January 18th, 2019 | 0 commentsThe Gulf of Suez Petroleum Company’s (Gupco) budget for fiscal year 2019/2020 targets investments worth around $503 million, the firm’s chairman said on Thursday. These investments involve the implementation of two exploratory projects in collaboration with the state-run Egyptian General Petroleum Corporation (EGPC) and the UK-based geoph...
January 18th, 2019 | 0 commentsThe investment budget of Pharaonic Petroleum Company (PhPC) in the first half of 2019 and fiscal year 2019/2020 amounted to $468 million, the firm’s chairman said on Thursday. These investments include a plan to expedite development operations at the fourth well of offshore Atoll gas field to step up production to 400 million cubic feet p...
January 17th, 2019 | 0 commentsItaly-based Eni has invested around $13 billion in Egypt over the previous three years, the firm's CEO said. Egypt is an important investment destination for Eni, the Egyptian cabinet said in a statement, citing Claudio Descalzi. The Italian oil and gas producer aims to boost its presence in the North African country over the coming perio...
January 14th, 2019 | 0 commentsThe Abu Dhabi National Oil Company (Adnoc) has awarded a consortium of Italy’s Eni and Thailand’s PTT Exploration and Production to explore for oil and natural gas in Abu Dhabi, with $230 million investments. Eni will operate the concession and the consortium will fully-own it, according to Bloomberg. Adnoc will retain 60% of the fields o...
January 10th, 2019 | 0 commentsThe petrochemicals industry generates as much as SAR 45 billion per annum for Saudi Arabia’s economy, Saudi Basic Industries Corp’s (SABIC) deputy chairman said. SABIC’s sales in the domestic market reached 2.7 million tonnes, representing 94% of the kingdom’s consumption, Yousef Al Benyan added. Al Benyan further indicated that the GCC n...
January 10th, 2019 | 0 commentsDubai-based Emirates National Oil Company (ENOC) does not plan to file for any initial public offering (IPO) in the meantime and it seeks to open 54 service stations by 2020, the company’s CEO said. This step will mainly support the ongoing preparations to host the Expo 2020 world's fair, in line with meeting national energy needs, Saif H...
January 7th, 2019 | 0 commentsKuwait Petroleum Corporation (KPC) and its subsidiaries have signed KWD 185.8 million engineering, supplying, and construction contracts in 2018, compared to projects worth KWD 1.4 billion a year earlier. This huge gap came as a result of a decline in the number of awarded projects in the oil sector last year after signing the most major...
January 7th, 2019 | 0 commentsPetrochemicals, plastic and rubber are the key drivers of the economic growth, said Dr Abdullah bin Mohammed Belhaif Al Nuaimi, UAE Minister of Infrastructure Development. He was speaking after officially opening ArabPlast 2019, the biggest plastics, petrochemicals and rubber industry exhibition in the Middle East and North Africa (Mena)...
January 2nd, 2019 | 0 commentsThe Saudi Arabian Oil Co, known internationally as Saudi Aramco, signed a host of contracts and agreements in 2018, with their value surpassing SAR 476.25 billion ($127 billion) as part of its expansion strategy, data compiled by Mubasher, using Aramco statements, showed. Aramco inked these deals with companies from Malaysia, India, China...
January 2nd, 2019 | 0 commentsDana Gas, the Middle East’s largest regional private sector natural gas company, has received an additional payment of $44.3 million from its operations in Egypt, Trade Arabia reported Sunday. This payment, done on December 29, is made up of an additional $35 million industry payment from the government and $9.3 million from the sale of 1...
