Tag: billion
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A plan to increase fuel storage capacity in Vietnam with an investment of $11.5 billion
The weakness of Vietnam’s fuel storage system has led to a series of problems in the country’s fuel supply over the past year. This prompted officials to develop long-term plans to increase future storage capacities. Vietnam’s Ministry of Industry and Trade has prepared a plan to increase national fuel storage capacities with a required investment…
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Oil and gas projects in Africa attract $16 billion in bank financing
The pace of implementation of oil and gas projects in Africa is accelerating in light of the growing demand for the two vital commodities. This prompted the governments of the countries of the continent to raise investment spending related to exploration and excavation activities. Indeed, entities outside the fossil fuel industry have begun directing their…
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Saudi Aramco signs a $6 billion deal with a Korean bank
Saudi Aramco signed an agreement with the Export-Import Bank of Korea, according to which the Korean bank will secure $6 billion to finance the projects of the Saudi oil giant. The Korea Export-Import Bank announced that the signing of the framework agreement with Aramco comes in a step that may help Korean companies win contracts…
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Iraq aims to achieve revenues of $300 billion from developing border oil fields
Iraq aims to achieve revenues of about 300 billion dollars as a result of the development of border oil fields, whose contracts were signed today, Tuesday, with a number of oil companies. The signing of contracts for 6 projects in the governorates of Basra and Diyala comes as part of Iraq’s plans to increase production…
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The Iranian Yadavaran field is close to a Chinese deal… 30 billion barrels of oil reserves
The Yadavaran field is preparing to revive the Iranian oil sector with more production, amid ongoing negotiations with the Chinese company Sinopec, the developer of the first phase of the project 15 years ago. The Iranian oil company entered into negotiations with its Chinese counterpart, Sinopec, to revive the agreement to develop the second phase…
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Iraqi oil is expected to achieve a fiscal surplus of more than $24 billion in 2023
After setting the price of a barrel of Iraqi oil to be within the range of $65, the Oil, Gas and Natural Resources Committee in the Iraqi Parliament expected the country to achieve a surplus of more than $24 billion during the current year (2023). And the Oil and Gas Committee in the Iraqi Parliament…
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US ConocoPhillips profits exceed $ 18 billion in 2022
US company ConocoPhillips posted record profits in 2022 of $18.7 billion, or $14.57 per share, benefiting from higher prices in the wake of Russia’s invasion of Ukraine. Last year’s profits compare to $8.1 billion, or $6.07 per share, the company achieved in 2021, according to a press release seen by the specialized energy platform. The…
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ADNOC supports “Make in the UAE” with 23 agreements, with investments of $4.6 billion
The Abu Dhabi National Oil Company (ADNOC) has signed agreements with 23 companies, with investments amounting to 17 billion dirhams ($4.63 billion) as part of its strategy to support local manufacturing in the UAE. The agreements signed with a number of local and international companies come as part of investments worth AED 70 billion ($19…
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Oil reserves in Iraq are recovering by 6 billion barrels
Oil reserves in Iraq have achieved a significant recovery, with the addition of about 6 billion barrels of crude oil and 23 billion standard cubic feet of natural gas. Today, Monday, January 23, 2023, during his visit to the Oil Exploration Company, the Iraqi Oil Minister, Hayan Abdul Ghani, announced the addition of 6 billion…
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Plans to increase oil production in Guyana to tap 25 billion barrels of reserves
US ExxonMobil continues to focus on boosting oil production in Guyana; The company is preparing to approve its fifth project, which is scheduled to start production in 2027 for a period of 20 years, according to estimates by the Government of Guyana. ExxonMobil’s proposed fifth development at the Oro oil field would pump about 250,000…
