Author: Rigs & Barge World
XRG has secured the final regulatory approvals for its purchase of German chemicals firm Covestro. In a 21 November announcement, XRG confirmed that it had received clearances from the German Federal Ministry for Economic Affairs and Energy under Germany’s Foreign Direct Investment regime, which followed clearance from the European Commission under the EU Foreign Subsidies Regulation on 14 November. These were the only two outstanding regulatory approvals required, and now that they are complete, XRG will proceed to close the acquisition. Covestro will be the foundational piece for XRG’s performance materials and specialty chemicals business (MEES, 26 September). (CONTINUED -…
Karim Badawi, Minister of Petroleum and Mineral Resources, met with Hamad Obaid Al Zaabi, the United Arab Emirates’ (UAE) Ambassador to Egypt, to discuss strengthening cooperation and strategic partnerships in the oil and natural gas sector. The meeting underscored the strong, longstanding ties between the two countries, particularly within the energy industry, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR). Badawi highlighted the continued efforts to deepen collaboration, attract new investments, and expand the presence of Egyptian petroleum companies in the UAE. The Ministry’s statement noted the robust investments by Emirati companies operating in Egypt,…
Australian Energy Producers has called on the Albanese Government to secure a balanced agreement on its environmental law reforms by working with the Coalition, warning the Greens’ reckless demands will delay critical new gas supply needed to secure Australia’s future energy needs. Australian Energy Producers Chief Executive Samantha McCulloch said the proposals reported this morning to secure a deal with the Greens would add unnecessary duplication, red tape and uncertainty. “Embedding extra layers of assessment, restricting streamlined pathways, and creating exemptions simply to secure a deal with the Greens will drive up energy costs, deter investment, and undermine the integrity…
Syria has signed an MoU with the US’ ConocoPhillips and Novaterra Energy to examine the development of gas reserves in the country. Should a final contract be reached, Syria hopes the project will yield an additional 4-5mn m³/d (140-17mn cfd) of natural gas within a year of implementation, says Youssef Qablawi, CEO of the Syrian Petroleum Company (SPC). As well as the development of existing fields, Mr Qablawi says the 18 November agreement includes exploration acreage and the planned development of an existing discovery. (CONTINUED – 674 WORDS) Read this article for free Gain access to over 60-years of energy…
The Egyptian Liquefied Natural Gas (ELNG) celebrated surpassing 17 million safe working hours without lost-time injuries as it held its annual Safety Day on November 20 at its headquarters in Idku. The event, which focused on boosting a safe work culture among its employees, was inaugurated by Yassin Mohamed, First Undersecretary of the Ministry of Petroleum and Mineral Resources (MoPMR) and supervisor of Safety, Occupational Health, Environment, Energy Efficiency, and Climate. The day was held under the theme “Human Performance Principles.” This topic emphasized core safety concepts that guide the company’s operational approach. Yassin Mohamed affirmed the Ministry’s commitment to…
Iraq’s parliamentary elections largely reaffirmed the political status quo. Traditional ethno-sectarian parties continue to dominate the 329-seat parliament (see table). And although incumbent PM Mohammed al-Sudani emerged as the leading contender with 46 seats, securing a second term is still uncertain. Read this article for free Gain access to over 60-years of energy analysis and news Delve into the details backed by data Exclusive information from high-level officials Assess future risks and opportunities Source link
Exxon Mobil CEO Darren Woods announced on Friday, November 21, that the company has paused plans to build what would have been one of the world’s largest hydrogen production facilities in Baytown, Texas, citing weak customer demand. Reuters reported that the suspension of the multi‑billion‑dollar project reflects a wider trend of traditional energy firms struggling to transition profitably to cleaner‑energy initiatives. The company and its partners, including Abu Dhabi National Oil Company (ADNOC), have invested about $500 million into the project so far. However, according to Woods, a sustained challenge exists in establishing committed customers willing to provide off-take contracts…
The European Union (EU) on Friday, November 21, rejected a draft agreement at Brazil’s COP30 climate summit in Belém. The bloc refused to back the draft, stating it fell short of advancing global efforts to cut greenhouse gas emissions and lacked a commitment to move away from fossil fuels. Delegates had scheduled the two-week negotiations to end Friday evening, but they continued the talks late into the night as they struggled to bridge deep divisions. EU Climate Commissioner Wopke Hoekstra declared the bloc would under no circumstances approve the current draft, as reported by Reuters. He confirmed the EU was…
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The Abu Dhabi National Oil Company (ADNOC), through its international investment company XRG P.J.S.C., announced on November 21 the receipt of the final outstanding regulatory approval needed for its €14.7 billion acquisition of German chemicals producer Covestro. The final clearance, granted by the German Federal Ministry for Economic Affairs and Energy, means all closing conditions are now satisfied, and the transaction is expected to be finalized within days. This milestone paves the way for Covestro and XRG to move forward in their strategic partnership, which aims to redefine the chemical industry by advancing innovation, circularity, digitalization, and strengthening leadership in…