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ECONOMY

12

WWW.

SAUDIGAZETTE

.COM.SA

TUESDAY 13 NOVEMBER 2018

ADNOC and ISPRL

sign MoU to store

crude oil at Padur

facility in Karnataka

Finablr buys

major share

in Swych

Uber launches Safety Toolkit

for riders, drivers in Kingdom

ADNOC, Aramco to jointly

explore natural gas and

liquefied natgas sectors

Oil & gas industry a critical enabler of economic growth

ABU DHABI —

The Abu Dhabi

National Oil Company (ADNOC)

signed Monday a Memorandum

of Understanding (MoU) with

the Indian Strategic Petroleum

Reserves Ltd (ISPRL) to explore

the possibility of storing ADNOC

crude oil at ISPRL’s underground

oil storage facility at Padur in Kar-

nataka, which has a 2.5 million

ton (17 million barrels) capacity.

Under the MoU, ADNOC could

store crude in two compartments

at Padur.

The MoU with ISPRL, an In-

dian government-owned company

mandated to store crude oil for

emergency needs, follows the ar-

rival, on November 4, of the final

shipment of the initial delivery of

ADNOC crude to be stored in an-

other ISPRL underground facility

in Mangalore, also in Karnataka,

which will store 5.86 million bar-

rels of ADNOC crude oil.

The MoU was signed by Ab-

dulla Salem Al Dhaheri, Director

of Marketing, Sales and Trading

at ADNOC, and HPS Ahuja, CEO

and MD at ISPRL, on the sidelines

of the Abu Dhabi International

Petroleum Exhibition and Confer-

ence (ADIPEC). The signing was

witnessed by Dr. Sultan Ahmed Al

Jaber, UAE Minister of State and

ADNOC Group CEO, and Dhar-

mendra Pradhan, Minister of Pe-

troleum and Natural Gas and Skill

Development and Entrepreneur-

ship for the Government of India.

Dr. Al Jaber said: “India is an

important oil market, and this

agreement underscores the stra-

tegic energy partnership between

the UAE and India, which lever-

ages the UAE’s and ADNOC’s ex-

pertise and oil resources. It is our

firm hope that we will be able to

convert this framework agreement

into a new mutually beneficial

partnership that will create oppor-

tunities for ADNOC to increase

deliveries of high-quality crude oil

to India›s expanding energy mar-

ket and help India meet its grow-

ing energy demand and safeguard

its energy security.”

ADNOC is the only foreign oil

and gas company, so far, to invest,

by way of crude oil , in India’s stra-

tegic petroleum reserves program.

It is also a stakeholder, along with

Saudi Aramco, and a consortium

of Indian state-run companies, in

one of India’s largest refinery and

petrochemicals complexes, to be

constructed at Ratnagiri in Maha-

rashtra.

Dharmendra Pradhan said:

“This Memorandum of Under-

standing will allow ISPRL to

explore, with ADNOC, opportu-

nities related to the possible stor-

age of ADNOC crude at Padur,

which would help to significantly

strengthen the country’s strategic

petroleum reserves. This agree-

ment reflects the strong bonds of

cooperation between India and the

UAE and provides a foundation

for strengthening and expanding

our strategic energy relationship.”

In addition to ADNOC’s stake

in the Ratnagiri refinery, the hy-

drocarbon linkages between the

UAE and India were bolstered in

February 2018, when an Indian

consortium of three companies,

comprising ONGC Videsh, Indian

Oil Company and Bharat PetroRe-

sources Ltd., was awarded a 10 per-

cent participating interest in Abu

Dhabi’s offshore Lower Zakum

concession.

ISPRL has already built 5.33

million tons of underground stor-

age capacity at three locations,

Visakhapatnam (1.33 million tons),

Mangalore (1.5 million tons) and

Padur (2.5 million tons), that can

meet around 10 days of the coun-

try’s oil needs. The government

of India, in June 2018, announced

the creation of two new reserves,

a 4-million-tons storage facility at

Chandikhol, in the eastern state of

Odisha, and an additional 2.5-mil-

lion-tons facility at Padur.

Combined, the existing and

newly announced facilities will

provide around 22 days of emer-

gency coverage for India’s crude

oil requirements.

