Regional News

DUBAI / Reuters Bahrain-based Investcorp is aiming to make 10 investments across its private equity and real estate businesses in the current financial year, Co-Chief Executive Rishi Kapoor said on a media call.¬ The investments will help the company achieve its goal of raising its assets under management to $25 billion in the next three years or so, Kapoor said. ...

ALMYETYEVSK / Reuters A global deal cutting crude output has forced mid-sized Russian oil company Tatneft to curb flows at some fields, leaving it with lower revenues but little relief from maintenance and running costs. Its response: innovation. Yelkhovneft, a Tatneft unit in the semi-autonomous republic of Tatarstan some 1,200 km (750 miles) southeast of Moscow, has cut oil output ...

DUBAI / Reuters Saudi Arabia will cut crude oil allocations to its customers worldwide in September by at least 520,000 barrels per day, an industry source said on Tuesday, as the top oil exporter makes good on its pledge to help rein in a global supply glut. State oil giant Saudi Aramco will cut supplies to most buyers in Asia ...

Bloomberg Egypt is opening the door to private participation in its natural gas sector, moving to end the state’s monopoly as it pushes ahead with reforms meant to encourage investment and revive the economy. The new law signed by President Abdel-Fattah El-Sisi sets up a natural gas regulatory authority charged with licensing and devising a plan to open the gas ...

DUBAI / Reuters Saudi Kayan Petrochemical Co said on Tuesday it had secured a $1.2 billion Islamic loan from National Commercial Bank (NCB) to help repay a previous facility with the lender that matures next week. The company, an affiliate of Saudi Basic Industries Corp , said the new loan was for five years, replacing the seven-year loan of same ...

Bloomberg After relying on oil to fuel its economy for more than half a century, Saudi Arabia is turning to its other abundant natural resource to take it beyond the oil age — desert. The kingdom is converting thousands of square kilometers of sand into new cities as it seeks to diversify away from crude, create jobs and boost investment. ...

TRIPOLI / Reuters Production from Libya’s largest oil field was returning to normal after being briefly disrupted by armed protesters who broke into a control room in the coastal city of Zawiya, the National Oil Corporation (NOC) said on Monday. A pipeline supplying jet fuel and gasoline from Zawiya to Tripoli that the protesters had also closed has reopened, the ...

CAIRO / Reuters Saudi Arabia’s Prince Alwaleed bin Talal will invest about $800 million to expand the Four Seasons resort in Sharm el-Sheikh, in partnership with Talaat Moustafa Holding Group, Egypt’s Investment Minister Sahar Nasr said. Billionaire Alwaleed’s investment will also include establishing two new hotels in al-Alamein, a town on Egypt’s Mediterranean coast, and Madinaty, a residential compound east ...

Bloomberg Uganda chose a group including General Electric Co. to build and operate a 60,000-barrels-a-day refinery that will process part of the crude extracted from fields being developed by Total SA and Tullow Oil Plc. The Albertine Graben Refinery Consortium — which also includes Yaatra Ventures LLC, Intracontinent Asset Holdings Ltd. and Italy’s Saipem SpA — was picked after a ...

Bloomberg Oil traded near $49 a barrel in New York amid speculation that plentiful supplies will continue to thwart any further rallies. Futures fell 1.3 percent. While growth in US drilling has stalled and Libya’s production revival was dealt a setback by protests, rebounding output is still capping prices, according to Saxo Bank A/S. A committee co-chaired by Kuwait and ...