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SAIB reports $139 million Q1 net profit

its assets increased by 20.08 percent to $43.65bn.

Nissan forecasts $5.3bn annual net loss

Last year, it announced 9,000 job cuts worldwide.

Saudia to acquire 20 wide-body aircraft

10 of these being acquired for its flydaeal low-cost airline

ADIB’s Q1 net profit $517 million

Q1 2025 net profit before tax increased 18% YoY.

Emirates Islamic Q1 profit $394m

The bank's profit crossed AED 1bn mark for the first time.

Gupco begins pumping oil in Egypt

The company plans to increase to 12,000 barrels per day through drilling seven new wells. (AFP)
By TRENDS Desk
January 2, 2024 9:53 am
  • Egypt's petroleum minister said the project first phase aims to reach 6,000 barrels per day by mid-January
  • The completion of the second well is expected by mid-January to raise production to targeted levels

Cairo, Egypt–The Gulf of Suez Petroleum Company (Gupco) has successfully started production at the first well of the Safa North Petroleum Field in the northeastern Ramadan area in the Gulf of Suez, the Egyptian Ministry of Petroleum and Mineral Resources announced.

The Minister of Petroleum and Mineral Resources, Tarek El Molla, said the project’s first phase aims to reach 6,000 barrels per day by mid-January, with the first well already producing at a rate of 2,500 barrels per day.

The completion of the second well is expected by mid-January to raise production to targeted levels, with plans to increase to 12,000 barrels per day through drilling seven new wells.

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