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Abu Dhabi – Mubasher: ADNOC Gas, the global gas processing company, has signed an agreement to supply liquefied natural gas with PetroChina International Limited, a subsidiary of PetroChina Limited, one of the leading oil and gas producers and distributors in China.

The company stated, in a statement, that the value of the agreement ranges from 1.65 to 2 billion dirhams (440 to 550 million dollars), and this agreement confirms the growing global presence of ADNOC Gas, especially in the East and South Asian markets. According to a press release.

Last August, ADNOC Gas signed an agreement to supply liquefied natural gas for a period of 5 years with the Japan Oil Exploration Company Limited (Japex). The value of the agreement ranges between 1.65 billion dirhams (450 million dollars) and 2 billion dirhams (550 million US dollars).

Natural gas plays a pivotal role as a transitional fuel due to its low carbon emissions compared to other fossil fuels. ADNOC Gas continues its commitment to ensuring the provision of reliable, sustainable and economic supplies of natural gas to meet the growing demand for this vital resource in the local and global markets.

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2023-09-07 05:16:03
#Emirati #ADNOC #signs #agreement #worth #billion #dirhams #Chinese #company #supply #natural #gas

Mubasher: By the end of trading today, Monday, gold prices headed towards a slight decline amid scant trading, supported by a slight decline in the dollar.

There was little change in gold in spot transactions at $ 1939.61 an ounce, after it rose to the highest level in a month at $ 1952.79 on Friday.

And gold fell in US futures contracts at the settlement, 0.1%, to 1965.70 dollars an ounce, while most US markets were closed on the occasion of the Labor Day holiday.

It is likely that the Federal Reserve has finished raising interest rates, as traders bet on Friday after a jump in the unemployment rate in America and moderate wage growth indicating that labor market conditions are improving.

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2023-09-04 20:26:14
#Gold #prices #fell #globally #closing #Monday

Cairo – Omar Hassan: The US Federal Reserve left the door open to expectations regarding the fate of the interest rate during its next meeting in September, after its recent decision last July to raise interest rates by 25 basis points.

The Fed mortgaged the fate of interest with the following economic data, on the basis of which it determines its decision within its plan aimed at dropping the inflation rate to 2 percent.

But what about the repercussions of persistently raising interest rates for the economies of heavily indebted developing countries? Will the Fed keep this in mind when raising interest rates, especially in light of global fears of recession?

interest rate risk

The Fed’s decision to raise interest rates always casts a shadow over many emerging economies, especially as it prompts many central banks around the world to move to raise similar interest rates.

This threatens to increase debt burdens on developing countries and raise unemployment rates, in addition to the decline in the purchasing power of local currencies, in addition to the exit of the so-called “hot money”, which is financial flows from outside the country for the purpose of investing and benefiting from a specific economic situation.

Essentially, the goal of successive interest rate increases in Washington is to make credit more expensive to slow consumption and investment and ultimately relieve pressure on prices.

Any new increase in interest rates will make borrowing money more expensive for many countries and institutions, and it may also attract money towards the United States from countries with lower interest rates, besides it can make the US dollar more valuable, and this can cause a decline in investment and spending in the United States.

recession fears

Economists fear that the Fed will lead the world economy into recession because of its insistence on bringing the inflation rate to 2 percent.

This comes after reports of slowing real estate market sales, lower consumer confidence, and higher jobless claims.

Federal Reserve Chairman Jerome Powell has acknowledged that sectors of the economy are slowing, but said the Fed is likely to continue raising interest rates in the coming months despite the risks.

Although the unemployment rate seems to be low in the United States, but with the increase in the interest rate, many people may lose their jobs and many companies may lose their investments, especially those who work in real estate and other sensitive markets are already threatened to lose a lot of jobs.

According to economists, this large interest rate hike could lead to a deeper recession, and when the United States enters a recession, its trading and investment partners can also see a drop in demand.

emerging economies

It is possible that the US move to raise interest rates will affect emerging economies, which are not isolated from the totality of events taking place in the global arena.

On top of this comes undermining the attractiveness of domestic debt instruments, as the decision of major central banks to raise interest rates represents a risk for emerging markets due to the possibility of undermining the attractiveness of domestic debt instruments offered by countries, as investors rush to advanced economies with the start of raising interest rates, which leads to an exodus of investments. foreigners from emerging markets.

The repercussions also include the increasing possibility of interest rate hikes in the rest of the world’s economies, as many countries often decide to raise interest rates accordingly after the US Federal Reserve takes that step.

It is also possible that raising the global interest rate will have a negative impact on the internal borrowing of governments in order to bridge the budget deficit, which will lead to an increase in the burden of internal debt as a result of the high cost of government borrowing, as well as limiting industrial, investment and corporate expansions as a result of raising the interest rate on borrowing.

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2023-09-03 19:53:34
#Fed #risks #world #economy #insistence #reducing #inflation

Abu Dhabi – Mubasher: The Abu Dhabi National Oil Company (ADNOC) said today, Sunday, that it has set the official selling price for standard Murban crude at $87.28 a barrel for the month of October, an increase of 8% from $80.78 a barrel for the month of September.

Oil prices rose in Friday’s trading session to their highest levels in more than 7 months, ending a two-week losing streak, supported by expectations of supply shortages.

Brent crude rose $1.66, or 1.9%, to settle at $88.49 a barrel. And it had risen during the session to 88.75 dollars a barrel, the highest level since January 27.

US West Texas Intermediate crude rose $1.39, or about 1.7%, to $85.02 a barrel. It rose earlier in the Friday session to $85.81, its highest level since November 16.

The price of Brent crude rose by 4.8% this week, recording the largest weekly increase since late July, and the price of US West Texas Intermediate crude rose 7.2%, its largest weekly gain since March.

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2023-09-03 13:56:12
#ADNOC #raises #selling #price #Murban #crude #October #barrel