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Abu Dhabi Ship Building Signs MoU with PT PAL Indonesia

Abu Dhabi Ship Building Signs MoU with PT PAL Indonesia
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Abu Dhabi Ship Building Signs MoU with PT PAL Indonesia

Abu Dhabi Ship Building Signs MoU with PT PAL Indonesia

Abu Dhabi Ship Building (ADSB) signed a Memorandum of Understanding with PT PAL Indonesia to strengthen cooperation and to leverage the capabilities of both partners to build a range of interceptors, landing craft, and rigid-hull inflatable boats (RHIBs) for Indonesia’s naval and coast guard requirements.

The deal was signed by Maktoom Al Shehhi, Director of MRO at ADSB; and Dr. Kaharuddin Djenod, CEO of PT PAL Indonesia, on the second day of the Indo Defense Expo & Forum 2022, held at JIExpo Kemayoran in Jakarta, Indonesia, until 5th November.

Commenting on the deal, CEO of ADSB David Massey said: “Our cooperation with PT PAL clearly strengthens our investment in Indonesia and the global export success of our world-class vessels."

“We are very pleased to be working with PT PAL, and we look forward to jointly pursuing opportunities that will help to achieve our respective business and national objectives.”

For his part, Dr. Kaharuddin Djenod, CEO of PT PAL Indonesia, said: “We are pleased to sign this MoU with Abu Dhabi Ship Building, which will support our objective of strengthening the Indonesian naval and defence industry. This collaboration will strengthen PT PAL's role in mastering naval technology in Indonesia."

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Oil Heads for Weekly Gains on Anxiety over Intensifying Ukraine War

Pump jacks operate in front of a drilling rig in an oilfield in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo
Pump jacks operate in front of a drilling rig in an oilfield in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo
TT
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Oil Heads for Weekly Gains on Anxiety over Intensifying Ukraine War

Pump jacks operate in front of a drilling rig in an oilfield in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo
Pump jacks operate in front of a drilling rig in an oilfield in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo

Oil prices extended gains on Friday, heading for a weekly uptick of more than 4%, as the Ukraine war intensified with Russian President Vladimir Putin warning of a global conflict.
Brent crude futures gained 10 cents, or 0.1%, to $74.33 a barrel by 0448 GMT. US West Texas Intermediate crude futures rose 13 cents, or 0.2%, to $70.23 per barrel.
Both contracts jumped 2% on Thursday and are set to cap gains of more than 4% this week, the strongest weekly performance since late September, as Moscow stepped up its offensive against Ukraine after the US and Britain allowed Kyiv to strike Russia with their weapons.
Putin said on Thursday it had fired a ballistic missile at Ukraine and warned of a global conflict, raising the risk of oil supply disruption from one of the world's largest producers.
Russia this month said it produced about 9 million barrels of oil a day, even with output declines following import bans tied to its invasion of Ukraine and supply curbs by producer group OPEC+.
Ukraine has used drones to target Russian oil infrastructure, including in June, when it used long-range attack drones to strike four Russian refineries.
Swelling US crude and gasoline stocks and forecasts of surplus supply next year limited price gains.
"Our base case is that Brent stays in a $70-85 range, with high spare capacity limiting price upside, and the price elasticity of OPEC and shale supply limiting price downside," Goldman Sachs analysts led by Daan Struyven said in a note.
"However, the risks of breaking out are growing," they said, adding that Brent could rise to about $85 a barrel in the first half of 2025 if Iran supply drops by 1 million barrels per day on tighter sanctions enforcement under US President-elect Donald Trump's administration.
Some analysts forecast another jump in US oil inventories in next week's data.
"We will be expecting a rebound in production as well as US refinery activity next week that will carry negative implications for both crude and key products," said Jim Ritterbusch of Ritterbusch and Associates in Florida.
The world's top crude importer, China, meanwhile on Thursday announced policy measures to boost trade, including support for energy product imports, amid worries over Trump's threats to impose tariffs.