![]() ![]() Speaking at the Make in the Emirates Forum, Abdulla Al-Shamsi, Assistant Undersecretary of MoIAT, said more than $14.43 billion of investment was redirected to the local economy last year alone, an increase of 25 percent year-on-year. CNOOC paid $1.9 billion to Petrobras last year to secure a 5 percent stake in a production sharing agreement at the field.ĪBU DHABI: More than $27.23 billion has been redirected to the local economy since the UAE Ministry of Industry and Advanced Technology (MoIAT) and ADNOC launched major in-country value programs to support domestic industries. At an average water depth of 1,900 meters to 2,200 meters, the field is the world’s largest deep-water pre-salt oil field, with daily production of 600,000 barrels, the company said.ĬNOOC’s Brazilian subsidiary owns 7.34 percent of the Buzios shared reservoir, which is 88.99 percent owned by Brazilian state-owned oil and gas company Petrobras. The well is the fifth phase of the Buzios oil field off Brazil’s southeast coast. has begun production at the Buzios5 well off the coast of Brazil, the company said in a statement on Thursday. “Investors have been pragmatic and risk averse of late.”Īlso in focus is the June 4 meeting of the OPEC+ producer group, in which the Organization of the Petroleum Exporting Countries and allies including Russia will discuss whether or not to cut oil production further.īritish multinational bank Barclays has slashed the average price of its Brent crude forecast for this year from $92 to $87 a barrel. The bank also slashed its price forecast of Brent for 2024 as it cut the average projected price to $87 a barrel from $97.Ĭhina’s CNOOC Ltd. “The current mood is one of pessimism,” said Tamas Varga of oil broker PVM. Market sources citing American Petroleum Institute figures on Wednesday said that US crude inventories rose by about 5.2 million barrels last week. Mixed demand indications from China, the world’s biggest oil importer, have nonetheless weighed on the market, as has industry data showing a rise in US crude inventories. ![]() Brent crude futures fell 10 cents, or 0.14 percent, to $72.50 a barrel by 1339 GMT while US West Texas Intermediate crude rose 7 cents, or 0.1 percent, to $68.16.Market sources citing American Petroleum Institute figures on Wednesday said that US crude inventories rose by about 5.2 million barrels last week.Located in northwestern Saudi Arabia, AlUla has been designated a UNESCO World Heritage site. “We are thrilled to launch Banyan Tree in the beautiful valley of AlUla in the Kingdom of Saudi Arabia,” said Eddy See, president and CEO of Banyan Tree Group.Įarlier in February, during an exclusive interaction with Arab News, Amr Almadani, CEO of the Royal Commission of AlUla, said that the historical city is ready to operate as a year-long destination in 2023 with an estimated 250,000 visitors. The press release noted that the Banyan Tree resort will feature two dining venues, one of which will offer contemporary Thai cuisine. He added: “The ethos of Banyan Tree is to provide a sanctuary for the senses in an awe-inspiring location with a great sense of place, which is a perfect match for us in AlUla.” ![]() “The Banyan Tree AlUla’s opening marks the completion of the final development phase of Ashar Valley,” said John Northen, executive director - head of hotels and resorts at the Royal Commission for AlUla. RIYADH: Singaporean hospitality firm Banyan Tree has launched its first resort in AlUla, Saudi Arabia, as the historical site continues to attract foreign investments.Īccording to a press release, the multinational hospitality brand considers AlUla as a crucial destination for its growth, as the city is attracting the attention of world travelers due to its historical significance and rich culture. ![]()
0 Comments
Leave a Reply. |