Latest news with #energySupply
Zawya
26-05-2025
- Business
- Zawya
Egypt: Badawi inaugurates TAQA Gas' station in New Valley Governorate
Arab Finance: Minister of Petroleum and Mineral Karim Badawi has inaugurated the main gas station, operated by TAQA Gas, which supplies El Kharga City in the New Valley Governorate, according to a statement. It provides gas supplies through a permanent pressure reduction station, a vehicle fueling station, and a car conversion center to natural gas. This project reflects the strong collaboration between the Ministry of Petroleum and Mineral Resources, the Egyptian General Petroleum Corporation (EGPC), New Valley Governorate, and the private sector. Reda Abdel Rahman, Deputy Managing Director of TAQA Gas, highlighted that the main station capacity stands at 2,500 standard cubic meters per hour (SCm³/h), which can be extended to 5,000 SCm³/h. Abdel Rahman added that 270,000 meters of medium and low-pressure pipelines have already been installed and supplied with natural gas. He noted that the number of residential clients connected in Phase 1 reached 5,750, with 8,300 more targeted in Phase 2. Additionally, six municipal bakeries were converted in the first phase, with 24 more targeted in the second phase. Meanwhile, the number of vehicles converted to operate on gas reached 409. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
14-05-2025
- Business
- Zawya
XRG expands gas portfolio through strategic partnership with Petronas in Turkmenistan
Partnership with PETRONAS reflects XRG's strategy to grow its international gas portfolio to meet demand Deal provides access to more than 7 trillion cubic feet of natural gas resources Abu Dhabi, UAE – XRG, PETRONAS and the Turkmenistan State Enterprise Hazarnebit have signed a new Production Sharing Contract (PSC) with the State Concern Turkmennebit for the offshore 'Block I' gas and condensate fields in Turkmenistan. As part of the transaction, XRG and PETRONAS signed a long-term Gas Sales Agreement (GSA) with State Concern Turkmengas. Under the terms of the PSC, PETRONAS will hold 57% participating interest as owner and operator, partnering with XRG (38%) and the Turkmenistan State Enterprise Hazarnebit holding the remaining 5%. Located in the Caspian Sea, Block I currently produces approximately 400 million cubic feet of natural gas per day. It offers significant long-term potential, with access to over 7 trillion cubic feet of natural gas resources and future opportunities for production capacity expansion. The collaboration will help to ensure energy supply stability while delivering sustainable growth and economic value, amid rising regional and global demand for natural gas. Mohamed Al Aryani, President, International Gas, XRG, said: "This agreement marks an important milestone in XRG's global growth strategy and builds on the strengthening relationship between the UAE and Turkmenistan. It strengthens XRG's presence in the Caspian region, expands our resource base, and reflects our ambition to be a reliable supplier of cleaner energy to meet the world's evolving needs. By deepening our partnership with PETRONAS, Hazarnebit, Turkmennebit, and Turkmengas, we are advancing energy security and economic development, while creating long-term value for all stakeholders." M Jukris Abdul Wahab, Executive Vice President and CEO Upstream PETRONAS said: 'As the first international operator in Turkmenistan's energy sector close to three decades ago, this milestone reinforces our presence and signifies our continued expansion in the Upstream sector. We are privileged to contribute to the ongoing advancement of the nation's energy industry and remain committed to fostering long-term partnerships with XRG, Hazarnebit, Turkmennebit and Turkmengas.' With this acquisition, XRG advances its strategy to build a diversified, transformative international energy investment company centered around three strategic pillars: gas, chemicals, and low-carbon energy solutions. The transaction expands XRG's footprint in Central Asia and reinforces its focus on delivering long-term impact globally. About XRG: XRG is a transformative international energy investment company, focused on lower-carbon energy and chemicals, and headquartered in Abu Dhabi. Wholly owned by ADNOC, XRG has an enterprise value of over $80 billion. Its portfolio includes interests in industry-leading companies that are meeting rapidly increasing global demand for lower carbon energy and the chemicals that are essential building blocks for products central to modern life.
Russia Today
08-05-2025
- Business
- Russia Today
Putin and Xi make progress on key gas pipeline
Russian President Vladimir Putin and his Chinese counterpart Xi Jinping have agreed to speed up the Power of Siberia 2 gas pipeline project, according to Deputy Prime Minister Aleksandr Novak. The announcement on Thursday followed high-level talks in Moscow during Xi's official visit to Russia to attend the May 9 Victory Day celebrations marking the 80th anniversary of the Soviet Union's defeat of Nazi Germany. The planned mega pipeline is expected to allow up to 50 billion cubic meters (bcm) of natural gas to be delivered annually from northern Russia to China via Mongolia. The project has experienced some delays due to deliberations on pricing and route. 'There were discussions, it is indeed an important project. A certain amount of work has already been done, including the feasibility study… The leaders gave instructions to expedite the process,' Novak, who had previously served as Russia's energy minister, said. Moscow is pursuing the project as it seeks to diversify its energy export markets amid Western sanctions and reduced European demand. For Beijing, the pipeline promises a stable energy supply to support its consumption needs. Russia currently delivers gas to Asia's largest economy via the Power of Siberia pipeline, which is part of a $400 billion, 30-year agreement between Gazprom and CNPC which was clinched in 2014. Deliveries started in 2019, and the conduit reached its full operational capacity in December, making Russia China's leading supplier of natural gas. Economic cooperation between the two nations has been steadily increasing despite unprecedented Western sanctions against Moscow. Bilateral turnover between Russia and China reached a record $245 billion in 2024. Gazprom projects that gas exports will grow further thanks to soaring demand. In December, Novak announced that Russia has begun developing a new gas pipeline to China via Kazakhstan. Once all pipelines are fully operational, he noted, the volume of Russian gas supplies to the Asian powerhouse could reach nearly 100 bcm annually.
