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DUBAI / WAM Gulf Navigation Holding has posted a net profit of AED8.8 million ($2.4 million) in the first quarter, Q1, of 2017, an increase of 39 percent compared to AED6.3 million ($1.7 million) in the same period last year. The Dubai-based company, listed on the Dubai Financial Market under the ticker ‘GULFNAV’, said in an announcement that it has ...

Abu Dhabi / WAM The Abu Dhabi National Oil Company (ADNOC) announced the expansion of its partnership model to span the group’s entire value chain as well as the more active management of its portfolio of assets. The new initiative builds on ADNOC’s flexible operating model and its 2030 growth strategy, enabling it to unlock and maximise significant value from ...

Dubai / WAM Emirates NBD announced that it will provide clearing member services to its subsidiary, Emirates NBD Securities, making the brokerage firm, the first trading member to sign with the bank. The announcement follows Securities and Commodities Authority (SCA), UAE’s approval of Emirates NBD as its first general clearing member providing clearing and settlement services to trading participants of ...

Dubai / WAM The Roads and Transport Authority (RTA) in Dubai is gearing up for hosting the inaugural International Road Federation (IRF) Middle East and North Africa (MENA) Regional Congress and Exhibition on October 29, 31. A number of specialists and experts from around the globe will take part in the event to share expertise and engage in discussions about ...

SHARJAH / WAM The Emirates Publishers Association (EPA) and the Sharjah Book Authority (SBA) recently convened a meeting to explore ways to develop the publishing industry in the UAE and the Arab world, as well as strengthen the presence of Emirati publishers in the regional and global publishing arenas. The meeting aligns with both entities’ long-term strategy to enhance collaboration ...

Bloomberg Libya and Nigeria, which have both boosted oil production since they were exempt from global cuts this year, may be asked to cap their crude output soon in an effort to help re-balance the market, Kuwait Oil Minister Issam Almarzooq said. OPEC and non-OPEC producers have invited the two African nations to their committee meeting in St. Petersburg, Russia, ...

Bloomberg Saudi Aramco, which plans what could be the world’s biggest initial public offering, will invest more than $300 billion over the next decade to maintain its spare oil-production capacity and explore for more natural gas, President and Chief Executive Officer Amin Nasser said. The outlook for oil supplies is “increasingly worrying,” with about $1 trillion in investments lost during ...

NEW DELHI / Reuters India, the world’s third-largest oil importer, will import crude oil from the United States for the first time after Indian Oil Corp bought a cargo that will be delivered in October. The purchase comes after Indian Prime Minister Narendra Modi’s visit to the US in June when President Donald Trump said his country looked forward to ...

Bloomberg After President Donald Trump’s exuberant visit to Warsaw last week, where he encouraged Poland and its east European neighbors to buy US liquefied natural gas, it’s time for sober calculations by Poland’s gas company. PGNiG SA Chief Executive Officer Piotr Wozniak said in an interview that the state-controlled company is already in talks with potential suppliers to fill the ...

Bloomberg The tussle for supremacy between OPEC and US shale drillers is killing off older oil fields at the fastest pace in almost a quarter century. That could hurt the industry once the current glut has faded. The three-year price slump triggered by the battle for market share choked off funds for aging deposits elsewhere, accelerating their decline. Output at ...