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Abu Dhabi National Oil Company (Adnoc) has appointed McDermott International as the design contractor for a new liquefied natural gas (LNG) plant in Fujairah. The 9.6m t/yr capacity plant is being developed to tap into the growing international demand for natural gas.

Qatar’s Emir Sheikh Tamim Bin Hamad Al-Thani has embarked on an extensive tour of foreign capitals over the past week, in a trip that seems designed to shore up hopes of a revived Iran nuclear deal and to bolster Qatari gas exports.

Donors have pledged $33m for a United Nations plan to secure the decaying FSO Safer oil tanker, moored off the Yemen coast. The funds were pledged at an event in The Hague on 11 May co-hosted by the UN and the Dutch government.

Risk Management Report: International politics and economics. Breakeven prices: Oil prices have remained high in the shadow of the Ukraine war, with the cost of a barrel well above $100 through much of March and April. This means that most Gulf states are in a position to post budget surpluses this year.

Abu Dhabi National Oil Company (Adnoc) said on 29 April it had bought a 25% stake in petrochemical company Borealis from fellow Abu Dhabi entity Mubadala. Austria’s OMV retains its 75% stake in Borealis (Mubadala also owns 25% of OMV).

QatarEnergy awarded the engineering, procurement and construction (EPC) contract for the North Field East (NFE) expansion project on 28 April to a joint venture of Spain’s Técnicas Reunidas and China’s Wison Engineering. The partners also won a lump-sum contract to expand sulfur handling, storage and loading facilities at Ras Laffan Industrial City, which will support the four new liquified natural gas (LNG) trains due to start operating by end-2025.

Russia’s invasion of Ukraine continues to roil global oil and gas markets – particularly in Europe where countries are chasing alternative supplies to reduce their heavy energy dependency on Russia.

Risk Grade – A1 Economic growth: The federal economy grew by 3.8% to AED1.49trn ($406bn) in 2021 – which was well ahead of the 2.5% predicted by local bank Emirates NBD.

Crude exports from the Kurdistan Region of Iraq (KRI) totalled 75.2m bbls in H2 2021, a fall of 2.8% on H1 21, according to the latest audited figures released by Deloitte.

The Kuwaiti Ministry of Foreign Affairs (MFA) has called on Iran to agree the maritime boundary along the eastern edge of the Neutral Zone shared between Kuwait and Saudi Arabia.

GSN Risk Grade: B↑1 Recent developments- Doha Forum: Numerous international dignitaries visited the Doha Forum, which ran from 26-27 March at the Doha Sheraton. Among those to attend were...

GSN Risk Grade: B↓2↓ Recent developments- Economic upgrade: Doubts persist over the extent to which Crown Prince Mohammed Bin Salman’s Vision 2030 projects are being implemented to a level that can genuinely overhaul the job prospects and living standards of the kingdom’s young population.

Uncertainty surrounds an agreement signed by German economy minister Robert Habeck and Emir Sheikh Tamim Bin Hamad Al-Thani for the supply of gas to replace German imports from Russia.

Kuwaiti oil minister Mohammed Al-Fares and his Saudi counterpart Prince Abdelaziz Bin Salman have signed an agreement to develop the offshore Dorra gas field in their shared Neutral Zone. However, the deal is immersed in controversy due to objections from Iran, which said the field extends into its waters.

Petrofac’s Sami Iskander was in buoyant mood as the London Stock Exchange-listed contractor released 2021 results days after Abu Dhabi National Oil Company (Adnoc) lifted its suspension from bidding for contracts, which had been imposed a year earlier as the extent of Petrofac’s governance problems emerged.