Oil & Gas BP commits $1.5bn to boost Egyptian presence By Pramod Kumar February 20, 2024, 4:34 AM BP plc A worker at a BP field. The company aims to capitalise on oil and gas exploration opportunities in Egypt Global oil major BP is set to invest up to $1.5 billion in exploration activities in Egypt, with potential expansion to nearly $5 billion, said CEO Murray Auchincloss. The company aims to capitalise on the current oil and gas exploration opportunities, the UAE’s state-run Wam news agency reported, citing the CEO. The investments are geared towards meeting the growing local demand and supporting Egypt’s strategy to export surplus energy, Auchincloss added. Adnoc’s acquisition strategy could lead to something major BP plans assets transfer into new venture with Adnoc BP and Equinor divert tankers from Red Sea BP’s activities align with Egypt’s goal of transforming into a regional hub for energy production and trade, said Egyptian presidency spokesman Ahmed Fahmy. The UAE’s Adnoc and BP last week agreed to form a joint venture in Egypt, initially focusing on natural gas. The joint venture will be 51 percent owned by BP and 49 percent by Adnoc, which is expected to be set up in the second half of 2024. The venture’s concessions include Shorouk, North Damietta, North El Burg, North El Tabya, Bellatrix-Seti East and North El Fayrouz. The Egyptian government in January raised the prices of several services, including electricity, metro tickets and telecommunication services, to contain a budget deficit.
Renewable Energy UAE plans $6bn solar energy storage plant The UAE will construct a renewable facility capable of providing energy at scale around the clock. The project – estimated to cost $6 billion – will be developed in partnership between the UAE state-owned renewables company Masdar and the Emirates Water and Electricity Company (Ewec). The new facility will include solar power with the potential […] 3 hours ago
Retail Sales rise 18% for airport retailer Qatar Duty Free Airport retailer Qatar Duty Free has reported an 18 percent sales increase for 2024. The rise was higher than passenger growth at Hamad International Airport in Doha, which increased 15 percent to 52.7 million. Qatar Duty Free, a subsidiary of Qatar Airways that owns and operates the airport’s shopping and food outlets, did not release […] 2 hours ago
Economy Slow restart predicted for GCC aid to Lebanon A resumption of badly needed GCC financial aid to Lebanon may take time, even though most Gulf countries have given their blessing to the new Lebanese president Joseph Aoun, according to observers. The six nations of the Gulf Cooperation Council were previously among the biggest aid donors and investors in Lebanon, before they cut assistance as […] 2 hours ago
Mining Saudi Arabia grants exploratory rights to six mining sites The Saudi Ministry of Industry and Mineral Resources has allocated mineral exploration rights for six mining sites with a combined size of 890 sq km, according to the Saudi Press Agency. On Tuesday, the ministry announced that mining company Amak has been granted three exploratory concessions in Jabal al Khallah North (98 sq km) and […] 1 hour ago
