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    Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

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          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

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          Azerbaijan, Iraq discuss prospects of relations

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            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

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            Turkey eyes $5bn bilateral trade with Qatar

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            Iraq set to award new Faw Port deals

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            Deal signed to set-up first factory in Qatar to assemble electric vehicles

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            Foundation stone laid for new 700-bed hospital is Salalah, Oman

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            Iraq set to award new Faw Port deals

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            Egypt implements 164 service and development projects at LE4.8 billion in North Sinai

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            Miral’s premier Abu Dhabi waterfront project work on track

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            Aecom wins Neom utilities infrastructure design contract

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              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

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              JGC lands $3.7bn Iraq refinery upgradation project deal

              Tadweer opens phase 2 of solar power plant at Al Dhafra

              Tadweer opens phase 2 of solar power plant at Al Dhafra

              France to help Iraq generate electricity, will invest in education, science: Macron

              France to help Iraq generate electricity, will invest in education, science: Macron

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              Acwa Power inks finance deals for 900MW Dubai solar park

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                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

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                UAE sends medical aid to Iraq to fight COVID-19

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                UAE launches phase III trial of inactivated Covid vaccine

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                COVID-19 vaccine could be available by autumn: Oxford University

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                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

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                Saudi to be among world’s big leisure tourism hubs by 2030

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                Qatar’s hospitality sector peaks despite turbulent 2020

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                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Staycations to stimulate Qatar’s hospitality sector

                Staycations to stimulate Qatar’s hospitality sector

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                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

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              Iraq’s Somo close to JV with China’s Zhenhua

              Khaleej Times

              August 27, 2018
              in Oil & Gas
              0
              Iraq's state oil marketer Somo is close to a deal with China's state-run Zhenhua Oil to boost the Opec member's crude oil sales to the world's top oil importer, four sources with knowledge of the matter said.
               
              Iraq is the second-largest producer in the Organisation of the Petroleum Exporting Countries (Opec). The move will bolster Iraq's position in Asia, the world's biggest and fastest-growing oil-consuming region, which already takes 60 per cent its oil exports at some 3.8 million barrels a day (bpd).
               
              "Zhenhua helped Iraq to penetrate the Chinese market and make more revenues for Iraq," said a senior source familiar with the discussions on the deal, adding that a 50/50 proposed joint venture could be finalised in October or November.
               
              Another source said the deal was pending regulatory approvals, giving no further details.
               
              It is not clear where the JV would be located, but two of the sources familiar with the negotiations said the port city of Tianjin, near Beijing, was under discussion. Singapore is also among the options, they said.
               
              China is under pressure to cut oil purchases from Iran, Opec's third-largest producer, as the United States re-imposes sanctions on Tehran and threatens to choke off the Islamic republic's oil exports to zero.
               
              Amid the trade dispute between Washington and Beijing, it is also unclear whether Chinese importers will be able to continue to import US crude.
               
              The Somo-Zhenhua deal would give China another crude supply option as the Iran and US oil flows are threatened.
               
              Zhenhua's relationship with Somo goes back to former Iraqi President Saddam Hussein's days, when the China-based parent company defence conglomerate Norinco, was among the first Chinese entities active in Iraq's oil and gas exploration.
               
              Last year, Zhenhua won a term contract to supply diesel fuel to Somo for the first time, and it also recently entered a deal to develop Iraq's East Baghdad oilfield.
               
              Zhenhua has been marketing Iraq's main crude grade, Basra Light, for Somo since the start of 2018 and has also sold some to Taiwan, said a separate Singapore-based trading source.
               
              Zhenhua, the smallest of China's state-run oil and gas majors, has over the past three years expanded its foothold in oil sales to independent Chinese refiners, which were only allowed to start importing crude from 2015 and now make up some 20 per cent of China's total crude imports.
               
              Zhenhua's crude sales to such independents, sometimes known as "teapots", hit a record 6.5 million tonnes last year, or 131,000 bpd, equivalent to about seven per cent of overall teapot purchases, according to industry estimates.
               
              China's state oil majors Sinopec, CNOOC and PetroChina are regular Iraqi oil customers under term supply deals with Somo or oilfield service contracts.

              Khaleej Times
              27/08/2018

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