INDUSTRIALS-

EGA debuts greener aluminum with Japan agreement: Emirates Global Aluminium (EGA) will provide its Celestial-R billets — the world’s first aluminum alloy made with solar power and scrap metal — to Japanese aluminum components maker Sankyo Tateyama through partner Itochu Corporation, it stated in a press release. The sustainable aluminum product significantly cuts greenhouse emissions and expands EGA’s product line beyond foundry alloys into billets for extrusion and forging, meeting Japan’s increased demand for low-carbon aluminum.

REMEMBER- EGA is reportedly reviving its IPO plans, which could see it raise several bn USD, potentially ranking among the region’s largest.

DEBT-

Fitch Ratings has maintained Adnoc Murban’s — Adnoc’s debt-raising arm — long-term issuer entity AA credit rating with a stable outlook, according to a press release. Its senior unsecured notes and sukuk certificates also received an AA credit rating from Fitch, the release says. The rating agency attributed Murban’s creditworthiness to its strong relationship with Adnoc, shareholders, and the Emirate of Abu Dhabi.

Fitch says: Murban has issued USD 5.5 bn in debt since 2024 and could issue up to USD 4.5 bn more in the next three years. The company's cashflow is projected to be more than enough to cover its debt obligations, even if oil prices are low.

LOGISTICS-

Adnoc L&S receives first VLEC delivery for AW Shipping JV: Adnoc Logistics and Services (Adnoc L&S) has acquired Gas Yongjiang, the first of nine very large ethane carriers (VLECs) for AW Shipping, its joint venture with China’s Wanhua Chemical Group, state news agency Wam reports. Built by Jiangnan Shipyard, the 98k cbm vessel will operate under a 20-year time charter and feature energy-saving technologies to cut emissions.

REFRESHER- The delivery is part of AW Shipping’s USD 1.9 bn order with Jiangnan Shipyard for 11 dual-fuel carriers placed last year — nine VLECs worth USD 1.4 bn and two very large ammonia carriers (VLACs) worth USD 250 mn, with an option for two more. The VLECs are due in 2025-27 and the VLACs in 2026-28, with the full fleet projected to generate about USD 4 bn in revenue from long-term contracts.

ALSO- A new LNG carrier is joining the fleet: The company also took delivery of Al Reef, the third of six new liquefied natural gas (LNG) carriers from Jiangnan Shipyard.

BANKING-

UAE, South Sudan ink payments, security printing MoU: The Central Bank of the UAE (CBUAE) signed an MoU with the Bank of South Sudan to boost cooperation on security printing and payment card infrastructure through Oumolat, a CBUAE subsidiary, it said in a press release (pdf). The first phase will aim to align the South Sudanese bank with international standards of efficiency, security, and data confidentiality, while a second phase will see Al Etihad Payments develop a card payment system and infrastructure for local payment processing. The agreement also includes technical training through the Emirates Institute of Finance.

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