DUBAI: Abu Dhabi National Oil Company (Adnoc) will take full control of the Adco oil concession when the decades-old partnerships with some of the world’s biggest oil companies ends in a few days’ time, two industry sources said yesterday.
Adnoc currently holds a 60 percent controlling stake in Adco, while oil giants ExxonMobil, Royal Dutch Shell, Total and BP each hold 9.5 percent stakes.
After January 11, Adnoc will take 100 percent of the interests in the concession, two industry sources said yesterday.
“The foreign partners will not retain any longer their interests. Adnoc will hold 100 percent of Adco,” one industry source said.
The UAE’s concession system allows oil and gas producers to acquire equity in hydrocarbon resources and Adnoc has been operating the fields with the help of western oil majors for decades.
Egyptian pound weakens at central bank auction
CAIRO: The Egyptian pound weakened slightly at a forex auction yesterday and on the black market.
The central bank sold $38.6m to banks with a cut-off price of 6.9525 pounds to the dollar, allowing the pound to weaken from 6.9476 at the previous sale on Monday. It had offered to sell up to $40m.
On the black market, a trader said the dollar was offered at 7.36 to the pound yesterday. Monday’s rate was 7.32.
The central bank introduced dollar currency sales a year ago to help counter a run on the pound. It has burned through at least $20bn — or roughly half its reserves — supporting the currency since Egypt’s 2011 revolution, which hit tourism revenues and foreign investment.
Agencies
