Libya oil, gas exports hit 5-year high of $21.5 bn

Libya oil, gas exports hit 5-year high of $21.5 bn
The Brega oil port in Marsa Brega, 270 km west of Libya’s eastern city of Benghazi. (AFP/File)
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Updated 15 January 2022

Libya oil, gas exports hit 5-year high of $21.5 bn

Libya oil, gas exports hit 5-year high of $21.5 bn
  • Total net revenues for oil and gas exports last year amounted to $21.5 billion
  • Record levels were achieved in November and December, raising a combined $4.3 billion in the two last months of 2021

TRIPOLI: Libya’s lifeline oil and gas exports raised revenues of more than $21.5 billion in 2021, the highest level in five years, the National Oil Corporation announced Saturday.
Total net revenues for oil and gas exports last year amounted to $21.5 billion as well as 30 million euros in non-dollar sales, the state-run NOC said in a statement.
It said record levels were achieved in November and December, raising a combined $4.3 billion in the two last months of 2021.
“The end of the year 2021 recorded a recovery, and oil prices achieved their largest annual gains since 2016, driven by the recovery of the global economy from the state of stagnation” due to the coronavirus epidemic, NOC chief Mustafa Sanalla said.
Since the 1970s, Libya which sits on the largest known oil reserves in Africa has been heavily dependent on revenues from its hydrocarbon exports.
But in a decade of violence since the 2011 revolt that overthrew and killed dictator Muammar Qaddafi, armed groups have frequently blockaded or damaged oil installations.
The shutdowns have forced the NOC to declare force majeure, a legal move allowing it to free itself from contractual obligations in light of factors beyond its control.
Oil production has recovered to 1.2 million barrels per day, as opposed to between 1.5 million and 1.6 million bpd before the NATO-backed uprising of 2011.
But Sanalla warned “the ability of the oil sector in Libya to invest and advance the process of infrastructure modernization will remain weak in the foreseeable future, especially in light of the scarcity of budgets.”
“What we need more than ever is to think outside the box and create initiatives to save the infrastructure,” he stressed.


Saudi Industrial Development Fund to provide new financing products worth $3bn this year

Saudi Industrial Development Fund to provide new financing products worth $3bn this year
Updated 15 sec ago

Saudi Industrial Development Fund to provide new financing products worth $3bn this year

Saudi Industrial Development Fund to provide new financing products worth $3bn this year

RIYADH: The Saudi Industrial Development Fund will launch and update new financing products to serve new sectors during the current year, at a value ranging between SR10 billion to SR11 billion ($2.6 billion to $3 billion).

The Fund's spokesperson Khalil Al-Nimri told Alarabiya it will be targeting four sectors, with the Supply Chain Finance program being one of the programs to be updated. Alarabiya didn't name the sectors.

This comes as the fund seeks to boost private sector investment in targeted sectors and appeal to a large number of investors. 

So far, the Saudi Industrial Development Fund has approved the financing of more than 100 projects in the mining sector, amounting to a total of SR28 billion, Al-Nimri said.  


Saudi Eastern Province closes $40m deal to improve its public transport network

Saudi Eastern Province closes $40m deal to improve its public transport network
Updated 10 min 8 sec ago

Saudi Eastern Province closes $40m deal to improve its public transport network

Saudi Eastern Province closes $40m deal to improve its public transport network

RIYADH: Riyadh-based Saudi Public Transport Co., also known as SAPTCO, has sealed a SR150 million ($40 million) deal for a public bus transport project in the Eastern Province’s Dammam and Al Qatif governorate.

The contract, signed with the Eastern Province Municipality, will be valid for five years, the homegrown transport firm said in a bourse statement.

The Transport General Authority partnered with the Eastern Municipality to supply the project with eight lanes over a distance of 453 kilometers, 212 stops, and 85 buses, SPA reported, citing the authority’s president Rumaih Al Rumaih.

From reducing the effects of environmental pollution to rationalizing energy consumption, the project comes in line with Saudi Vision 2030.

