Abu Dhabi agrees to supply China with 200,000 barrels of oil a day



Abu Dhabi has agreed to increase oil exports to China to 200,000 barrels daily.

Abu Dhabi National Oil Company, a government-owned entity, will provide more crude to the state-owned China National Petroleum Corporation (CNPC) starting in 2014, according the UAE state news agency WAM. The emirate already exports oil to China, but yesterday's report from WAM did not specify how much.

The deal follows a 2009 agreement between the two companies to cooperate on oil trading, shipping and storage.

China, the world's fastest-growing oil market, is seeking to meet oil demand that is projected by the International Energy Agency to rise by 6 per cent this year. That would translate into nearly 570,000 barrels per day (bpd) of demand on top of last year's 9.39 million bpd.

China has invested in drilling in risky nations such as Sudan while courting major suppliers such as Saudi Arabia. In 2009, the kingdom nearly doubled exports to China over the previous year, for the first time sending more oil to China than to the US.

China has sought to strengthen its relationship with producers through projects in the Middle East, including cooperation with Saudi Aramco on refineries in the kingdom and a US$218 million (Dh800.7m) contract to supply oil rigs to Abu Dhabi. CNPC also won the contract to build a strategic UAE pipeline to funnel Abu Dhabi crude to the Fujairah coast, allowing about half of the emirate's crude exports to bypass the Strait of Hormuz.

China and the UAE have approached each other on other fronts. The UAE Central Bank is considering holding some of its foreign currency assets in Chinese yuan, which would make it the first central bank to do so in a dollar-dominated region. The move would also allow more trade and investment between the two nations.

Other sectors are reaping the benefits of the countries' increasingly warm relations, with the number of Chinese visitors to Dubai expected to grow by more than half this year.

Last year, the emirate recorded 152,000 visitors from China, according to the Dubai Department of Tourism and Commerce Marketing.

Meanwhile construction contracts awarded to Chinese companies, including for work on the Abu Dhabi-Fujairah oil pipeline, have totalled $4.8 billion in the past two years. China is now the UAE's second-largest trading partner.

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Dubai works towards better air quality by 2021

Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.

The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.

These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.

“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.

“We’re in a good position except for the cases that are out of our hands, such as sandstorms.

“Sandstorms are our main concern because the UAE is just a receiver.

“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”

Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.

There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.

“There are 25 stations in total,” Mr Al Daraji said.

“We added new technology and equipment used for the first time for the detection of heavy metals.

“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”

If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
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Business Insights
  • As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses. 
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NYBL PROFILE

Company name: Nybl 

Date started: November 2018

Founder: Noor Alnahhas, Michael LeTan, Hafsa Yazdni, Sufyaan Abdul Haseeb, Waleed Rifaat, Mohammed Shono

Based: Dubai, UAE

Sector: Software Technology / Artificial Intelligence

Initial investment: $500,000

Funding round: Series B (raising $5m)

Partners/Incubators: Dubai Future Accelerators Cohort 4, Dubai Future Accelerators Cohort 6, AI Venture Labs Cohort 1, Microsoft Scale-up 

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Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

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Tries: Rieko Ioane, Nehe Milner-Skudder (2), Scott Barrett, Brodie Retallick, Ofa Tu'ungfasi, Lima Sopoaga, Codie Taylor. Conversions: Beauden Barrett (7). Penalty: Beauden Barrett

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Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
The Energy Research Centre

Founded 50 years ago as a nuclear research institute, scientists at the centre believed nuclear would be the “solution for everything”.
Although they still do, they discovered in 1955 that the Netherlands had a lot of natural gas. “We still had the idea that, by 2000, it would all be nuclear,” said Harm Jeeninga, director of business and programme development at the centre.
"In the 1990s, we found out about global warming so we focused on energy savings and tackling the greenhouse gas effect.”
The energy centre’s research focuses on biomass, energy efficiency, the environment, wind and solar, as well as energy engineering and socio-economic research.

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Price, as tested: Dh84,000

Engine: 1.4L, four-cylinder turbo

Transmission: Six-speed auto

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Fuel economy, combined: 6.5L / 100km

IPL 2018 FINAL

Sunrisers Hyderabad 178-6 (20 ovs)
Chennai Super Kings 181-2 (18.3 ovs)

Chennai win by eight wickets

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

Electoral College Victory

Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate. 

 

Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.

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SPECS

Engine: Two-litre four-cylinder turbo
Power: 235hp
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