News

  Abu Dhabi / Emirates Business Oil companies that invest during the current downturn in oil prices stand to profit the most when supply and demand comes back into balance, according to the UAE’s Energy Minister, His Excellency Suhail Mohamed Faraj Al Mazrouei. Speaking on the sidelines of His Excellency’s Q&A discussion at ADIPEC’S VIP Programme on the UAE’s future ...

  Abu Dhabi / WAM Germany’s oil and gas producer Wintershall has spudded the first offshore well at Abu Dhabi’s sour gas and condensate field Shuwaihat, it said. Wintershall successfully completed the first onshore drilling at Shuwaihat together with its partner ADNOC and the Austrian OMV in July, 2015. After compiling and analyzing the data from the onshore field SH-5, Wintershall ...

  Abu Dhabi / WAM Turbine Services & Solutions Industrial, TS&S Industrial, today announced it has expanded new capabilities for the repair and overhaul of the Siemens Industrial Trent 60 WLE variant. The new services have established TS&S Industrial as the first independently owned, specialised and independent maintenance, repair and overhaul (MRO) provider with the capability to support the Industrial Trent ...

  Abu Dhabi / WAM ADNOC, Abu Dhabi’s integrated oil and gas company, said on Wednesday it will make significant investments in new projects to further increase its refining capability and expand its petrochemicals business over the next five years – as part of its recently announced ‘2030 Strategy’. The new projects will focus on gasoline and aromatics production and additional ...

  Gregg Petersen special to emirates business We’ve all heard about fantastic new data centre technologies, but all too often it looks like these technologies only seem to apply to the largest organizations with a wealth of centralized resources. Because data doesn’t just live in the data centre, we often face daily challenges when data is put to use in ...

  Reuters Construction giant Saudi Oger has asked banks to agree to a freeze in repayments on at least 13 billion riyals ($3.5 billion) of debt, sources aware of the matter said, as it seeks more time to collect money owed by the kingdom’s government. The request opens the way for the company, owned by the family of Lebanese Prime ...

  Bloomberg Cash may no longer be king in India. The nation’s nascent digital economy stands to be the biggest beneficiary of its strongest crackdown on corruption since 1978. In a surprise announcement late Tuesday, Prime Minister Narendra Modi banned 500-rupee ($7.50) and 1,000-rupee notes effective midnight, sweeping away 86 percent of total currency in circulation. Paytm, India’s largest digital ...

  Bloomberg Japan’s nuclear regulator cleared another pair of reactors on the southernmost island of Kyushu for restart despite a growing chorus of opponents who object to any resumption of nuclear operations. The Nuclear Regulation Authority approved a preliminary report on Wednesday that says Kyushu Electric Power Co.’s Genkai No. 3 and 4 reactors meet post-Fukushima safety rules, one of ...

  Bloomberg Tencent Holdings Ltd.’s main movie arm plans to spend at least 2 billion yuan ($295 million) investing in Hollywood and Chinese films in the two years through 2017 to expand its presence in global entertainment production, according to people familiar with the matter. Tencent Pictures, which helped finance domestic smash “Warcraft” and the upcoming “Kong: Skull Island,” is ...

  Bloomberg China’s biggest coal producers signed thermal supply contracts with major power generators in Beijing on Tuesday as the country’s top regulators push to stop prices of the fuel from rising too much. Shenhua Group Corp. and China National Coal Group Corp., the country’s two biggest coal producers, signed the deals with state-owned power generators China Huadian Corp. and ...