Action Energy secures $132m credit
Action Energy Company has secured KWD40.9 million ($132.7 million) in combined credit facilities from local banks to finance new drilling rigs linked to contracts with Kuwait Oil Company.
The financing includes KWD7.3 million from Kuwait International Bank and KWD33.6 million from Commercial Bank of Kuwait.
The company said the facilities support fleet expansion plans through 2026. Q1 net profit rose 150 per cent to KWD2.2 million, while revenue increased 69.2 per cent year-on-year.
China–KSA oil equipment cargo
Chapman Freeborn completed a time critical cargo charter moving 90 tonnes of oversized oilfield equipment from China to Saudi Arabia for an oil and gas client facing supply chain delays.
The shipment included industrial pumps, precision parts, and units up to 8 metres long, carried on a Boeing 747 freighter.
Despite fuel constraints, routing issues, and slot coordination challenges, the team ensured delivery on schedule, enabling the client to maintain uninterrupted operations and avoid disruption.
UN monitors Barakah Plant
The International Atomic Energy Agency (IAEA) is closely monitoring the Barakah Nuclear Energy Plant in Abu Dhabi in coordination with UAE authorities and remains ready to assist if needed, the UN said.
Deputy Spokesman Farhan Haq expressed concern over reported drone attacks that caused a fire near the site, calling attacks on nuclear facilities unacceptable under international law.
Mubadala, Tubacex OCTG plant launch
Mubadala Investment Company and Tubacex Group have announced the full operational launch of their joint venture in Abu Dhabi, activating TBX Nexxia, the region’s first dedicated advanced corrosion resistant oil country tubular goods (OCTG) manufacturing platform.
The facility strengthens local energy supply chains and supports UAE industrial goals. Backed by a $200 million investment and Adnoc as anchor client, the plant delivers 20,000 tonnes annual capacity and enhances energy security, resilience, and high-value industrial development.
Green Sky Egypt SAF plant financing
Green Sky Capital has secured financing for a Sustainable Aviation Fuel (SAF) production facility in Ain Sokhna within Egypt’s Suez Canal Economic Zone, marking a step in developing a regional SAF industry.
The project supports aviation decarbonisation goals aligned with net zero targets and is expected to produce up to 200,000 tonnes per year of biofuels, including SAF.
Backed by regional investors and major lenders, the facility targets commercial operations by end-2027 and strengthens the region’s role in global energy transition value chains.