Abu Dhabi National Oil Co (ADNOC) has approached German plastics and chemicals maker Covestro with an acquisition proposal worth more than $10.9 billion, Reuters reported, citing two people familiar with the matter. The energy giant has made an informal offer to Covestro, a maker of transparent polycarbonate plastics, as well as chemicals for insulation and […]
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Posted inNews
QatarEnergy set to sign second LNG megadeal with China
QatarEnergy is set to secure its second large gas supply deal with China in less than a year, Reuters reported, citing sources familiar with the deal. China National Petroleum Corp (CNPC) and QatarEnergy are expected to sign a 27-year agreement later today, under which China will purchase 4 million metric tons of LNG a year […]
Posted inEnergy Transition
Baker Hughes lands major contract for Eni’s Baleine project
Baker Hughes has secured a significant contract to supply subsea trees for Eni’s Baleine project, located offshore the Ivory Coast in West Africa. The project involves tapping into the Baleine field in three phases, with the first phase scheduled to begin production this year, followed by the second phase in 2024, and a larger third […]
Posted inNews
Qatar to build major oil refinery in Iraq and launch new company for oil tankers
Qatar and Iraq have signed an an MoU to establish a 150,000 barrels per day oil refinery in Iraq, the Peninsula reported. Both countries have also signed an MoU to establish a joint company that will build and operate oil tankers that carry crude oil and petroleum products according to the laws in force in […]
Posted inNews
Algeria’s Sonatrach signs $800 million contract for oil and gas projects
The contract includes the construction of an LPG extraction unit, the drilling of twelve oil wells, and one water injection well among other projects
Posted inEnergy Transition
Saudi Aramco, NEOM buy carbon credits at world’s largest auction
Saudi Aramco, the world’s largest oil firm, purchased the largest number of credits
Posted inNews
Saudi Ports Authority to build a $500 million center for fueling ships in Yanbu
The Saudi Ports Authority (MAWANI) has announced plans to construct a fuel supply center for ships, with an estimated cost of 2 billion riyals ($533 million), according to a media report. MAWANI has signed an agreement with the Ministry of Energy to establish a comprehensive bunkering center at King Fahd Industrial Port in Yanbu, situated […]
Posted inNews, Exploration & Production
Egypt to launch new bids for oil and gas exploration in 16 regions
Egypt plans to launch two new bids for oil and gas exploration in over 16 regions in the country’s south and the Red Sea by the end of 2023, according to media reports. Egypt extended the closing date for two previous bids to mid-July earlier this year, allowing more time for companies interested in exploring […]
Posted inNews
Schneider Electric opens new manufacturing facility in Riyadh
Schneider Electric has opened a new production line in Riyadh, the capital city of Saudi Arabia. This production line will manufacture hardwares that will enhance the kingdom’s energy efficiency and sustainability efforts. The establishment of this production line aligns with Saudi Arabia’s Vision 2030, which aims to position the country as a prominent global manufacturing […]
Posted inBusiness
Jordan eyes $2.5 billion investments in new projects
According to an official document released on Monday, Jordan plans to attract investments totaling around $2.5 billion in new projects from Saudi Arabia and various other countries from 2023 to 2026. The document, published by the Arabic newspaper Alghad, reveals that the government’s Investment Council approved this strategy in late May, with a focus on […]
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