Indian energy demand is fore-

cast, by the International Energy

Agency (IEA), to grow by more

than any other country in the

period to 2040, propelled by an

economy that will grow to more

than five-times its current size and

by population growth that will

make it the world’s most populous

country. Indian energy consump-

tion is expected to growmore than

double by 2040, accounting for 25

percent of the rise in global energy

demand, and the largest absolute

growth in oil consumption.

India is over 82 percent depen-

dent on imports to meet its crude

oil needs, around eight percent of

which is supplied by the UAE. In

addition to helping to ensure en-

ergy security, participation in the

oil storage facilities, in India, will

enable ADNOC to efficiently and

competitively meet Indian market

demand.

— SG

ABU DHABI —

Finablr, a global

platform for payments and foreign

exchange solutions, has increased

its stake in Swych, a digital gifting

platform, with a follow-on Series B

investment to become a majority

shareholder. With further expo-

sure to the fast-growing digital gift-

ing industry, Finablr will leverage

its network’s leadership and global

presence to bring Swych’s gifting

network to a broader international

audience.

Promoth Manghat, Executive

Director and CEO of Finablr, said:

“At Finablr, we facilitate access for

consumers and businesses to the

digital economy. To deliver on that

promise, we are constantly looking

to innovate and partner with com-

panies providing exceptional prod-

ucts and services. Swych has a dis-

tinctive business proposition that

complements the services offered

by the Finablr network brands.

We have collaborated closely with

Swych’s high-caliber teamon excit-

ing projects over the last year. We

will seek to continue building on

this successful partnership through

our majority stake in the company.”

Deepak Jain, CEO and Founder

of Swych, added: “The presence of

Finablr network companies in key

international markets withmillions

of consumers has the potential to

greatly accelerate Swych’s mission.

Finablr network brands’ entrepre-

neurial culture combined with its

focus on innovation and strong

team is highly synergistic with our

own core values at Swych. This

investment is a testament to the

robustness of our business model

and will be invaluable as we look

to take digital gifting to global au-

diences.”

Going forward, Finablr and

Swych will share their experience

and expertise to create enhanced

gifting and payments experiences

for consumers and businesses

globally. This will be managed

through Swych Blockchain Labs,

a subsidiary of Swych and a dedi-

cated centre of excellence located

in Plano, Texas, established to de-

velop and incubate pioneering Fin-

Tech products across blockchain,

payments, digital wallets and cross-

border e-commerce.

— SG

RIYADH—

Uber on Monday an-

nounced the new Safety Toolkit

which, over the next few weeks,

will be rolled out to riders, driv-

ers and couriers using the app

across the Kingdom. The toolkit

will introduce new innovative fea-

tures which aim to raise the bar on

safety, and increase transparency,

accountability and peace of mind

for all users.

Since launching the app, Uber

has provided millions of people

with technology that allows them

to get a ride at the push of a but-

ton, track every trip with GPS

technology and report any issues

24/7 with a dedicated safety team.

With the introduction of new

safety features, the company aims

to double down on safety and help

make the Uber community safer.

Features that will be intro-

duced as part of the new rider and

driver safety toolkit, include:

l

Emergency button - With the

push of a button in the app, riders

and drivers/couriers can connect

directly to emergency assistance

service when needed.

l

Trusted Contacts - Rid-

ers can now easily designate five

friends or family members as

“trusted contacts” and, with a sin-

gle tap, share their trip informa-

tion which are easily customisable

in their trip sharing preferences.

l

Safety Centre - A new app-

housed safety information hub

where users can find informa-

tion on some of the key existing

safety tools in the app, including

our 24/7 team, information on the

driver and the car, trip GPS-track-

ing and our rating and feedback

system.

l

Speed alerts - A feature

which reminds driver and deliv-

ery partners to maintain a safe

speed within the posted speed

limits.

l

Caller anonymisation - Rid-

ers and drivers will be able to call

each other while maintaining the

privacy of their number while us-

ing Uber

“With more than 15 million

trips on the Uber app every day,

there is nothing more important

than the safety of riders, drivers

and couriers. Over the last year

we’ve been working to develop

innovative products that increase

transparency, accountability and

piece of mind for all users. The

rollout of our new Safety Toolkit

features across Europe, Middle

East and Africa is the next step

in making sure that we’re helping

everyone stay safe and connected,

wherever you might be,” says Sa-

chin Kansal, Uber’s Global Head

of Safety Product.

