US oil company, Apache, discuss expansion plans with Egypt President

Egypt's Oil Minister Tarek el Mulla, left, and Apache Corporation chairman John Christmann meeting in Cairo earlier this month. (Egypt's State Information Service photo)
Egypt's Oil Minister Tarek el Mulla, left, and Apache Corporation chairman John Christmann meeting in Cairo earlier this month. (Egypt's State Information Service photo)
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Updated 16 July 2021

US oil company, Apache, discuss expansion plans with Egypt President

US oil company, Apache, discuss expansion plans with Egypt President
  • Apache, the largest oil producer in Egypt, targets investment plans for the coming years in the fields of research, exploration, and production
  • Egyptian president said joint cooperation would enhance the country’s efforts to become a center for energy trading in the region

CAIRO: The largest oil producer in Egypt wants to enhance its investment in the country and president Abdel Fattah El-Sisi is optimistic about the proposed expansion.

American company Apache is specialized in the field of petroleum research and exploration. The company’s CEO, John Christmann, met with El-Sisi in Cairo this week, according to the president’s spokesman Bassam Rady. 

During the meeting, they discussed joint cooperation and also reviewed the company's existing business position and targeted investment plans for the coming years in the fields of research, exploration, and production in Egypt.

El-Sisi welcomed the agreement between the company and the Egyptian Ministry of Petroleum to expand activities in the country. He also said the deal would enhance Egypt’s efforts to become a center for energy trading in the region.

Apache has a long history in Egypt as both El-Sisi and Christmann said they want to build on that working relationship. 

Christmann said Egypt is at the forefront of countries that Apache eyes for further investment considering the positive investment climate in the North African state. In addition, Egypt features an attractive geographical location, discoveries in the fields of oil and gas, and advanced infrastructure.


Saudi Central Bank steps up efforts to increase locals in financial sector

Saudi Central Bank steps up efforts to increase locals in financial sector
Updated 45 min 12 sec ago

Saudi Central Bank steps up efforts to increase locals in financial sector

Saudi Central Bank steps up efforts to increase locals in financial sector
  • SAMA working with Ministry of Human Resources and Social Development and Human Resources Development Fund
  • Initiative could create 200,000 jobs - economist

RIYADH: The Saudi Central Bank (SAMA) has signed an agreement with other government entities to increase the number of locals in the financial sector, a move that might lead to the creation of more than 200,000 jobs for nationals.

SAMA signed a memorandum of understanding (MoU) with the Ministry of Human Resources and Social Development (HRSD), in partnership with the Human Resources Development Fund (Hadaf), SPA reported on Monday.

“This MoU aims to increase localization, provide human competencies capable of meeting the requirements of the financial sector, and create more than 203,000 jobs in the sector,” independent economist Fadhel Al Buainain told Arab News.

The measures will establish sustainable strategic steps to ensure the creation of more jobs and prepare young people to fill them, he said.

For decades, the Saudi financial sector was made up only of banks, but since the entry of new financial entities such as investment institutions, financial companies and the insurance sector, localization of jobs has become more important, to achieve sufficiency, strategic security and address unemployment, said Al Buainain.

Supporting specialized financial colleges and creating a college for banking sciences are among the tools that will help achieve the sector’s localization goals, he said.


Global interest in clean hydrogen surges as Mideast works to boost supply

Global interest in clean hydrogen surges as Mideast works to boost supply
Updated 27 July 2021

Global interest in clean hydrogen surges as Mideast works to boost supply

Global interest in clean hydrogen surges as Mideast works to boost supply
  • Hydrogen could account for 25 percent of global energy consumption by 2050

DUBAI: Interest in clean hydrogen is rising across the globe, as countries explore ways to decarbonize, a new World Energy Council report showed.

Hydrogen could account for between 6 percent and 25 percent of global energy consumption by 2050, according to the publication titled Hydrogen on the Horizon: ready, almost set, go?.

Different regions play a role in the current hydrogen energy transition, the report said, with countries in the Middle East and North Africa focusing on the supply side.

Saudi Arabia, in July, unveiled plans for a $5 billion green hydrogen facility – the world’s largest such project at the time. Other Middle East countries, including the UAE, Oman and Egypt have also announced major projects to exploit the expected demand.

An earlier report by Dii Desert Energy and Roland Berger said the Gulf region alone could create a $200 billion green hydrogen industry by 2050.

The region also benefits from its strategic geographic location being between the European and Asian markets, which the World Energy Council report described as demand-focused markets.

Different countries also have different ideas of how to utilize clean hydrogen, the report said.

Asia shows a greater focus on hydrogen as a liquid fuel in the form of ammonia, and as a fuel for shipping and road transport, while Europe wants to use hydrogen to decarbonize hard-to-abate sectors such as heavy industries and mass transportation.

“How countries want to produce and consume clean energy, and their immediate national priorities, will shape large-scale hydrogen development and end-user uptake,” Angela Wilkinson, Secretary General and CEO of the World Energy Council said.

