Phase one of the joint heavy oil project between Kuwait and Saudi Arabia in the city of Wafra will cost $5 billion, KUNA reported quoting a state oil official.
When completed the project is expected to produce around 80,000 barrels per day of oil, Kuwait Gulf Oil Company (KGOC) CEO Ali Al-Shemmeri said.
The first phase will include 288 producing wells — 133 injection wells, 67 observation wells and five storm water injection wells — and will require 100 megawatts of electricity used in operating steam turbines.
KGOC is currently working with its Saudi partner, Saudi Arabian Chevron, on a new deal that organizes the joint relationship between both sides in Wafra’s joint operations zone.
Al-Shemmeri said the current deal was signed back in 1956 and new developments urge the need for this change.
The initial stage of an agreement between the two sides on the project has been finalized, he added, and this will aim to enhance partnerships in the field of technologies used in the area.
Wafra joint heavy oil project’s phase 1 to cost $5bn
Wafra joint heavy oil project’s phase 1 to cost $5bn
Closing Bell: Saudi main index extends gains as market opens wider to foreign investment
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Monday, gaining 153.61 points, or 1.38 percent, to close at 11,321.09.
The total trading turnover of the benchmark index was SR5.85 billion ($1.56 billion), as 207 of the listed stocks advanced, while 55 retreated.
The MSCI Tadawul Index increased, up 21.20 points or 1.41 percent, to close at 1,524.18.
The Kingdom’s parallel market Nomu gained 278.13 points, or 1.17 percent, to close at 24,013.03. This comes as 43 of the listed stocks advanced, while 29 retreated.
The best-performing stock was Saudi Pharmaceutical Industries and Medical Appliances Corp., with its share price surging by 7.26 percent to SR28.94.
Other top performers included Rasan Information Technology Co., which saw its share price rise by 6.51 percent to SR144, and Knowledge Economic City, which saw a 6.25 percent increase to SR13.09.
On the downside, the worst performer of the day was Najran Cement Co., whose share price fell by 2.11 percent to SR6.49.
Almasane Alkobra Mining Co. and Saudi Cable Co. also saw declines, with their shares dropping by 2 percent and 1.88 percent to SR103.10 and SR166.80, respectively.
On the announcement front, Riyad Bank has announced its annual financial results for 2025, with the total income from special commission of financing reaching SR24.1 billion, while net income from special commission of financing amounted to SR12 billion.
In a statement on Tadawul, the bank said: “Net income increased by 11.7 percent mainly due to an increase in total operating income and a decrease in total operating expenses.”
The bank further noted that the rise in total operating income was primarily driven by increased revenue from fees and commissions, trading activities, special commissions, gains on non-trading investments, and other operating sources. This growth was partially tempered by declines in exchange and dividend income.
“Net provision of expected credit losses and other losses decreased by 15.8 percent due to a decrease in impairment charge of credit losses and impairment charge for other financial assets, partially offset by an increase in impairment charge for investments,” it added.
RIBL’s share price closed at SR18.18 on the main market, marking a 1.43 percent increase.
