{"id":79541,"date":"2024-07-08T00:00:00","date_gmt":"2024-07-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/07\/08\/today-adnoc-sells-off-40-of-ruwais-lng-gulfnav-set-to-acquire-brooge-by-3q\/"},"modified":"2024-07-08T00:00:00","modified_gmt":"2024-07-08T00:00:00","slug":"today-adnoc-sells-off-40-of-ruwais-lng-gulfnav-set-to-acquire-brooge-by-3q","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/07\/08\/today-adnoc-sells-off-40-of-ruwais-lng-gulfnav-set-to-acquire-brooge-by-3q\/","title":{"rendered":"TODAY: Adnoc sells off 40% of Ruwais LNG + GulfNav set to acquire Brooge by 3Q"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong style=\"background-color: transparent;\">Good morning, nice people. <\/strong><span style=\"background-color: transparent;\">It\u2019s a busy morning on the regional logistics front as we unpack a deluge of news coming in over the weekend, but first, breaking news from Boeing\u2026<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt1\"><\/a> <strong>THE BIG LOGISTICS STORY- Aerospace giant Boeing is now a convicted felon: <\/strong>Boeing will plead guilty to criminal conspiracy to defraud the US after an investigation by the US Justice Department found the planemaker failed to adhere to an earlier settlement stemming from two fatal crashes of its 737 Max jetliner. Boeing now faces a criminal fine of up to USD 487.2 mn with the final amount to be determined by a judge, according to the Justice Department. The company will also install a corporate monitor and spend at least USD 455 mn on additional compliance and safety programs over the next three years as part of the plea. The company will also be subject to three years of court-supervised probation. <strong>The story is grabbing the headlines as we hit dispatch:<\/strong> <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/aerospace-defense\/boeing-plead-guilty-us-probe-fatal-737-max-crashes-says-doj-official-2024-07-08\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/boeing-guilty-plea-crashes-245a38dc6d3082f4ddff1f6f74f274f2\" style=\"\" rel=\"noopener\">AP<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-07-08\/boeing-ba-to-plead-guilty-to-fraud-for-violating-deal-over-737-max-crashes\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2024\/07\/08\/business\/boeing-justice-department-plea-deal.html\" style=\"\" rel=\"noopener\">The New York Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/07\/08\/boeing-to-plead-guilty-to-criminal-fraud-charge-stemming-from-737-max-crashes.html\" style=\"\" rel=\"noopener\">CNBC<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/articles\/cjjjj85z0lno\" style=\"\" rel=\"noopener\">BBC<\/a> | <a target=\"_blank\" href=\"https:\/\/www.theguardian.com\/business\/article\/2024\/jul\/08\/boeing-737-max-crashes-guilty-plea-indonesia-ethiopia\" style=\"\" rel=\"noopener\">The Guardian<\/a> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>ALSO MAKING HEADLINES TODAY- <\/strong><strong>US ports in Texas have closed down ahead of Hurricane Beryl\u2019s impact: <\/strong>The largest ports in Texas \u2014 including Corpus Christi, Houston, Galveston, Freeport and Texas City \u2014 have closed operations and shut down vessel traffic yesterday as the region prepares for Tropical Storm Beryl to make landfall. All vessel movement and cargo operations have been restricted as gale force winds are expected within 12 hours. Hurricane Beryl is intensifying back to a Category 1 hurricane, possibly reaching a Category 2 \u2014 as it approaches southern Texas through the Gulf of Mexico, and is expected to make landfall between Galveston and Corpus Christi today. The hurricane is bringing extreme winds of up to 58 mph, flooding up to 15 inches, and life-threatening storm surges with it. Beryl is also expected to produce several tornadoes as it hits land.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Oil refineries are winding down production in preparation<\/strong>, including Citgo Petroleum Corp and Shell Plc\u2019s Perdido production hub, according to Reuters. Potential closures could temporarily stop shipments of crude oil and motor fuels from reaching refineries and plants. US Gulf of Mexico offshore production makes up some 14%, the equivalent of around 1.8 bpd, of overall US crude output. If supply is impacted we expect to see an increase in US oil and offshore crude grade prices. <strong>The story grabbed ink in <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/us\/us-coast-guard-says-hurricane-may-shut-oil-ports-2024-07-06\/\" style=\"\" rel=\"noopener\">Reuters<\/a><\/strong><strong>. <\/strong>For everything Beryl, <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/live\/2024\/07\/07\/us\/hurricane-beryl-texas\" style=\"\" rel=\"noopener\">The New York Times<\/a> has live updates.<\/p>\n<p class=\"tag-border-left\">WATCH THIS SPACE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a id=\"wwtt2\"><\/a>#1- Oil giant Aramco said media reports of it exploring a bid for Australian oil and gas <\/strong><strong>firm Santos were \u201cinaccurate,\u201d <\/strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/deals\/adnoc-weighs-possible-bid-australian-gas-company-santos-sources-say-2024-07-04\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reported on Thursday, citing an emailed statement. The remarks by an Aramco spokesperson came after <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-07-03\/aramco-adnoc-are-said-to-consider-bids-for-gas-producer-santos\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reported Aramco and the UAE\u2019s Adnoc were separately considering bids for Santos, company, which has liquefied natural gas projects in Australia, Papua New Guinea, and Timor-Leste, and a market cap of c. USD 17.4 bn<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a id=\"wwtt3\"><\/a>#2- DP World will build a 20 mn sqft car market \u2014 set to be the largest in the world \u2014 in <\/strong><strong>Dubai<\/strong>, Deputy Ruler of Dubai Sheikh Maktoum Bin Mohammed <a target=\"_blank\" href=\"https:\/\/x.com\/MaktoumMohammed\/status\/1808842227067858948\" style=\"\" rel=\"noopener\">said on X<\/a> on Thursday. The market will provide government and banking services for automotive players, connect to 77 global markets via DP World's network, and host major automotive events and conferences. