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UAE Supports Responsible Energy Transition

UAE President Sheikh Mohammed bin Zayed Al Nahyan listens to a presentation on ADNOC's new strategy. (WAM)
UAE President Sheikh Mohammed bin Zayed Al Nahyan listens to a presentation on ADNOC's new strategy. (WAM)
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UAE Supports Responsible Energy Transition

UAE President Sheikh Mohammed bin Zayed Al Nahyan listens to a presentation on ADNOC's new strategy. (WAM)
UAE President Sheikh Mohammed bin Zayed Al Nahyan listens to a presentation on ADNOC's new strategy. (WAM)

The UAE is committed to remaining a responsible global energy provider and enabling a more sustainable future, announced President Sheikh Mohammed bin Zayed Al Nahyan.

Sheikh Mohammed noted that the UAE would support the efforts to ensure a responsible energy transition by keeping pace with the future and investing in the essential opportunities it provides.

Speaking at the annual meeting of the Abu Dhabi National Oil Company (ADNOC) Board of Directors, in his capacity as its Chairman, Sheikh Mohammed directed the company to pursue a Net Zero by 2050 ambition to support the country's 2050 Strategic Initiative.

The board also approved ADNOC's strategy to accelerate growth across its value chain to meet rising energy demand and support global energy security responsibly.

As part of the strategy, ADNOC will establish a new Low Carbon Solutions & International Growth vertical focused on new energies, gas, liquefied natural gas (LNG), and chemicals, reported the state news agency (WAM).

The President stressed the importance of the steps taken by ADNOC to reduce carbon emissions in conjunction with its endeavor to develop and expand its operations to meet the growing global energy demand.

He praised ADNOC's efforts to drive industrial growth through its In-Country Value (ICV) program and its support for the "Make it in the Emirates" initiative.

The ICV program generated $9.54 billion in the nation's economy and enabled 2,000 UAE Nationals to be employed in ADNOC's supply chains.

At the meeting, the board endorsed plans to bring ADNOC's 5 million barrels per day (mmbopd) oil production capacity expansion to 2027, from the previous target of 2030, as part of the accelerated growth strategy.

ADNOC produces some of the world's least carbon-intensive oil, and this new target will provide the company with greater flexibility to meet rising global energy demand.

According to information released, ADNOC's plans to accelerate the implementation of the goal of increasing its production capacity of crude oil based on UAE's robust hydrocarbons reserves, which rose two billion stock tank barrels (STB) of oil and one trillion standard cubic feet (TSCF) of natural gas this year.

The additional reserves increase the UAE's reserves base to 113 billion STB of oil and 290 TSCF of natural gas, reinforcing the country's position in global rankings as the custodian of the sixth-largest oil reserves and the seventh-largest gas reserves.

Within the framework of the updated strategy, ADNOC announced the establishment of ADNOC Gas, a new world-class gas processing and marketing company, which will start operations in early January 2023.

The company will operate, maintain, and market the two ADNOC's gas processing and LNG operations through one integrated company.

The board directed ADNOC to proceed with an initial public offering (IPO) of a minority stake in the new company on the Abu Dhabi Securities Exchange (ADX) in 2023, subject to applicable regulatory approvals.

ADNOC's five-year business plan and capital expenditure (CAPEX) of $150 billion for 2023-2027 was approved to enable the accelerated growth strategy.

Minister of Industry and Advanced Technology Sultan al-Jaber lauded the vision and support of Sheikh Mohammed, adding that "through our Net Zero by 2050 ambition, we are placing sustainability at the center of our growth."

Jaber explained that the world needs maximum energy, minimum emissions, and all the energy solutions to ensure global energy security.

"ADNOC is committed to making today's energy cleaner while investing in the clean energies of tomorrow to strengthen our position as a reliable and responsible energy provider."

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Trump Hits Back with Tariffs of 125%, after China Raises Its Tariff on US Goods to 84%

A general view shows the Huangpu River and the financial district in Shanghai on April 9, 2025. (AFP)
A general view shows the Huangpu River and the financial district in Shanghai on April 9, 2025. (AFP)
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Trump Hits Back with Tariffs of 125%, after China Raises Its Tariff on US Goods to 84%

A general view shows the Huangpu River and the financial district in Shanghai on April 9, 2025. (AFP)
A general view shows the Huangpu River and the financial district in Shanghai on April 9, 2025. (AFP)

President Donald Trump on Wednesday raised tariffs on China to 125%, hours after China boosted taxes on American imports to 84% and vowed to "fight to the end" in an escalating battle that threatens to disrupt trade between the world's two largest economies.

