Author: Rigs & Barge World
Alexandria Mineral Oils Company (AMOC) reported higher revenues and profitability for the fiscal year (FY) ending June 30, 2026, according to both its unaudited standalone and consolidated financial statements sent to the Egyptian Stock Exchange. On a consolidated basis, revenues increased by 35% to EGP 26.2 billion in the FY 2025/26, compared to the previous fiscal year. Meanwhile, the net profit after tax jumped by 109% to EGP 1.90 billion. As for the company’s standalone financial statements, revenues rose by 35% to EGP 25.6 billion in FY 2025/26, net profit after tax grew by 139% to EGP 1.62 billion. The…
Mera Oil – comprising US firms MWG Enterprises and the Patel Family Office, along with PWS, an associate of Saudi Arabia’s AHQ Group – hopes to select one of three shortlisted sites for its proposed integrated refinery and export complex Register for MEED’s 14-day trial access A consortium of privately owned US and Saudi companies has announced an investment commitment of $5bn to build an integrated oil refining, storage and export facility outside the volatile Strait of Hormuz shipping lane. After three years of evaluating sites across the Gulf, the consortium has shortlisted three GCC locations beyond the Strait…
The long-term financing for Positive Zero was arranged by Paris-headquartered Natixis CIB and Saudi Arabia-based The Arab Energy Fund Subscribe to read the full article Become a MEED subscriber for unlimited access to: Exclusive news, comment and analysis on the MENA region An unrivalled 20-year old archive Exclusive announcements on project news, bids, awards and updates The latest Industry data and competitor insights SUBSCRIBE To MEED REGISTER to unlock sample content Source link
Türkiye seeks to conclude a broad energy cooperation agreement with neighboring Iraq following talks with Iraqi Prime Minister Ali al‑Zaidi in the Turkish capital, President Tayyip Erdogan said, according to Reuters. At a joint news conference following a signing ceremony that had been expected to include an agreement to keep the Kirkuk‑Ceyhan crude oil pipeline open for another year, President Erdogan said Türkiye’s state‑owned energy company Türkiye Petrolleri Anonim Ortaklığı (TPAO) would take on operations in the Kirkuk oilfield currently used by BP. The two sides did not finalize an extension of the decades‑old pipeline agreement, which regulates exports through…
Libya’s National Oil Corporation (NOC) has resumed production at the El Feel and Wafa oilfields after operations were temporarily halted following disruptions at the Mellitah Oil & Gas Complex, according to Reuters. The company also confirmed that work has restarted at the offshore Sabratha platform. The Mellitah complex is jointly operated by NOC and Italy’s Eni. It manages production from the El Feel oil field, which produces between 80,000 and 90,000 barrels per day (bbl/d) under normal operating conditions. The temporary interruption also affected gas and fuel supplies used by power generation facilities, leading to the shutdown of several electricity…
Exports from Saudi Arabia’s Red Sea oil export terminals via the Bab al-Mandeb are being disrupted following the Houthi’s 20 July announcement of a blockade on the kingdom (MEES, 24 July). Some tankers have continued to use the route, while others have opted to avoid the chokepoint between Yemen and Eritrea/Djibouti, diverting north towards Egypt’s Suez Canal. More such diversions can be expected after the Houthis claimed attacks on two Saudi tankers on 22 July (MEES, 24 July). The Bab al-Mandeb offers the quickest route from Saudi Arabia’s Red Sea coast to its primary markets in Asia. Since Red Sea…
The deal has been awarded by China Petroleum Engineering & Construction Corporation in its capacity as the main EPC contractor on the project to build off-plot facilities at Abu Dhabi’s Southeast cluster of oil fields Subscribe to read the full article Become a MEED subscriber for unlimited access to: Exclusive news, comment and analysis on the MENA region An unrivalled 20-year old archive Exclusive announcements on project news, bids, awards and updates The latest Industry data and competitor insights SUBSCRIBE To MEED REGISTER to unlock sample content Source link
The contract covers the consultancy services for package seven of Smaisma North in Qatar Subscribe to read the full article Become a MEED subscriber for unlimited access to: Exclusive news, comment and analysis on the MENA region An unrivalled 20-year old archive Exclusive announcements on project news, bids, awards and updates The latest Industry data and competitor insights SUBSCRIBE To MEED REGISTER to unlock sample content Source link
Karim Badawi, Minister of Petroleum and Mineral Resources (MoPMR), received Polly Ioannou, Ambassador of the Republic of Cyprus to Egypt, to discuss strengthening the strategic partnership between the two countries in the natural gas and mining sectors. Badawi reviewed the reforms and modernization of Egypt’s mining investment environment, which he said enhance the sector’s competitiveness, attracting more international investment. The meeting highlighted the joint efforts that resulted in Cypriot mining company FMC Cyprus Ltd. resuming operations in Egypt in gold and mineral exploration in the Eastern Desert. Ioannou said cooperation with Egypt transformed Cyprus’s gas discoveries into operational projects. She…
Baker Hughes reported revenue of $6.74 billion for the second quarter (Q2) of 2026, down 2% year-on-year (YoY) from $6.91 billion despite a 2% sequential increase. The energy technology company also posted net income of $681 million, down 3% compared to the same period last year and 27% lower than the previous quarter. The decline was mainly due to the sale of its Precision Sensors & Instrumentation (PSI) and Surface Pressure Control (SPC) businesses, which no longer contribute to the company’s revenue. Meanwhile, adjusted net income rose 3% YoY to $640 million, while adjusted EBITDA increased 2% to $1.23 billion.…