Author: Rigs & Barge World
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.…
Iranian attacks damaged two Kuwaiti power and water desalination plants over the weekend, placing huge strain on the emirate’s already fragile power sector. The attacks came as Kuwait grappled with temperatures in excess of 45°C and any blackouts or water shortages could have had a devastating impact. Power outages have so far been kept to a minimum. All told, there were three attacks on two plants over 17-18 July, forcing the Ministry of Water, Electricity and Renewable Energy (MEWRE) to disconnect generating units to conduct repairs and ensure grid stability. The ministry also called on residents to reduce electricity consumption…
British Petroleum (bp) is having late-stage talks to sell its Lightsource solar energy unit to a consortium backed by Kuwait’s sovereign wealth fund, as bp is focusing on oil and gas to boost returns, Reuters reported, citing the Financial Times. Green energy-focused private equity firm Qualitas Energy has joined forces with Wren House, the infrastructure investment arm of Kuwait’s sovereign wealth fund, the Kuwait Investment Authority, to submit a joint bid, according to people familiar with the matter. bp has intensified efforts to streamline its operations and pivot back toward core oil and gas activities, aiming to cut debt, strengthen…
A consortium led by Blackstone, Brookfield and KKR will acquire a 49% stake in Kuwait Oil Company’s 320km pipeline network – making it the country’s largest-ever energy infrastructure partnership and foreign direct investment Register for MEED’s 14-day trial access Kuwait Oil Company (KOC) has signed a $16bn infrastructure agreement with a consortium comprising Blackstone, Brookfield and KKR to establish a joint venture covering the country’s domestic and export crude oil pipeline network. Structured as a 20.5-year lease-and-leaseback transaction, the deal covers all 13 of KOC’s crude oil pipelines, spanning about 320 kilometres. Known as Project Peregrine, the transaction is…
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Karim Badawi, Minister of Petroleum and Mineral Resources, met with Deng Zhaojing, General Manager of China National Chemical Engineering Group (CNCEC), and the accompanying delegation to discuss accelerating several local strategic projects, especially the Soda Ash production project in New Alamein and the Red Sea National Petrochemicals Company complex in the Suez Canal Economic Zone (SCZONE). Badawi affirmed that the Red Sea National Petrochemicals Company complex will add high-value petrochemical and petroleum products and reinforce Egypt as a regional hub for petroleum and petrochemical trade. Deng Zhaojing said the group is executing and co-investing in several vital projects in Egypt,…
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Fahad Almuhaisin, Chief Financial Officer (CFO) of Rabigh Refining and Petrochemical Company (Petro Rabigh), a subsidiary of Aramco, told Asharq, Bloomberg’s Arabic news platform, in a TV interview that the company expects to complete the engineering studies this year for its largest project currently under development. The project aims to convert high-sulfur fuel oil into higher-value products. Almuhaisin explained that high-sulfur fuel oil accounts for approximately 20% to 22% of the refinery’s total output. The project, known as the Bottom of the Barrel Project, was approved for detailed engineering work in October 2025 and is designed to add two integrated…
The region enters the second half of 2026 with four economies moving at different speeds 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
Recent bid submission by contractors for the fifth expansion phase of the $100bn Saudi unconventional gas development programme closely follows the start of EPC works on the fourth phase 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