Uber’s CEO Dara Khosrow-

shahi has made safety a top pri-

ority for 2018. Since joining the

company, he has introduced a

number of changes including a

feature that limits drivers’ time

spent ‘on trip’ before needing to

take a full 6 hour break from the

app, in addition to personal acci-

dent insurance for drivers and de-

livery partners across the Middle

East.

— SG

ABU DHABI —

The Abu Dhabi

National Oil Company (ADNOC)

signed on Monday a framework

agreement with Saudi Aramco

(Aramco) to explore potential

opportunities for collaboration

in the natural gas and Liquefied

Natural Gas (LNG) sectors.

The cooperation brings to-

gether two of the world’s leading

energy producers from the Ara-

bian Gulf to work together in an

area of strategic importance for

both companies as they seek to

boost revenues from natural gas

and LNG business segments.

The agreement was signed by

Dr. Sultan Ahmed Al Jaber, UAE

Minister of State and ADNOC

Group CEO, and Amin Nasser,

Saudi Aramco President and

CEO.

Under the terms of the agree-

ment, ADNOC and Aramco will

jointly assess investment oppor-

tunities across the LNG value

chain that could unlock value and

drive revenue growth for both

companies. They will partner

on techno-economic feasibility

studies and exchange knowledge

and experience in LNG growth

markets.

Dr. Al Jaber said: “The UAE

and the Kingdom of Saudi Arabia

have a strong relationship built

on shared strategic interests.

Increased cooperation between

ADNOC and Saudi Aramco will

ensure greater energy security

and long-term economic pros-

perity for both nations.”

“This agreement reinforces

our strategy to undertake part-

ABU DHABI —

The global oil

and gas will be a critical enabler of

economic growth in the 4th Indus-

trial Age, according to Dr. Sultan

Ahmed Al Jaber, UAE Minister of

State and Group CEO of the Abu

Dhabi National Oil Company (AD-

NOC).

Delivering the opening key-

note address on Monday at the

Abu Dhabi International Petro-

leum Exhibition and Conference

(ADIPEC), one of the world’s lead-

ing oil and gas conferences and

exhibitions, Dr. Al Jaber said the

world is on the verge of an era of

unprecedented prosperity. This

will be driven, he said, by rapid ad-

vances in technology and a global

middle class, which will grow to

five billion people by 2030, creat-

ing greater demand for energy and

products derived from oil and gas.

“We are at the cusp of a new

age of opportunity for our indus-

try, an era in which digital innova-

tion is delivering unprecedented

levels of progress,” Dr. Al Jaber

told the audience of government

ministers, industry CEOs, poli-

cymakers and decision makers.

“This era, known as the 4th Indus-

trial Age, is creating a paradigm

shift in global growth and driving

demand for our products. Our in-

dustry must step up to enable this

massive step-change in global de-

velopment.

“In short,” Dr Al Jaber added,

“this mission can be given a simple

name: Oil and Gas 4.0.”

Dr. Al Jaber said ADNOC rec-

ognizes that to fulfill themission of

Oil and Gas 4.0, it must leverage all

its resources, its partnerships and,

in particular, the latest technolo-

gies, if it is to continue to thrive

and deliver on the ambitious stra-

tegic objectives of its 2030 smart

growth strategy.

Over the last two and half

years, Dr Al Jaber said, ADNOC

has:

• Consolidated its businesses

and unified its brand identify;

• Entered the global capital

markets for the first time;

• Launched the first ever IPO

of an ADNOC business;

• Opened-up its concessions to

new strategic partners;

• Competitively tendered new

exploration blocks;

• Embarked on a comprehen-

sive digital transformation;

• Took its first steps to expand

internationally; and most recently,

• Closed a strategic equi-

ty partnership between Baker

Hughes and ADNOC Drilling.

