CURRENT AFFAIRS

Detailed explanation-1: -The maritime logistics arm of state oil firm Abu Dhabi National Oil Company (ADNOC) and Singapore-based Atlantic, Gulf and Pacific (AG&P) have signed a charter agreement to use a liquefied natural gas (LNG) carrier as a floating storage unit in India. The LNG carrier is owned by ADNOC Logistics & Services (ADNOC L&S).

Detailed explanation-2: -In 1973, Abu Dhabi Gas Liquefaction Co. Limited (ADGAS) was founded to realise the Sheikh’s lofty vision, with ADNOC (Abu Dhabi National Oil Company), Mitsui & Co. Ltd, BP, Total and Bridgestone as shareholders.

Detailed explanation-3: -It is formerly known as Abu Dhabi Gas Industries Limited (GASCO). ADNOC owns 68 percent equity in ADNOC Gas Processing.

Detailed explanation-4: -Existing Joint Venture (JV) partners to ADNOC LNG (Mitsui & Co, bp and TotalEnergies) and ADNOC Gas Processing (Shell, TotalEnergies and PTTEP) will continue in their respective JV partnerships with ADNOC Gas.

Detailed explanation-5: -At $50 billion and above, ADNOC Gas’ valuation would be broadly comparable to Italian energy group Eni, U.S. Refiner Valero Energy and U.S. oil producer Occidental Petroleum. The expedited time frame led Goldman Sachs and Bank of America to give up their roles as lead managers in the flotation, two other sources said.