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Egypt to host Eastern Mediterranean Gas Forum headquarters

The Egyptian capital Cairo has been chosen to house the headquarters of the eastern Mediterranean Gas Forum, Arab Finance reports citing statement from Ministry of Petroleum and Mineral Resources. Egypt, Jordan, Greece, Cyprus, Italy, and Israel according to the ministry signed the forum’s statute to promote natural gas exports from the eastern Mediterranean. The forum […]

September 24th, 2020 | Posted in Energy,Headlines | Read More »

Saudi SIIG & Petrochem eye merger after incurring losses

Saudi Industrial Investment Group (SIIG) and National Petrochemical Company (Petrochem), two of the kingdom’s petrochemical companies, are planning to merge after the two posted losses. SIIG Sunday indicated in a bourse filing to Saudi Stock Exchange (Tadawul) that its board of directors has issued an approval to hold initial discussions with Petrochem, Zawya reports. The […]

September 21st, 2020 | Posted in Energy,Finance,Gulf News,Headlines | Read More »

Iraq to fast-track signing of Nibras petrochemical complex project with Shell

Iraq will accelerate before end of the year the signing of the pending agreement on Nibras petrochemical complex project with Shell, oil minister of the Arab country has told media. “After a series of meetings with Shell representatives over the past days, we agreed to accelerate measures to launch this strategic project…we decided to sign […]

September 3rd, 2020 | Posted in Energy,Headlines | Read More »

Saudi Arabia’s Aramco discovers two new oil, gas fields

Saudi Arabia’s energy giant has discovered two oil and gas fields in the northern regions of the Gulf country. The oil field, according to Energy Minister Prince Abdulaziz bin Salman Al-Saud, lies to the south east of the northern city of Arar and flows with a rate of 3,189 barrels per day (bpd) of Arab […]

August 31st, 2020 | Posted in Energy,Gulf News,Headlines | Read More »

Saudi Arabia’s Aramco appoints new CEO to run $500m investment arm

Saudi Arabia’s energy giant Aramco has named a new CEO for its $500 venture capital and investments arm, Gulf Business reports citing sources with knowledge of the matter. The new appointee, Mahdi Aladel, former head of the company’s base oils and lubricants division will take over from Majid Mufti who led Saudi Aramco Energy Ventures […]

August 29th, 2020 | Posted in Energy,Finance,Gulf News,Headlines | Read More »

Japanese banks sign joint loan to fund Qatar’s biggest mega solar power plant

The Japan Bank for International Cooperation (JBIC) and Mizuho Bank have signed a syndicated bank facility worth $330 million to fund the construction of Qatar’s first mega solar power plant, Japan Times reports. “This loan is expected to contribute to further strengthening of the multilayered economic ties between Japan and Qatar,” JBIC said in a […]

August 13th, 2020 | Posted in Energy,Headlines | Read More »

Oman sets mid-2021 to launch operations of biggest solar plan

Oman will launch operations of its biggest solar plan, Ibri II, by mid-2021, Trade Arabia reports. The project located in near Ibri, the capital of the Dhahirah Governorate, is currently under construction. Acwa Power, Gulf Investment Corporation (GIC) and Alternative Energy Projects Company are in charge of constructions which began in the second quarter of […]

August 11th, 2020 | Posted in Energy,Headlines | Read More »

Syria, Turkey condemn alleged oil deal between US firm and Kurdish rebels

Syria and Turkey Sunday condemned as illegal an alleged oil deal between a US firm and Kurdish rebels [Syrian Democratic Forces (SDF)] controlling the northeastern part of the war-torn country. The Syrian foreign ministry, Reuters reports, in statement accused the named US firm of “stealing” Syria’s crude. Damascus “condemns in the strongest terms the agreement […]

August 3rd, 2020 | Posted in Energy,Headlines | Read More »

Aramco goes on customary redundancy plan, cuts hundreds of jobs

Saudi Arabia’s national oil giant has begun cutting hundreds of jobs across various sectors amid slump in oil demand due to covid-19 pandemic, Bloomberg reports citing anonymous sources. The cuts concern mostly positions held by expats the sources aware of matter told the U.S-based media. The staffers were informed earlier this week. “Aramco is adapting […]

June 19th, 2020 | Posted in Energy,Headlines | Read More »

SABIC appoints new chairman as Aramco takes control

Saudi Basic Industries Corporation (SABIC) has named a new chairman in line with the company’s takeover by the kingdom’s oil giant Aramco. Khalid Hashim Al Dabbagh will succeed Abdulaziz Saleh Aljarbou, following an approval on June 16, Zawya reports citing a stock exchange statement. Aramco early this week acquired 70 per cent of the world’s […]

June 18th, 2020 | Posted in Energy,Headlines | Read More »