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ADNOC Gas a Wards $3.6 Bln Contract to Expand UAE Gas Processing 

Logos of ADNOC are seen at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. (Reuters)
Logos of ADNOC are seen at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. (Reuters)
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ADNOC Gas a Wards $3.6 Bln Contract to Expand UAE Gas Processing 

Logos of ADNOC are seen at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. (Reuters)
Logos of ADNOC are seen at Gastech, the world's biggest expo for the gas industry, in Chiba, Japan, April 4, 2017. (Reuters)

State oil giant Abu Dhabi National Oil Company's gas unit, ADNOC Gas, said on Wednesday it awarded a $3.6 billion contract to expand its gas processing infrastructure in the United Arab Emirates.

The contract was given to a joint venture between National Petroleum Construction Company Co PJSC (NPCC), owned by Abu Dhabi state fund ADQ, and Spain's Tecnicas Reunidas, ADNOC Gas said in a statement.

The new gas processing facilities will allow an "optimized supply" to the Ruwais Industrial Complex in Abu Dhabi's western Al Dhafra region.

ADNOC Gas' Maximizing Ethane Recovery and Monetization project aims to boost ethane extraction by 35%-40% from its onshore facilities in the Habshan complex by building new processing facilities, as well as "unlock further value" from existing feedstock, delivering it to Ruwais through a 120-km (75 miles) natural gas liquids pipeline, the firm added.

ADNOC said over 70% of the contract's value would "flow back into the UAE's economy".

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Türkiye's Stock Market Hit Hard after Arrest of Istanbul Mayor

Police officers intervene as flames rise from a fire in a dustbin during a protest by students against the detention of Istanbul Mayor Ekrem Imamoglu, in Istanbul, Türkiye, March 21, 2025. (Reuters)
Police officers intervene as flames rise from a fire in a dustbin during a protest by students against the detention of Istanbul Mayor Ekrem Imamoglu, in Istanbul, Türkiye, March 21, 2025. (Reuters)
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Türkiye's Stock Market Hit Hard after Arrest of Istanbul Mayor

Police officers intervene as flames rise from a fire in a dustbin during a protest by students against the detention of Istanbul Mayor Ekrem Imamoglu, in Istanbul, Türkiye, March 21, 2025. (Reuters)
Police officers intervene as flames rise from a fire in a dustbin during a protest by students against the detention of Istanbul Mayor Ekrem Imamoglu, in Istanbul, Türkiye, March 21, 2025. (Reuters)

The Istanbul stock exchange's main index was hit hard on Friday, closing 7.8 percent down on the third day of protests over the arrest of Istanbul mayor Ekrem Imamoglu.

The 53-year-old mayor -- Erdogan's main political rival -- was arrested on Wednesday, days before he was due to be named the CHP party's candidate for the 2028 presidential race.

The BIST 100 had already slipped by 8.7 percent on Wednesday following Imamoglu's arrest over allegations of "corruption" and links to a "terrorist organization".

The damage was limited to a fall of 0.5 percent on Thursday, but faced with a sharp fall on Friday, trading was suspended twice in the morning.

The index fell below 9,000 points during Friday trading for the first time since early November, a fall of more than 16.5 percent over five days.

Imamoglu's party has denounced his arrest as a "coup" and international organizations including the European Union have expressed concern.

It has also sparked street protests, which President Recep Tayyip Erdogan on Friday denounced as "street terror".