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UAE’s ADNOC: $1.6B in Construction Contracts for Dalma Gas Offshore Facilities

FILE PHOTO: General view of the ADNOC headquarters (L) and Emirates Towers (R) are seen in Abu Dhabi, United Arab Emirates, December 23, 2018. REUTERS/Hamad I Mohammed/File Photo
FILE PHOTO: General view of the ADNOC headquarters (L) and Emirates Towers (R) are seen in Abu Dhabi, United Arab Emirates, December 23, 2018. REUTERS/Hamad I Mohammed/File Photo
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UAE’s ADNOC: $1.6B in Construction Contracts for Dalma Gas Offshore Facilities

FILE PHOTO: General view of the ADNOC headquarters (L) and Emirates Towers (R) are seen in Abu Dhabi, United Arab Emirates, December 23, 2018. REUTERS/Hamad I Mohammed/File Photo
FILE PHOTO: General view of the ADNOC headquarters (L) and Emirates Towers (R) are seen in Abu Dhabi, United Arab Emirates, December 23, 2018. REUTERS/Hamad I Mohammed/File Photo

The Abu Dhabi National Oil Company, ADNOC, has said it awarded two contracts for the construction of offshore facilities for the Dalma Gas Development Project located about 190 kilometers northwest of Abu Dhabi city, Emirates News Agency (WAM) reported.

The Dalma project is a key part of the Ghasha ultra-sour gas concession which is central to ADNOC’s strategic objective of enabling gas self-sufficiency for the United Arab Emirates, WAM said.

The two Engineering, Procurement and Construction, EPC, contracts have a total value of over $1.65 billion (AED 6.06 billion) and were awarded to Petrofac Emirates LLC and a joint venture between Petrofac and Sapura Energy Berhad through its subsidiary’s branch office in Abu Dhabi.

Both contracts are expected to be completed in 2022 and will enable the Dalma Gas Development project to produce around 340 million standard cubic feet per day (mmscfd) of natural gas.

Seventy percent of the total award value will flow into the UAE’s economy under ADNOC’s In-Country Value, ICV, program, reinforcing ADNOC’s commitment to maximizing value for the UAE as it delivers its 2030 strategy.

Yaser Saeed Almazrouei, Executive Director of ADNOC’s Upstream Directorate, said, "This award marks another important milestone in the development of the Ghasha concession which is an integral component of our strategy to achieve gas self-sufficiency for the UAE.”

“It demonstrates how ADNOC is effectively collaborating with strategic partners that can deploy state-of-the-art technologies and world-class expertise to accelerate the development of Abu Dhabi’s substantial gas resources,” he added.

"Petrofac and Sapura Energy were selected to deliver this crucial project after an extremely competitive and rigorous tender process that ensures that 70 percent of the award value will flow into the UAE’s economy as In-Country Value, stimulating local economic growth and supporting the diversification of the nation’s economy in line with the leadership’s wise directives."

Under the terms of Package A EPC contract, valued at $591 million (AED2.17 billion) and awarded to a joint venture, JV, between Petrofac and Sapura Energy, the JV will execute the engineering, procurement and construction of four offshore wellhead towers, pipelines and umbilicals in Hair Dalma, Satah, and Bu Haseer fields, WAM said.

Under the terms of Package B EPC contract, valued at $1.065 billion (AED3.9 billion) and awarded to Petrofac, the contractor will carry out the engineering, procurement and construction of gas conditioning facilities for gas dehydration, compression and associated utilities in Arzanah Island located 80 kilometers from Abu Dhabi city. The gas will then be sent to Habshan Gas Processing Plant for further processing required to produce sales gas, condensate, and sulfur, it added.

"We are fully committed to supporting continued and sustainable investment in Abu Dhabi’s oil and gas industry through our strategic focus on maximizing local delivery and are pleased that our approach will generate substantial In-Country Value for the local economy,” the news agency quoted George Salibi, Petrofac’s Chief Operating Officer of Engineering and Construction, as saying.

“These latest contract awards build on our existing relationship with ADNOC Group companies and we look forward to delivering this mega project in a safe, successful and sustainable manner,” he said.

Tan Sri Shahril Shamsuddin, President and Group CEO of Sapura Energy, said, "We are committed to delivering the Dalma Gas Development Project with our hallmark technical capabilities in offshore engineering and construction. Our priority is to support ADNOC in unlocking value from their asset."

As part of the selection criteria for the awards, ADNOC carefully considered the extent to which bidders would maximize In-Country Value in the delivery of the project. This is a mechanism integrated into ADNOC’s tender evaluation process and is aimed at nurturing new local and international partnerships and business opportunities, catalyzing socio-economic growth and creating job opportunities for UAE nationals.

The successful bids by Petrofac and Sapura Energy prioritized UAE sources for materials, local suppliers and workforce, resulting in a total spend of over $1.15 billion (AED4.2 billion) which will flow into the UAE’s economy.