“All this is only the start of a

new era at ADNOC,” he said, add-

ing that ADNOC is continuing to

put in place the building blocks

that would allow it to seize the

opportunities created by Oil and

Gas 4.0, emphasizing the strategic

oil and gas announcements, made

recently by Abu Dhabi’s Supreme

Petroleum Council (SPC), which

will see ADNOC increase its oil

production capacity to 4 million

barrels per day (mmbpd) by 2020

– and to 5mmbpd by 2030 – to

meet growing global demand. In

addition, ADNOC will develop its

vast untapped gas resources.

“As we set out to meet these

ambitious goals, we will access our

undeveloped reservoirs, tap into

our gas caps and further capitalize

on our sour gas. Today, we are able

to make this happen by thinking

outside the box, leveraging tech-

nology and reframing our business

model. This has finally unlocked

the commercial formula that will

enable the UAE to attain self-suffi-

ciency and transition to becoming

a potential net exporter of natural

gas,” Dr. Al Jaber said. “We are also

taking steps, never taken before,

to realize our comprehensive gas

strategy.”

“For the first time, we will

jointly develop our unconvention-

al fields in a concession partner-

ship with Total. In addition, our

strategy will ensure we remain a

reliable supplier of LNG well into

the future.”

Dr. Sultan added, “While ad-

vances in technology are impact-

ing every industry, it is time for

us to focus our attention on how

it can advance our industry,” HDr

Al Jaber said. “At ADNOC, we be-

lieve technology can enhance our

operational efficiency, drive per-

formance, maximize profitability

and empower our people.”

ADNOC, he said, is apply-

ing artificial intelligence and the

science of predictive analytics to

significantly reduce maintenance

costs and building out its state-

of-the-art Panorama Digital Com-

mand Center to mine for, monitor

and measure terabytes of informa-

tion across its operations. And yet,

ADNOC is only scratching the sur-

face of how technology can trans-

form its potential, he declared.

“Our ambition is to extend

technology’s power across our en-

tire value chain from drilling plat-

forms to trading platforms,” Dr. Al

Jaber said. “By embedding innova-

tion into every aspect of our busi-

ness, we are determined to make

ADNOC the destination of choice

for a highly skilled, digitally na-

tive workforce and a home for the

best and the brightest of our young

people.”

— SG

Abdulla Salem Al Dhaheri (right), Director of Marketing, Sales and Trad-

ing at ADNOC; and HPS Ahuja, CEO and MD at ISPRL, sign the MoU on

the sidelines of the Abu Dhabi International Petroleum Exhibition and

Conference (ADIPEC)

Saudi Aramco and ADNOC MoU signing ceremony

nerships with forward-thinking

partners who can help accelerate

access to new growth centers of

global demand. It will ensure that

we are well-positioned to secure

greater returns from global LNG

demand growth by combining the

technological and operational ex-

pertise of two of the world’s lead-

ing national oil companies.”

The framework agreement

follows the announcement that

Abu Dhabi’s Supreme Petroleum

Council (SPC) has approved AD-

NOC’s new integrated gas strat-

egy that will sustain LNG produc-

tion to 2040 and allow ADNOC to

seize incremental LNG and gas-

to-chemicals growth opportuni-

ties – where they arise – from the

UAE’s dynamic demand/supply

position and evolving energy mix.

And it will enable the company to

explore LNG investment opportu-

nities, as well as create additional

value from international LNG

trading expansion, in response to

the dominant role Asian markets

will play in driving demand for

liquefied natural gas.

Nasser said: “Our partner-

ship with ADNOC continues to

strengthen, after the recent de-

cision to jointly develop a major

refinery in India. We have shared

strategic interest to expand our

gas businesses, and this new

agreement underlines our con-

fidence in strong global gas de-

mand growth. Our cooperation

further supports the corporate

transformation strategy of both

ADNOC and Saudi Aramco to

pursue opportunities that help

unlock greater value for both

companies and meet the growing

needs of stakeholders around the

world that depend on our energy

to develop and grow their econo-

mies.”

LNG is the fastest-growing hy-

drocarbon with a growth rate of

4% per year, twice that of natural

gas. Global LNG demand is ex-

pected to exceed 500 million tons

per year by 2035, up from nearly

300 million tons per year in 2017.

ADNOC LNG, a subsidiary of

ADNOC, is a reliable LNG sup-

plier with a proven track-record

of over 40 years and 2% of the

global share of the LNG market.

— SG