Casting Furnaces equipment Archives - Page 21 of 21

April 5, 2019

Adnoc Distribution reveals new dividend policy amid strong growth

UAE’s largest fuel and convenience retailer says it will award a 63% rise in annual dividend for fiscal year 2019

Shareholders of Adnoc Distribution, the UAE’s largest fuel and convenience retailer, on Thursday approved a significant increase in dividends.

Under the new policy, the company said it will increase its annual dividend payment, starting in 2019, in recognition of the a strong financial performance and cash position in 2018, as well as its confidence in future prospects.

It said it will award an annual dividend for fiscal year 2019 of AED2.39 billion ($650 million), a 63 percent increase compared to 2018.

It added that an annual dividend for fiscal year 2020 of AED2.57 billion will be awarded with a minimum payout of 75 percent of distributable profits from 2021 onwards.

Adnoc Distribution said the new policy reflects the shareholders’ trust in the company, following its robust financial performance in 2018, when it reported AED2.1 billion in net profit, an increase of 18 percent from 2017.

Shareholders also approved a second and final dividend payment of AED735 million for the year ended December 31 2018 on top of an initial AED735 million dividend payment for the year, which was paid in October.

Dr Sultan Ahmed Al Jaber, Adnoc Distribution’s chairman, said: “The new dividend policy approved today demonstrates our commitment to our shareholders and our confidence in the company’s future prospects and growth strategy. As we expand the Adnoc Distribution business, we will continue to look at both organic and inorganic growth options to deliver ambitious, but disciplined growth that delivers attractive returns.”

During 2018, the company opened 17 new service stations in the UAE, including the company’s first three locations in Dubai and also opened itss first two service stations in Saudi Arabia

Saeed Mubarak Al Rashdi, Adnoc Distribution’s acting CEO, said: “Our balance sheet is strong, and we continue to generate significant cash flow. We have an extremely compelling investment proposition that we expect to continue into 2019 and beyond.”

Source:https://www.arabianbusiness.com/retail/417150-adnoc-distribution-reveals-new-dividend-policy-amid-strong-growth

April 1, 2019

Mechanism Commensurate with INSTEX “to be Established Soon”

Governor of the Central Bank of Iran (CBI) Abdonnaser Hemmati said a mechanism commensurate with the European Union’s mechanism for trade with Iran, known as the Instrument in Support of Trade Exchanges (INSTEX), will be established in the country soon.

“In the talks that my colleagues had with representatives from the three European countries (Britain, France and Germany) and the president of INSTEX at the CBI (office) in Tehran last week, they gave a full explanation of the Iranian mechanism in line with the European mechanism,” Hemmati said late on Friday.

“We are waiting for practical measures from Europe,” the official said, adding that the Iranian mechanism known as STFI will be established in Tehran in the near future.

Earlier this week, the president of the INSTEX traveled to Tehran to hold talks with senior Iranian officials on ways to make the mechanism operational.

INSTEX is based in Paris and managed by the German banking expert Per Fischer.

The three European countries that are signatories to the 2015 Iran nuclear deal are reportedly going to use the channel initially only to sell food, medicine and medical devices in Iran.

In May 2018, the US president pulled his country out of the Joint Comprehensive Plan of Action (JCPOA), the nuclear deal that was achieved in Vienna in 2015 after years of negotiations among Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany).

Following the US withdrawal, Iran and the remaining parties launched talks to save the accord.

Source:http://www.iran-bn.com/2019/03/20/mechanism-commensurate-with-instex-to-be-established-soon/

April 1, 2019

Iran’s Non-Oil Exports Hit $40bn in 11 Mths

The head of Iran’s Trade Promotion Organization (TPO) announced that the country’s non-oil exports over the first 11 months of the current Iranian year (March 21, 2018 – March 20, 2019) have reached 40 billion dollars.

Speaking to the Islamic Republic of Iran Broadcasting (IRIB) on Thursday night, Mohammad Reza Moudoudi said the non-oil exports of the country in the first 11 months of the current year reached $40 billion, which showed a 0.75 percent decrease compared to the same period last year.

However, he said, the value of non-oil exports in the first 10 months of this year has witnessed an increase compared to a year earlier.

The official went on to say that the main reason for the decrease of our non-oil exports over the past 11 months was the restrictions on the sales of gas condensate, whose exports dropped by about 37.5% compared to a year earlier.

Iran has stepped up efforts in recent years to enhance its non-oil exports and reduce dependency on its oil revenues. The rise in the country’s exports comes despite the US sanctions.

US President Donald Trump walked away from the 2015 nuclear deal between Iran and world powers in May and re-imposed sanctions on the Islamic Republic.

Following the US exit from the nuclear deal, Iran and the remaining parties launched talks to save the accord.

Trump on August 6 signed an executive order re-imposing many sanctions on Iran, three months after pulling out of the Iran nuclear deal.

He said the US policy is to levy “maximum economic pressure” on the country.

The second batch of US sanctions against the Islamic Republic took effect on November 4.

Source:http://www.iran-bn.com/2019/03/25/irans-non-oil-exports-hit-40bn-in-11-mths/

April 1, 2019

South Pars Gas Output to Hit 750 mcm by Late 2019

Iranian Minister of Petroleum Bijan Zangeneh said the country’s gas production capacity from the supergiant South Pars gas field would cross 750 million cubic meters per day by late 2019.

Addressing a ceremony to officially launch phases 13 and 22-24 of the major joint gas field, that was held in the presence of the Iranian President Hassan Rouhani in the southern city of Assaluyeh on Sunday, Mr. Zangeneh said the first South Pars development contract was struck back in 1997, and until August 2005, only 5 phases of the field were completed.

Between 2005 and 2013, the 5 unfinished phases were completed, he added, saying that in the period from 2013 to 2018, Phase 12 came online in 2014, phases 15 and 16 were completed by 2015, in early 2017, 6 phases became productive and today 4 other phase have come on-stream. “This brings the total number of South Pars refineries which became operational during the period to 15.”

He said plans were under way to bring online three more South Pars phases by mid-2019 which would include phases 13, 14 and 22-24.

The official further added that Iran’s gas production capacity stood at 622 mcm/d back in 2013 which is currently at 841 mcm/d and was expected to reach 880 mcm/d next calendar year (which begins on March 21) and 950 mcm/d by 2020.

The Iranian Minister of Petroleum added that gas production from South Pars stood at an average of 610 mcm/d while production capacity was 660 mcm/d from the joint gas fields.

Source:http://www.iran-bn.com/2019/03/28/south-pars-gas-output-to-hit-750-mcm-by-late-2019/