ADNOC-FOD's Capital Raised to $54mn 

The capital of the Abu Dhabi National Oil Company for Distribution (ADNOC-FOD) has been raised from Dh30mn ($8.2mn) to Dh200mn ($54.5mn). The increase will help the company meet the cost of expanded services to be provided in the current year. The board of directors of ADNOC-FOD has also decided to set up a reserve fund of Dh1,956mn ($532.6mn) for the company.