April, 2016

• 9 April

  Etihad Rail transports over 5mn tonnes of granulated sulphur in 18 months

  

  WAM Etihad Rail, the developer and operator of the UAE’s US$11 billion national railway network, has announced that it has transported more than 5.24 million tonnes of granulated sulphur in the first 18 months of Stage One operations for Abu Dhabi National Oil Company (ADNOC), from sources at Shah and Habshan to its point of export at Ruwais. Equivalent to ...

  Read More »
• 9 April

  Optical company rolls out free insurance for kids

  OUR CORRESPONDENT / EMIRATES BUSINESS The UAE-based eyewear company is the first in the optical market to offer free insurance to children with addition to test at home facility. Specsaddict.com aims to provide the UAE customers with new and innovative services, which also makes them the pioneer in using MIT technology for eye testing. Considering the complications related to the children ...

  Read More »
• 9 April

  Banks Federation holds ordinary AGM

  Abu Dhabi / Emirates Business The UAE Banks Federation, a professional body representing 49 member banks operating in the UAE, held its Ordinary Annual General Assembly Meeting at the Head Office of the Commercial Bank of Dubai. The meeting, chaired by HE AbdulAziz Al Ghurair, Chairman of the UAE Banks Federation, was attended by Federation Board members and representatives of ...

  Read More »
• 9 April

  MAF 2016 closes on a grand note

  Dubai / Emirates Business Manufacturing Conference & Exhibition for Oil & Gas (MAF 2016) closed on a grand note in Dubai. While attendees were able to forge new partnerships, foster relationships with existing clients and throw spotlight on innovative mechanisms, the three day high-profile event also witnessed some discussion on challenges faced by the region’s Oil & Gas sector. The ...

  Read More »
• 9 April

  Russia sees hopes for output agreement at Doha meeting

  

  MOSCOW / Reuters Russian Energy Minister Alexander Novak hopes leading oil producers will agree to freeze output at a meeting in Doha on April 17, he said, which should help the global oil market to rebalance. Russia, Saudi Arabia, Venezuela and Qatar agreed in February to freeze production at January levels, but said at the time the deal was contingent ...

  Read More »
• 9 April

  Renault and partners to invest $1 bn in Morocco

  

  RABAT / Reuters French carmaker Renault and component suppliers will invest 10 billion dirhams ($1.04 billion) in Morocco to build an “industry ecosystem”, the country’s industry minister said on Friday. Renault’s ecosystem and its new plants will raise Renault’s local sourcing of components to 65 percent from 32 percent and are projected to generate 20 billion dirhams in revenues, Moulay ...

  Read More »
• 9 April

  Iran exports 350,000 bpd oil to India, hopes for more

  DUBAI / Reuters Iran is exporting around 350,000 barrels of crude oil a day to India and hopes to increase this number, Oil Minister Bijan Zanganeh was quoted as saying on Saturday after meeting Indian counterpart Dharmendra Pradhan. The Shana news agency, linked to Iran’s oil ministry, quoted Zanganeh as saying Indian oil purchases from Iran were at 350,000 barrels ...

  Read More »
• 9 April

  Worst yet to come for diesel, casting refinery profits in doubt

  

  LONDON / Reuters Oil refineries are shifting into high gear to produce as much gasoline as possible for the world’s fuel-hungry drivers – kicking the problem of a worsening diesel glut further down the road. The “margin” or profit derived from refining crude into diesel has plunged in Europe, hitting multi-year lows this week as demand for the fuel – ...

  Read More »
• 9 April

  Oil hungry India overtaking China

  

  New Delhi / Bloomberg In the energy world, India is becoming the new China. The world’s second-most populous nation is increasingly becoming the center for oil demand growth as its economy expands by luring the type of manufacturing that China is trying to shun. And just like China a decade ago, India is trying to hedge its future energy needs ...

  Read More »
• 9 April

  Fairfax to invest $300mn in Sanmar Chemicals

  MUMBAI / Reuters Fairfax India Holdings said it has agreed to acquire a minority stake in privately held Indian petrochemical company Sanmar Chemicals via a roughly $300 million investment. The Sanmar investment is the latest in a string of bets Fairfax India and its sister concern Fairfax Financial Holdings Ltd have made in the country within the last year. The ...

  Read More »