Biggest fuel refinery plant of Africa begins production
Lagos, Nigeria - Africa's biggest diesel and aviation fuel refinery built by the continent's richest man has started production, the company...Business Energy
Egypt denies suspending navigation through Suez Canal
Cairo, Egypt - Egypt Saturday said that navigation movement in the canal is regular from both directions, Chairman of the...Business Geostrategy
Petrobras 2021 profit hits $20bn
Debt dropped to $47.62 billion in 2021 from $63.17 billion in 2020.Net profit for the final quarter last year came in at $5.64 billion, bringing 2021's total to $19.88 billion
Petrobras said this was a stark contrast to 2020's total of just over $1 billion due to effects of the pandemic
Oil price break $100 on Russian ‘military operation’ in Ukraine
According to the UN, a full-scale Russian invasion on Ukraine would have a devastating global impact that would likely spark...The crisis comes as governments struggle to contain runaway inflation fueled by demand as life returns after recent Covid-19 lockdowns,
World Markets have been hammered since a week as the Kremlin recognized Ukraine's rebellion and said it would provide "peacekeepers" to the regions
GCC turbulence mires Airbus rise
Airbus has been mired in controversy despite its best efforts to increase its customer base, across the world in general...Qatar Airways and Airbus have tussled for months over the deterioration of aircraft paint and lightning protection
Kuwait plans to announce an agreement to restructure the national airline fleet of Airbus aircraft
Tibbiyah closes IPO at $22 million
Fully owned by Al Faisaliah Group, Tibbiyah is a leading healthcare provider in Saudi Arabia and the region.The retail offering was 12.63 times covered after allocating one million shares to individual investors
The share offer price was set at Saudi Riyal 82 ($22), Aldukheil Financial Group said in the statement
UAE to buy 12 Chinese fighter jets to bolster defense
The United Arab Emirates said Wednesday it plans to buy a dozen Chinese L15 aircraft, as it seeks to bolster...In December, the UAE threatened to scrap its mega-purchase of US F-35 fighter jets, protesting stringent conditions amid Washington's concerns over China
The value of the deal was not disclosed
Israel Diamond Exchange in Dubai
The exchange is based in Dubai Multi Commodities Centre.Dubai Multi Commodities Centre said the office is set to increase the ease of doing business for Israeli diamond companies.
The opening comes a day after DMCC announced that the UAE has become the world’s largest rough diamond trade hub.
Heathrow airport blames big loss in 2021 on UK Covid curbs
London's Heathrow airport announced Wednesday it narrowed annual losses only slightly in 2021 despite the reopening of global air travel,...The airport, one of the world's busiest hubs, had already suffered a £2 billion loss in 2020 as the pandemic grounded flights worldwide.
The UK aviation sector had strongly criticized the British government over its long-lasting travel curbs that especially hit the tourism industry.
ADNOC L&S and AG&P sign storage pact
ADNOC L&S' LNG Carrier Ish will be used as a Floating Storage Facility.Under the agreement terms, starting Q3 2022, AG&P will use the carrier for the first LNG Import Terminal in the Philippines at Ilijan in Batangas Bay (PHLNG).
The vessel is part of a fleet of eight LNG vessels operated by ADNOC L&S and is currently under contract to ADNOC LNG, a subsidiary of ADNOC.
Iraq to team up with Halliburton and Aramco to explore oil
Iraq is looking to partner with Halliburton Co. and Aramco to tap into oil and gas reserves in the Western...The Iraqi ministry is finalizing the commercial terms of work
The country is also discussing with Aramco the possibility of funding and developing a natural gas field, also known as Akkas
Al-Dawaa raises $27bn in IPO
Al-Dawaa, Saudi pharmacy chain, has raised $27 billion in equity from institutional investors after its first sale of shares to...With the order book 53.8 times oversubscribed, the final offer price has been set at SR73 per share, according to a bourse filing
Individual subscriptions will be invited between Feb. 27 and March 1, offering a maximum of 2.55 million shares
