The head of the Abu Dhabi National Oil Company (Adnoc), the state producer of oil told that any decision on renewal of contract to pump oil in the emirate would be taken by the officials by taking all pros and cons in to notice. It should be noted that the head of BP is in Abu Dhabi apparently for lobbying its contract to pump oil in the emirate.
Shaikh Majid bin Mohammed bin Rashid Al Maktoum, Chairman of the Dubai Culture and Arts Authority hailed the efforts of Abu Dhabi Future Energy Company ‘Masdar’ for its initiatives in the field in the field of renewable energy and clean technology. He acknowledged the role of the firm for adopting best practices in order to bring about energy diversification.
Speculations of Saudi Arabia mooting increasing crude export rates, pushed oil prices in Abu Dhabi. Murban, produced by Abu Dhabi National Oil Co, for November loading surged 14 cents according to figures compiled by Bloomberg. However, the prices are still lower than last week’s prices.
Abu Dhabi National Energy Co (Taqa) has released its financial results for the second quarter ended June 30, 2011, beating the analyst’s forecasts regarding growth and net profit. The firm managed to double its net profit propelled by significant rise in crude rates and oil production in the United Kingdom.
Abu Dhabi Future Energy Company, popularly known as Masdar, informed that its largest offshore power project in the world would be completed by the end of this year.
The project has been developed by Masdar and Dong Energy and E.ON for producing 630 megawatt wind energy to reduce 925,000 tonnes of CO2 annually.
The costs of petrol increased in the first quarter of this year, boosting Dubai's rate of inflation.
Dubai's inflation increased by 0.74% on a yearly basis in the first quarter of this year, boosted by a huge rise in the prices of fuel, as revealed by the emirate's statistics centre.
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