LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

ADNOC stalls diesel term talks because of fuel uncertainty after Qatar spat

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Wed, Jul 12, 2017
04:25 pm
Reuters

Abu Dhabi National Oil Company (ADNOC) has temporarily halted talks with buyers for its long-term diesel contracts because of concerns it may need the fuel in case of the loss of natural gas supplies from Qatar, industry sources said on Wednesday.

The talks were for unspecified volumes of diesel for loading from its Ruwais refinery over July 2017 to June 2018 but they have been stalled because ADNOC may be setting aside the fuel as back up for power generation needs, especially as temperatures soar above 40 degrees Celsius, said three sources familiar with the matter.

"(ADNOC) is still calculating its demand for local requirements," one of the sources familiar with the matter said, speaking on condition of anonymity as he was not authorised to speak with the media.

However, an ADNOC spokesman said that the term talks for diesel are ongoing.

The United Arab Emirates generates all of its electricity using natural gas. However, the country is considering back-up plans after a diplomatic dispute with Qatar, said a second source.

Saudi Arabia, Bahrain, the UAE and Egypt imposed sanctions on Qatar last month, accusing it of financing extremist groups and allying with the Gulf Arab states` arch-foe Iran, allegations that Doha denies.

Qatar exports 1.7 billion cubic feet per day of natural gas to the Abu Dhabi Water and Electric Co and the Dubai Supply Authority through the Dolphin Energy undersea pipeline, according to Dolphin`s website.

There are concerns that Qatar may shut off the pipeline, requiring the use of diesel to run back-up power generation, though Qatar Petroleum`s chief executive has said Qatar will not cut off gas to the UAE.

Additionally there are concerns about domestic diesel supply in the UAE.

Ruwais, which can process 800,000 barrels-per-day of crude, suffered a fire at a secondary unit in January that curtailed diesel output. The unit is not expected to be back up until at least late 2018 or early 2019.

This was also a factor in stalled diesel talks, the first source said.

ADNOC is expected to return to the table to discuss the contract in one to two weeks though this is still uncertain, the source added.

The diesel contract is for a one year period with an option for buyers to review prices towards the year-end, as oil price agency S

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:

LATEST NEWS

CBSE Board Exam 2021 Latest News: Class 10, 12 students alert! Controller Dr. Sanyam Bhardwaj says this

MASSIVE! Top 10 best-selling smartphones: Apple grabs 6 places - These 3 iPhones contribute to 71% sales in Jan 2021

Indian Railway Stations Development Corporation (IRSDC) invites e-Request for Proposal (RFP) for this railway station development

Vakeel Saab Review: What Superstar Mahesh Babu said for Power Star Pawan Kalyan blockbuster movie

FDI Limit in Pension Sector: Modi government may do this soon - All you need to know

Vakeel Saab Collection: Blockbuster! Pawan Kalyan comeback movie sets box office on fire!

Upstox customers alert! Very important security breach message for you from your broking firm

Mentor Connect: Amazon India launches mentor programme for startups, emerging brands

PM Narendra Modi says 'Tika Utsav' beginning of second big war on COVID-19

Lockdown in Delhi? CM Arvind Kejriwal confirms this after review meeting

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved