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UAE Exports First Low-Carbon Ammonia Shipment

ADNOC announced that it had shipped its first ever shipment of low-carbon ammonia to Hamburg, Germany.
ADNOC announced that it had shipped its first ever shipment of low-carbon ammonia to Hamburg, Germany.
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UAE Exports First Low-Carbon Ammonia Shipment

ADNOC announced that it had shipped its first ever shipment of low-carbon ammonia to Hamburg, Germany.
ADNOC announced that it had shipped its first ever shipment of low-carbon ammonia to Hamburg, Germany.

The Abu Dhabi National Oil Company (ADNOC) announced on Thursday that it had shipped its first ever shipment of low-carbon ammonia to Hamburg, Germany.

Arubis, a global provider of non-ferrous metals and one of the world's largest copper recyclers, will receive this shipment.

Developed by Fertiglobe, a partnership between ADNOC and OCI, the demonstration cargo will be the first of several test cargoes sold in Germany as ADNOC develops its hydrogen partnership.

Aurubis plans to utilize the low-carbon ammonia as a feedstock in its wire rod plant, testing its application as a lower-carbon energy source for industrial utilization, it said in a statement.

Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC managing director and group CEO, said: "This demonstration cargo of low-carbon ammonia builds upon the longstanding bilateral relationship between the UAE and Germany and our growing partnership in clean energy."

“Our collaboration with customers in Germany also underlines ADNOC’s ambitious growth plans for the production of clean hydrogen, and its carrier fuels such as ammonia, which will play a critical role in decarbonizing hard-to-abate industrial sectors," he added.

"We are committed to accelerating and deepening private and public sector collaboration in clean hydrogen projects that will reduce carbon emissions and the carbon intensity of the energy that supports our everyday lives."

CEO of Aurubis Roland Harings said: "To guarantee stable processes at our sites, we are expanding our portfolio of reliable energy sources and thus investing in the decarbonization of our production at the same time."

"This first trial shipment of low-carbon ammonia from ADNOC represents an important milestone in our long-term vision for hydrogen solutions that will help meet our decarbonization goals," Harings added.

ADNOC plans to supply 25 percent of imported hydrogen in key global markets from its hydrogen production.

By 2030, Germany's national hydrogen strategy expects an import demand of 3 million tons of clean hydrogen per year (MTPA) and 15 MTPA by 2050.

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US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
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US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo

US job growth accelerated in September and the unemployment slipped to 4.1%, further reducing the need for the Federal Reserve to maintain large interest rate cuts at its remaining two meetings this year.
Nonfarm payrolls increased by 254,000 jobs last month after rising by an upwardly revised 159,000 in August, the Labor Department's Bureau of Labor Statistics said in its closely watched employment report on Friday.
Economists polled by Reuters had forecast payrolls rising by 140,000 positions after advancing by a previously reported 142,000 in August.
The initial payrolls count for August has typically been revised higher over the past decade. Estimates for September's job gains ranged from 70,000 to 220,000.
The US labor market slowdown is being driven by tepid hiring against the backdrop of increased labor supply stemming mostly from a rise in immigration. Layoffs have remained low, which is underpinning the economy through solid consumer spending.
Average hourly earnings rose 0.4% after gaining 0.5% in August. Wages increased 4% year-on-year after climbing 3.9% in August.
The US unemployment rate dropped from 4.2% in August. It has jumped from 3.4% in April 2023, in part boosted by the 16-24 age cohort and rise in temporary layoffs during the annual automobile plant shutdowns in July.
The US Federal Reserve's policy setting committee kicked off its policy easing cycle with an unusually large half-percentage-point rate cut last month and Fed Chair Jerome Powell emphasized growing concerns over the health of the labor market.
While the labor market has taken a step back, annual benchmark revisions to national accounts data last week showed the economy in a much better shape than previously estimated, with upgrades to growth, income, savings and corporate profits.
This improved economic backdrop was acknowledged by Powell this week when he pushed back against investors' expectations for another half-percentage-point rate cut in November, saying “this is not a committee that feels like it is in a hurry to cut rates quickly.”
The Fed hiked rates by 525 basis points in 2022 and 2023, and delivered its first rate cut since 2020 last month. Its policy rate is currently set in the 4.75%-5.00% band.
Early on Friday, financial markets saw a roughly 71.5% chance of a quarter-point rate reduction in November, CME's FedWatch tool showed. The odds of a 50 basis points cut were around 28.5%.