Aramco-Backed MidOcean Is in Talks to Join Argentina LNG Project - Bloomberg
MidOcean Energy LLC, a liquefied natural gas company founded by EIG Partners, is in talks to join Argentina’s signature LNG venture, according to people familiar with the matter.
The $20 billion project led by state-run YPF SA and Italy’s Eni SpA envisages construction of at least two floating liquefaction vessels with annual capacity for 12 million tons off Argentina’s Atlantic coast. YPF executives have ambitions to incorporate a third vessel.
Talks are at an early stage and MidOcean may yet walk away from the project known as Argentina LNG, said the people, who asked not to be named because the information is private. Saudi Aramco is an investor in MidOcean.
President Javier Milei met MidOcean executives in Buenos Aires this week, according to a statement from his office that didn’t provide details of the meeting.
“We were pleased to meet with President Milei to discuss opportunities in Argentina’s energy sector as part of our regular assessment of business development opportunities globally, and we look forward to continued engagement,” EIG said in an email, without providing further comment on the talks.
YPF declined to comment. Eni didn’t immediately reply to a request for comment.
MidOcean holds stakes in gas-export plants in Australia, Peru and Canada, and has been looking to expand its portfolio.
Abu Dhabi National Oil Co.’s overseas investment arm, XRG, agreed in November to join as an equity partner in Argentina LNG but hasn’t yet inked a binding deal.
Argentina LNG is a key part of efforts to turn Argentina’s booming Vaca Muerta shale patch into a significant global provider of oil and gas. The exports could, in turn, drive a generational shift to stabilize the country’s crisis-prone economy.
Wednesday, 14 January 2026
Northern Graphite, Al Obeikan form JV to build battery anode plant in #SaudiArabia | Reuters
Northern Graphite, Al Obeikan form JV to build battery anode plant in Saudi Arabia | Reuters
Northern Graphite (NGC.V), opens new tab said on Wednesday it signed a preliminary agreement with Saudi Arabian investment firm Al Obeikan Group to jointly develop and operate a large-scale battery anode material facility in the kingdom.
The Canadian miner said the roughly $200 million facility would have an initial annual capacity of 25,000 tonnes, with debt financing sourced from Saudi government finance agencies and global commercial banks.
Northern Graphite shares surged about 30% to C$0.32 in morning trade.
WHY IT'S IMPORTANT
The demand for graphite anodes has soared as companies race to secure supplies of battery materials used in electric vehicles amid a global push towards cleaner transportation and fuel.
Northern Graphite said the facility would be scalable over time to meet the rapidly growing global demand for graphite anode materials sourced outside of China.
Al Obeikan would own 51% of the joint venture company while Northern would hold the rest.
The Canadian miner said it expects to start construction of the facility this year with first-phase production beginning in 2028.
Northern added it was in advanced discussions with global battery manufacturers for a long-term offtake agreement for the initial 25,000 tonnes of production.
The company also said the JV project would buy up to 50,000 tonnes per annum of graphite from Northern's Namibia project and would fast-track the restart and expansion of the Okanjande mine in the African nation.
Northern Graphite (NGC.V), opens new tab said on Wednesday it signed a preliminary agreement with Saudi Arabian investment firm Al Obeikan Group to jointly develop and operate a large-scale battery anode material facility in the kingdom.
The Canadian miner said the roughly $200 million facility would have an initial annual capacity of 25,000 tonnes, with debt financing sourced from Saudi government finance agencies and global commercial banks.
Northern Graphite shares surged about 30% to C$0.32 in morning trade.
WHY IT'S IMPORTANT
The demand for graphite anodes has soared as companies race to secure supplies of battery materials used in electric vehicles amid a global push towards cleaner transportation and fuel.
Northern Graphite said the facility would be scalable over time to meet the rapidly growing global demand for graphite anode materials sourced outside of China.
CONTEXT
Countries, including the United States, are ramping up efforts to reduce dependence on China, which is the top producer of graphite.
Saudi Arabia is also looking to diversify its economy away from oil dependence by expanding into new industries, and positioning the country as a global investment and tourism hub.
