MENA Project Tracker — Egypt starts new gas project; Oman requests bids for port

The Umm Sheriff Gas Cap condensate development project (File)
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Updated 03 October 2022
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MENA Project Tracker — Egypt starts new gas project; Oman requests bids for port

RIYADH: The offshore arm of Abu Dhabi National Oil Co. has received a commercial bid from a Saipem-led team on its $1 billion Umm Sheriff Gas Cap condensate development project, reported MEED.

ADNOC Offshore has single-sourced bids from the Italian-based consortium — which also includes China Petroleum Engineering & Construction Co.— to speed up the highly delayed engineering, procurement, and construction phase.

Egypt to begin work on a new gas project

Egypt’s Minister of Petroleum and Mineral Resources Tarek El-Molla has announced the approval of a project to connect the Raven offshore gas field to the El-Amriya onshore processing plant, reported MEED.

The project will include many different phases, and act as a link between the Raven field and the butane extraction plant, which is operated by the Egyptian Natural Gas Co.

After its completion, the butane plant will receive 100 million cubic feet a day of gas from the Raven field — reaching its maximum capacity, according to Gasco Chairman Yasser Salah El-Din.

Oman requesting bids on development of new port

Oman has requested bids for the development and operations of its Dhalkut Port in the Southern Dhofar Governorate as part of plans to grow its maritime trade, according to Zawya.  

The project will be tendered under a “develop, manage and operate” contract, where both local and foreign firms will be given a chance to bid.

The deadline for the project bids is Oct. 16.

“Bids must be submitted by local and international companies which have experience in port operation and management,” the statement said.


Closing Bell: Saudi main market closes the week in red at 10,526 

Updated 25 December 2025
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Closing Bell: Saudi main market closes the week in red at 10,526 

RIYADH: Saudi equities ended Thursday’s session modestly lower, with the Tadawul All Share Index slipping 14.63 points, or 0.14 percent, to close at 10,526.09.    

The MSCI Tadawul 30 Index also declined 3.66 points, or 0.26 percent, to 1,389.66. In contrast, the parallel market outperformed, as Nomu jumped 237.72 points, or 1.02 percent, to close at 23,430.93.  

Market breadth on the main market remained tilted to the downside, with 156 stocks ending lower against 99 gainers.    

Trading activity eased further, with volumes reaching 80.46 million shares and total traded value amounting to SR1.66 billion ($442 million).    

On the movers’ board, Saudi Industrial Export Co. led the gainers, rising 6.6 percent to SR2.10, followed by Consolidated Grunenfelder Saady Holding Co., which advanced 6.43 percent to SR9.60.    

Raoom Trading Co. climbed 4.36 percent to SR61.05, while Astra Industrial Group gained 4.35 percent to close at SR139. Riyadh Cables Group Co. added 3.77 percent to end the session at SR135.00.    

On the downside, Methanol Chemicals Co. topped the losers’ list, falling 5.96 percent to SR7.41.  

Flynas Co. retreated 5.43 percent to SR61.00, while Leejam Sports Co. dropped 5 percent to close at SR100.80.    

Alramz Real Estate Co. slipped 4.64 percent to SR55.50, and Almasane Alkobra Mining Co. declined 4.55 percent to SR84.00.  

On the announcement front, ACWA Power said it has completed the financial close for the Ras Mohaisen First Water Desalination Co., a reverse osmosis desalination project with a capacity of up to 300,000 cubic meters per day, alongside associated potable water storage facilities totaling 600,000 cubic meters in Saudi Arabia’s Western Province.    

The project was financed through a consortium of local and international banks, with total funding of SR2.07 billion and a tenor of up to 29.5 years, while ACWA Power holds an effective 45 percent equity stake.  

Shares of ACWA Power ended the session at SR185.90, up SR0.2, or 0.11 percent.     

Meanwhile, Consolidated Grunenfelder Saady Holding Co. announced the sign-off of a customized solutions project with Saudi Aramco Nabors Drilling Co., valued at SR166.0 million excluding VAT.    

The 24-month contract covers the sale and maintenance of field camp facilities, with the financial impact expected to begin from the first quarter of 2026.