11/28/2022, 5:09 PM (Source: TeleTrader)
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UAE to accelerate oil production expansion

Abu Dhabi National Oil Company (ADNOC) will aim to expand its production capacity to reach five million barrels per day in 2027 as the board greenlighted the plan on Monday.

ADNOC's gas processing and liquefied natural gas businesses will be joined to form a new company ADNOC Gas, the state-owned oil giant said in a statement, confirming it will float a minority stake once the new business is registered on Abu Dhabi Securities Exchange (ADX).

The statement comes as oil futures prices today dropped to their lowest levels in almost a year owing to the COVID-19 cases surge and related protests in China.

Baha Breaking News (BBN) / MX