Upon its completion, the region is expected to see less traffic congestion and more organized transportation systems, SPA reported.

SAPTCO noted that the deal’s financial impact is expected to reflect on the company’s financial statements during the first half of the ongoing year.


UAE’s DEWA launches 16 power transmission stations totalling $816m last year

UAE’s DEWA launches 16 power transmission stations totalling $816m last year
Updated 23 min 41 sec ago

UAE’s DEWA launches 16 power transmission stations totalling $816m last year

UAE’s DEWA launches 16 power transmission stations totalling $816m last year

RIYADH: Dubai Electricity and Water Authority, known as DEWA, has inaugurated 16 new electricity transmission stations in 2021, at a total cost of 3 billion dirhams ($816 million).

These include fourteen 132kV stations with a transmission capacity of 2,100 megavolt-amperes, and two 400kV transmission stations with a conversion capacity of 4,000 megavolt-amperes in the Mohammed bin Rashid Al Maktoum Solar Park and Al Quoz 2. 

This brings the total value of DEWA’s investments in electricity transmission to 9.5 billion dirhams, CEO & MD of the authority, Saeed Mohammed Al Tayer, said.

The inauguration of the substations comes as part of DEWA’s efforts to increase the capacity, efficiency, and readiness of electricity transmission networks in Dubai, he added.


Makkah's $27bn project signs deal for power projects 

Makkah's $27bn project signs deal for power projects 
Updated 36 min 23 sec ago

Makkah's $27bn project signs deal for power projects 

Makkah's $27bn project signs deal for power projects 

RIYADH: Masar Makkah, a $27-billion mega project under development in Islam's holy city, is advancing work with new deal for its power requirments.

The project developer Umm Al-Qura Co. for development and construction, known as UAQ, signed an agreement with the National Electricity Transmission Co. to establish two central transmission stations and linking them to the electrical system network.

This agreement comes within the efforts made by the Saudi Electricity Company and its subsidiaries to provide a highly reliable electrical service to all giant projects in the Kingdom, Ibrahim Al-Jarbou, CEO of the Electricity Transmission Co. said.

Masar Makkah is 30 percent away from the completion of its infrastructure phase, Yasser Abu Ateeq CEO of Umm Al-Qura told Asharq News in Novebmer, adding that it has spent SR17 billion from the total SR23 billion allocated for the first phase, with the partial opening of the project slated for 2023.

The importance of Masar lies in its position as it will receive 80 percent of Makkah’s visitors as well as more than 60 percent of vehicles arriving from Jeddah. International hotels such as the Kempinski, Hilton Garden Inn and Taj will be some of the first developments of the project.

UAQ is a closed joint-stock company with investors from the private sector and state-owned investment funds, including the Public Investment Fund, Ministry of Finance, Public Pension Agency, the General Organization for Social Insurance, and the General Authority of Awqaf.

 

 


Kuwaiti petroleum firm discovers natural gas, condensate in Indonesia

Kuwaiti petroleum firm discovers natural gas, condensate in Indonesia
Updated 23 January 2022

Kuwaiti petroleum firm discovers natural gas, condensate in Indonesia

Kuwaiti petroleum firm discovers natural gas, condensate in Indonesia
  • The quantities of gas are very promising, CEO of Kufpec Shaikh Nawaf S. Al-Sabah said

RIYADH: Kuwait Foreign Petroleum Exploration Company, or Kufpec, has discovered natural gas and a light form of oil in Indonesia. 

Kufpec, which is a unit of Kuwait’s state energy company, made the discoveries “through the successful drilling of the Anambas-2X well” in 288 feet (88 meters) of water, Bloomberg reported.

The quantities of gas are very promising, CEO of Kufpec Shaikh Nawaf S. Al-Sabah told Annahar on Sunday.

He added all the discoveries are owned by the company as it is the operator of the project, and it was its first discovery at an offshore block that it operates.

Kufpec started its operation in 1981, known as an international upstream company, engaged in exploration, development and production of crude oil and natural gas outside Kuwait.