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ADNOC Says Work Underway to Ensure Reliable Supply after Fuel Depot Incident

ADNOC Says Work Underway to Ensure Reliable Supply after Fuel Depot Incident
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ADNOC Says Work Underway to Ensure Reliable Supply after Fuel Depot Incident

ADNOC Says Work Underway to Ensure Reliable Supply after Fuel Depot Incident

UAE oil firm ADNOC has activated business continuity plans to ensure reliable, uninterrupted supply of products to local and international customers after an incident at its Mussafah fuel depot in Abu Dhabi, the firm said on Twitter.

It added that it would also work to ensure the safety of employees.

Earlier on Monday, ADNOC revealed that an incident occurred at Mussafah Fuel Depot, saying it resulted in the outbreak of a fire.

"ADNOC is deeply saddened to confirm that three colleagues have died," the company said in a Twitter statement.

The group also said six were injured and received immediate specialist medical care, noting that professional support teams were supporting the families of all those who have been impacted.

"We are working closely with the relevant authorities to determine the exact cause and a detailed investigation has commenced," it confirmed.

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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters

The credit rating agency “Moody’s Ratings” upgraded Saudi Arabia’s credit rating to “Aa3” in local and foreign currency, with a “stable” outlook.
The agency indicated in its report that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification and the robust growth of its non-oil sector. Over time, the advancements are expected to reduce Saudi Arabia’s exposure to oil market developments and long-term carbon transition on its economy and public finances.
The agency commended the Kingdom's financial planning within the fiscal space, emphasizing its commitment to prioritizing expenditure and enhancing the spending efficiency. Additionally, the government’s ongoing efforts to utilize available fiscal resources to diversify the economic base through transformative spending were highlighted as instrumental in supporting the sustainable development of the Kingdom's non-oil economy and maintaining a strong fiscal position.
In its report, the agency noted that the planning and commitment underpin its projection of a relatively stable fiscal deficit, which could range between 2%-3% of gross domestic product (GDP).
Moody's expected that the non-oil private-sector GDP of Saudi Arabia will expand by 4-5% in the coming years, positioning it among the highest in the Gulf Cooperation Council (GCC) region, an indication of continued progress in the diversification efforts reducing the Kingdom’s exposure to oil market developments.
In recent years, the Kingdom achieved multiple credit rating upgrades from global rating agencies. These advancements reflect the Kingdom's ongoing efforts toward economic transformation, supported by structural reforms and the adoption of fiscal policies that promote financial sustainability, enhance financial planning efficiency, and reinforce the Kingdom's strong and resilient fiscal position.