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Tag: Dhabi

Abu Dhabi group delays stock offer for 25 percent of Cepsa due to market 'instability'

Abu Dhabi group delays stock offer for 25 percent of Cepsa due to market 'instability'

Business
Oct. 15 (UPI) -- The Abu Dhabi-based Mubadala group cited "markets instability" as it on Monday delayed selling a 25 percent stake in the Spain-based oil company Cepsa, a multinational that is highly exposed to crude oil prices -- and which coincidentally also suffered a refinery fire on Monday. "Mubadala has decided to delay the public offer for the sale of shares in progress ... as they consider that the instability suffered by the markets affects the valuation of the company," Cepsa said in a press release Monday about the interruption of plans to list in the Madrid stock exchange as soon as this week. "As a long-term investor, we will consider returning to the market when we believe conditions are favorable," said Mubadala CEO Musabbeh Al Kaabi. The company is highly exposed to crude ...
Abu Dhabi commits billions to expand its refining capacity

Abu Dhabi commits billions to expand its refining capacity

Business
May 14 (UPI) -- More than $ 45 billion in investments over the next five years could position the United Arab Emirates as a global refining powerhouse, its oil company said. "Given the projected increase in demand for petrochemicals and higher value refined products, we are repositioning ADNOC to become a leading global downstream player," Ahmed al-Jaber, the CEO of the Abu Dhabi National Oil Co. and the Emirati minister of state, said in a statement. ADNOC said it would spend $ 45 billion over the next five years to expand its refining and petrochemicals operations at al-Ruwais, a city in western Abu Dhabi. ADNOC and its subsidiaries process 10.5 billion cubic feet of natural gas per day and has a refining capacity of 922,000 barrels per day. By 2025, the company said it would expand it...
Cavendish concussed and out of Abu Dhabi tour after only three miles

Cavendish concussed and out of Abu Dhabi tour after only three miles

Sports
Media playback is not supported on this device Britain's Mark Cavendish pulled out of the Abu Dhabi Tour after he was concussed and sustained whiplash in a fall during the race's first stage.Cavendish's team said the crash happened after "the race director's car slowed suddenly as it led the peloton out of Madinat Zayed".The 32-year-old went on to start the race, but pulled out after five kilometres.Team Dimension Data say they are monitoring the Manxman's condition."Due to the concussion, we were not willing to risk rider safety and the call was made for Mark to stop the race," said team doctor Adrian Rotunno.The team initially tweeted that Cavendish had fallen on the same shoulder he broke during last summer's Tour de France.They later...