Nissan, Renault to invest $600 million to make new models in India

Monitoring Desk

TOKYO: Nissan Motor Co and Renault SA said on Monday they would invest $600 million to make six new models in India. The Japanese and French automakers will work on the projects from their base in Chennai, turning it into an export hub, they said in a statement.

The six models, with each automaker making three, will be built on joint platforms and will also be exported, they said.

The new models will consist of two electric vehicles, the first EVs to be rolled out by the automakers in India, and four sports utility vehicles (SUVs).

The automakers last week unveiled details of their redesigned alliance and gave details of new joint projects in Latin America, India and Europe.

Abu Dhabi’s ADNOC Drilling net profit surges 33pc in 2022

DUBAI (Reuters):  Abu Dhabi’s ADNOC Drilling reported on Monday a rise of 33% in 2022 net profit, with revenue boosted by its onshore and oilfield services businesses. Net profit for 2022 was $802 million, up from $604 million in the previous year. Revenue increased to $2.67 billion in 2022 from $2.27 billion in 2021.

In a regulatory filing, the company said its results were largely driven by new rigs entering its operational fleet, now consisting of 115 rigs. The company also presented strong guidance for 2023, with revenue projected at between $3 billion and $3.2 billion, representing year-on-year growth of up to 20%.

It is expecting record net profit in 2023 of $850 million to $1 billion in the same period, it said. ADNOC Drilling’s Chief Financial Officer Esa Ikaheimonen said in a post-earnings call that the forecasts are underpinned by ADNOC Group’s plans to bring forward its five million barrel per day oil production capacity expansion to 2027 from a previous target of 2030, to meet rising global energy demand.

“That’s really what’s underpinning it because we as a drilling company are on a critical path in terms of achievement of those goals,” Ikaheimonen told Reuters.

The United Arab Emirates’ plan to move towards gas self-sufficiency is another factor, Ikaheimonen said, with ADNOC Drilling currently operating two rigs drilling unconventional wells which “is expected to increase over time significantly.”

ADNOC Drilling listed on the Abu Dhabi bourse in 2021 after ADNOC, its majority shareholder, raised $1.1 billion from investors through a public share-sale.