June 18th, 2019 | 0 commentsState-run Egyptian General Petroleum Corporation (EGPC) and Egyptian Natural Gas Holding Company (EGAS) have reached an agreement with Israel Electric Corp. to settle a 2012 dispute for halting natural gas supplies. Under the deal signed on 16 June, Egypt will pay a reduced fine of $500 million, down from $1.7 billion, and the Israeli com...
June 17th, 2019 | 0 commentsAbu Dhabi National Oil Company (ADNOC) and Dutch OCI are considering combining their Middle Eastern fertiliser businesses, Bloomberg News reported. The final deal between ADNOC and the Netherlands-based chemical producer could be announced in the coming days. “OCI continually considers strategic initiatives regarding its portfolio, includ...
June 13th, 2019 | 0 commentsState-run Saudi Aramco, known formally as Saudi Arabian Oil Co., has reported a 34.7% year-on-year increase in its revenue during the fiscal year 2018. The major oil producer’s revenue grew to SAR 1.335 trillion ($355.94 billion) in 2018, compared to SAR 990.659 billion ($264.176 billion) a year earlier, according to a statement. The comp...
June 13th, 2019 | 0 commentsSaudi Kayan Petrochemical Company has unveiled its strategy for the payment of loans and reduction of the cost of finance. Kayan stated that it would take a raft of measures that contribute to the realisation of the company’s vision and boosting its financial efficiency through the paying and rescheduling of loans, according to a bourse s...
June 13th, 2019 | 0 commentsEgypt’s petroleum minister discussed with several French major oil firms and financial institutions the possibility of expanding their activities in Egypt, especially in the natural gas sector. French energy company Total seeks to increase its activities in Egypt, explore new areas for oil and gas in the western Mediterranean Sea and the...
June 11th, 2019 | 0 commentsENOC Group on Monday announced it has secured a five-year $690 million term loan from a consortium of China’s top three banks in terms of size, assets, and profits. The consortium comprises Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China, and China Construction Bank (CCB), according to a press release. ICBC, the...
June 11th, 2019 | 0 commentsSaudi Arabian Oil Company, better known as Saudi Aramco, extended its offer to buy a stake in Arctic liquefied natural gas (LNG) 2 project, joining Russian gas producer Novatek, TASS news agency reported on Monday, citing Saudi oil minister Khalid Al Falih. “We are hoping that they will agree to Aramco’s offer,” Falih told TASS in an inte...
June 3rd, 2019 | 0 commentsJapan imported 21.564 million barrels of crude oil from the United Arab Emirates in April 2019, data released by the Agency of Energy and Natural Resource in Tokyo showed. This accounts for 23.7 percent of Japan's total crude imports, the agency that belong to the Ministry of Economy, Trade and Industry, said. Japan’s total crude oil impo...
June 3rd, 2019 | 0 commentsMisr Chemical Industries reported a 36.6% year-on-year retreat in its profits during the first ten months of fiscal year 2018/2019. Net profits declined to EGP 77.71 million from July 2018 to last April, compared to EGP 122.5 million in the year-ago period, the company said in a statement on Sunday. During the first nine months of FY18/19...
May 30th, 2019 | 0 commentsThe board of Sahara International Petrochemical Company (Sipchem) has approved the appointment of Saleh Bahamdan as the company’s new CEO during a meeting held on Tuesday, 28 May. The board has also agreed upon appointing Abdullah Saif Al Saadon as the operating manager, according to a filing to the Saudi Stock Exchange (Tadawul) on Wedne...
