Abu Dhabi has raised its stake in the Austrian oil company OMV to nearly one quarter.
The International Petroleum Investment Company (Ipic) spent €327 million (Dh1.59 billion) to increase its position in the Vienna-based producer from 20.4 to 24.9 per cent, OMV said yesterday.
The investment follows Ipic's decision this year to buy the shares that it did not already own of Cepsa, Spain's second-biggest oil company. Like OMV, Cepsa owns older refineries throughout Europe.
"They are definitely being quite opportunistic here and thinking they could get some good basic assets," said Samuel Ciszuk, the regional energy analyst at IHS Global Insight in London. "They have a long-term view and they can get them at a good price right now."
Shares of OMV fell slightly to €21.82.
OMV, which lost a tenth of its global oil output during the Libyan civil war, has announced plans to unload €1bn worth of refining and marketing assets in the next three years.
Building up stakes in European companies allows Ipic, which is owned by the Abu Dhabi Government, to take advantage of their experience and technology, as well as to secure extra refining capabilities for its crude.
"They have their long-term strategy to build domestic know-how," said Mr Ciszuk.
OMV and Ipic are co-owners of Borealis, an Austrian petrochemicals company. Borealis, in turn, channels its technical and marketing expertise to Borouge, the Abu Dhabi polymers company it co-owns with Abu Dhabi National Oil Company.
Our House, Louise Candlish,
Simon & Schuster
Pox that threatens the Middle East's native species
Camelpox
Caused by a virus related to the one that causes human smallpox, camelpox typically causes fever, swelling of lymph nodes and skin lesions in camels aged over three, but the animal usually recovers after a month or so. Younger animals may develop a more acute form that causes internal lesions and diarrhoea, and is often fatal, especially when secondary infections result. It is found across the Middle East as well as in parts of Asia, Africa, Russia and India.
Falconpox
Falconpox can cause a variety of types of lesions, which can affect, for example, the eyelids, feet and the areas above and below the beak. It is a problem among captive falcons and is one of many types of avian pox or avipox diseases that together affect dozens of bird species across the world. Among the other forms are pigeonpox, turkeypox, starlingpox and canarypox. Avipox viruses are spread by mosquitoes and direct bird-to-bird contact.
Houbarapox
Houbarapox is, like falconpox, one of the many forms of avipox diseases. It exists in various forms, with a type that causes skin lesions being least likely to result in death. Other forms cause more severe lesions, including internal lesions, and are more likely to kill the bird, often because secondary infections develop. This summer the CVRL reported an outbreak of pox in houbaras after rains in spring led to an increase in mosquito numbers.
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Date Started: September 2018
Founders: Walid and Karim Dib
Based: Abu Dhabi
Employees: Nine
Amount raised: $1.2 million
Funders: Oman Technology Fund, AB Accelerator, 500 Startups, private backers
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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TV: Abu Dhabi Sports
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Three ways to boost your credit score
Marwan Lutfi says the core fundamentals that drive better payment behaviour and can improve your credit score are:
1. Make sure you make your payments on time;
2. Limit the number of products you borrow on: the more loans and credit cards you have, the more it will affect your credit score;
3. Don't max out all your debts: how much you maximise those credit facilities will have an impact. If you have five credit cards and utilise 90 per cent of that credit, it will negatively affect your score.
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