Pakistan invests $305 mn to find crude, natural gas in UAE's Persian Gulf waters
3 years, 4 months ago

Pakistan invests $305 mn to find crude, natural gas in UAE's Persian Gulf waters

Hindustan Times  

The United Arab Emirates awarded an oil concession to companies from Pakistan for the first time. A group led by state-owned Pakistan Petroleum Ltd. will invest about $305 million to find crude and natural gas in the UAE’s Persian Gulf waters, according to Abu Dhabi National Oil Co. Adnoc is expanding its fields and inviting partners to develop new deposits as Abu Dhabi -- the biggest emirate in the UAE -- seeks to boost production capacity by roughly 25% to 5 million barrels a day by 2030. Unlike Saudi Arabia and most other Gulf OPEC members, Abu Dhabi has international companies as equity investors in its oil and gas fields. Abu Dhabi sovereign fund Mubadala Investment Co. owns a stake in a refinery in Pakistan. The Pakistani consortium also includes Mari Petroleum Co., Oil and Gas Development Co., and Government Holdings Ltd. Each company will own a 25% stake in the venture, Pakistan Petroleum said in a filing to the stock exchange in Karachi.

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History of this topic

$5 billion investment pledged for oil, gas exploration in Pakistan: Shehbaz Sharif
6 months ago

$5 billion investment pledged for oil, gas exploration in Pakistan: Shehbaz Sharif

The Hindu  

Pakistan is expected to get an investment of $5 billion over the next three years from local and international firms for the exploration and development of petroleum and gas reserves that will save the cash-strapped country's valuable foreign exchange and provide relief to the common man bearing the brunt of high fuel prices. The announcement was made in a meeting …

Abu Dhabi considers investment worth $50 billion in India
1 year, 2 months ago

Abu Dhabi considers investment worth $50 billion in India

Firstpost  

Over the past decade, the two nations have been working to strengthen their relationship and have set a goal to increase non-oil bilateral trade to $100 billion. Notably, Modi’s recent visit to Abu Dhabi marked his fifth trip to the Gulf nation since assuming office as the Prime Minister in 2014. Earlier this year, India and the UAE set a …

Pakistan approves projects worth billions of dollars to Gulf countries for investment purpose
1 year, 5 months ago

Pakistan approves projects worth billions of dollars to Gulf countries for investment purpose

The Hindu  

In a major development, Pakistan has in principle approved 28 projects worth billions of dollars that would be offered to Gulf countries for investment with the long-term objective to reduce reliance on loans and imports. The list of the approved projects suggests that if all the schemes are picked up by countries, including Qatar, Saudi Arabia, the UAE and Bahrain, …

UAE announces plans to invest $54B in energy and triple renewable sources
1 year, 6 months ago

UAE announces plans to invest $54B in energy and triple renewable sources

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The United Arab Emirates plans …

UAE names oil company chief to lead UN COP28 climate talks
1 year, 11 months ago

UAE names oil company chief to lead UN COP28 climate talks

Firstpost  

The UAE on Thursday named a veteran technocrat who both leads Abu Dhabi’s state-run oil company and oversees its renewable energy efforts to be the president of the upcoming United Nations climate negotiations in Dubai Dubai: The United Arab Emirates on Thursday named a veteran technocrat who both leads Abu Dhabi’s state-run oil company and oversees its renewable energy efforts …

Cash-strapped Pakistan gets USD 8 billion in financial support from Saudi Arabia
2 years, 8 months ago

Cash-strapped Pakistan gets USD 8 billion in financial support from Saudi Arabia

India TV News  

Saudi Arabia has agreed to provide Pakistan with a "sizeable package" of around USD 8 billion to help the cash-starved country bolster dwindling forex reserves and revive its ailing economy, a media report said on Sunday. Pakistan had proposed doubling the oil facility from USD 1.2 billion to USD 2.4 billion and Saudi Arabia agreed to it. Saudi Arabia provided …

Abu Dhabi’s ADNOC announces a new offshore gas find
2 years, 11 months ago

Abu Dhabi’s ADNOC announces a new offshore gas find

Associated Press  

DUBAI, United Arab Emirates — Abu Dhabi’s state-owned oil and gas company announced Thursday the discovery of between 1.5 to 2 trillion standard cubic feet of raw gas in an offshore area located in the emirate’s northwest. The United Arab Emirates, where Abu Dhabi is capital, was the first Gulf Arab state last year to join other countries around the …

