Latest news with #NadimKawach
Zawya
5 days ago
- Business
- Zawya
Egypt offers 12 blocks for gas exploration
Egypt has invited foreign companies to hunt for gas in 12 blocks as part of a drive to increase its hydrocarbon resources. The investment opportunities were announced on the Oil Ministry's international bids portal last week and they include five offshore and seven onshore sites. The Ministry said the 12 blocks are open for investment by foreign companies as part of the latest concession licenses round which includes 34 oil and gas opportunities. The gas blocks are offered by the state-owned Egyptian Natural Gas Holding Company (EGAS), which said they are concentrated in the Mediterranean and North Egypt. Egypt's proven gas reserves are officially estimated at around 2.2 trillion cubic metres but it also relies on imports due to its high demand. (Writing by Nadim Kawach; Editing by Anoop Menon) ( Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
Zawya
5 days ago
- Business
- Zawya
Kuwait invites bids for giant oilfield on July 22
Kuwait has extended a deadline for submitting bids for the development of one of the world's largest oil fields from 22 June to 22 July, press reports have said. The project involves water injection in Burgan oilfield and other fields in South Kuwait, where most of the country's oil and gas resources are located. The Central Agency for Public Tenders (CAPT) had earlier approved a request by the state-owned Kuwait Oil Company (KOC) for the submission of bids on 22 June. 'CAPT has now extended the deadline for companies to bid for this project to 22 July,' the Arabic language daily Alseyassah said, citing KOC sources. The paper did not mention project cost estimates but said it involves increasing oil and gas production in the Southern region. The 780-square kilometre Burgan field contains around 70 billion barrels of extractable crude oil, nearly two-thirds of the Gulf emirate's oil reserves of about 101 billion barrels. Burgan is the world's second largest oilfield after Saudi Arabia's Ghawar. The field in southeast Kuwait was pumping more than 2 million barrels per day (bpd) before falling to around 1.7 million bpd due to ageing. (Writing by Nadim Kawach; Editing by Anoop Menon) ( Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
Zawya
20-06-2025
- Business
- Zawya
Egypt sets $56mln for power expansion
Egypt has boosted investment in power expansion projects by nearly 20 percent to around 2.8 billion Egyptian pounds ($55 million) during the 2025-2026 fiscal year. The Electricity and Renewable Energy Ministry has allocated the funds for the state-owned South Cairo Electricity Distribution Company (SCEDC). The investments are nearly 20 percent higher than those approved during the 2024-2025 fiscal year and are intended to develop and upgrade networks managed by SCEDC in the capital and other parts of Egypt, the Arabic language daily Addustour said, quoting a Ministry source. 'The projects will be funded through the Company's own resources and they are part of expansion plans to be executed by the Ministry during the coming fiscal year,' it said. The paper noted that SCEDC is one of Egypt's largest public power distribution companies, covering nearly 15 percent of the country's area. Its subscribers increased by nearly 295,000 to reach 6.7 million at the end of 2024. (1 US Dollar = 50.67 Egyptian Pounds) (Writing by Nadim Kawach; Editing by Anoop Menon) (
Zawya
18-06-2025
- Business
- Zawya
Jordan reports surge in project spending
Jordan sharply boosted spending on projects in the first four months of 2025 after an increase in revenues, according to the Finance Ministry. The increase boosted overall spending by nearly eight percent to widen the country's fiscal deficit to around 469 million Jordan dinars ($656 million) in the first four months of this year against JOD345 million ($483 million) in the same period of 2024. Revenues grew by about six percent to JOD3,307 million ($4.6 billion) from nearly JOD3,114 million ($$4.3 billion) in the same period, the Ministry said in a report. Actual expenditure rose by around eight percent to JOD3,798 million ($5.3 billion) from about JOD3,520 million ($$4.9 billion) during that period, the report said. The rise followed a surge in capital expenditure of around 34 percent or by around JOD83 million ($116 million) and six percent growth in current spending. (Writing by Nadim Kawach; Editing by Anoop Menon) (
Zawya
16-06-2025
- Business
- Zawya
Saudi awards tourism city project in Dhahran
Saudi Arabia has awarded a project to build a fun and tourism city in Dhahran as part of a drive to attract investment to the Eastern region. Local press reports said on Sunday that the project, spanning an area of 190,000 square metres, comprises entertainment, tourism, education and sport facilities. Dhahran secretariat has awarded the contract, the latest in a series of projects offered to local and foreign investors to attract capital to the Eastern region with the Gulf Kingdom's Vision 2030 economic transformation scheme. The Arabic language daily Al-Madina, citing a secretariat statement, said there has been a surge in investments in the Eastern province over the past two years. Projects under way in Dhahran and other parts of the province have exceeded 30 billion Saudi riyals ($8 billion), the report said without specifying the contractor for the city project. (Writing by Nadim Kawach; Editing by Anoop Menon) (
