Latest news with #petrochemicals
Zawya
6 hours ago
- Business
- Zawya
Qatar significantly expanding LNG production capacity
DOHA: Qatar is significantly expanding its volume of Liquefied Natural Gas (LNG) production capacity which is an important achievement towards ensuring more gas supplies to meet the increasing global demand. In a webinar held yesterday entitled 'Mena Oil & Gas Projects Market 2025-26' hosted by MEED, Middle East and Africa's leading source of business intelligence discussed Mena oil, gas and petrochemicals projects market and description of the main megaprojects, including project programmes. It delivered analysis of active contracts and spending to date, analysis of top contracts by work already awarded, long-term capital expenditure outlays and forecasts. It also highlighted key contracts to be tendered and awarded over the next 18 months, top contractors and clients and the breakdown of spending by segment, i.e. oil, gas, petrochemicals – upstream, downstream, onshore and offshore. During the virtual event a presentation was shared about the contract awards in the Mena oil, gas and chemical projects market. The region saw a record capex in the last two years, as operators accelerated critical projects following the pandemic. It noted that as the largest economy and biggest oil producer, Saudi Arabia has dominated spending. The UAE and Qatar are the second and third largest spenders, respectively. The presentation explained the different stages of Mena oil, gas and chemical projects and noted that the value of gas projects under execution is considerably larger than oil and chemical projects. However, when it comes to planned projects, the three segments are set to witness almost an even level of spending, indicating the emphasis that project operators are placing on all segments of the hydrocarbon value chain. Regional energy producers have spent tens of billions of dollars, especially since the start of this decade, on oil and gas output capacity increase projects, with chemicals also being a key area of capital expenditure. On major planned projects in the Mena region the presentation noted that every major energy company intends to push forward with projects deemed critical to their strategic long-term goals in the second half of this decade. Highlighting QatarEnergy's liquefied natural gas expansion projects it explained that the LNG expansion is moving ahead and is on track to achieve an increased production capacity of 142 million tonnes a year (t/y). QatarEnergy is understood to have spent almost $30bn on the two phases of the North Field LNG expansion programme, North Field East and North Field South, which will increase its LNG production capacity from 77.5 million t/y to 126 million t/y by 2028, it noted. The engineering, procurement and construction (EPC) work on the two projects is making progress. QatarEnergy awarded the main EPC contracts in 2021 for the North Field East project, which is projected to increase LNG output to 110 million t/y by 2025. The main $13bn EPC package, which covers engineering, procurement, construction and installation of four LNG trains with capacities of 8 million t/y each, was awarded to a consortium of Japan's Chiyoda Corporation and France's Technip Energies in February 2021. QatarEnergy awarded the $10bn main EPC contract for the North Field South LNG project, covering two large LNG processing trains, to a consortium of Technip Energies and Lebanon-based Consolidated Contractors Company in May 2023. Meanwhile in February 2024, QatarEnergy announced a third phase of its North Field LNG expansion programme. To be called North Field West, the project will further increase QatarEnergy's LNG production capacity to 142 million t/y when it is commissioned by 2030. The North Field West project will have an LNG production capacity of 16 million t/y, which is expected to be achieved through two 8 million t/y LNG processing trains. The new project will draw feedstock for LNG production from the western zone of Qatar's North Field offshore gas reserve. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
2 days ago
- Business
- Zawya
Egypt: Red Sea Petrochemicals, CNCEC sign framework deal for SCZone Project
Arab Finance: Red Sea National Petrochemicals Company and China National Chemical Engineering Co., Ltd. (CNCEC) signed a non-binding framework agreement to implement a petrochemicals project in the Suez Canal Economic Zone (SCZone), according to a statement. The signing ceremony took place in Beijing, reflecting the strategic partnership between Egypt and China. The project is one of Egypt's most prominent future projects in the chemical industry. Ibrahim Abdelkader Mekky, Chairman of Egyptian Petrochemicals Holding Company (ECHEM), highlighted that the deal marks a milestone on the road to executing a promising project that will enhance Egypt's export capacity and create broad development opportunities. He noted that CNCEC is willing to contribute to the project's capital by arranging financing covering up to 85% of the value of the engineering, procurement, and construction (EPC) contract. The Red Sea project enjoys significant competitive advantages, most notably