Energy Saudi, Omani and Kuwaiti firms to set up petchem complex By Pramod Kumar December 29, 2022, 5:10 AM The petrochemical complex will consist of a steam cracker and derivative units, and a natural gas liquid extraction facility Companies from Saudi Arabia, Oman and Kuwait have signed an agreement to jointly develop a petrochemical complex in the Special Economic Zone at Duqm in Oman, state-run Oman News Agency reported. Oman’s OQ Group, Saudi Basic Industries Corporation (Sabic) and Kuwait Petroleum International aim to establish the petrochemical complex consisting of a steam cracker and derivative units and a natural gas liquid extraction facility. OQ Group CEO Talal Al Awfi said the agreement comes at an important time in Oman, with the near completion of the OQ8 refinery project in SEZAD being undertaken by OQ and KPI through the OQ8 joint venture. “This agreement also comes in line with Oman Investment Authority (OIA) plans to attract foreign investments to realise Oman’s vision 2040 in its endeavour to diversify Oman’s economy,” he said. The project intends to earn revenue from natural gas liquids and other feedstocks from OQ and KPI’s joint venture refinery in Duqm to manufacture petrochemical products. Target markets include those linked to energy transition, clean technologies, mobility, construction, durable goods, healthcare and packaging, the statement noted.
Economy Bahrain debt hits $48bn but analyst downplays spending fears Bahrain’s public debt has risen to almost BHD18 billion ($48 billion), according to its ministry of finance, but a banking expert has downplayed concerns over its spending. Bahrain, the smallest country in the GCC bloc of six with a population of almost 1.5 million people, has dwindling reserves of oil and gas. It is partially […] 3 hours ago
Construction Eagle Hills signs contract for Budapest redevelopment Abu Dhabi-based developer Eagle Hills has signed a real estate purchase agreement with Hungary to start work on transforming a rundown area of Budapest. The project, spanning an area of 100 hectares, will have a development cost of more than €12 billion ($12.3 billion), the developer said in a statement. The project is supported by the […] 48 mins ago
Finance Kuwait ministries free to increase public service charges Kuwait issued a decree on Sunday that will allow ministries to set charges for public services for the first time in 30 years. The decree, which abolishes a 1995 law, gives ministries authority to decide on fees and costs for public services, which will then be approved by the cabinet. The government aims to better […] 38 mins ago
Economy Lebanon and Sudan swell Arab countries’ public debt Public debt in Arab countries swelled by nearly $142 billion at the end of 2023, mainly because of a sharp rise in obligations by Lebanon and war-battered Sudan. Total debt increased despite a fall in Egypt’s public, mostly domestic, dues as a result of a large depreciation in the pound against the US dollar. The […] 19 mins ago