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China Had a Record $1.2 Trillion Trade Surplus in 2025, as Exports Rose 6.6% in December

Women dressed in traditional Chinese-style attire cross a street in Beijing, China, Tuesday, Jan. 13, 2026. (AP)
Women dressed in traditional Chinese-style attire cross a street in Beijing, China, Tuesday, Jan. 13, 2026. (AP)
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China Had a Record $1.2 Trillion Trade Surplus in 2025, as Exports Rose 6.6% in December

Women dressed in traditional Chinese-style attire cross a street in Beijing, China, Tuesday, Jan. 13, 2026. (AP)
Women dressed in traditional Chinese-style attire cross a street in Beijing, China, Tuesday, Jan. 13, 2026. (AP)

China’s trade surplus surged to a record of almost $1.2 trillion in 2025, the government said Wednesday, as exports to other countries made up for slowing shipments to the United States.

China's exports rose 5.5% for the whole of last year to $3.77 trillion, customs data showed, while imports flatlined at $2.58 trillion. The 2024 trade surplus was over $992 billion.

In December, China’s exports climbed 6.6% from the year before in dollar terms, better than economists’ estimates and higher than November’s 5.9% year-on-year increase. Imports in December were up 5.7% year-on-year, compared to November’s 1.9%.

China’s trade surplus surpassed the $1 trillion mark for the first time in November, when the trade surplus reached $1.08 trillion in the first 11 months of last year.

Economists expect exports will continue to support China’s economy this year, despite trade friction and geopolitical tensions.

“We continue to expect exports to act as a big growth driver in 2026,” said Jacqueline Rong, chief China economist at BNP Paribas.

While China’s exports to the US have fallen sharply for most of last year since President Donald Trump returned to office and escalated his trade war with the world’s second-largest economy, that decline has been largely offset by shipments to other markets in South America, Southeast Asia, Africa and Europe.

For the whole of 2025, China’s exports to the US fell 20%. In contrast, exports to Africa surged 26%. Those to Southeast Asian countries jumped 13%; to the European Union 8%, and to Latin America, 7%.

Strong global demand for computer chips and other devices and the materials needed to make them were among categories that supported China’s exports, analysts said. Car exports also grew last year.

China's strong exports have helped keep its economy growing at an annual rate close to its official target of about 5%. But that has triggered alarm in countries that fear a flood of cheap imports are damaging local industries.

China faces a “severe and complex” external trade environment in 2026, Wang Jun, vice minister of China’s customs administration, told reporters in Beijing. But he said China’s “foreign trade fundamentals remain solid.”

The head of the International Monetary Fund last month called for China to fix its economic imbalances and speed up its shift from reliance on exports by boosting domestic demand and investment.

A prolonged property downturn in China after the authorities cracked down on excessive borrowing, triggering defaults by many developers, is still weighing on consumer confidence and domestic demand.

China’s leaders have made increasing spending by consumers and businesses a focus of economic policy, but actions taken so far have had a limited impact. That included government trade-in subsidies over the past months that encouraged consumers to buy newer, more energy efficient items, such as home appliances and vehicles, and replace older models.

“We expect domestic demand growth to stay tepid,” said Rong of BNP Paribas. “In fact, the policy boost to domestic demand looks weaker than last year -- in particular the fiscal subsidy program for consumer goods.”

Gary Ng, a senior economist at French investment bank Natixis, forecasts that China’s exports will grow about 3% in 2026, less than the 5.5% growth in 2025. With slow import growth, he expects China's trade surplus to remain above $1 trillion this year.

Business

Saudi Arabia Signs Mineral Cooperation Deals with Chile, Canada, Brazil

The MoUs were signed on the sidelines of the Ministerial Roundtable of ministers concerned with mining affairs, held as part of the fifth annual Future Minerals Forum (FMF) in Riyadh. (SPA)
The MoUs were signed on the sidelines of the Ministerial Roundtable of ministers concerned with mining affairs, held as part of the fifth annual Future Minerals Forum (FMF) in Riyadh. (SPA)
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Saudi Arabia Signs Mineral Cooperation Deals with Chile, Canada, Brazil

The MoUs were signed on the sidelines of the Ministerial Roundtable of ministers concerned with mining affairs, held as part of the fifth annual Future Minerals Forum (FMF) in Riyadh. (SPA)
The MoUs were signed on the sidelines of the Ministerial Roundtable of ministers concerned with mining affairs, held as part of the fifth annual Future Minerals Forum (FMF) in Riyadh. (SPA)

Saudi Arabia, represented by the Ministry of Industry and Mineral Resources, signed on Tuesday three international memoranda of understanding (MoUs) on mineral resources cooperation with the Chile, Canada, and Brazil.

The MoUs were signed on the sidelines of the Ministerial Roundtable of ministers concerned with mining affairs, held as part of the fifth annual Future Minerals Forum (FMF), hosted by Riyadh from January 13 to 15.

