Author: Rigs & Barge World
OQ8, the joint venture between Omani state energy firm OQ and Kuwait Petroleum Corporation (KPC), operates a 255,000 b/d refinery in Duqm that came online in 2023. The next planned step is to integrate petrochemicals units into the refinery to move further up the value chain. The partners aim to integrate facilities to process naphtha and LPG into polyethylene, ethylene glycol and polypropylene. They had hoped to draw on the expertise of Saudi petrochemicals giant Sabic for the project, signing a project development agreement with the company in 2022 to assess building a steam cracker, derivative units and a natural…
The UAE-based AMEA Power, one of the fastest-growing renewable energy companies in the region, announced it will be building a solar panel and a battery storage project in Aswan. strengthen the resilience of Egypt’s power system while advancing the country’s clean energy transition, according to an AMEA press release The project, described as Africa’s largest single-site renewable energy and battery storage facility, will be established through a partnership between AMEA Power, which owns 60%, and Japan’s Kyuden International Corporation, which will hold the reamining 40%. The International Finance Corporation (IFC) will finance the project through a $570 million senior debt package in…
With 2025 drawing to a close, a picture is emerging of what could be a landmark year for Saudi Arabia’s oil sector. The accelerated unwinding of Opec+ voluntary production cuts has grabbed the headlines, enabling Riyadh to increase production by 1.125mn b/d between January and December, but what is arguably more notable is that Saudi oil consumption is set for a rare annual decline. Oil consumption was down 2.7% year-on-year after the first nine months of the year, the latest Jodi statistics show, to an average of 2.406mn b/d. Outside of 2020’s Covid-era lockdowns, this would be the first year-on-year…
The Egyptian Refining Company (ERC) has settled $417 million of its senior debt, reducing its remaining debt to $63 million from a peak of $2.35 billion, according to a disclosure to the Egyptian Exchange by the company, a subsidiary of Qalaa Holdings. The remaining $63 million is scheduled for payment in March 2026, which makes ERC eligible to pay dividends to its shareholders, upon approval of its AGM. Meanwhile, ERC will continue servicing its $773 million mezzanine loan through 2030. The debt originated from project financing for the Mostorod Refinery, one of Egypt’s largest refining facilities. Source link
Investment and Foreign Trade Minister Hassan El Khatib met with Shihab Kuran, Founder and Chief Executive Officer (CEO) of US-based Power Edison, a leading renewable energy and energy storage developer, to explore cooperation in sustainable energy solutions, according to a press release by the ministry. The meeting, attended by Hossam Heiba, Chairman of the General Authority for Investment and Free Zones (GAFI), saw El Khatib stressing Egypt’s state’s focus on localizing energy-related industries and modern technology transfer, pointing to the country’s competitive advantages that qualify it to be a regional energy hub. Furthermore, he highlighted that Egypt has invested $550 billion…
The Israel Electric Corporation (IEC), the country’s state-owned utility, has initiated arbitration proceedings in London against the partners at the 13.7tcf Tamar gas field, led by operator US major Chevron, following the collapse of negotiations to update their long-term gas supply contract. The dispute centers on the price IEC pays for Tamar gas, which in turn has major implications for Israel’s electricity costs. The original gas supply agreement between IEC and Tamar was signed in 2012, a year before the field started-up, and included a price-update mechanism. Under this mechanism, once the contract reached its update stage in January 2025,…
The Minister of Petroleum and Mineral Resources, Karim Badawi, has outlined a new five-year plan for oil and gas exploration and production during a high-level meeting with leaders and representatives of international oil companies (IOCs) operating in Egypt on December 20. The plan prioritizes achieving self-sufficiency in crude oil while continuing to boost natural gas output, highlighting the government’s focus on strengthening energy security, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR). The strategy also aims to limit Egypt’s import bill by channeling local production surplus to value-added industries and exports. Badawi noted that strategic…
A consortium of France’s EDF, Omani firm Al Khadra Partners and state renewables firm OQ Alternative Energy (OQAE) has signed a power purchase agreement (PPA) to develop a 120MW wind project in Jaalan Bani Bu Ali (JBB Ali) in eastern Oman. The project is to start up in 3Q 2027 and is part of 1GW of wind projects the sultanate is planning to develop (MEES, 20 September 2024). The scope has been expanded from initial plans for a 91-105MW plant. A similar deal was signed to develop the 125MW Dohfar II wind project by OQAE and Singapore’s Sembcorp in November…
Adnoc this week announced two separate deals in which it secured a total of $13bn for its operations. The deals came shortly after Adnoc’s board approved a $150bn investment plan out to 2030. The first, and largest deal, was an $11bn structured financing transaction announced on 18 December unlocking capital from its 1.8bn cfd Hail and Ghasha sour gas development (Adnoc 80%, Eni 10%, PTTEP 10%). Adnoc last month took over Lukoil’s 10% stake, with the Russian firm subject to stringent US sanctions (MEES, 31 October). The partners aim to bring the first phase online imminently, reaching full 1.8bn cfd…
A delegation from Chevron visited Iraq’s 480,000 b/d-capacity West Qurna-2 (WQ-2) field this week, multiple sources confirm. The development comes as Chevron’s chances of taking on Lukoil’s stake in the field improve. Iraq initially preferred Exxon as a replacement for the sanctioned Russian firm (MEES, 5 December), but Chevron’s chances appear to have improved after meetings with oil ministry officials and Prime Minister Mohammed al-Sudani earlier this month. An oil ministry source says that a key element of Chevron’s pitch is Lukoil’s other Iraq asset, the Eridu discovery in Dhi Qar province’s Block 10. With Chevron in separate discussions over…