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Two dynamics continue to hang over the UAE energy sector.
The most immediate concern is escalating tensions, with Gulf states facing attacks after the US struck Iran for the fifth time in six days. The UAE issued its first missile alert in months on Sunday (12 July).
Oil prices rose over $79 a barrel on Monday amid fears of prolonged disruption in the Strait of Hormuz, which Iran claims is closed until further notice but the US rejects.
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The UAE, which , remains upbeat about its future potential though, as evidenced by a major deal announced at the end of last week.
Adnoc Logistics and Services placed a newbuilding order for an additional four next-generation LNG carriers worth $900m(AED3.3bn). Each vessel has a capacity of 175,000 cbm, enabling the transport of growing global gas production to meet rising global demand.
The vessels, with delivery scheduled for 2029, will be constructed at Jiangnan Shipyard in Shanghai, China.
The short-term outlook remains volatile however, with a UAE delegation to Cambodia last week warning energy markets may remain unstable for the next six months.
The ripples are extending far beyond the Gulf, with China last week announcing a .
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