Eni announces 3 oil, gas discoveries in Egypt

Eni announces 3 oil, gas discoveries in Egypt
The discoveries were made by the Jasmine W-1X and MWD-21 wells, which were drilled respectively in the Aman area near the west Meleiha deep field. (File/Shutterstock)
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Updated 27 October 2021

Eni announces 3 oil, gas discoveries in Egypt

Eni announces 3 oil, gas discoveries in Egypt
  • The discoveries were made by the Jasmine W-1X and MWD-21 wells, which were drilled respectively in the Aman area near the west Meleiha deep field.

CAIRO: Italian energy company Eni has made three new oil and gas discoveries in Egypt’s Western Desert, the Egyptian Ministry of Petroleum has announced.

Oil, gas, and condensate (a mix of light liquid hydrocarbons) were found in the Meleiha concession area, and oil in the southwest Meleiha zone.

The discoveries were made by the Jasmine W-1X and MWD-21 wells, which were drilled respectively in the Aman area near the west Meleiha deep field.

In a statement, the ministry said that tests resulted in an average production of 2,000 barrels per day of light crude and 7 million cubic feet per day of associated gas.

The MWD-21 well, which has already been linked to production, also yielded a stable rate of 2,500 bpd.

In the southwest Meleiha concession, the SWM-4X well, located 35 kilometers south of the Meleiha field, was used for the discoveries. The test resulted in a production rate of approximately 1,500 barrels of oil equivalent per day.

The three wells will add a total production of about 6,000 barrels of oil equivalent per day.

Eni’s ongoing oil and gas exploration strategy in the area means that any discoveries can be quickly and cost-effectively linked into existing production facilities.

Eni, through its subsidiary AIOC, owns a 38 percent stake in the Meleiha concession license, while Russia’s Lukoil has 12 percent, and the Egyptian General Petroleum Corp. 50 percent.

In the southwest Meleiha concession, Eni owns, through AIOC, a 50 percent stake, with the Egyptian General Petroleum Corp. holding the remaining share.

Eni has been operating in Egypt since 1954 and is a major producer, with a current production of about 360,000 barrels of oil equivalent per day.


Saudi Chemical, Sanofi sign deal to localize manufacturing of thrombosis drug 

Saudi Chemical, Sanofi sign deal to localize manufacturing of thrombosis drug 
Updated 18 sec ago

Saudi Chemical, Sanofi sign deal to localize manufacturing of thrombosis drug 

Saudi Chemical, Sanofi sign deal to localize manufacturing of thrombosis drug 
  • Clexane is a therapeutic solution that prevents and treats thrombosis

DUBAI: The Saudi Chemical Company Holding has signed an initial agreement with French pharmaceutical giant Sanofi to explore manufacturing Clexane in Saudi Arabia. 

Clexane is a therapeutic solution that prevents and treats thrombosis, which may also “affect a significant percentage of COVID-19 patients with severe symptoms,” the Saudi firm said in a bourse filing. 

Thrombosis is the formation of blood clot within a blood vessel which can lead to life-threatening complications such as stroke and heart attack. 

The MoU outlines Aja Pharma’s, a unit of SCCH, role to provide manufacturing facilities and systems to produce Clexane prefilled syringes in the Kingdom.

The move comes amid France’s President Emmanuel Macron’s state visit in the Kingdom, where a number of deals between Saudi and French companies were signed. 

The agreement is also in line with the Kingdom’s push to localize critical industries, and drive economic growth with more local content. 


Here is what you need to know before Tadawul opens: Pre-Market

Here is what you need to know before Tadawul opens: Pre-Market
Updated 11 min 59 sec ago

Here is what you need to know before Tadawul opens: Pre-Market

Here is what you need to know before Tadawul opens: Pre-Market

RIYADH: The new coronavirus variant, Omicron, will be one of the driving forces for the Saudi stock market in the near-term, as fears over its economic impact continue to burden investor sentiment.

Saudi Economic and Development Securities Co. announced the approval of raising its Capital REIT fund’s assets value by SR701 million ($186.87 million) and the approval of the addendum of the fund’s terms and conditions.

Arabian Pipes Co. submitted an application for approval to cut capital and increase the company’s capital by offering a rights issue to the Capital Market Authority.

With reference to Allied Cooperative Insurance Group’s previous development recommendation, the company received the Saudi Central Bank’s approval to expand its capital from SR141 million to SR291 million through a rights issue for an additional six months.

Exploring the possibility of manufacturing Clexane prefilled syringes from the Kingdom, the global pharmaceutical giant Sanofi and Saudi Chemical Company Holding signed a memorandum of understanding.

AlJazira Capital Market declared the final dividend distribution of its REIT funds to shareholders – standing at 3.38 percent for 12 months.

Arabian Shield Cooperative Insurance Co. announced that e-voting on the Extraordinary General Assembly Meeting agenda items, including a rise in share capital, will commence today, Dec.21, at 10:00 a.m Saudi time.


