Business | General
Adnoc ranks eighth in US contract payments
The Abu Dhabi National Oil Company (Adnoc) is the eighth largest recipient of US federal contract dollars, receiving more than $918.25 million in 2008 alone, the latest figures from the US government show.
- By Himendra Mohan Kumar, Staff Reporter
- Published: 00:04 June 19, 2008
Abu Dhabi: The Abu Dhabi National Oil Company (Adnoc) is the eighth largest recipient of US federal contract dollars, receiving more than $918.25 million in 2008 alone, the latest figures from the US government show.
According to usaspending.gov, a US government website, during the first quarter and part of second quarter this year, Adnoc Distribution sold fuels, lubricants, oils and waxes cumulatively worth $918,256,500 to the US Department of Defence.
"This total is 1.8 per cent of all awarded dollars for the fiscal year," the US government said.
Boeing is at the top of the list of US federal contracts awarded so far this year. It got contracts in excess of $2.88 billion, or almost 5.6 per cent of the total. It is followed by Lockheed Martin, whose contracts are worth nearly $2.44 billion, and Northrop Grumman worth about $1.53 billion.
Adnoc produces 2.7 million barrels of oil a day. The UAE's oil export revenues are set for a quantum jump this year on the back of soaring prices.
The official selling price of Abu Dhabi's Murban crude jumped 83.85 per cent in the year to May to $125.75 in line with the surge in international prices. Abu Dhabi's production accounts for nearly 94 per cent of the UAE's output.
If the average price of oil on global markets is estimated at $100 per barrel this year and average crude exports by the UAE for the year are estimated at 2.5 million barrels per day, the country will net in excess of $91 billion in export revenues this year.
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