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ADNOC, TAQA Conclude $3.8b Deal on Clean Energy, Decarbonization

General view of Abu Dhabi, United Arab Emirates, January 3, 2019. REUTERS/ Hamad I Mohammed/File Photo/File Photo
General view of Abu Dhabi, United Arab Emirates, January 3, 2019. REUTERS/ Hamad I Mohammed/File Photo/File Photo
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ADNOC, TAQA Conclude $3.8b Deal on Clean Energy, Decarbonization

General view of Abu Dhabi, United Arab Emirates, January 3, 2019. REUTERS/ Hamad I Mohammed/File Photo/File Photo
General view of Abu Dhabi, United Arab Emirates, January 3, 2019. REUTERS/ Hamad I Mohammed/File Photo/File Photo

Abu Dhabi National Oil Company (ADNOC) and Abu Dhabi National Energy Company PJSC (TAQA) revealed concluding a $3.8 billion strategic project to power and decarbonize ADNOC's offshore production operations.

Together with a consortium comprised of Korea Electric Power (KEPCO), Kyushu Electric Power Company (Kyuden) and Électricité de France (EDF) (the Consortium), this is a first-of-its-kind high-voltage direct current (HVDC) sub-sea transmission network in the MENA region.

A consortium comprising Korea Electric Power (Kepco), Kyushu Electric Power Company (Kyuden) and Electricite de France (EDF) will build, own, operate and transfer the state-of-the-art transmission system alongside ADNOC and TAQA, with the full project returned to ADNOC after 35 years of operation.

In this regard, UAE Minister of Industry and Advanced Technology, Special Envoy for Climate Change and Managing Director and Group CEO of ADNOC Dr. Sultan Al Jaber said: "ADNOC has once again demonstrated its ability to successfully structure and close a bold and progressive transaction that will help secure our low-carbon future as we intensify our efforts to decarbonize our operations."

The development is expected to reduce the carbon footprint of ADNOC's offshore operations by more than 30%, replacing existing offshore gas turbine generators with more sustainable power sources available on the Abu Dhabi onshore power network, operated by TAQA's wholly owned subsidiary, Abu Dhabi Transmission and Despatch Company (TRANSCO), state news agency WAM reported.

For his part, TAQA Chairman Mohamed Hassan Alsuwaidi said: "TAQA is taking a progressive role in accelerating the UAE's energy transition by delivering cohesive solutions that enable cleaner sources of power to fuel economic growth."

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Business

Gold Eases as Inflation Jitters, Iran War Cloud US Rate Outlook

AFP: A photo shows gold bangles and necklaces for sale at a gold shop at the Grand Baazar in Istanbul
AFP: A photo shows gold bangles and necklaces for sale at a gold shop at the Grand Baazar in Istanbul
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Gold Eases as Inflation Jitters, Iran War Cloud US Rate Outlook

AFP: A photo shows gold bangles and necklaces for sale at a gold shop at the Grand Baazar in Istanbul
AFP: A photo shows gold bangles and necklaces for sale at a gold shop at the Grand Baazar in Istanbul

Gold prices nudged lower in thin trade on Monday, weighed down by inflation worries that clouded the US monetary policy outlook, while markets awaited developments in US-Iran peace negotiations.

Spot gold was down 0.5% at $4,588.71 per ounce, as of 0655 GMT. US gold futures for June delivery fell 0.9% to $4,600.60.

Markets in China, Japan and the UK are closed for holidays.

Federal Reserve Chair Jerome Powell closed out eight years as head of the US central bank last Wednesday with interest rates on hold and rising concern about inflation, Reuters reported.

"Gold is still feeling the lingering effects of last week's hawkish Fed messaging, particularly the notable dissenting voices pushing back against further easing," said Tim Waterer, chief market analyst at KCM Trade.

Federal Reserve officials, who dissented against the policy statement last week, said the oil price shock from the Iran war means the US Fed should be clear it can no longer lean towards interest rate cuts, with a rise in borrowing costs possible in the future.

Increasing oil prices could encourage central banks to hold interest rates higher for longer, which would pressure non-yielding assets such as gold.

Oil prices eased but held above $100 a barrel, with the lack of clarity around a potential US-Iran peace deal remaining in focus.

