HomeNewsUAE's ADNOC says 'business as usual' in Asia

UAE's ADNOC says 'business as usual' in Asia

5/10/2023

(Reuters) - Abu Dhabi National Oil Company (ADNOC) sees no dip in demand from Asian customers as cheap Russian oil flows into the continent on the back of Western sanctions on Moscow, a senior executive said on Wednesday.

"To me it is business as usual," Mussabeh al-Kaabi, executive director for low carbon solutions and international growth, told Reuters in an interview when asked whether he was seeing a dip in demand as a result of Russian exports.

Hefty Chinese buying of Russian oil, alongside robust Indian demand, has been spurred by steep price discounts but is providing Moscow much-needed revenue after the Group of Seven imposed a $60 price cap on Russian crude.

Kaabi said ADNOC has a healthy pipeline of acquisition targets.

"Natural gas, LNG and chemicals will be an area of focus," he said.

"We have an active pipeline," he added when asked if ADNOC is actively looking at a particular target.

The Abu Dhabi state oil giant in March offered, with bp, to jointly acquire 50% of Israeli offshore natural gas producer NewMed Energy (NWMDp.TA) for around $2 billion, making their entry into Israel's growing energy sector.

ADNOC said on Wednesday it intends to offer 15% of its unit ADNOC Logistics & Services (ADNOC L&S) through an initial public offering on Abu Dhabi's stock exchange.

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