Saudi non-oil sector maintains growth as PMI drops in November: IHS Markit

Saudi non-oil sector maintains growth as PMI drops in November: IHS Markit
Updated 05 December 2021

Saudi non-oil sector maintains growth as PMI drops in November: IHS Markit

Saudi non-oil sector maintains growth as PMI drops in November: IHS Markit
  • The new report business activity rose “at one of the fastest rates since the start of the COVID-19 pandemic”

DUBAI: Strong demand and modest price pressures are pushing business activity to rise Saudi Arabia, a latest IHS Market report showed, indicating a “strong growth momentum” for the Kingdom’s non-oil sector. 

The new Purchasing Managers’ Index (PMI) report said business activity rose “at one of the fastest rates since the start of the COVID-19 pandemic.”

This is despite the index dropping from 57.7 in October to 56.9 in November, which the report still said was “in line with the average recorded over the 12-year series.”

“Despite slipping to a three-month low, new business growth was rapid overall, whilst activity expanded at one of the quickest rates since the start of the pandemic,” David Owen, an economist at the IHS Markit said. 

The fall was due to a slowdown in new orders, which fell for the second month in a row from September’s seven-year high. 


IMF likely to lower its global economic growth estimates due to omicron threat

IMF likely to lower its global economic growth estimates due to omicron threat
Updated 05 December 2021

IMF likely to lower its global economic growth estimates due to omicron threat

IMF likely to lower its global economic growth estimates due to omicron threat



WASHINGTON: The International Monetary Fund is likely to lower its global economic growth estimates due to the new omicron variant of the coronavirus, the global lender’s chief said at the Reuters Next conference on Friday in another sign of the turmoil unleashed by the ever-changing pandemic.
Omicron has spread rapidly to at least 40 countries since it was first reported in South Africa last week, officials say, and many governments have tightened travel rules to try to keep it out.
“A new variant that may spread very rapidly can dent confidence, and in that sense, we are likely to see some downgrades of our October projections for global growth,” IMF Managing Director Kristalina Georgieva told the conference.
Much remains unknown about omicron. Researchers said it could have picked up genetic material from another virus, perhaps one that causes the common cold, which would allow it to more easily evade human immune system defenses.
Georgieva said the fund is also looking at all of its research processes in order to ensure the its data integrity in the wake of a data-rigging scandal at the World Bank.
“Is there something more that can be done, and we are looking at all the processes — are they sufficiently up to date with what others are doing?” Georgieva said.


YouGotaGift — region’s first marketplace for digital gift cards

YouGotaGift — region’s first marketplace for digital gift cards
Updated 29 min 45 sec ago

YouGotaGift — region’s first marketplace for digital gift cards

YouGotaGift — region’s first marketplace for digital gift cards

YouGotaGift is the region’s first marketplace for digital gift cards. It is an end-to-end digital platform that connects prepaid cards from top retail brands to consumers and businesses. 
Its prepaid cards are completely digital, meaning customers can buy them online and have them delivered instantly by email or SMS. 
It works with over 700 retail brands, reaches over 5 million users and serves over 2,000 corporates.  
YouGotaGift was originally founded in 2013 in the UAE by CEO, Husain Makiya, Marketeer Abed Bibi, and Honeybee Tech Ventures (incubator), and further backed by a major regional VC, namely MEVP (Middle East Venture Partners).
It began operating in Saudi Arabia in 2014, with its first significant banking client in the Kingdom. It is now operating across the Gulf Cooperation Council and beyond with multiple offices across the region. “Our consumer business offers our global users the convenience to send personalized e-gift cards to celebrate friends, family, and colleagues,” Makiya told Arab News. “As a fully registered Saudi company, we have massively expanded our business in the Kingdom and greatly scaled up our team on the ground over the last 18 months, spearheaded by Fawziah Al-Hoshan, as general manager,” he added.
Al-Hoshan is a Saudi woman with a decade-long career in business and HR with Saudi corporates and multinationals, including Olayan Group and Pepsico. Makiya said the Kingdom is witnessing tremendous economic growth and the emerging talent pool is highly energized to engage in new roles and career opportunities offered by such companies as YouGotaGift. 
He said YouGotAGift is the first to bring this category of gift cards to the Kingdom. “Our collection of gift cards were first incorporated by National Commercial Bank for their loyalty program LAK,” he said. “It was a pivotal move toward adding a digital redemption process for customers who were used to traditional physical products or gift cards as a reward for their loyalty toward a program.” Since then, it has integrated with over 800 businesses in the Kingdom to digitize their rewards and incentives programs for both employees and customers.
“With Saudi Vision 2030 well on its way, tremendous efforts from the government to push digitization in every aspect of life has also contributed to a ‘never-before’ level of interest for e-gift cards amongst consumers,” he said. He said corporates and individual customers have both identified various ways to use these cards over the last 18 months; from traditional incentives and rewards to sending Eidiya or just helping the ones in need during the pandemic. “It’s a clear sign that they’re here to stay,” he said. Makiya said the global gift card business is expected to cross $2 trillion by 2027. 
“In our part of the world, we expect the this market alone to reach $1.2 billion by 2024, of which at least $700 million
will be attributed by the Kingdom,” he said. “For businesses and government entities, e-gift cards are the No.1 most in-demand method to reward their employees and customers, and the adoption rate of these cards in the Kingdom outweighs that of the entire region driven by the digital transformation of Vision 2030,”
he added.
YouGotAGift is actively recruiting marketeers, business developers and product managers to join their team ([email protected]).