International ratings agency Fitch has awarded the Abu Dhabi National Oil Company (ADNOC) a stand-alone credit rating of AA+. This rating is evidence of ADNOC’s ongoing transformation from a traditional NOC into a more commercially-driven and innovative organization. The AA+ rating is the highest that Fitch gives out to companies in the energy sector.
After years of a major slump, partly due to continuing payment and security issues, the Pharaohs are again back in the top league. Continuing concerns about security in Egypt’s Western Desert or the Sinai no longer seem to be a breaking point for investors. Egypt’s oil and gas future looks very bright. The large scale concessions awarded during the EGYPS2019 conference in Cairo, 11-13 February, shows the appetite of IOCs, such as Shell, BP and ENI in this emerging energy hotspot.
A new investment program has been launched on 28th of January by Saudi Crown Prince Mohammed bin Salman(MBS). The so-called National Industrial Development and Logistics Program (NIDLP) was presented by the Saudi Arabia’s Council of Economic Development Affairs (CEDA), supported by MBS. With over $426 billion investments the Kingdom will target to speed up logistical and industrial projects, all falling within the scope of Saudi Vision 2030, the well-known economic diversification strategy of the Kingdom.
Saudi Aramco is currently mainly in the news with regards to multibillion investment schemes in Asian markets, showing an increased appetite to lock in demand for Saudi crude in China, Pakistan and India. But make no mistake, local ventures could be making headlines again very soon.
East Mediterranean energy security has received a major boost, after the announcement of an East Mediterranean Gas Forum in Cairo, Egypt.
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