UAE's IHC to invest $2 billion in three Adani Group's portfolio companies

 

DUBAI (Reuters) - International Holding Co has consented to contribute 7.3 billion dirhams ($2 billion) in three of Indian combination Adani Group's portfolio organizations.

It will give funding to Adani Green Energy Ltd, Adani Transmission Ltd and Adani Enterprises Ltd which all are recorded on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) in India - through the particular distribution course, it said in a proclamation.

The speculation is dependent upon investor and administrative endorsements and will agree with India's protections guidelines.

The capital will be used for chasing after the development of the particular organizations, further fortifying of the monetary record and for general corporate reason, the assertion said.

IHC is led by Sheik Tahnoun receptacle Zayed Al Nahyan, the United Arab Emirates' public safety counsel and a sibling of the country's accepted ruler, Crown Prince Mohammed container Zayed.

Sheik Tahnoun is additionally the administrator of Royal Group, which claims 74% of IHC, and is director of ADQ.

US-Iran tensions, Opec's indication of continuing cuts lead to oil surge

International News

Oil rose to multi-week highs on Monday after Organization of the Petroleum Exporting Countries (Opec) indicated it will likely maintain production cuts that have helped support prices this year, while tensions continued to escalate in the Middle East.

Brent crude was up by 96 cents, or 1.3%, at $73.17 a barrel by 0227 GMT, having earlier touched $73.40, the highest since April 26.

U.S. West Texas Intermediate crude was 82 cents, 1.3%, higher at $63.58 a barrel. The US benchmark reached $63.81 earlier, the highest since May 1.

Saudi Energy Minister Khalid al-Falih said on Sunday there was consensus among the Opec and allied oil producers to drive down crude inventories "gently" but he would remain responsive to the needs of a "fragile market".

United Arab Emirates (UAE) Energy Minister Suhail al-Mazrouei earlier told reporters that producers were capable of filling any market gap and that relaxing supply cuts was not "the right decision".
Meanwhile, US President Donald Trump threatened Tehran on Sunday, tweeting that a conflict would be the "official end" of Iran, while Saudi Arabia said it was ready to respond with "all strength" and that it was up to Iran to avoid war.

The rhetoric follows last week's attacks on Saudi oil assets and the firing of a rocket on Sunday into Baghdad's heavily fortified "Green Zone" that exploded near the US embassy.

 "Al-Falih and the UAE both put paid to suggestions of increasing production over the weekend and then President Trump essentially telling Iran to bring it on, was a perfect short-term storm for oil prices," Greg McKenna, strategist at McKenna Macro, told Reuters by email.

UAE to invest in refining, petrochemical projects, oil storage in India

International News:

Betting big on rising oil demand in the world's third largest energy consumer, oil-rich UAE it is looking at investing more in refining and petrochemical projects as well as stocking more crude in India.

UAE's Abu Dhabi National Oil Co (ADNOC) and its partner Saudi Aramco have jointly taken a 50 per cent stake in the planned $44 billion refinery-cum-petrochemical complex at Ratnagiri in Maharashtra.

It has hired space at the underground strategic oil storages built at Mangalore and Padur in Karnataka.
"We are looking at expanding investment portfolio in the downstream sectors (particularly) oil refining and petrochemicals," said Sultan Ahmed Al Jaber, Minister of State in the United Arab Emirates and CEO of the ADNOC.

UAE, he said, is looking to go beyond merely selling crude oil to India and wants to develop a strategic partnership.

"We are only looking at strategic partnership given that we can also bring our own crude," he said. "India is not only an important market for us. India is a very strategic partner."
UAE, he said, is looking to expand its cooperation with India and it will look at enhancing avenues of cooperation.

The minister was talking to reporters after receiving Lifetime achievement award at the Petrotech Conference from Prime Minister Narendra Modi.


 Like other major producers, Aramco and ADNOC are looking to lock in customers in the world's third-largest oil consumer through investments...Read More