It is important to identify user priorities to “better understand hydrogen’s real potential,” she said.

Jeroen van Hoof, global energy, utilities, and resources leader at PwC said this decade is crucial to develop hydrogen projects – including infrastructure to produce, import, distribute and use hydrogen at a large scale.

“If we do this successfully over the next few years, it can pave the way for hydrogen demand to grow exponentially beyond 2030,” he added.

But the report identified several challenges in this global endeavor, including concerns on the cost of low-carbon hydrogen, which is still more expensive than other energy sources.

The report said countries need to collaborate to create a global value chain and unlock the potential of hydrogen for the global economy.


Global markets regulators team up to keep watch on SPACs

Global markets regulators team up to keep watch on SPACs
Updated 27 July 2021

Global markets regulators team up to keep watch on SPACs

Global markets regulators team up to keep watch on SPACs
  • SPACS may raise regulatory concerns, said the International Organization of Securities Commissions

LONDON: Global securities markets regulators said on Tuesday they have begun monitoring special purpose acquisition companies, or SPACs, due to potential regulatory concerns.
SPACs are shell companies that list themselves on the stock market and use the proceeds to buy other companies.
It is a form of investment that soared last year on Wall Street, gathered steam in Europe this year and is now spreading into emerging markets.
“While SPACs may offer alternative sources of funding and provide opportunities for investors, they may also raise regulatory concerns,” the International Organization of Securities Commissions (IOSCO) said in a statement.
IOSCO, whose members include the US Securities & Exchange Commission (SEC), the Financial Conduct Authority in Britain and regulators in the European Union, Asia, Latin America and Africa, said its new SPAC network met for the first time on Monday to share information.
“I am pleased that so many members of IOSCO have joined the SPACs network to exchange experiences on non-traditional IPOs via SPACs and discuss emerging issues related to investor protection and fair, orderly and efficient markets,” said Jean-Paul Servais, chairman of Belgium’s markets watchdog and Vice-Chair of IOSCO’s board.
The markets watchdogs which are members of IOSCO have the power to take action to protect investors in their jurisdictions.


Saudi Arabia suspends desalination and power plant privatization amid strategy review

Saudi Arabia suspends desalination and power plant privatization amid strategy review
Updated 27 July 2021

Saudi Arabia suspends desalination and power plant privatization amid strategy review

Saudi Arabia suspends desalination and power plant privatization amid strategy review
  • New strategy for Saline Water Conversion Corporation to be announced soon

RIYADH: Saudi Arabia has suspended the privatization of Ras Al Khair Desalination and Power Plant as it reviews its strategy.
This decision was made to capitalize on knowledge and capacity built in the Kingdom as a result of many years of experience in the areas of water desalination, new technologies, R&D and supply chains, the Privatization Supervisory Committee for the Environment, Water and Agriculture said in a statement on Monday.
A new engagement strategy and plan for the Saline Water Conversion Corporation (SWCC) assets such as Ras Al Khair plant will be announced shortly.
“It is either that the outcome was not aligned with the government spending efficiency goals or it’s not a top priority for the time being, as there is price control on water services in the country that doesn’t allow room for enough profits to the private operators, that the government may need to offer significant subsidies to make the PPP project attractive to the private sector, ” Razeen Capital CEO Mohamed Alsuwayed told Arab News.
The Privatization Committee said it will continue to engage investors in future PPP and privatization transactions in the water sector, and new greenfield investment opportunities will be launched in due course.
Saline Water Conversion Corporation (SWCC) invited seven pre-qualified companies and strategic alliances to submit their bids (RFP) to participate in the Ras Al-Khair desalination and power plant’s privatization process, last January.
SWCC said in a statement that the winning consortium will own 60 percent of the project company, and will handle management, operation, and maintenance works. For now, SWCC will continue to manage it, according to the statement.


Kuwait loosens COVID restrictions for vaccinated, allows some direct flights

Kuwait loosens COVID restrictions for vaccinated, allows some direct flights
Updated 27 July 2021

Kuwait loosens COVID restrictions for vaccinated, allows some direct flights

Kuwait loosens COVID restrictions for vaccinated, allows some direct flights
  • 8 pm commercial curfew to end today
  • Unvaccinated only allowed to food markets, pharmacies, co-ops

KUWAIT CITY: The Kuwaiti cabinet cancelled its decision to close commercial activities at 8 pm, starting Tuesday, the state news agency KUNA reported on Monday.
All activities will be allowed except for large gatherings, such as conferences, weddings, and social events, starting from Sept. 1. Special activities for children will also be allowed.
Kuwait will allow only those who are vaccinated to take part in all activities, while the unvaccinated will be only allowed to pharmacies, consumer cooperative societies, and food and catering marketing outlets, starting from Aug. 1, the cabinet added.
Kuwait will also allow direct flights to Morocco and Maldives starting Aug. 1, the cabinet said in a statement.