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Adnoc’s overseas gas field in Azerbaijan ramps up production
Adnoc is poised to expand its international gas portfolio, as its Absheron gas field in Azerbaijan has set a date for its second phase of production, according to TotalEnergies’ website and an accompanying project assessment (pdf). Production from the project’s second phase — in which it owns a 30% stake alongside partners TotalEnergies and Socar — is expected to start on 1 September 2029, with a final investment decision expected in July, Reuters reports.
Production details: The second phase is set to raise daily production to 12.7 mmcm/d and 35k bbl / d of condensate.
The move adds more LNG exposure for Adnoc, as the Absheron field holds an estimated 350 bcm of gas, making it the second-largest gas field in the Caspian Sea. Elsewhere in the region, Adnoc’s international investment arm XRG inked a sales and purchase agreement to acquire an equity stake in Azerbaijan’s Southern Gas Corridor and also took a 38% stake in a Turkmenistan gas block. Further afield, XRG is eyeing investments in an Argentinian LNG project.
New healthcare logistics in Dubai South hub
Aramex is boosting its healthcare logistics foothold with a new 5.6k sqm hub in Dubai South Freezone, according to a statement. The site is equipped with ambient storage, cold rooms, and freezer units that can handle the full range of pharma temperature requirements. The facility also brings freight, customs clearance, warehousing, and last-mile delivery services under one roof.
Amanat’s Cambridge Health takes over Sukoon
Amanat subsidiary raised its stake in Sukoon to 100%: Dubai-based Amanat’s post-acute care provider arm Cambridge Health Group bought out other minority investors to secure full ownership of Jeddah-based healthcare company Sukoon International Holding, according to a DFM disclosure (pdf). The transaction value wasn’t disclosed.
IN CONTEXT- Amanat initially acquired a 33.3% stake in Sukoon in 2015, before increasing its ownership to 82% through Cambridge Health Group. Last November, it acquired an additional 8.7% minority stake, bringing its ownership to 90.5%.
