Topic
uae
Commodities Técnicas Reunidas wins $5.75bn EPC contract haul from ADNOC for Upper Zakum
Técnicas Reunidas has secured two contracts worth more than €5bn ($5.75bn) from ADNOC for the Upper Zakum megaproject, marking its largest-ever award as sole contractor. The EPCI packages will support expansion of the world's second-largest offshore oil field to 1.5m barrels per day.
Commodities ADNOC sells 12 million barrels of crude at premiums to Asian refiners in seventh tender amid Iran tensions
ADNOC sold at least 12 million barrels of spot crude to Asian refiners at premiums in its seventh tender since June, as renewed U.S.-Iran hostilities disrupted Strait of Hormuz flows. Chinese majors Unipec, PetroChina, and Sinochem bought Upper Zakum at $3-$4/bbl premiums, while Indian Oil Corp and Idemitsu Kosan secured cargoes at smaller premiums. Total sales via the seven tenders exceed 86 million barrels.
Logistics Weekend Lull Fails to Unlock Strait of Hormuz Shipping as Attacks Pause
A weekend lull in US-Iran attacks brought no relief to Strait of Hormuz shipping, with commercial traffic at around 12 daily passages and crude tanker transits at about one per day. The Pentagon halted its bombing campaign late Friday after 13 consecutive nights, but shipowners remain wary. Meanwhile, the Lloyd's Market Association published model wording (LMA5708) that could void hull cover for vessels paying transit fees, and US Central Command continued enforcement operations, including disabling a tanker in the Gulf of Oman.
Logistics DP World signs 50-year concession for two Fujairah terminals, adding 2.5m TEU capacity
DP World has signed a 50-year concession with Fujairah Ports Authority to develop two new terminals on the UAE's east coast. The Al Rugaylat container terminal will add 2.5m TEU capacity, while the Dibba general cargo terminal will add 3.6m tonnes of capacity. The deal lifts DP World's total UAE container capacity to nearly 22m TEU.
Trade India and UAE Ministers Hold Talks to Strengthen Trade and Investment Ties in New Delhi
Union Minister Piyush Goyal held a meeting with UAE Minister Abdulla bin Touq Al Marri in New Delhi to explore avenues for strengthening bilateral ties. Discussions covered trade, investment, tourism, and connectivity, reaffirming a shared commitment to unlock new opportunities for businesses and enhance people-to-people ties.
Logistics DP World plans UAE port and container terminal near Fujairah to bypass Strait of Hormuz: Report
DP World plans to develop a new multipurpose port and container terminal on the UAE's east coast near Fujairah, bypassing the Strait of Hormuz. The project would lessen reliance on Jebel Ali, which has 19 million TEU annual capacity. The plan is early-stage with financing unresolved, according to a Financial Times report cited by FreightWaves.
Logistics ADNOC L&S Bulker Spending Nears $74m with Fourth Secondhand Vessel Acquisition
ADNOC Logistics & Services has acquired its fourth secondhand bulk carrier, pushing its total bulker spending to nearly $74 million. The latest purchase is the 61,500 dwt ultramax Aliya, built in 2011 by Shin Kasado Dock. The acquisitions have expanded ADNOC L&S's medium-sized bulker fleet to 12 vessels, comprising four ultramaxes, five supramaxes, and three handysize ships.
Commodities OPEC Global Crude Share Could Drop to 31% Without UAE, EIA Data Shows
The United Arab Emirates' departure from OPEC could reduce the group's share of global crude oil production from 35% to 31%, according to US EIA data. The exit, effective May 1, 2026, also impacts the OPEC+ alliance's share and comes amid significant production disruptions from the Strait of Hormuz closure.
Logistics AD Ports Tightens Grip on Global Feeder Shipping After Acquiring Additional 30% Stake for $300M
AD Ports Group has increased its stake in Dubai-based Global Feeder Shipping (GFS) to 81% after acquiring an additional 30% stake for AED1.1bn ($300m). The transaction, which exercises a call option from an earlier agreement, values GFS at AED3.67bn ($1bn). GFS carried 2.8m TEU in 2025 and operates services connecting the Gulf with the Indian Subcontinent, Red Sea, Far East, Mediterranean and Africa.
Logistics New Dry Bulk Venture Mayborne Bulk Launches in Dubai with Asset-Light Model
A new dry bulk shipping venture, Mayborne Bulk, has been launched in Dubai by industry veterans Jesper Lollesgaard and Parikshit Sial. The company will operate an asset-light model, chartering in vessels and building a commercially controlled fleet, with a focus on the handy, supramax, and ultramax sectors. Strategic backing comes from Dubai-based MINGroup.
Commodities India ramps up Russian, UAE oil purchases as refiners hedge ahead of Hormuz full reopening
India increased crude oil imports from Russia to an average 2.66 million barrels per day in June (through June 19), up from 1.91 million bpd in May, while maintaining near-record UAE imports at 636,000 bpd ahead of the Strait of Hormuz reopening, according to Kpler data. The purchases reflect refiners' hedging strategy amid ongoing geopolitical risks, with Russian discounted barrels and UAE supplies offsetting Gulf uncertainty. LPG flows are expected to normalise fastest once the strait fully reopens.
Commodities India boosts Russian, UAE oil purchases in June ahead of full Hormuz recovery
India's crude oil imports from Russia surged to 2.66 million barrels per day in June, while UAE imports stood near record levels, as refiners diversified supplies ahead of the full reopening of the Strait of Hormuz. Imports from the US dropped sharply, and Venezuela emerged as India's fourth-largest supplier. According to Kpler analyst Sumit Ritolia, the recovery of flows through the Strait will be sequential, with LPG normalising first, followed by LNG and crude.
Logistics AD Ports Group and Dajin Heavy Industry Partner to Advance Offshore Wind Logistics and Port Infrastructure
AD Ports Group has signed a memorandum of understanding with Chinese offshore wind equipment manufacturer and shipbuilder Dajin Heavy Industry to jointly explore offshore wind logistics, port infrastructure, and vessel investments. The partnership aims to develop pre-assembly hubs, transportation solutions for wind turbine components, and support offshore energy projects in Europe and other markets, reflecting AD Ports' broader expansion into renewable energy infrastructure.
Trade Finance India and UAE Intensify Efforts to Expand Local Currency Trade Settlement Beyond Oil and Gold
India and the UAE are intensifying efforts to expand the use of local currencies (rupee and dirham) for bilateral trade settlement. More than 15% of trade has been invoiced in local currencies since July 2023, but adoption remains concentrated in oil and precious metals. Authorities plan to simplify procedures, onboard more banks, and engage business communities through roadshows and chambers of commerce to reduce reliance on the US dollar.
Commodities India and UAE to Expand Strategic Crude Oil Reserves
India and the UAE are collaborating to expand UAE-linked crude oil storage in India from 5.8 million barrels to 30 million barrels. This initiative involves new construction projects and potential storage at Mangalore, Visakhapatnam, and Chandikol.