UAE Oil Company Plans $55B Investment
The company Ednook announced it will invest 55 billion dollars to accelerate operations in the United Arab Emirates. This investment follows the company's recent departure from OPEC. The announcement comes as OPEC Plus agreed to a modest oil output hike for June, marking the third increase since the current conflict began. However, oil shipments from the Gulf remain restricted due to a blockade of the Strait of Hormuz.
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Sources · 7 independent
Al Jazeera Arabic Voice
“مع إعلان الإمارات اليوم بأن شركة Ednook ستخفض 55 مليار دولار لتسريع”
CNA938 Singapore
“the UAE's flagship oil company said it is planning to spend $55 billion on new projects over the next two years.”
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