Saudi Arabia to provide $4.2 billion aid to cash-strapped Pakistan; Imran Khan thanks MBS
3 years, 2 months ago

Saudi Arabia to provide $4.2 billion aid to cash-strapped Pakistan; Imran Khan thanks MBS

Firstpost  

Information minister Fawad Chaudhry took to Twitter to announce the assistance which came just two days after Imran paid a three-day visit to the Kingdom Islamabad: Saudi Arabia has agreed to provide $4.2 billion worth of assistance to cash-strapped Pakistan to support its economy, it emerged on Wednesday after Prime Minister Imran Khan held talks with Saudi Prince Mohammad bin …

UAE, India look to double trade to at least $100B over five years
3 years, 3 months ago

UAE, India look to double trade to at least $100B over five years

Al Jazeera  

The United Arab Emirates is trying to burnish its credentials as a global hub for business and finance in the face of growing regional competition from Saudi Arabia. The two governments are set to start talks on an economic pact aimed at boosting business, investment and jobs, UAE Minister of State for Foreign Trade Thani Al Zeyoudi said on a …

The billion-dollar UAE-Israel gas deal will go forward
3 years, 7 months ago

The billion-dollar UAE-Israel gas deal will go forward

Al Jazeera  

The ongoing bombing of Gaza is unlikely to deter the UAE from investing big in its new ally’s gas fields. While the recent escalation in the Occupied Palestinian Territories and Israel’s ongoing bombing of the Gaza Strip are expected to significantly increase the political risks associated with investing in the Israeli oil and gas sector, they are unlikely to deter …

Abu Dhabi wants to revolutionize how the Middle East sells oil
3 years, 9 months ago

Abu Dhabi wants to revolutionize how the Middle East sells oil

Live Mint  

Tucked between the Gulf of Oman and a craggy mountain range, the dusty port Fujairah isn’t an obvious base from which to try and revolutionize the Middle East’s oil markets. Persian Gulf states pump nearly 20 million barrels of oil a day and Abu Dhabi wants the futures for its flagship Murban grade to become the region’s main benchmark. “If …

PM Modi may stopover in Riyadh to firm up oil deals
5 years, 3 months ago

PM Modi may stopover in Riyadh to firm up oil deals

India TV News  

Amid reports that Saudi Aramco is set to announce its IPO next month, which would be the world's largest-ever listing, India would be looking to expedite the $44 billion West Coast refinery project in Maharashtra, in which Saudi Aramco is to hold considerable stake, as well Reliance Industries Ltd $15 billion deal with the Saudi oil giant to sell 20 …

Saudi Aramco offers to increase oil supply to India
5 years, 8 months ago

Saudi Aramco offers to increase oil supply to India

Live Mint  

New Delhi: The world's largest oil company Aramco will provide additional crude oil to domestic oil refiners to meet shortages arising from the US decision to lift Iran sanction waivers from major oil importing countries, including India. Sources in state-run oil companies said that the Saudi Arabian oil giant has offered to increase crude oil supplies to India by 200,000 …

Saudi Arabia to set up $10 bn oil refinery in Gwadar; wants to make Pak's economic development 'stable'
5 years, 11 months ago

Saudi Arabia to set up $10 bn oil refinery in Gwadar; wants to make Pak's economic development 'stable'

Firstpost  

Pakistan wants to attract investment and other financial support to tackle a soaring current account deficit caused partly by rising oil prices. Gwadar, Pakistan: Saudi Arabia plans to set up a $10 billion oil refinery in Pakistan’s deepwater port of Gwadar, the Saudi energy minister said on Saturday, speaking at the Indian Ocean port that is being developed with the …

Abu Dhabi Crown Prince holds talks with Imran Khan, discusses oil refinery in Pakistan
6 years ago

Abu Dhabi Crown Prince holds talks with Imran Khan, discusses oil refinery in Pakistan

India TV News  

Pakistan on Sunday said the UAE has "almost finalised" investment plan for the setting up of an oil refinery in the country as the Crown Prince of Abu Dhabi met Prime Minister Imran Khan and discussed economic assistance to the cash-strapped country to bolster its foreign exchange reserves. Pakistan, reeling under severe financial crisis, reached out to some "friendly countries" …

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