Latest news with #Cheiron
Korea Herald
23-05-2025
- Business
- Korea Herald
SK Networks President Sunghwan Choi encounters former UK Prime Minister
SEOUL, South Korea, May 21, 2025 /PRNewswire/ -- SK Networks, aiming to evolve into an "AI-focused business holding company", is intensifying its initiatives to enhance collaboration and expand its operations through a global network. In this context, Sunghwan Choi, President & COO of SK Networks, who has been steering the tech-focused AI operations of the headquarters and its subsidiaries, reportedly met with former UK Prime Minister Sunak to explore methods for improving exchanges and corporate collaboration between the two nations. As stated by company representatives, this Tuesday at The Shilla Seoul, President Choi and former Prime Minister Sunak held a breakfast meeting to exchange global trends and discuss AI and other technological collaborations between nations and corporations. SK Networks founded Hico Capital (now SK Networks Americas) in Silicon Valley, USA, in 2020. The company has been concentrating on global investments in and partnerships with technology firms centered around Hicosystem, the human network associated with future expansion sectors. The opportunity for an unexpected in-person meeting between Rishi Sunak, who visited South Korea for an international conference, and Sunghwan Choi is believed to stem from this network. During this meeting, the pair shared perspectives on the current state of the global economy. They also discussed approaches to enhance relations between the two countries from the viewpoints of a politician and a business leader, as well as the possibilities and examples of AI collaboration at both national and corporate levels. In this context, President Choi presented innovative AI-based cases and global strategies from SK Group and SK Networks, expressing optimism that, in line with current trends, the company's AI endeavors would grow in the UK and across Europe, aiding the advancement of human civilization. The industry has high expectations for the future potential of SK Networks, which is evolving into an AI company. In particular, NAMUH x held a showcase last month and received a favorable response from participants for its groundbreaking air purification and vital sign monitoring capabilities powered by AI. The brand intends to expand into the international market, including the US and Malaysia, following its official launch in Korea in July. It was established from the resources of SK Magic and is strategically overseen by SK Networks. NAMUH x manages its brand communication independently, emphasizing innovative technologies and services that differentiate it from SK Magic's existing products. PhnyX Lab, an AI startup comprised of Silicon valley talent, introduced a modular RAG (retrieval augmented generation) solution for the pharmaceutical sector named Cheiron at the end of last year and is preparing for market growth by forming tailored partnerships with businesses. The heads of SK Magic and PhnyX Lab attended the meeting alongside President Choi and former Prime Minister Sunak. Former Prime Minister Sunak stated, "AI holds the key to transforming the future of drug development. It promises new levels of speed and precision that could help hundreds of millions of patients around the world." He added, "Phynx Lab's Cherion looks like the kind of technology that has the potential to play an important part in this revolution." SK Networks' efforts in collaborating and partnering with prominent global personalities and firms are expected to enhance its position as an AI enterprise.
Zawya
20-05-2025
- Business
- Zawya
Bapetco drills 13 new wells in Egypt's Western Desert during FY2024/25
Egypt - Badr El Din Petroleum Company (Bapetco) drilled 13 new wells and repaired 39 wells at its concessions in the Western Desert during fiscal year (FY) 2024/2025, the company's Chairman Ashraf Abdel Gawad announced. This contributed to achieving a daily production capacity of 56,000 barrels of oil equivalent (BOE), 190 million cubic feet of gas, and 22,000 barrels of condensate. He added that the company's exploration plans include drilling eight new exploratory wells, four of which will be highly productive and expected to add 250 million barrels of crude oil reserves. This is in addition to another four wells in the Badr-3, Badr-15, and Badr-16 areas, with reserves of 33 million BOE. In line with the FY 2025/2026 investment budget, the company aims to invest $350 million to support and expand production rates by drilling 34 new wells using four drilling rigs. The chairman added that Bapetco seeks to raise the number of wells to 47 and boost drilling rigs. Abdel Gawad's remarks came during the company's general assembly meeting, headed by Minister of Petroleum and Mineral Resources Karim Badawi. Alan Linn, CEO of Cheiron, also attended the meeting and affirmed the company's interest in bolstering and increasing investment spending in the coming period. Cheiron aims to increase the production capacity, improve the application of advanced technology, and leverage available assets with the highest efficiency. He added that the company is looking to expand exploration areas and bring in new rigs to work in these areas to drill new wells, reflecting its commitment to growing its business in the Egyptian petroleum sector. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
07-02-2025
- Business
- Zawya
Egypt's Cheiron secures $75mln loan for West El Brullus gas field project
Cheiron Egypt Delta Ltd, a subsidiary of Egypt-based exploration and production company Cheiron, has received a $75-million loan from four Egyptian banks to fund a project to develop an offshore gas field in the Mediterranean Sea. Banque du Caire arranged the syndicated medium-term loan facility with Al Baraka Bank Egypt, Arab International Bank (AIB) and Société Arabe Internationale de Banque (SAIB). The dual currency facility comprises of US dollar tranche of $30 million and an Egyptian pound tranche of EGP 2.2 billion. An Arabic language press statement issued by Al Baraka Bank on Friday said that its contribution to the facility was $20 million, adding that Cheiron would use the loan to 'fund part of the project to develop West El Brullus gas field in the Mediterranean.' It said the loan would finance 45.5 percent of the total project cost of around $165 million. Banque du Caire served as the Initial Mandated Lead Arranger, Agent, Security Agent, Account Bank and Book Runner. Al Baraka Bank Egypt, AIB and SAIB acted as Mandated Lead Arrangers (MLA). Baker McKenzie provided legal counsel while Environment & Development Group was the environmental consultant. Cheiron had obtained the concession for the West El Burullus (WEB) offshore gas field development from the Egyptian government in January 2023. Its CEO Allan Linn said the loan would provide the Company with the necessary liquidity to pursue the project and boost Egypt's gas production. He said the funds would allow the firm to start gas production from the field to face growing demand in the domestic market and reduce gas imports. 'The project includes several phases, starting with exploration then production and exporting…the project includes drilling of new wells, construction of production platforms and building pipelines to link the field with processing plants,' he added. Cheiron is Egypt's third largest oil and gas producer and has more than 25 concessions inside Egypt with total production of more than 130,000 barrels per day (bpd). (Writing by Nadim Kawach; Editing by Anoop Menon)
