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Egypt subscribes $1bn loan from International Islamic Trade Finance Corporation to finance petroleum imports

Egypt has signed up for a 1-billion loan from International Islamic Trade Finance Corporation (ITFC) to finance petroleum imports, Middle East Monitor (MEMO) reports citing the Arab country’s Ministry of Petroleum. The loan according to the ministry will cover 2021 petroleum imports. It is also part of a $3 billion agreement that was signed between […]

January 14th, 2021 | Posted in Energy,Headlines | Read More »

Egypt delivers nine oil, gas exploration permits

Egypt has delivered to six companies nine permits to search oil and natural gas in the Mediterranean and the Red Sea concession areas, Arab Finance reports. The agreements will bring a minimum investment of over $1 billion targeting 17 new exploratory wells in concession areas. Tariq Al-Mulla, Minister of Oil and Mineral Wealth signed the […]

January 4th, 2021 | Posted in Energy,Headlines | Read More »

Indian TCI Sanmar Chemicals to invest $200m in Egypt

India-based chemical producer, TCI Sanmar Chemicals, is planning to inject $200 million into the Egyptian market in a move that will bring the company’s total investment in the Arab country to $1.7 billion. CEO, Sherif Al-Menoufi, Al Mal News reported, made the announcement adding that the first and second quarters of 2021 are expected to […]

December 29th, 2020 | Posted in Energy,Headlines | Read More »

KSA: four new oil and gas discoveries

Saudi Arabia, the world’s largest exporter of crude, discovered four new oil and gas fields, the kingdom’s minister of energy Prince Abdulaziz bin Salman bin Abdulaziz said on Sunday. State oil firm Saudi Aramco discovered 4,452 barrels of unconventional oil and 3.2 million standard cubic feet of gas in Al Reesh oil field, north west […]

December 28th, 2020 | Posted in Energy,Gulf News,Headlines | Read More »

Jordan discovers major gas field near border with Iraq

Jordan has discovered a major gas field with “promising amount” of resources, near its eastern border with Iraq. The “digging operation” at “Well 53″ at the Risha oil field yielded the breakthrough, Energy Minister Hala Zawati announced on Twitter announced Sunday discovery made by National Petroleum company. All praise is due to God, today we […]

December 15th, 2020 | Posted in Energy,Headlines | Read More »

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 »