HSBC, National Bank of Egypt and National Bank of Abu Dhabi will arrange a $1.5 billion syndicated loan to Egypt's state oil company in order for the country to pay back foreign energy companies, a statement from the banks said.
Egypt's debt to foreign oil companies operating in the Arab country was $5.9 billion by the end of April, the head of the state-run oil company said in remarks published on Wednesday.
Money owed to foreign oil majors including
Egypt is still in talks with foreign energy companies to change the amount the government pays them for natural gas produced in the country and there is no timeline for when negotiations will finish, an oil ministry spokesman said.
Iraqi banks might offer huge growth opportunities in the future for investors willing to take some risks but the industry needs to consolidate first and change its business model, analysts and investors said.
With violence ebbing from the
Global energy majors are welcome to help develop oil and gas projects in Iran despite new sanctions imposed on the country, a top official said.
'We welcome all international companies, eastern or western. The oil industry cannot be de
Bahrain is to launch an aggressive marketing campaign to attract major foreign companies.
'An initial list of 350 leading firms has already been established,' Industry and Commerce Minister Dr Hassan Fakhro said yesterday.
Iraq has no further plans to use foreign firms to develop its oilfields beyond ones auctioned off last year, the country's prime minister said on Saturday, ahead of a national election next month.
Analysts say that foreign companies may ha
Kuwait has enacted a bill cutting taxes on the earnings of foreign firms to 15 per cent from up to 55 per cent and exempting gains of foreign investors from trading on the bourse.
A 48-article memorandum detailing how the new law will be i