Sunday 12 June 2022
TotalEnergies Wins Stake in $29 Billion Qatari Gas Project - Bloomberg
TotalEnergies Wins Stake in $29 Billion Qatari Gas Project - Bloomberg
TotalEnergies SE became the first foreign company to win a stake in a multi-billion dollar project to boost Qatar’s gas exports.
Qatar is expanding production of liquefied natural gas amid a worldwide energy crunch. Global demand for the fuel is soaring as European nations race to wean themselves off Russian gas supplies in the wake of Moscow’s attack on Ukraine.
TotalEnergies will get a 6.25% equity stake in the first phase of the plan, state producer Qatar Energy said on Sunday. Known as North Field East, it will cost almost $29 billion and include the construction of four LNG liquefaction units, or trains. It will expand Qatar’s annual capacity to 110 million tons by 2026 from 77 million. TotalEnergies will own 25% of a joint venture with Qatar Energy, with the venture in turn holding 25% of North Field East.
Another partner will be announced later this week, Saad al Kaabi, Qatar’s energy minister and head of Qatar Energy, told reporters in Doha. Exxon Mobil Corp. and ConocoPhillips are also poised to win stakes, Bloomberg reported last week, while Shell Plc put in a bid.
TotalEnergies SE became the first foreign company to win a stake in a multi-billion dollar project to boost Qatar’s gas exports.
Qatar is expanding production of liquefied natural gas amid a worldwide energy crunch. Global demand for the fuel is soaring as European nations race to wean themselves off Russian gas supplies in the wake of Moscow’s attack on Ukraine.
TotalEnergies will get a 6.25% equity stake in the first phase of the plan, state producer Qatar Energy said on Sunday. Known as North Field East, it will cost almost $29 billion and include the construction of four LNG liquefaction units, or trains. It will expand Qatar’s annual capacity to 110 million tons by 2026 from 77 million. TotalEnergies will own 25% of a joint venture with Qatar Energy, with the venture in turn holding 25% of North Field East.
Another partner will be announced later this week, Saad al Kaabi, Qatar’s energy minister and head of Qatar Energy, told reporters in Doha. Exxon Mobil Corp. and ConocoPhillips are also poised to win stakes, Bloomberg reported last week, while Shell Plc put in a bid.
#Qatar Energy will announce more partners in coming days for gas field expansion, it says | Reuters
QatarEnergy will announce more partners in coming days for gas field expansion, it says | Reuters
QatarEnergy will announce more partners in the coming days for the expansion of the Northfield East gas field, part of the world's largest liquified natural gas (LNG) project, the company's chief executive said at a signing ceremony with TotalEnergies.
The Gulf state is partnering with international energy companies in the first and largest phase of a nearly $30 billion expansion of the project.
Saad al-Kaabi, who is also Qatar's minister of state for energy, said subsequent signings could be announced in the near future, possibly at the end of next week.
The top oil and gas producers have been eager to secure a stake in one of the world's most lucrative energy projects, but Qatar's strategy has been to raise the bar on what it expects of those potential partners in return for an offtake from the North Field.
The North Field Expansion (NFE) plan includes six LNG trains that will ramp up Qatar’s liquefaction capacity from 77 million tonnes per annum (mtpa) to 126 mtpa by 2027. Oil Majors bid for four trains of the North Field East expansion. The other two trains will be part of a second phase, the North Field South.
QatarEnergy will announce more partners in the coming days for the expansion of the Northfield East gas field, part of the world's largest liquified natural gas (LNG) project, the company's chief executive said at a signing ceremony with TotalEnergies.
The Gulf state is partnering with international energy companies in the first and largest phase of a nearly $30 billion expansion of the project.
Saad al-Kaabi, who is also Qatar's minister of state for energy, said subsequent signings could be announced in the near future, possibly at the end of next week.
The top oil and gas producers have been eager to secure a stake in one of the world's most lucrative energy projects, but Qatar's strategy has been to raise the bar on what it expects of those potential partners in return for an offtake from the North Field.
The North Field Expansion (NFE) plan includes six LNG trains that will ramp up Qatar’s liquefaction capacity from 77 million tonnes per annum (mtpa) to 126 mtpa by 2027. Oil Majors bid for four trains of the North Field East expansion. The other two trains will be part of a second phase, the North Field South.
#Saudi Telecom To Raise Capital by $8 Billion In Bonus Shares - Bloomberg
Saudi Telecom To Raise Capital by $8 Billion In Bonus Shares - Bloomberg
Saudi Telecom Co., the most profitable mobile operator in the Middle East, will increase its capital by 30 billion riyals ($8 billion) through the issuance of bonus shares. The stock rose.
The company, which is controlled by the kingdom’s sovereign wealth fund, plans to issue 1.5 bonus shares for every existing share, through capitalizing retained earnings, according to a statement. This will raise STC’s capital to 50 billion riyals, making it the largest capital increase by a Saudi company, Chairman Prince Mohammad bin Khalid Al-Faisal, said in the statement.
STC shares jumped as much as 9.8% on Sunday before paring gains, posting its biggest daily rise in eight years, while the country’s benchmark index declined.
The capital increase comes as STC has been embarking on a plan to expand into new business lines, selling off stakes in some of its units, and looking for international acquisitions. In the past few years its grown its digital payments arm to be valued at over $1 billion, listed a stake in its Internet services arm, and said it would spin off its data center, submarine cables and points-of-presence assets into a new firm.
Saudi Telecom Co., the most profitable mobile operator in the Middle East, will increase its capital by 30 billion riyals ($8 billion) through the issuance of bonus shares. The stock rose.
The company, which is controlled by the kingdom’s sovereign wealth fund, plans to issue 1.5 bonus shares for every existing share, through capitalizing retained earnings, according to a statement. This will raise STC’s capital to 50 billion riyals, making it the largest capital increase by a Saudi company, Chairman Prince Mohammad bin Khalid Al-Faisal, said in the statement.
STC shares jumped as much as 9.8% on Sunday before paring gains, posting its biggest daily rise in eight years, while the country’s benchmark index declined.
The capital increase comes as STC has been embarking on a plan to expand into new business lines, selling off stakes in some of its units, and looking for international acquisitions. In the past few years its grown its digital payments arm to be valued at over $1 billion, listed a stake in its Internet services arm, and said it would spin off its data center, submarine cables and points-of-presence assets into a new firm.
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