President Donald Trump said the United States would start helping to free ships stranded in the Gulf by the US-Israeli war on Iran from Monday, as a tanker reported being hit by unknown projectiles in the Strait of Hormuz.

Iranian state media reported that Washington conveyed its response to Iran's 14-point proposal via Pakistan, and that Tehran was now reviewing it.

"We see gold largely trading in a $4,400-$5,500 range by year-end. The upper end of that range would require a durable reduction in Middle East tensions and some easing of inflation pressures, while persistent high oil prices would keep the metal toward the lower half of the range," Waterer added.

Spot silver fell 0.6% to $74.91 per ounce, platinum held steady at $1,989, and palladium was down 0.4% at $1,519.78.

Business

Global LNG Exports Fall to Two-Year Low

Maritime tracking data indicates that global LNG shipments decreased to 33 million tons last month (X)
Maritime tracking data indicates that global LNG shipments decreased to 33 million tons last month (X)
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Global LNG Exports Fall to Two-Year Low

Maritime tracking data indicates that global LNG shipments decreased to 33 million tons last month (X)
Maritime tracking data indicates that global LNG shipments decreased to 33 million tons last month (X)

Global exports of liquefied natural gas fell to the lowest in almost two years in April, as the war in the Middle East disrupted flows of the super-chilled fuel through the Strait of Hormuz, Bloomberg reported.

Shipments declined to about 33 million tons, the lowest level since May 2024, according to ship-tracking data compiled by Bloomberg.

The drop came after Qatar — the second-largest exporter last year — halted production following strikes on the world’s biggest plant by Iran in March, with the damage set to take years to repair.

Despite the ceasefire in the war with Iran, the Strait of Hormuz, through which about one-fifth of the world's oil and LNG supplies pass, remains closed. Since the start of the conflict, only one LNG tanker has transited the strait.

Nevertheless, lost volumes have been partially offset by new production elsewhere in the world. According to ship-tracking data compiled by Bloomberg, April shipments were down only 7 percent from the previous year, suggesting that increased output from suppliers, including the United States and Canada, has partially compensated for the reduced volumes from Qatar.

In the United States, the massive Golden Pass LNG terminal shipped its first cargo last month. Qatar also delivered some volumes to Kuwait, which can export them without transiting the Strait.

Business

Turkish Inflation Jumps to 4.18% m/m in April, Exceeding Forecasts

Passers-by walk at Galata bridge on a rainy spring day in Istanbul, Türkiye, Saturday, May 2, 2026. (AP)
Passers-by walk at Galata bridge on a rainy spring day in Istanbul, Türkiye, Saturday, May 2, 2026. (AP)
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Turkish Inflation Jumps to 4.18% m/m in April, Exceeding Forecasts

Passers-by walk at Galata bridge on a rainy spring day in Istanbul, Türkiye, Saturday, May 2, 2026. (AP)
Passers-by walk at Galata bridge on a rainy spring day in Istanbul, Türkiye, Saturday, May 2, 2026. (AP)

Turkish consumer price inflation surged to 4.18% month-on-month in April, while the annual figure climbed to 32.37%, data from the Turkish Statistical Institute showed on Monday, with both measures exceeding economists' forecasts.

In a Reuters poll, monthly inflation was forecast to be 3.28%, with the annual rate seen at 31.25%, as the Iran war drives ‌a sharp ‌rise in fuel prices and ‌expectations ⁠of a slower-than-anticipated disinflation ⁠trend.

The biggest monthly price rises in April were shown by the clothing and footwear sector, with 8.94% inflation, and the housing sector at 7.99%, while key transport sector prices were up 4.29% and ⁠food and drinks sector prices ‌were up 3.7%.

In ‌March, consumer price inflation dipped to 1.94% month-on-month, ‌while the annual figure fell to ‌30.87%, both figures below forecasts.

The data also showed the domestic producer index rose 3.17% month-on-month in April for an annual increase of 28.59%.

The ‌central bank flagged rising inflation risks in its monetary policy committee ⁠statement ⁠last month, when it kept main interest rates steady, saying it was closely monitoring fallout from the Iran war and potential second-round effects.

In February, Türkiye's central bank raised its year-end inflation forecast range by two percentage points to 15–21%, while keeping its interim 16% target unchanged, despite market doubts over whether the disinflation trend seen through much of 2025 remains on track.