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Saturday, 17 December 2016

Gulf Navigation reaches deal to charter out new fleet of tankers | The National

Gulf Navigation reaches deal to charter out new fleet of tankers | The National:
"Gulf Navigation has struck a deal to charter out a new fleet of tankers, as it strives to conquer its debts by the end of the year.

In a statement to investors on Saturday, the Dubai-listed company said that under the terms of the deal it would acquire or order up to 12 new vessels of between 50,000 metric dead weight tonnes (dwt) and 120,000 dwt, which would be chartered to Mena Energy for carrying crude oil and petroleum products.


Gulf Navigation did not say how much would be paid for chartering the tankers to Mena Energy, or for how long they would be chartered.

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Lufthansa, Etihad to explore deeper links after code-share deal | GulfNews.com

Lufthansa, Etihad to explore deeper links after code-share deal | GulfNews.com:
"Deutsche Lufthansa AG and Etihad Airways PJSC of Abu Dhabi agreed to share seat sales in the first step of what could be deeper cooperation between the former adversaries.
The two airlines will initially code-share on Etihad’s twice-daily flights linking Abu Dhabi with Frankfurt and Munich, and the German carrier’s services connecting Frankfurt with Rio de Janeiro and Bogota, according to a joint statement on Friday. The deal is a by-product of a cut-rate lease for 38 planes with the Arabian Gulf carrier’s ailing partner Air Berlin Plc.
The agreement offers Etihad another bridgehead in Europe, where it has struggled to make partnerships with Air Berlin and Alitalia work. For Lufthansa, it’s the first linkup with any of the Gulf carriers, which Chief Executive Officer Carsten Spohr had criticised as competing unfairly. Those disputes appear to be in the past as overcapacity in the European aviation market depresses fares just as oil prices threaten to increase costs."

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BP takes $2.4bn stake in Abu Dhabi oilfields

BP takes $2.4bn stake in Abu Dhabi oilfields:
"BP has agreed a $2.4bn deal for a stake in Abu Dhabi’s largest oilfields, in the latest sign of the UK oil group replenishing its portfolio after years of retrenchment.

The investment will give BP 10 per cent of the Abu Dhabi Company for Onshore Oil Operations and its production, which currently stands at about 1.66m barrels of oil per day, for the next 40 years.

BP is the second western oil major to secure a stake in the ADCO concession after Total of France acquired 10 per cent last year."

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