The deals reflect the Kingdom’s efforts to expand its international partnerships and strengthen technical and investment cooperation in the mining and minerals sector in a manner that serves mutual interests and supports the sustainable development of mineral resources.

The signing ceremony included MoUs on cooperation in the mineral resources field with the Chilean Ministry of Mining, the Canadian Department of Natural Resources, and the Brazilian Ministry of Mines and Energy.

The Ministerial Roundtable recorded the largest level of international representation of its kind globally, with participation from more than 100 countries, including all G20 members in addition to the European Union, as well as 59 multilateral organizations, industry associations, and non-governmental organizations.

The attendance reflects the standing the ministerial meeting has attained as a leading international platform for aligning perspectives, building partnerships, and developing practical solutions to global challenges in the mining and minerals sector.

Business

Iran's Partners in Crisis after Trump Announces New Tariffs

The Iranian flag and 3D printed oil barrels miniature are seen in this illustration taken June 23, 2025. (Reuters)
The Iranian flag and 3D printed oil barrels miniature are seen in this illustration taken June 23, 2025. (Reuters)
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Iran's Partners in Crisis after Trump Announces New Tariffs

The Iranian flag and 3D printed oil barrels miniature are seen in this illustration taken June 23, 2025. (Reuters)
The Iranian flag and 3D printed oil barrels miniature are seen in this illustration taken June 23, 2025. (Reuters)

US President Donald Trump on Monday said any country that does business with Iran will face a tariff rate of 25% on any trade with the US as Washington weighs a response to the situation in Iran which is seeing its biggest anti-government protests in years.

Iran, a member of the OPEC oil producing group, exported products to 147 trading partners in 2022, according to World Bank's most recent data.

China and the United Arab Emirates are Iran’s largest trading partners, putting them at the top of the list of countries at risk of being hit by Trump’s 25% tariff threat, according to Bloomberg.

Countries like India, Brazil, Iraq, Türkiye and Russia are also major trade partners of Iran.

Fuel is Iran's biggest export item by value, while major imports include intermediate goods, vegetables, machinery and equipment.

China

China is the primary buyer of Iranian oil, which remains under international sanctions over Tehran's nuclear program.

In 2024, the trade turnover between the two countries amounted to $17.8 billion.

In 2025, China bought more than 80% of Iran's shipped oil, according to data from Kpler, an analytics firm.

Iranian oil has a limited pool of buyers because of US sanctions that seek to cut off funding to Tehran's nuclear program.

Also, Iran has a record amount of oil on the water, ​equivalent to about 50 days of output, with China having bought ‌less because of sanctions and Tehran seeking to protect its supplies from the risk of US strikes, data from Kpler and Vortexa shows.

Iranian oil imported by China is typically labelled by traders as originating from other countries, such as Malaysia, a major transshipment hub, and Indonesia.

Chinese customs data has not shown any oil shipped from Iran since July 2022.

UAE

While China is Iran's premier trade partner, the UAE is the second largest. Trade between Iran and the UAE has reached $16.11 billion, making it a vital center in Iran’s regional trade and putting the Emirates at the top of the list of countries at risk of being targeted by Trump’s tariffs.

Iraq

Iraq, Iran’s historical partner and geographically closest, ranks fourth globally with a trade volume reaching $12.3 billion, representing 9.9% of Iran’s total foreign trade activity.

In recent years, Iraq has relied on Iran to supply about 40% of its needs for gas and electricity, at a time when Iraqi infrastructure lacks the capacity to process natural gas for domestic use.

Iraq is already subject to US tariffs of 35% under Trump’s decision to impose reciprocal tariffs with many countries last August.

Currently, gas exports from Iran have been suspended or severely curtailed due to a combination of extreme domestic heating demand and broader economic pressures.

India

India's total bilateral trade with Iran stood at $1.34 billion for the first 10 months of 2025, according to India's commerce ministry. Major Indian exports to Iran include basmati rice, fruits, vegetables, drugs and other pharmaceutical products.

The US president already imposed levies as high as 50% on Indian goods tied to their purchase of Russian oil. The two sides have been working for months to finalize a deal that would provide long-sought tariff relief to New Delhi.

Türkiye

Turkish exports to Iran were $2.3 billion in full-year 2025, while imports were $2.2 billion over 11 months of the year, according to sector and official data sources.

Germany

Iran's exports to Germany stood at around 217 million euros in the first eleven months of 2025, an increase of 1.7%, according to data from the state-owned international economic promotion agency Germany Trade & Invest. German exports to Iran fell by a quarter to 871 million euros over the period.

South Korea

South Korea's exports to Iran between January and November 2025 were marginal at $129 million, while imports stood at $1.6 million during the same period, according to data from the Korea International Trade Association.

Japan

Japan imported modest amounts of fruit, vegetables and textiles from Iran and shipped some machinery and vehicle engines there, according to the latest trade data from Japan that goes through November 2025.