Eni announced a significant gas discovery in the Cronos-1 well drilled in Block 6, 160 km off Cyprus coastline, in 2,287 metres of water depth. The Block is operated by Eni Cyprus holding 50% interest with TotalEnergies as a partner. Preliminary estimates indicate about 2.5 TCF of gas in place, with significant additional upside that […]
The value of trade exchange between the UAE and Egypt reached $1.2 billion during the first quarter of this year
The US Senate ratified the entry of Sweden and Finland into NATO Wednesday, strongly backing the expansion of the transatlantic alliance in the face of Russia’s invasion of Ukraine. The Senate voted 95 to 1 in favor of the two Nordic countries’ accession, making the US the 23rd of the 30 NATO countries to formally […]
The Qatar Fund for Development (QFFD) has signed an agreement with the Gulf Cooperation Council Interconnection Authority (GCCIA) to build and connect the regional electrical system to the southern Iraq network, Doha News has reported. It is hoped that this will meet some of the demand for electricity in southern Iraq, as well as increase […]
The US imposed sanctions on Chinese and other companies on Monday after accusing them of helping to sell tens of millions of dollars’ worth of Iranian oil and petrochemical products to East Asia. The move comes as Washington seeks to increase pressure on Tehran to curb its nuclear programme. The US Treasury and State Departments […]
The Saudi Minister of Environment, Water and Agriculture, Abdul Rahman bin Abdul Mohsen Al-Fadhli announced on Sunday that the kingdom has allocated 105 billion riyals ($28 billion) for new projects aimed at improving the water system in the Kingdom. “I extend my heartfelt thanks to the Custodian of the Two Holy Mosques and His Highness […]
DUBAI: Union Coop’s Dubai debut traded 18 percent below its indicated price, valuing the company at 6 billion dirhams ($1.64 billion) Shares of the supermarket operator were set at 3.9 dirhams as an indicative price, according to Bloomberg, but fell 13 percent to 3.41 dirhams. Despite Middle East share sales being among the market’s few positives, risky assets are […]
Russia is looking to accept payments in UAE dirhams for oil exports to some Indian customers, as the latest efforts by Moscow to bypass western sanctions and to move away from the US dollar, reports Reuters today, citing three sources. An invoice seen by the news agency purportedly shows the bill for supplying oil to […]
Germany and Egypt have agreed to cooperate on building a hydrogen economy as part of Europe’s efforts to diversify its energy sources, news agencies reported on Monday. Agreement was reached during a visit by Egyptian President Abdul Fattah Al-Sisi to Berlin where he took part in the 13th Petersberg Climate Dialogue. German Chancellor Olaf Scholz […]
Our view of the universe just expanded: The first image from NASA’s new space telescope unveiled Monday is brimming with galaxies and offers the deepest look of the cosmos ever captured. The first image from the $10 billion James Webb Space Telescope is the farthest humanity has ever seen in both time and distance, closer […]