BY THE NUMBERS
BY THE NUMBERS
Al Obeikan would own 51% of the joint venture company while Northern would hold the rest.
The Canadian miner said it expects to start construction of the facility this year with first-phase production beginning in 2028.
Northern added it was in advanced discussions with global battery manufacturers for a long-term offtake agreement for the initial 25,000 tonnes of production.
The company also said the JV project would buy up to 50,000 tonnes per annum of graphite from Northern's Namibia project and would fast-track the restart and expansion of the Okanjande mine in the African nation.
#Saudi Public Investment Fund plans to spin off mining firm Manara | Reuters
Saudi Public Investment Fund plans to spin off mining firm Manara | Reuters
Saudi Arabia's Public Investment Fund plans to spin off its mining investment firm Manara Minerals, the kingdom's mining minister said, as it seeks to revive its pursuit of investments abroad.
Saudi Arabia, in common with other Middle Eastern economies, is working to secure critical minerals such as copper and lithium, essential for electric vehicles and renewable energy, as part of its efforts to reduce dependence on oil.
Manara, a joint venture between the Saudi Arabian Mining Company, also known as Maaden, (1211.SE), opens new tab and the $925 billion PIF, was established in 2023 to invest in critical minerals abroad.
But, although it has bid for assets across Africa and Asia, it has so far completed only one deal: a $2.5 billion 10% stake in Vale Base Metals, which was spun off from Brazilian iron ore giant Vale (VALE3.SA), opens new tab in 2024.
Industry and Mineral Resources Minister Bandar Al-Khorayef said spinning off Manara from the PIF would sharpen its focus.
"This will change the culture of the company from being only an investment vehicle to having more technical capability," Al-Khorayef told Reuters in an interview on the sidelines of the Future Investment Forum event.
"PIF is a large investor, but they don't have mining expertise."
He did not give any timing on a spin-off, but said discussions over new shareholders in Manara were ongoing, adding that they could be Saudi or foreign investors.
In Saudi Arabia, the pursuit of international investments and the development of mining are part of Crown Prince Mohammed bin Salman's broader plan to diversify the economy away from oil.
Riyadh estimates its untapped mineral resources, including phosphate, gold, bauxite and rare earth elements, at about $2.5 trillion.
Maaden is also exploring for rare earths and developing technology to extract lithium from seawater.
Saudi Arabia's Public Investment Fund plans to spin off its mining investment firm Manara Minerals, the kingdom's mining minister said, as it seeks to revive its pursuit of investments abroad.
Saudi Arabia, in common with other Middle Eastern economies, is working to secure critical minerals such as copper and lithium, essential for electric vehicles and renewable energy, as part of its efforts to reduce dependence on oil.
Manara, a joint venture between the Saudi Arabian Mining Company, also known as Maaden, (1211.SE), opens new tab and the $925 billion PIF, was established in 2023 to invest in critical minerals abroad.
But, although it has bid for assets across Africa and Asia, it has so far completed only one deal: a $2.5 billion 10% stake in Vale Base Metals, which was spun off from Brazilian iron ore giant Vale (VALE3.SA), opens new tab in 2024.
Industry and Mineral Resources Minister Bandar Al-Khorayef said spinning off Manara from the PIF would sharpen its focus.
"This will change the culture of the company from being only an investment vehicle to having more technical capability," Al-Khorayef told Reuters in an interview on the sidelines of the Future Investment Forum event.
"PIF is a large investor, but they don't have mining expertise."
He did not give any timing on a spin-off, but said discussions over new shareholders in Manara were ongoing, adding that they could be Saudi or foreign investors.
In Saudi Arabia, the pursuit of international investments and the development of mining are part of Crown Prince Mohammed bin Salman's broader plan to diversify the economy away from oil.
Riyadh estimates its untapped mineral resources, including phosphate, gold, bauxite and rare earth elements, at about $2.5 trillion.
Maaden is also exploring for rare earths and developing technology to extract lithium from seawater.
Most Gulf markets retreat on geopolitical woes | Reuters
Most Gulf markets retreat on geopolitical woes | Reuters
Most Gulf stock markets closed lower on Wednesday due to ongoing geopolitical tensions in the region, despite slightly lower-than-expected U.S. inflation data that boosted hopes for upcoming interest rate cuts.
