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ADNOC Signs 3 Deals with Korean Energy Firms

Dr. Sultan bin Ahmad Sultan Al Jaber signs the agreements. Asharq Al-Awsat
Dr. Sultan bin Ahmad Sultan Al Jaber signs the agreements. Asharq Al-Awsat
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ADNOC Signs 3 Deals with Korean Energy Firms

Dr. Sultan bin Ahmad Sultan Al Jaber signs the agreements. Asharq Al-Awsat
Dr. Sultan bin Ahmad Sultan Al Jaber signs the agreements. Asharq Al-Awsat

The Abu Dhabi National Oil Company has signed three framework agreements with Korean energy companies, ADNOC said Tuesday.

“The agreements will explore upstream exploration and production opportunities, potential downstream investments and bunkering opportunities for both crude oil and liquified natural gas, LNG,” it said in a statement published by the Emirates News Agency.

The agreements have been signed with the Korea Gas Corporation, KOGAS, the world’s second largest buyer of LNG, which has conducted a feasibility study on LNG bunkering at Fujairah port; the Korea National Oil Company, KNOC, which has a 30 percent stake in ADNOC’s Al Dhafra Petroleum company and is seeking to increase oil storage in the Republic of Korea by 24 million barrels until 2025 and GS Energy, an independent Korean energy company that has a 10 percent stake in Al Dhafra Petroleum and 3 per cent stake in ADNOC Onshore, it said.

The agreements were signed by Dr. Sultan bin Ahmad Sultan Al Jaber, Minister of State and ADNOC Group CEO, and Kim Young Doo KOGAS CEO; Yang, Su Yeong, KNOC CEO and Huh, Yongsoo, GS Energy CEO.

"Our discussion explored domestic and international growth opportunities across a range of areas, including oil and LNG bunkering, meeting the Republic of Korea’s growing energy demands and attracting investment to our expanding upstream exploration and development operations and our downstream and gas expansion plans,” said Dr. Al Jaber.

"As we successfully deliver our 2030 smart growth strategy, we will continue to work with partners who enable us to unlock and maximize value, contribute technology and help us secure access to the new centers of global demand,” he added.

South Korea was the world’s eighth-largest energy consumer in 2017. According to the International Energy Agency, IEA, it imported about three million b/d of crude oil and condensate, making it the fifth-largest importer in the world. It is highly dependent on the Middle East for its oil supply, and the region accounted for more than 82 percent of its 2017 crude oil imports, of which 11 percent was supplied by ADNOC.

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Russia’s Inflation Reaches 9.5% This Year, Weekly Data Shows

Pedestrians walk to an underground passage at Manezhnaya Square decorated for Christmas and the New Year festivities with the Historical Museum and the Kremlin Wall in the background in Moscow, Russia, Monday, Dec. 23, 2024. (AP)
Pedestrians walk to an underground passage at Manezhnaya Square decorated for Christmas and the New Year festivities with the Historical Museum and the Kremlin Wall in the background in Moscow, Russia, Monday, Dec. 23, 2024. (AP)
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Russia’s Inflation Reaches 9.5% This Year, Weekly Data Shows

Pedestrians walk to an underground passage at Manezhnaya Square decorated for Christmas and the New Year festivities with the Historical Museum and the Kremlin Wall in the background in Moscow, Russia, Monday, Dec. 23, 2024. (AP)
Pedestrians walk to an underground passage at Manezhnaya Square decorated for Christmas and the New Year festivities with the Historical Museum and the Kremlin Wall in the background in Moscow, Russia, Monday, Dec. 23, 2024. (AP)

Russia's inflation has reached 9.5% this year, according to new weekly data showing that the consumer price index rose by 0.33% in the week leading up to Dec. 23, the statistical agency Rosstat reported on Wednesday.

This data follows the central bank's unexpected decision last week to maintain its key interest rate at 21%. The regulator said recent tightening has created conditions conducive to reducing inflation towards its target of 4%.

The agency indicated that seasonally volatile prices for fruit and vegetables contributed significantly to the overall increase, with cucumber prices rising by 8.3% and tomato prices by 1.9% in just one week.

Among less seasonally sensitive foods, the price of eggs increased by 1.7%, and frozen fish by 1.4%. The central bank had initially estimated this year's inflation at a maximum of 8.5%.

The central bank's monetary policy department's head Andrei Gangan told the Interfax news agency on Dec. 24 that full-year inflation will be between 9.6% and 9.8%.

Inflationary expectations among households for the coming year also reached 13.9% in December, the highest level since the beginning of the year.

In a report on its inflationary expectations survey, the central bank said respondents were most concerned about rising prices for milk, dairy products, eggs, meat, and fish.

It also said respondents have begun to notice increases in the prices of home appliances and electronic devices.