Mubadala Investment Company is close to taking final decisions on an international gas asset in Malaysia and a petrochemicals facility in the United States, its Petroleum & Petrochemicals chief executive said, with the expansion of its refinery in Pakistan also under consideration.
“We’re about to finalise final investment decision on a big gas discovery project in Malaysia," Musabbeh Al Kaabi told reporters on the sidelines of an energy forum in Abu Dhabi on Saturday.
"We’re the operator, we have two big reputable IOCs [international oil companies] with us on this project - Petronas and Shell.”
Mubadala, Abu Dhabi's state-owned investment company, announced significant gas discoveries in 2014 in the Pegaga gas development project in Malaysia, in which it holds a 55 per cent stake.
A decision on the project, which is said to hold trillions of cubic feet worth of gas reserves, will be taken “within the next few weeks”, said Mr Al Kaabi.
Malaysian state-owned Petronas has a 25 per cent interest in the project, with local Shell affiliate Sarawak Shell Berhad holding the remainder.
Mr Al Kaabi said last March at a conference in Kuala Lumpur that the partners were in "very active discussion" to "accelerate the development of the resource".
Mubadala will also look to make a financial investment decision on a new cracker on its polyethylene plant on the US Gulf Coast "during this month", Mr Al Kaabi added.
The petchems facility, which taps into US shale gas as a feedstock, was announced last March, as a US$1.7 billion joint venture between Mubadala subsidiaries Nova Chemicals and Borealis, together with France's Total.
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The facility forms part of plans by Abu Dhabi to substantially increase its petchems interests globally, as well as to expand domestic output by two and a half times to 11.5 million tonnes per annum by 2025.
Mr Al Kaabi said last March at a conference in Kuala Lumpur that the partners were in "very active discussion" to "accelerate the development of the resource".
Mubadala will also look to make a financial investment decision on a new cracker on its polyethylene plant on the US Gulf Coast "during this month", Mr Al Kaabi added.
The petchems facility, which taps into US shale gas as a feedstock, was announced last March, as a US$1.7 billion joint venture between Mubadala subsidiaries Nova Chemicals and Borealis, together with France's Total.
The facility forms part of plans by Abu Dhabi to substantially increase its petchems interests globally, as well as to expand domestic output by two and a half times to 11.5 million tonnes per annum by 2025.
Mr Al Kaabi told delegates at the Atlantic Council's Energy Forum that plans were also under way to expand capacity at the Pak Arab refinery, located in the Pakistani port city of Karachi, "north of 200,000 barrels per day". The refining facility, the largest in Pakistan, has a current refining capacity of 100,000 bpd.
In the UAE, Mr Al Kaabi said Mubadala was in discussions with Abu Dhabi National Oil Company to look at "added value partnerships", giving no further details.
Mubadala Investment Company, which was created after a merger with International Petroleum Investment Corporation in 2017, spent $5bn over the course of last year as it scouted for territories that offered low-cost energy investments such as in the US.
The firm currently manages around $126.7bn in assets following the merger, and has interests ranging from energy to aerospace and infrastructure.
Mubadala's upstream subsidiary manages concessions in Abu Dhabi, Oman, Thailand, Vietnam and Indonesia and had working interest production averaging 320,000 bpd in 2016. Post-merger, Mubadala registered profit of $1.14bn for the first half of 2017, compared with a loss of $1.27bn for the same period in 2016.
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Install an air filter in your home.
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Stay indoors when conditions are particularly poor.
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A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
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Brescia 1 (Skrinia og, 76)
Inter Milan 2 (Martinez 33, Lukaku 63)
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Killing of Qassem Suleimani
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What is double taxation?
- Americans living abroad file taxes with the Internal Revenue Service, which can cost hundreds of dollars to complete even though about 60 per cent do not owe taxes, according to the Taxpayer Advocate Service
- Those obligations apply to millions of Americans residing overseas – estimates range from 3.9 million to 5.5 million – including so-called "accidental Americans" who are unaware they hold dual citizenship
- The double taxation policy has been a contentious issue for decades, with many overseas Americans feeling that it punishes them for pursuing opportunities abroad
- Unlike most countries, the US follows a citizenship-based taxation system, meaning that Americans must file taxes annually, even if they do not earn any income in the US.
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- Golden circle - Dh995
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- Lower Bowl premium - Dh795
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The Facility’s Versatility
Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket
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Rating: 1 out of 4
Running time: 81 minutes
Director: David Blue Garcia
Starring: Sarah Yarkin, Elsie Fisher, Mark Burnham
