Energy Turkey to start pumping Black Sea gas from April 20 By Pramod Kumar April 9, 2023, 7:20 AM Unsplash.com GIC completed the acquisition of a minority stake in Pipecare Group Holding on November 15 Turkey will begin pumping the natural gas discovered in the Black Sea into the national grid on April 20, President Tayyip Erdogan announced. In December 2022, the president announced the discovery of an additional 58 billion cubic metres (bcm) of natural gas reserves at the Caycuma 1 block in the Black Sea. The country’s natural gas reserves in the Black Sea are measured at 710 bcm, with a market value of $1 trillion, the Daily Sabah newspaper reported. In 2022, Ankara drilled 94 exploration wells and 56 production wells. In 2023, the government announced plans to have 207 wells with 134 exploration and 73 production centres. About 10 million cubic metres (mcm) of Black Sea gas per day are likely to be transferred in the initial phase. The government is building the infrastructure to enable a peak transfer at 40 mcm through 2026. At present, Turkey imports all its energy needs and has extensive gas and liquefied natural gas import infrastructure. The country’s annual gas consumption rose from 48 bcm in 2020 to 60 bcm in 2021. Erdogan expected consumption to reach nearly 53.5 bcm last year.
Real Estate ‘Safe’ Sharjah attracts Kuwaiti investors to $950m project The emirate of Sharjah has been praised as “safe and business-friendly” by a Kuwaiti developer who has formed a partnership to develop a AED3.5 billion ($950 million) housing project in its burgeoning local property market. Talal Al-Bahar, vice-chairman and CEO of Kuwait Real Estate Company (Aqarat), said that investors were attracted to Sharjah because of […] 12 hours ago
Aviation Riyadh Air delays launch after Boeing setbacks Riyadh Air has been forced to push back its launch date to the third quarter of 2025 after delays to deliveries from Boeing. The new Saudi airline had been scheduled to begin flying early this year. It is a blow to Saudi Arabia’s tourism ambitions to attract 150 million visits a year. Riyadh Air was founded […] 12 hours ago
Tech KKR signs a $5bn Gulf data centre deal in Dubai KKR, the American investment giant, and the data centre platform Gulf Data Hub (GDH), based in Dubai, have signed a strategic partnership to invest $5 billion in data centres serving the Gulf. A joint press release on Friday said that funds “affiliated with KKR” will also acquire a stake in GDH, although it did not […] 14 hours ago
Real Estate Eagle Hills plans Trump hotel project with Kushner The Abu Dhabi-based developer Eagle Hills and Affinity Partners, an investment firm founded by Donald Trump’s son-in-law, Jared Kushner, have agreed to build a luxury hotel and apartment complex in Serbia’s capital, Belgrade. The project, on the site of the former Yugoslav defence ministry, will feature a 175-room Trump hotel as its centrepiece, and 1,500 […] 14 hours ago