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- An update on DP\u2019s visit to Thailand: <\/strong>DP World CEO Sultan Ahmed bin Sulayem and an accompanying high-level delegation have discussed potential investments in Thailand including the mega <a target=\"_blank\" href=\"https:\/\/www.centralretaillogistics.com\/en\/newsroom\/53\/thailand-mega-project-land-bridge\" style=\"\" rel=\"noopener\">Land Bridge project<\/a> currently under development, <a target=\"_blank\" href=\"https:\/\/www.albayan.ae\/economy\/uae\/2024-07-04-1.4899396\" style=\"\" rel=\"noopener\">Al Bayan<\/a> reported. The delegation met with Thai Prime Minister Srettha Thavisin as well as Deputy Prime Minister and Transport Minister Suriya Jungrungreangkit, bin Sulayem <a target=\"_blank\" href=\"https:\/\/x.com\/ssulayem\/status\/1808512815218520101?s=46&amp;t=eQkyOOTe-J3UW1b7k5d2xA\" style=\"\" rel=\"noopener\">said on X<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN OTHER UAE NEWS- Will there be more air travel heading to China?<\/strong> The UAE and China are exploring potentially ramping up bilateral air traffic after years of stagnation, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-07-04\/china-uae-said-in-talks-to-increase-flights-between-two-nations\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reported on Thursday. citing people with knowledge of the matter. Officials will meet in Beijing in the coming weeks to discuss increasing flights beyond the current 56 per week per country ceiling, although no specific increase has been determined yet. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Who benefits:<\/strong> Emirates, currently operating its maximum of 35 weekly flights to China, stands to benefit significantly, alongside China Southern Airlines, which flies to the UAE 20 times per week. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong><a id=\"wwtt3\"><\/a>#3- Egypt\u2019s recently secured batch of 20 LNG shipments is coming with a price tag between <\/strong><strong>USD 880-910 mn<\/strong>, <a target=\"_blank\" href=\"https:\/\/almalnews.com\/%d9%85%d8%b5%d8%a7%d8%af%d8%b1-%d8%ad%d9%83%d9%88%d9%85%d9%8a%d8%a9-%d8%aa%d9%82%d8%af%d8%b1-%d9%82%d9%8a%d9%85%d8%a9-%d8%a3%d9%83%d8%a8%d8%b1-%d8%b5%d9%81%d9%82%d8%a9-%d9%84%d8%a7%d8%b3%d8%aa%d9%8a\/\" style=\"\" rel=\"noopener\">Al Mal<\/a> reported on Thursday, citing sources it says have knowledge of the matter. Saudi Aramco and multinational commodities trader Trafigura were among the winners of the tender, according to Al Mal\u2019s sources added. BP and an East Mediterranean Gas Company subsidiary will each supply five of the shipments, Asharq Business <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6a6ce846-5bb8-4638-ba08-f657afe1960e\/egypt-eu-investment-conference-round-%232\" style=\"\" rel=\"noopener\">reported<\/a> last week, citing two anonymous officials from the Oil Ministry.<\/p>\n<p class=\"tag-border-left\">MARKET WATCH- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Oil prices dipped on Monday on the back of a potential ceasefire agreement and anticipated disrupted due to Hurricane Beryl<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/commodities\/oil-little-changed-investors-eye-impact-storm-beryl-texas-2024-07-08\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports. Brent crude futures dipped to USD 86.41 per barrel at 02.34 PM GMT, while West Texas Intermediate crude futures dropped to USD 82.88 per barrel, says the newswire.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- OPEC+ is urging its members to make up for breaching supply quotas in an effort to <\/strong><strong>stabilize global oil markets, <\/strong>but there is little evidence that members are complying, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-07-04\/opec-oil-production-cheats-show-little-sign-of-making-compensation-cuts\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reported on Thursday, citing recent production data. Iraq and Kazakhstan are two countries that have yet to deliver on the promised additional cuts to offset their earlier overproduction, the data shows.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND-<\/strong> Introduced in <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-07-14\/opec-may-temper-supply-restart-with-extra-oil-cuts-from-cheats\" style=\"\" rel=\"noopener\">2020<\/a>, the overproduction compensation scheme was put in place to pressure members that exceed their production quotas to make extra compensation cuts in subsequent months equivalent to the excess output. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER<\/strong>- In <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/54d158d4-5a72-498f-9604-196685f72a65\/%253cmark%253eopec%253c%2Fmark%253e%2B-extends-supply-cuts,-granting-the-uae-a-higher-production-quota-for-2025\" style=\"\" rel=\"noopener\">June<\/a>, Opec+ decided to extend most of their crude oil production cuts well into 3Q 2024. The alliance will keep in place current production cuts of 3.66 mn barrels per day (bbl \/ d) until the end of this September, before beginning to phase out the cuts of 2.2 mn bbl \/ d over the course of a year from October 2024 to September 2025.