its strategic location near the Suez Canal and the availability of production unit licenses, according to Mekky. The chairman indicated that these advantages make it highly attractive for investment, especially in light of the increasing global demand for products such as polyethylene and polypropylene. He added that cooperation with CNCEC is witnessing rapid development, as three major contracts were signed this year with TCC, a subsidiary of the Chinese group, at a combined value of nearly $1 billion. These agreements include projects to produce soda ash, silicon, and bioethanol, as part of Egypt's efforts to reduce dependence on imports and localize strategic industries. © 2025 All Rights Reserved Arab Finance For Information Technology Provided by SyndiGate Media Inc. (
Zawya
16-07-2025
- Business
- Zawya
ADNOC announces transfer of 24.9% OMV shareholding to XRG
Abu Dhabi, UAE – Abu Dhabi National Oil Company P.J.S.C. (ADNOC) announced today its intention to transfer its 24.9% shareholding in OMV AG (OMV) to XRG P.J.S.C (XRG), its wholly-owned international investment company. This transfer, which is subject to regulatory approvals, is aligned with ADNOC's strategy to consolidate its international growth investments under XRG. ADNOC is also progressing with preparation for the proposed establishment of Borouge Group International, which is set to be a top-four global polyolefins producer. ADNOC's proposed 46.94% shareholding in the new entity is expected to be held by XRG upon completion of the transaction, subject to regulatory approvals. ADNOC remains committed to its longstanding partnership with OMV through XRG and reaffirms its support for the company's continued growth and success. About ADNOC ADNOC is a leading diversified energy and petrochemicals group wholly owned by the Emirate of Abu Dhabi. ADNOC's objective is to maximize the value of the Emirate's vast hydrocarbon reserves through responsible and sustainable exploration and production to support the United Arab Emirates' economic growth and diversification. To find out more, visit: For media inquiries, please contact: media@ For investor inquiries, please contact: IR@
Zawya
16-07-2025
- Business
- Zawya
Economic activities in Middle East to remain strong: OPEC MOMR
VIENNA: The OPEC Monthly Oil Market Report (MOMR) for July expects the near term economic activities in the Middle East to remain strong, underpinned by the non-oil sector, which is one of the key drivers of regional GDP growth. Furthermore, MOMR noted that tourism will contribute significantly to the GDP of some countries in the region while low inflation and easing financial conditions will spur private investment and consumption. Meanwhile, the monthly publication said the latest US tariffs are expected to have a limited impact on the region due to exemptions made for oil and gas, as well as limited exposure to US trading. Additionally, current robust travel and tourism are expected to continue, with gasoline, transportation diesel and jet kerosene projected to lead oil demand growth, which is forecast to reach 181 tb/d, y-o-y, in 3Q25. Additionally, demand for power generation due to warmer weather is projected to support demand for the 'other products' category (including direct crude burning) in the region. In 2025, demand for major oil products, including petrochemical feedstock, LPG/NGLs and naphtha, is expected to remain robust, with some new capacity additions, as many countries in the region are turning their attention to petrochemicals and taking advantage of higher margins. Furthermore, transportation fuels, including gasoline, diesel and jet/kerosene, are expected to be supported by heightened driving mobility and strong air travel. Diesel oil demand is projected to benefit from construction activity in Saudi Arabia. Residual fuel oil demand is also expected to be steady, with support from the power sectors in Saudi Arabia and Iraq. In terms of products, demand for LPG/NGLs is expected to drive oil product demand growth, with an increase of 45 tb/d, y-o-y. Gasoline and diesel demand are expected to increase by around 40 tb/d and 35 tb/d, y-o-y, respectively. Jet/kerosene is forecast to increase by 25 tb/d, y-o-y, and naphtha is projected to see an uptick of 30 tb/d, y-o-y. Demand for residual fuel oil is projected to see a growth of 10 tb/d, y-o-y. However, the 'other products' category is forecast to remain weak. Overall, oil demand in the region is projected to increase by 143 tb/d, y-o-y, to average 9.0 mb/d in 2025. In 2026, the ongoing contribution of non-oil activity to regional GDP is expected to continue, including through government infrastructure-related spending. These factors, combined with solid petrochemical industry requirements and healthy mobility, are forecast to support y-o-y oil demand growth of 143 tb/d. Overall, oil demand in the Middle East is projected to average 9.1 mb/d in 2026.
Bloomberg
08-07-2025
- Business
- Bloomberg
India's Richest Man Is Making a US Energy Bet
Billionaire Mukesh Ambani is pivoting his petrochemicals empire toward US ethane in a move to replace Chinese buyers, explains Bloomberg Opinion columnist Andy Mukherjee. (Source: Bloomberg)
