Author: Rigs & Barge World
The resumption of tit-for-tat attacks between the US and Iran has eroded market confidence in a normalization of flows through the Strait of Hormuz (SoH). Geopolitically, the biggest question remains the most consequential: who will gain control over the future of the Strait of Hormuz? For now, the ongoing stalemate is keeping markets on edge: Iran sees upcoming US elections as its window to maximize leverage and set the future boundary conditions for navigation via the SoH; Israel’s maximalist goals remain unfulfilled; and the global economy is confronting its worst oil products crisis in history, with cracks now at record…
The government is monitoring regional developments and their potential repercussions Source link
Sayed Selim, Executive Managing Director of the Egyptian Natural Gas Holding Company (EGAS), visited the headquarters of the Egyptian Company for Gas Appliances Maintenance (Sianco) to review performance, recent developments in expansion and development plans, and service quality. During the visit, Moataz Yehia, Sianco Chairman and Managing Director, highlighted the company’s activities, including maintaining and repairing household equipment powered by natural gas or electricity, installing these devices, overseeing technical reviews and handovers for residential natural gas connection projects, and designing, installing and maintaining solar power systems. Yehia’s long-term focus is investing in people, digital transformation, improving the work environment, expanding…
Samir Raslan, Chairman of the South Valley Egyptian Petroleum Holding Company (Ganope), conducted a field visit to the Esh El-Mallaha Petroleum Company (ESHPETCO) fields in the Eastern Desert to monitor progress and review the execution of drilling and production programs. The visit featured a workshop attended by representatives from Esh El-Mallaha Petroleum Company, PetroGulf, PetroNefertiti, Magawish, and PetroAmir, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR). It highlighted current and future drilling, exploration, and production plans; enhanced integration among the companies; exchanged expertise and best practices; maximized the use of shared infrastructure; and expanded the…
Dubai-based Grandweld will build the pair of offshore support vessels at its shipyard in Dubai Maritime City, with Bahri Logistics, part of the Saudi national shipping company Bahri, looking to deploy them at Ras Tanura port 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
India imported $2.73bn of crude oil from the UAE in May, the country’s latest import statistics show. This is India’s highest bill for Emirati crude imports since at least January 2022 and likely the all-time high. Volumetrically, imports of 805,000 b/d (MEES, 17 July) were the second highest on record, beaten only by September 2021’s 819,000 b/d. Volumes surged from the previous month’s 544,000 b/d despite the Hormuz crisis. Most of this was Murban crude exported from the Indian Ocean port of Fujairah, but this was supplemented by some cargoes surreptitiously brought out through the Strait of Hormuz by Adnoc…
The Mineral Resources and Mining Industries Authority’s (MRMIA) marketing and promotion team, led by Mervat Mostafa, traveled to Perth, Western Australia, a global hub for the mining industry. The delegation met with universities, mining and consulting firms, and business organizations to present recent legislative and institutional reforms. They highlighted open blocks available for gold, phosphate, talc, and kaolin exploration, and invited the Australian mining sector to the Egypt Mining Forum in September. At the Western Australian School of Mines at Curtin University (ranked second globally for mining sciences), the team met with John O’Neill, Director of Global, Government, and Industry…
Nearly 200 facilities have shut down in Europe over recent years Source link
Saudi petrochemicals giant Sabic, China’s Rongsheng Petrochemical and the latter’s Rongsheng New Materials (Zhoushan) subsidiary signed a Project Development Agreement (PDA) on 16 July to jointly advance the development of the Jintang New Materials Project in Zhoushan, Zhejiang Province, China. Under the PDA, Sabic is to take an equity position in Rongsheng New Materials of up to 50%. In a joint statement, the companies said that the agreement “establishes a framework for project development activities towards a potential final investment decision (FID).” (CONTINUED – 356 WORDS) Read this article for free Gain access to over 60-years of energy analysis and…
British Petroleum (bp) has reached an agreement with investment firm Verdane to divest bp Ventures’ minority stakes in more than 10 portfolio companies, marking another step in the energy company’s efforts to streamline its business and sharpen capital allocation. The transaction, which remains subject to regulatory and contractual approvals, covers most of bp Ventures’ minority investments across a range of energy-related technology companies. The company said the sale aligns with its strategy of simplifying its portfolio while maintaining disciplined capital allocation. bp added that transferring the investments to Verdane would provide the portfolio companies with an investor focused on supporting…