ADFD signs up solar project
ABU DHABI: Abu Dhabi Fund for Development (ADFD) recently signed a Dh33 million ($90.6 million) loan agreement with the Government of Mali to finance a hybrid solar energy project in Mali. The signing ceremony was held at the ADFD headquarters in Abu Dhabi, UAE that was attended by Mohammed Saif Al Suwaidi, director general of ADFD, and Mamadou Frankaly Keita, Minister of Energy and water, Republic of Mali. The project aims to contribute to the economic development of Mali through the optimal deployment of its renewable energy resources.
Egypt in deal with China
CAIRO: Egypt has entered into an initial agreement with China over 15 projects worth about $10 billion, the Egyptian trade minister said. Trade Minister Mounir Fakhry Abdel Nour signed an initial framework agreement with representatives from the Chinese trade ministry. Financing agreements for the projects will be signed between late June and September, the ministry said.
Libya’s oil at 500,000 bpd
TRIPOLI: Libya’s oil production at 500,000 barrels per day (bpd), according to the state-run National Oil Corporation, the country’s Lana news agency reported. The figure is slightly higher than the 460,000 bpd production reported.
Repairs to affect results
DUBAI: Maintenance work at a facility of Saudi Arabia’s PetroRabigh will affect the company’s second quarter results by SR69 million ($18.4 million), it said. PetroRabigh, a joint venture between Saudi Aramco and Sumitomo Chemical, did not specify whether this amount referred to revenue or profit.
The company said repairs to its hydrogen unit are complete and it resumed operations, according to a statement to Riyadh’s bourse. Faulty pipes caused the unit to shut down, the company announced on May 29.
No new Kurdish oil pipeline
ANKARA: Turkey does not envisage a new pipeline being built for Kurdish oil from Iraq until an existing pipeline between Kirkuk the Turkish Mediterranean port of Ceyhan is working at capacity, Energy Minister Taner Yildiz said. Yildiz also told reporters Russia’s Gazprom had given Turkey the necessary coordinates for the planned Turkish Stream natural gas pipeline.
UAE studying fuel subsidies
ABU DHABI: The UAE oil ministry is studying the country’s system of fuel subsidies and a report will be submitted to the government soon, oil minister Suhail bin Mohammed Al Mazroui said. Speaking at an industry conference, he said the government had requested the report after there were questions over why domestic fuel prices didn’t drop after the recent plunge of global oil prices. Mazroui did not elaborate.
