Iraq launches Najaf refinery expansion project
The project, formally launched by Prime Minister Mohammed Shia Al-Sudani on Wednesday, will increase the refinery's processing capacity by 70,000 bpd to 100,000 bpd.
Scheduled for completion in eight months, the project encompasses a Linear Alkylbenzene (LAB) plant, which is an intermediate used in the production of detergents, plant for producing liquefied petroleum gas (LPG) derivatives, a feedstock for polypropylene, a industrial fat blending facility, and
hydrotreatment units for diesel and kerosene to produce jet fuel.
Earlier on Monday, the Iraqi Prime Minister had launched $800 million Al-Diwaniyah Refinery Expansion Project.
(Writing by Majda Muhsen; Editing by Anoop Menon)
(anoop.menon@lseg.com)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
8 minutes ago
- Zawya
Dubai Centre for Family Businesses introduces three advisory services
DUBAI - The Dubai Centre for Family Businesses, which operates under the umbrella of Dubai Chambers, has launched three new specialised advisory services to support the sustainable growth of family businesses. The initiative aims to strengthen the governance of family-owned enterprises operating in Dubai, enhancing their future readiness and enabling them to navigate the evolving economic landscape, overcome challenges, and capitalise on promising opportunities. The new services reflect the Dubai Centre for Family Businesses' ongoing commitment to enhancing the economic contribution of family businesses in support of Dubai's future development plans. The centre aims to strengthen the competitiveness of this vital sector by safeguarding its interests, streamlining operations, and investing in leadership development to ensure long-term sustainability. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented, 'Family businesses remain a vital engine of growth, diversification, and innovation within Dubai's economy. Ensuring their continued success is essential to enhancing the emirate's competitiveness and driving sustainable long-term growth." He added that the centre is committed to empowering these companies to navigate economic developments and embrace global best practices, which contributes towards strengthening the local private sector and reinforcing Dubai's position as a global hub for trade and investment. The first new service is the Current-State Assessment & Family Constitution Review, which offers an in-depth evaluation of a family business's current governance framework. This includes a thorough review of existing Family Constitutions, leveraging the centre's automated Family Business Governance Assessment Tool to evaluate the maturity of their governance processes against regulatory requirements, leading industry practices, and global standards. This service assesses governance frameworks, identifies gaps and risks, encourages alignment among stakeholders, and provides tailored recommendations for enhanced governance and long-term growth. The second service, Family Constitution Drafting, provides a strategic roadmap for family businesses, outlining policies, governance structures, and decision-making processes crucial for long-term sustainability. The centre will assist in drafting these vital documents, drawing insights from interviews with family members and key stakeholders. Through facilitated workshops and discussions, the service ensures alignment and buy-in from all family members, designing a document that captures their collective vision and values, alongside clear nomination, eligibility criteria, and decision-making processes relevant to the organisation's governing bodies. This service defines roles and responsibilities, formalises shared vision and values, fosters open dialogue, and establishes clear rules to prevent future conflicts. The third new service is the Family Office Blueprint service, which guides families in establishing a private platform dedicated to managing their wealth, investments, and personal affairs. The centre facilitates workshops designed to enhance understanding of Family Offices, supporting families in defining their specific objectives, the range of services it will provide, and the necessary staffing requirements. This service clarifies the purpose, scope, and strategic goals of a Family Office, explores the full range of services for wealth management and legacy planning, and identifies the key skills and roles required for an effective Family Office structure.
Zawya
8 minutes ago
- Zawya
Emirates NBD Egypt H1 financial results achieving net profit EGP 3bln
Emirates NBD Egypt, one of the largest banks operating in the Egyptian banking sector, announced a significant growth in its financial results ending June 2025, the bank's net profit increased by 20 % achieving EGP 3 bn, compared to EGP 2.5 bn during the counter period in 2024. While profits before taxes increased to reach EGP 4.39 bn during H1-2025, compared to EGP 3.77 bn during the counter period in 2024, representing a growth of 16%. The bank recorded a significant increase in Net Interest Income, exceeding EGP 6bn during H1 -2025 compared to EGP 5 bn during the counter period last year, representing a growth of 17%. In addition, net commissions and fees reached EGP 918m during H1- 2025 compared EGP 809m during counter period last year, representing 14% increase. Moreover, shareholders' equity recorded EGP 20 bn by end of June 2025, compared to EGP 17bn by end of 2024, representing 15% increase. Emirates NBD Egypt continued to achieve sustainable growth in its total assets reaching EGP 192bn during H1-2025, compared to EGP 159bn by end of December 2024, representing a 21% growth. Customer loans increased by 15% during the first half of the year, reaching EGP 97bn, compared to EGP 84 bn by the end of 2024, classified as follows: EGP 21bn for individual loans and EGP 76 bn for corporate loans. Customer deposits increased by 15% during H1-2025, reaching EGP 148 bn compared to EGP 128bn by end of 2024, where EGP 85 bn related to corporates and EGP 63 bn related to individuals. Amr El Shafei, CEO and Managing Director of Emirates NBD Egypt, stated: 'At Emirates NBD Egypt, we have focused on elevating our service quality and products delivery channels while offering superior innovative customer solutions and adding large population of new to bank customers across all corporate and retail sectors, by building upon the mighty capabilities of our Group and aligning with our colleagues across the growing Emirates NBD network, we have been able to unlock meaningful opportunities and deliver remarkable results.' Worth mentioning that Emirates NBD Egypt operates a robust nationwide network of 62 branches and more than 345 ATMs, ensuring convenient and seamless banking services for customers across the country.
Zawya
8 minutes ago
- Zawya
Egypt: Sharkia National Food turns profitable in H1 2025; sales hit $185,191
Arab Finance: Sharkia National Food Company turned profitable with EGP 336,470 in the first half (H1) of 2025, against net losses valued at EGP 2.548 million in H1 2024, according to financial results. The EGX-listed firm generated net sales amounting to EGP 8.972 million at the end of June 2025, down year-on-year (YoY) from EGP 12.526 million. Basic earnings per share (EPS) hit EGP 0.0021 in H1 2025, compared to a loss per share of EGP 0.0155 a year earlier. In the first quarter (Q1) of 2025, the company shifted to net profits after tax valued at EGP 291,737, versus net losses of EGP 3.662 million in the same quarter of 2024. © 2025 All Rights Reserved Arab Finance For Information Technology Provided by SyndiGate Media Inc. (
