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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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World Bank Raises China's GDP Forecast for 2024, 2025

World Bank Raises China's GDP Forecast for 2024, 2025
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World Bank Raises China's GDP Forecast for 2024, 2025

World Bank Raises China's GDP Forecast for 2024, 2025

The World Bank raised on Thursday its forecast for China's economic growth in 2024 and 2025, but warned that subdued household and business confidence, along with headwinds in the property sector, would keep weighing it down next year.
The world's second-biggest economy has struggled this year, mainly due to a property crisis and tepid domestic demand. An expected hike in US tariffs on its goods when US President-elect Donald Trump takes office in January may also hit growth.
"Addressing challenges in the property sector, strengthening social safety nets, and improving local government finances will be essential to unlocking a sustained recovery," Mara Warwick, the World Bank's country director for China, said.
"It is important to balance short-term support to growth with long-term structural reforms," she added in a statement.
Thanks to the effect of recent policy easing and near-term export strength, the World Bank sees China's gross domestic product growth at 4.9% this year, up from its June forecast of 4.8%.
Beijing set a growth target of "around 5%" this year, a goal it says it is confident of achieving.
Although growth for 2025 is also expected to fall to 4.5%, that is still higher than the World Bank's earlier forecast of 4.1%.
Slower household income growth and the negative wealth effect from lower home prices are expected to weigh on consumption into 2025, the Bank added.
To revive growth, Chinese authorities have agreed to issue a record 3 trillion yuan ($411 billion) in special treasury bonds next year, Reuters reported this week.
The figures will not be officially unveiled until the annual meeting of China's parliament, the National People's Congress, in March 2025, and could still change before then.
While the housing regulator will continue efforts to stem further declines in China's real estate market next year, the World Bank said a turnaround in the sector was not anticipated until late 2025.
China's middle class has expanded significantly since the 2010s, encompassing 32% of the population in 2021, but World Bank estimates suggest about 55% remain "economically insecure", underscoring the need to generate opportunities.