August, 2019

• 21 August

  Fujairah heavy residue stocks dip first time in three weeks

  FUJAIRAH / WAM Fujairah’s stockpiles of heavy distillates and residues declined for the first time in three weeks on signs of additional demand amid higher prices at competing ports, according to data from the Fujairah Oil Industry Zone. Heavy distillate and residue stocks fell 13 percent week on week to 9.333 million barrels as of August 19, the lowest since ...

  Read More »
• 21 August

  Taqa says July oil output from Kurdistan exceeds 1m barrels

  

  ABU DHABI / WAM Abu Dhabi National Energy Company PJSC (Taqa) announced that its subsidiary, Taqa Atrush BV (Taqa Iraq), has set a new production record from the Atrush oil field in the Kurdistan Region of Iraq. For the first time since the field commenced production operations in July 2017, the total monthly production volume exceeded 1 million barrels of ...

  Read More »
• 21 August

  UAE rejects allegations on its stance on Aden developments

  

  NEW YORK / WAM The United Arab Emirates has expressed its regret and categorical rejection of allegations it is facing in light of ongoing developments in Aden, affirming its firm stance as a Coalition partner and determination to continue exerting all efforts to de-escalate the current situation in Yemen. This statement followed comments by Saud Al Shamsi, Deputy Permanent Representative ...

  Read More »
• 21 August

  Amendment of cabinet decision on excise tax, goods announced

  Dubai / WAM In order to direct efforts towards reducing the negative effects of harmful consumption patterns, the Ministry of Finance announced the details of the amendment of Cabinet Resolution No. (38) of 2017 regarding excise goods, excise tax rates and the formula to calculate the excise price. In addition to the goods currently subject to excise tax (i.e. tobacco ...

  Read More »
• 21 August

  UAE moving towards new electoral process to instill ‘participation’

  

  ABU DHABI / WAM Minister of State for the Federal National Council Affairs and Chairman of the National Election Commission, Abdulrahman bin Mohammed Al Owais, asserted that the UAE, under the guidance of its wise leadership is moving towards a new electoral process to instil a culture of participation. This process is a new addition to the past successes achieved ...

  Read More »
• 21 August

  Indian PM to launch ‘RuPay card’ in UAE

  

  ABU DHABI / WAM The UAE will be the first country in the Middle East to witness the launch of RuPay card, “an Indian indigenous equivalent of Mastercard or Visa,” during the visit of Indian Prime Minister Narendra Modi this weekend, a top Indian diplomat told the Emirates News Agency (WAM). “A memorandum of understanding (MoU) to establish a technology ...

  Read More »
• 21 August

  AED7m to revamp Abu Dhabi’s Corniche Road

  ABU DHABI / WAM The Abu Dhabi City Municipality has announced that roadworks have commenced on Abu Dhabi’s Corniche Road. The project, valued at AED7 million, entails development works on the central traffic island across Corniche Road. The project is divided into two phases. The first phase is being carried out on the Corniche Road and King Abdullah bin Abdulaziz ...

  Read More »
• 21 August

  EPAA thwarts smuggling of rare animals

  

  SHARJAH / WAM Sharjah’s Environment and Protected Areas Authority (EPAA) has prevented the smuggling of several animals included within the Convention on International Trade in Endangered Species of Wild Fauna and Flora (Cites), on land borders, in cooperation with the Sharjah Police General Headquarters, Al Madam Police Station. According to a statement released by the authority, a group of individuals ...

  Read More »
• 21 August

  Diamonds account for 90% of Botswana’s exports to UAE: DCCI

  

  Dubai/ WAM Dubai Chamber of Commerce and Industry (DCCI) revealed that the UAE’s trade with Botswana in Africa in 2018 was AED5.14 billion, with diamonds accounting for more than 90 percent of Botswana’s exports to the UAE. Dubai Chamber presented the economic scene in the Emirate of Dubai during its participation through its representative office in Mozambique at the “Botswana ...

  Read More »
• 21 August

  World gas glut risks $4bn bet by Reliance’s Ambani

  

  Bloomberg A global glut in natural gas is threatening to undermine a $4 billion investment by Reliance Industries Ltd. aimed at boosting profits at the world’s largest oil refining complex. The project made all the sense in world when energy magnate Mukesh Ambani’s conglomerate announced it in 2012: convert petroleum coke, or petcoke, one of cheapest and dirtiest refinery by-products, ...

  Read More »