Adnoc Distribution opened its first service station in Dubai as the UAE’s largest fuel and convenience retailer expands its footprint in the country and beyond.
The station, located in Dubai Investments Park, is solar-powered and will include a charger for electric vehicles, the company said in a statement on Monday.
“At the time of our IPO in December 2017, we committed to expand our service station footprint into Saudi Arabia and Dubai before the end of 2018,” said Adnoc Distribution acting chief executive Saeed Al Rashdi. “As promised, these initiatives have been delivered, with further network growth to come in 2019.”
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Adnoc Distribution, which last December floated 10 per cent of its shares in the first initial public offering on the Abu Dhabi stock exchange in six years, has a large presence in the fuel retail markets in Sharjah and Abu Dhabi. The company is the first unit of parent Abu Dhabi National Oil Company to go public.
The company said earlier this month it would open two service stations in Saudi Arabia, its first foray outside the home market as it weighs options to expand internationally.
Adnoc Distribution is seeking acquisitions to expand with a $200 million (Dh734.6m) capital expenditure programme, Adnoc deputy chief executive John Carey told The National last month.
The company has sufficient cash flow to focus on acquisitions both in the UAE and internationally, Mr Carey said at the time. Adnoc Distribution is hunting for acquisitions abroad, both in its fuel retail as well as lubricants business, according to Mr Carey.
The company's third-quarter net profit surged 55 per cent to Dh558m, boosted by revenues and a decline in expenditures. Revenue for the same quarter rose about 24 per cent to Dh5.96 billion compared to the same period a year ago.
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Dates for the diary
To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:
- September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
- October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
- October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
- November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
- December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
- February 2, 2018 Bodytree will host its 4th annual yoga market.
Iran's dirty tricks to dodge sanctions
There’s increased scrutiny on the tricks being used to keep commodities flowing to and from blacklisted countries. Here’s a description of how some work.
1 Going Dark
A common method to transport Iranian oil with stealth is to turn off the Automatic Identification System, an electronic device that pinpoints a ship’s location. Known as going dark, a vessel flicks the switch before berthing and typically reappears days later, masking the location of its load or discharge port.
2. Ship-to-Ship Transfers
A first vessel will take its clandestine cargo away from the country in question before transferring it to a waiting ship, all of this happening out of sight. The vessels will then sail in different directions. For about a third of Iranian exports, more than one tanker typically handles a load before it’s delivered to its final destination, analysts say.
3. Fake Destinations
Signaling the wrong destination to load or unload is another technique. Ships that intend to take cargo from Iran may indicate their loading ports in sanction-free places like Iraq. Ships can keep changing their destinations and end up not berthing at any of them.
4. Rebranded Barrels
Iranian barrels can also be rebranded as oil from a nation free from sanctions such as Iraq. The countries share fields along their border and the crude has similar characteristics. Oil from these deposits can be trucked out to another port and documents forged to hide Iran as the origin.
* Bloomberg
Racecard:
2.30pm: Hamdan bin Rashid Al Maktoun Emirates Breeders Society Challenge; Conditions (PA); Dh40,000; 1,600m
3pm: Handicap; Dh80,000; 1,800m
3.30pm: Jebel Ali Mile Prep Rated Conditions; Dh110,000; 1,600m
4pm: Handicap; Dh95,000; 1,950m
4.30pm: Maiden; Dh65,000; 1,400m
5pm: Handicap; Dh85,000; 1,200m
