil and Gas project


ADCO, ESNAAD announce cooperation on well stimulation services


TAQA reports income of Dh620 million during 1st nine months of 2014


ADNOC Distribution implements further reduction on price of refilling LPG cylinders in service stations across Northern Emirates


Abu Dhabi's economy in a booming stage with new projects unfolding in oil and gas


Mubadala Petroleum starts production at Manora oil field in Thailand


ADMA-OPCO signs $3.5 billion contracts for Nasr Field Development, additional gas production at Umm Shaif Field


U.A.E. looks for a sustainable future for oil industry: Suhail Al Mazrouei


ADNOC and Masdar launch joint venture to develop Commercial-Scale Carbon Capture, Usage and Storage Projects


Minister of Energy: U.A.E. invested US$70 billion to develop and boost oil and gas output capacity


Japan and Abu Dhabi: agreement on joint oil storage