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- <\/strong><strong>Baltic index <\/strong><strong>dips on the back of lower vessel rates<\/strong><strong>:<\/strong> The Baltic Exchange\u2019s dry bulk sea freight index \u2014 which tracks rates for the capesize, panamax, and supramax vessel segments \u2014 fell to 2.7% to 1,966 points, <a target=\"_blank\" href=\"https:\/\/www.hellenicshippingnews.com\/baltic-index-set-for-first-weekly-fall-in-six\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reports. Capesize plummeted 4.2% to 3,339 points, while the panamax fell 1.4% to 1,546 points. The smaller supramax segment dropped two points to 1,335 points.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- <\/strong><strong>Global shipping demand has driven freight rates up over the last two months<\/strong><strong>:<\/strong> Global demand for container space could grow between 3% to 4% y-o-y in 2024, while Red Sea diversions are holding up 5% to 9% of total vessel capacity, German shipping giant Hapag-Lloyd CEO Rolf Habben Jasen told reporters on a call last week, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/hapag-lloyd-ceo-sees-solid-shipping-demand-driving-up-freight-rates-2024-07-03\/\" style=\"\" rel=\"noopener\">Reuters<\/a> reported last week. \u201cWe have seen solid demand, particularly since May 1, that meets with limited availability\u201d due to the Red Sea disruptions causing spot rates to rise, Jasen told reporters. The rising demand, in combination with Red Sea reroutes and subsequent port congestion, have counteracted what could have resulted in an oversupply in global fleets this year.<\/p>\n<p class=\"tag-border-left\">PSA-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The <\/strong><strong>Saudi Ports Authority (Mawani) has increased uncharged storage time for <\/strong><strong>empty export containers<\/strong> <strong>at Dammam\u2019s King AbdulAziz Port<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/posts\/mawaniksa_aelaewaeqaepaezabraetaewaepaeuaeo-aetaewaepaeuaeo-activity-7214558366059155457-Si_o?utm_source=share&amp;utm_medium=member_desktop\" style=\"\" rel=\"noopener\">statement<\/a> released on Thursday. Mawani has increased the period from 10 days to 20 days for the next six months effective last Thursday. The move looks to strengthen the import and export operation systems and advance operational efficiency at the port.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"logistics\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;line-height:1.15;margin-right:-9pt;margin-left:0;margin-top:0;orphans:2;margin-bottom:0;widows:2;text-align:left\"><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi Arabia will host the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/gemtechforum.com\/\" style=\"\" rel=\"noopener\">Global EV and Mobility Technology Forum<\/a><\/strong><strong> on Wednesday, 10 <\/strong><strong>July and Thursday, 11 July<\/strong> in Riyadh. The event will bring together international policymakers, NGOs, corporations, and start-ups to discuss industry topics including fleet electrification, autonomous and connected vehicles, and sustainable transport solutions.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi Arabia will host the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.saudilogisticsexpo.com\/\" style=\"\" rel=\"noopener\">Saudi Warehousing and Logistics Expo<\/a><\/strong><strong> on Monday, 2 <\/strong><strong>September to Wednesday, 4 September<\/strong> in Riyadh. The event will bring together leaders in the supply chain, warehousing and logistics industry from across the Kingdom to discuss investments, trade, geopolitical risks, and localized manufacturing.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt will host the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.egypt-air-show.com\/\" style=\"\" rel=\"noopener\">Egypt International Airshow<\/a><\/strong><strong> on Tuesday, 3rd September to Thursday, <\/strong><strong>5 September <\/strong>in El Alamein. The event will host a range of discussions touching on industrialization, digitalization, and globalization in the regional commercial aviation sector. During the event, aircrafts and innovative aerospace products, and services will be showcased.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Saudi Arabia will host <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.skymovemena.com\/\" style=\"\" rel=\"noopener\">SkyMove MENA<\/a><\/strong><strong> on Tuesday, 10 September and Wednesday, 11 <\/strong><strong>September<\/strong> in Riyadh. The event will gather global industry stakeholders, experts, and service providers to discuss challenges in the regional aviation industry. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Check out our full calendar<\/strong> at the bottom of this email for a comprehensive listing of upcoming news events and news triggers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What we\u2019re tracking this morning regionally and around the world<\/p>\n","protected":false},"author":1,"featured_media":79542,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[18],"tags":[146,23,49,31,32,129,16],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-79541","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-boeing","tag-dp-world","tag-egypt","tag-saudi-arabia","tag-trade","tag-uae","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"85713ebe-cd3a-46fd-966e-be8cd0ccfef2","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/4\/478.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TODAY: 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