The new rate levied by Beijing, which has taken effect, comes in response to Trump's earlier move to raise the tariff on Chinese products to 104% as part of increases that hit US trading partners worldwide. Europe and Canada also hit back Wednesday with new tariffs on imports from America.

Citing lack of respect, Trump responded by raising tariffs on China to 125%, while pausing tariffs on most countries for 90 days.

The hikes are the latest in an ongoing trade war that threatens to raise prices for consumers in America and derail China's attempts to reinvigorate its sluggish economy. The response from the Chinese government signals its determination not to bend to Trump's pressure, despite the risks.

"If the US insists on further escalating its economic and trade restrictions, China has the firm will and abundant means to take necessary countermeasures and fight to the end," the Ministry of Commerce said before announcing its latest tariff hike.

Beijing also imposed restrictions on doing business with nearly a dozen American companies and said it was launching a new challenge to the American tariffs at the World Trade Organization.

China is a major exporter to US but no longer No. 1  

The United States sent a record $199 billion in exports to China last year, while China exported $463 billion in goods and services to the United States, third behind Mexico and Canada, according to the US Commerce Department.

China was the top source of US imports as recently as 2022 but it has lost ground to America’s neighbors amid heightened tensions with the United States.

The European Chamber of Commerce in China accused the US of rolling back many of the principles that have underpinned its approach to trade and investment. It said that Trump's tariffs would have a significant impact on European companies exporting from China to the US, forcing them to rethink their business models and supply chains.

"This will lead to a substantial increase in operational costs and inefficiencies, and ultimately higher prices for consumers," it said.

No ‘easy path’ to restarting US-China trade talks

Though the US and China may want to find a way back to the negotiating table, "this won’t be an easy path to navigate with both countries doubling down and bilateral engagement at a virtual standstill," said former US trade official Wendy Cutler, a vice president at the Asia Society Policy Institute.

China does not appear interested in bargaining, as some other countries have started doing.

"If the US truly wants to resolve issues through dialogue and negotiation, it should adopt an attitude of equality, respect and mutual benefit," Foreign Ministry spokesperson Lin Jian said.

The Chinese Ministry of Culture and Tourism issued a travel advisory asking its citizens to evaluate the risks of visiting the US as tourists and to exercise caution. The advisory, which came shortly after the announcement of the tariff hike, cited the deterioration in economic and trade relations as well as the "safety situation" in America.

China's response has gone from measured to tough 

Trump has now raised the tariff on Chinese goods five times since taking office in January. The first two hikes of 10% each were met with what analysts described as a measured response from China that left the door open for talks.

But after Trump announced an additional 34% tariff on Chinese goods last week, along with tariffs on other countries in his "Liberation Day," China matched that with a 34% tariff on imports from the US.

Trump then added a 50% tariff on goods from China, saying negotiations were terminated, and bringing the cumulative US tariff to 104%. China responded by raising the tariff on American products by the same amount, bringing its total rate to 84%.

China's latest measures include adding 11 American companies to an "unreliable entities" list that bars Chinese companies from selling them goods that could have military uses. Among the companies are American Photonics, and SYNEXXUS, which both work with the American military.

A Chinese position paper issued Wednesday said that the US has not honored the promises it made in an earlier "Phase One" trade deal concluded during Trump’s first term. As an example, it said a US law that would ban TikTok unless it is sold by its Chinese parent company violates a promise that neither would "pressure the other party to transfer technology to its own individuals."

Trump signed an order to keep TikTok running for another 75 days last week after a potential deal to sell the app to American owners was put on ice. Representatives from ByteDance, the parent company, told the White House that the Chinese government would no longer approve a deal until there could be talks on trade.

"History and facts have proven that the United States’ increase in tariffs will not solve its own problems," the Commerce Ministry said in a statement introducing the paper. "Instead, it will trigger sharp fluctuations in financial markets, push up US inflation pressure, weaken the US industrial base and increase the risk of a US economic recession, which will ultimately only backfire on itself."