Soaring Asian economies are driving growth in oil consumption today. In India alone, demand is expected to almost double to 10 million barrels per day by 2040.
It is for that reason – and a host of others – that the agreement on Monday between Adnoc and Saudi Aramco to jointly invest in a $44 billion refinery on India's west coast is so shrewd. Combined, they will hold a 50 per cent stake in the site while an Indian-led consortium will hold the rest. The facility at Ratnagiri – which will refine up to 1.2 million barrels of crude oil daily and produce 18m tonnes of chemical products each year – will stand Abu Dhabi in excellent stead as it diversifies its oil and gas industry.
The joint agreement is wise for four key reasons. First, it secures a steady market for Abu Dhabi's oil – and a thirsty one at that. India is the world's third largest consumer of crude and plans to more than double its refinery capacity by 2040. Monday's deal allows Adnoc and Aramco to corner a lucrative market of truly epic proportions.
Second, it reflects a measured approach based on diversification within the oil and gas sector. Many oil producers, from Nigeria to Venezuela, failed to grasp the need to invest downstream, comfortable simply to pump and sell crude oil. Their myopia bit in 2014 when sliding oil prices tanked their economies. The UAE, by contrast, recognised early the need to diversify. The Ratnagiri deal follows a multibillion dirham investment in the world’s largest refinery, in Ruwais, near Abu Dhabi. Crucially, the complex in Ratnagiri will host both refining and petrochemical facilities, allowing it to produce a wide range of products for booming local markets.
Third, their combined 50 per cent stake reflects growing economic co-operation between the UAE and Saudi Arabia, who have been eyeing joint investment opportunities for some time. It will catalyse future co-operation between the two, upon whom regional stability and prosperity increasingly depend.
Fourth, the deal has all the hallmarks of a lucrative long-term investment, combining as it does the oil supply, technology, resources and expertise of multiple international oil companies.
Ultimately, Ratnagiri refinery investment offers significant mutual benefit for all parties. It ensures a secure supply of crude oil for India and affords Adnoc and Aramco a crucial foothold for its products in a flourishing market.
Like many fellow oil producers, Abu Dhabi has taken clear steps to diversify within and beyond oil and gas. By working together with Saudi it can be even more competitive than it already is alone, which will help to secure stable revenue and future prosperity.
Company%20Profile
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Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
COMPANY%20PROFILE%20
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Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
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.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
BlacKkKlansman
Director: Spike Lee
Starring: John David Washington; Adam Driver
Five stars
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
Barbie
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COMPANY%20PROFILE
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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.
Dubai Rugby Sevens
November 30, December 1-2
International Vets
Christina Noble Children’s Foundation fixtures
Thursday, November 30:
10.20am, Pitch 3, v 100 World Legends Project
1.20pm, Pitch 4, v Malta Marauders
Friday, December 1:
9am, Pitch 4, v SBA Pirates
What is type-1 diabetes
Type 1 diabetes is a genetic and unavoidable condition, rather than the lifestyle-related type 2 diabetes.
It occurs mostly in people under 40 and a result of the pancreas failing to produce enough insulin to regulate blood sugars.
Too much or too little blood sugar can result in an attack where sufferers lose consciousness in serious cases.
Being overweight or obese increases the chances of developing the more common type 2 diabetes.
RESULTS
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The specs: 2018 Ducati SuperSport S
Price, base / as tested: Dh74,900 / Dh85,900
Engine: 937cc
Transmission: Six-speed gearbox
Power: 110hp @ 9,000rpm
Torque: 93Nm @ 6,500rpm
Fuel economy, combined: 5.9L / 100km
UAE currency: the story behind the money in your pockets
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
%3Cp%3EThe%20Punishment%20of%20Luxury%3Cbr%3EOMD%3Cbr%3E100%25%20Records%3C%2Fp%3E%0A
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
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