The News Journal

Borouge, the joint venture between Adnoc and Austrian chemicals producer Borealis, will pay an interim dividend of $325 million to its shareholders after the company posted a strong profit in the first half of the year on the back of higher revenue. The total interim dividend payment, amounting to 3.97 fils per share for the year 2022, was approved during the company’s general assembly meeting, the company said in a statement on Friday to the Abu Dhabi Securities Exchange, where its shares are traded. This is the first payment of the expected total dividend of $975m for the full year. “Borouge reported strong maiden half-year results with double-digit growth in revenue, significant sales volume growth and strong cash flow generation,” said Hazeem Al Suwaidi, chief executive of Borouge. “We are optimistic regarding the future growth of the company and we will continue to focus on executing our strategy built around our differentiated products and innovative solutions that have a positiv...

Abu Dhabi National Oil Company has made new oil discoveries at Bu Hasa, the emirate’s biggest onshore field, as well as at the onshore Block 3 and Al Dhafra Petroleum Concession. Bu Hasa, which has a crude oil production capacity of 650,000 bpd, is part of the Adnoc Onshore Concession and is operated by Adnoc Onshore. “The 500 million barrels of oil discovered from an exploration well in the Bu Hasa field has unlocked a new formation within the field, offering substantial additional premium-grade Murban oil resources,” Adnoc said in a statement on Thursday. In Abu Dhabi’s Onshore Block 3, operated by US oil company Occidental, about 100 million barrels of oil were discovered, marking the second oil find in this concession. Occidental was awarded the exploration rights for Onshore Block 3 in early 2019. About 50 million barrels of light and sweet Murban-quality crude was also discovered in Al Dhafra Petroleum Concession, operated by Al Dhafra Petroleum, a joint venture between Adnoc, th...

 The National Centre of Meteorology (NCM) says the UAE is set for cooler weather at the weekend after a few days of scorching heat. Temperatures hit more than 46°C in parts of the country on Thursday, but temperatures will drop on Saturday and Sunday. Friday will still be hot, reaching 41°C in Abu Dhabi city and 39°C in Dubai. But it will be cooler in the south than it has been in recent days, with temperatures in the lows 40s on Thursday, after reaching 46.3°C in Abu Dhabi's Al Dhafrah region, which borders Saudi Arabia. Temperatures will fall further over the weekend, reaching highs of around 37°C in Abu Dhabi city and Dubai on Saturday and Sunday. The NCM said gusts of wind could kick up dust storms in parts of the country. Conditions in the Arabian Gulf and Sea of Oman will be calm. The slightly cooler weather is set to continue into next week. Temperatures will be pleasant on Monday in Abu Dhabi city and Dubai, hovering around 33°C, but they will rise over the course of the we...