India In-Focus — Shares up; Yes Bank among gainers; India blocks Krafton’s game on data concerns

Yes Bank says it will sell up to 10 percent stake to US private-equity firms Carlyle Group Inc. and Advent International. 
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Updated 01 August 2022
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India In-Focus — Shares up; Yes Bank among gainers; India blocks Krafton’s game on data concerns

RIYADH: Indian shares kicked off August trading on a positive note on Monday, after clocking their best month since November 2020 in the previous session.

Among the gainers was Yes Bank, which jumped more than 5 percent following its decision last week to raise $1.1 billion.

The lender also said late on Friday that it would sell up to 10 percent stake to US private-equity firms Carlyle Group Inc. and Advent International. 

The NSE Nifty 50 index was up 0.3 percent at 17,210.35, as of 0352 GMT, and the S&P BSE Sensex rose 0.27 percent to 57,723.67. 

The benchmark indexes posted their first monthly gain in four, advancing more than 8 percent each in July.

India blocks Krafton’s game on concerns over data sharing in China

India’s government blocked a popular battle-royale format game from Krafton Inc., a South Korean company backed by China’s Tencent, as it was concerned about its data sharing and mining in China, an Indian government source said.

New Delhi used powers it has under India’s information technology law to block Battlegrounds Mobile India, relying on a provision it has invoked since 2020 to ban several other Chinese apps on national security concerns, said the government official and another source with direct knowledge.

The Indian government has not publicly announced the blocking. But the app was removed from Alphabet Inc’s Google Play Store and Apple Inc’s App Store as of Thursday evening in India.

The removal of BGMI, which had more than 100 million users in India, comes after the South Asian country’s 2020 ban of another Krafton title, PlayerUnknown’s Battlegrounds.


Saudi Aramco achieves significant progress in its gas production plan

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Saudi Aramco achieves significant progress in its gas production plan

RIYADH: Saudi Aramco has announced the achievement of significant progress in its plan to expand gas production, with the start of production at the Jafurah field, the largest unconventional gas field in the Middle East, and the commencement of operational activities at the Tanajib Gas Plant, one of the largest gas plants in the world.

The oil giant aims to increase its sales gas production capacity by approximately 80 percent by 2030 compared to 2021 production levels, reaching nearly 6 million barrels of oil equivalent per day from total gas and associated liquids production, according to the Saudi Press Agency.

This is expected to generate additional operating cash flows ranging between $12 billion and $15 billion in 2030, subject to future demand for sales gas and liquids prices.

President and CEO of Saudi Aramco, Amin Al-Nasser, said: “We are proud to commence production at the Jafurah field and begin operations at the Tanajib Gas Plant. These are major achievements for Saudi Aramco and the future of energy in the Kingdom. Our ambitious gas program is expected to become a key source of profitability.”

He affirmed that these mega-projects contribute to meeting the growing domestic demand for gas, supporting industrialization and development in several key sectors, in addition to producing significant quantities of high-value liquids.

Al-Nasser expressed his gratitude for the support, trust, and attention that Saudi Aramco receives from the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, crown prince and prime minister, noting that this has had the most profound impact on the company’s achievements and distinguished projects that serve the Kingdom’s Vision 2030.

The gas extracted from the Jafurah field is expected to support the Kingdom’s growth targets in key sectors such as energy, artificial intelligence, major industries, and petrochemicals, potentially providing a major boost to the Kingdom’s economy and strengthening its position among the world’s top ten gas producers.

Saudi Aramco began first producing unconventional shale gas from the Jafurah field in December 2025, with technology playing a pivotal role in unlocking the potential of the Jafurah field and establishing it as a global benchmark for unconventional gas development. 

Since its inception, the project has leveraged technology to help reduce drilling and stimulation costs and enhance well productivity, contributing to its strong economic prospects.

The Jafurah area covers 17,000 sq. km and is estimated to contain 229 trillion standard cubic feet of raw gas and 75 billion barrels of condensates. The Jafurah field project aims to produce 2 billion standard cubic feet per day of sales gas, 420 million standard cubic feet per day of ethane, and approximately 630,00 barrels per day of gas liquids and condensates by 2030.

The Tanajib Gas Plant is a key pillar in Aramco’s strategy to increase gas processing capacities and diversify its energy product portfolio, helping to foster long-term economic growth. 

Operations began in December 2025, and its raw gas processing capacity is expected to reach 2.6 billion standard cubic feet per day in 2026. The start of operations at the Tanajib Plant coincided with the commencement of production from the Marjan field expansion and development program. 

The plant is distinguished by its digital integration, enhanced operational efficiency, capability to execute complex projects, and optimal use of resources. It processes raw gas associated with crude oil production from the offshore Marjan and Zuluf fields.

Aramco’s gas expansion is expected to create thousands of direct and indirect job opportunities, generating significant added value and strengthening its position as a reliable energy provider. 

It also helps meet the growing demand for natural gas and enhances its supply to national industries. 

The expansion strategy supports efforts aimed at achieving the optimal energy mix for local electricity generation, advancing the Kingdom’s liquid fuel displacement program, which will have a positive environmental impact, supporting the Kingdom’s ambition to achieve net-zero emissions by 2060, enhancing energy security, and contributing to building a more diversified national economy.