Tehran has warned neighbours hosting U.S. troops that it would hit American bases if Washington strikes, a senior Iranian official told Reuters on Wednesday, as Iran seeks to deter Donald Trump's threats to intervene on behalf of protesters.
The U.S. president urged Iranians to keep protesting, saying help is on the way. Iran in turn accused Trump of encouraging political destabilization and inciting violence.
Dubai's main share index (.DFMGI), opens new tab gave up early gains to conclude 0.9% higher, with blue-chip developer Emaar Properties (EMAR.DU), opens new tab retreating 1.4%.
In Abu Dhabi, the index (.FTFADGI), opens new tab was down 0.5%.
The Qatari benchmark (.QSI), opens new tab lost 0.2%, hit by a 1.3% fall Qatar International Islamic Bank (QIIB.QA), opens new tab.
Saudi Arabia's benchmark index (.TASI), opens new tab rose 0.5%, with Al Rajhi Bank (1120.SE), opens new tab gaining 1% and Saudi National Bank (1180.SE), opens new tab, the country's biggest lender by assets, advancing 1.7%.
Saudi equity markets gained ground on reform-driven foreign investor confidence and capital inflows, according to Milad Azar, market analyst at XTB MENA.
Oil price volatility from geopolitical tensions and supply concerns, however, poses two-way risk: rising crude could lift regional stocks, while falling prices may trigger renewed weakness.
U.S. consumer prices rose in December, driven by increased expenses for housing and groceries, reinforcing analysts' views that the Federal Reserve would hold interest rates this month.
Investors expect two 25-basis-point rate cuts this year, with the earliest in June.
Oil prices rose on Wednesday for a fifth straight session on fears of Iranian supply disruptions due to a potential U.S. attack on Iran and possible retaliation against U.S. regional interests.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab declined 1.4%, snapping a 5-day winning streak.
Most Gulf stock markets closed lower on Wednesday due to ongoing geopolitical tensions in the region, despite slightly lower-than-expected U.S. inflation data that boosted hopes for upcoming interest rate cuts.
Tehran has warned neighbours hosting U.S. troops that it would hit American bases if Washington strikes, a senior Iranian official told Reuters on Wednesday, as Iran seeks to deter Donald Trump's threats to intervene on behalf of protesters.
The U.S. president urged Iranians to keep protesting, saying help is on the way. Iran in turn accused Trump of encouraging political destabilization and inciting violence.
Dubai's main share index (.DFMGI), opens new tab gave up early gains to conclude 0.9% higher, with blue-chip developer Emaar Properties (EMAR.DU), opens new tab retreating 1.4%.
In Abu Dhabi, the index (.FTFADGI), opens new tab was down 0.5%.
The Qatari benchmark (.QSI), opens new tab lost 0.2%, hit by a 1.3% fall Qatar International Islamic Bank (QIIB.QA), opens new tab.
Saudi Arabia's benchmark index (.TASI), opens new tab rose 0.5%, with Al Rajhi Bank (1120.SE), opens new tab gaining 1% and Saudi National Bank (1180.SE), opens new tab, the country's biggest lender by assets, advancing 1.7%.
Saudi equity markets gained ground on reform-driven foreign investor confidence and capital inflows, according to Milad Azar, market analyst at XTB MENA.
Oil price volatility from geopolitical tensions and supply concerns, however, poses two-way risk: rising crude could lift regional stocks, while falling prices may trigger renewed weakness.
U.S. consumer prices rose in December, driven by increased expenses for housing and groceries, reinforcing analysts' views that the Federal Reserve would hold interest rates this month.
Investors expect two 25-basis-point rate cuts this year, with the earliest in June.
Gulf markets often track shifts in U.S. rate expectations, as most regional currencies are pegged to the dollar.
Oil prices rose on Wednesday for a fifth straight session on fears of Iranian supply disruptions due to a potential U.S. attack on Iran and possible retaliation against U.S. regional interests.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab declined 1.4%, snapping a 5-day winning streak.
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