ADNOC, EMIRATES GLOBAL ALUMINIUM SIGN LONG TERM SALES AGREEMENT
Abu Dhabi National Oil Company (ADNOC) has signed a long-term agreement with Emirates Global Aluminium (EGA) to supply the premium aluminium producer with calcined petroleum coke produced by its new Carbon Black and Delayed Coker (CBDC) facility in Ruwais.
The agreement will allow EGA to acquire 40 per cent of its calcined coke—which EGA use in the aluminium smelting process—within the UAE, reducing its logistics costs and reliance on imports.
HE Dr Sultan Ahmed Al Jaber, the UAE Minister of State and ADNOC Group CEO, said, “The agreement contributes to further increasing the local economic benefit generated from the UAE’s natural resources and deepens ties as well as integration between two of the country’s most important industries.”
ADNOC Refining’s Carbon Black and Delayed Coker complex in Ruwais is central to the strategy of maximising value from oil production and processing, said Al Jaber. The facility processes the heavy residue material left over from the refining of crude oil and converts it into more valuable refined products.
ADNOC made zero-fuel oil refining a priority in response to the International Marine organisation’s (IMO) 2020 Regulations—which seeks to limit the environmental impact of global shipping fleets by reducing the sulphur contents in marine fuels from 3.5 per cent to 0.5 per cent.
MOST READ
BUSINESS
Fed rate cuts add pressure on Saudi banksBUSINESS
GCC UHNWIs population to grow by 26 per cent...BUSINESS
ING Groep plans to sell its Turkish unitBUSINESS
Bahrain considers stake sell in oil assetsBUSINESS
SEDCO Capital exits a US real estate investmentBUSINESS
NMC Health hires Moelis for debt restructuringBUSINESS
SABB seeks to boost corporate lendingBUSINESS
Dubai’s W Motors seeks funds to go electricBUSINESS
SHUAA Capital reports a net profit of AED 45...BUSINESS
HSBC considering exiting from TurkeyBUSINESS
Zimbabwe turns to UAE to sell a stake in...BUSINESS
Dubai's DP World buys 44 per cent stake in...
CPI Financial was established in Dubai in 1999 to meet the needs of an ever-expanding financial community, offering a comprehensive portfolio of market-leading products and services tailor-made for the banking and financial services sectors.
Loading More post
