Business

22 June 2022; MEMO: Saudi Arabian political analyst and journalist, Turki Al-Hamad, said Egypt is on the verge of bankruptcy and should solve its own crises instead of calling on Gulf countries to save it.

The Saudi writer made the remarks on his Twitter account, following an article published by Egyptian journalist, Imad Al-Din Adeeb, in which he called on the Gulf countries to provide substantial assistance to his country in order to overcome deteriorating economic conditions.

22 June 2022; MEMO: Turkiye is considering the purchase of Euro fighter Typhoon fighter jets in the case that its request to buy F-16 jets from the US is refused or delayed, a report has revealed.

22 June 2022; MEMO: Media platforms revealed that the authorities in some Spanish provinces established a team of specialists and economists with the aiming of searching for alternative sources to the Algerian markets in North Africa.

Spanish sources pointed out that the regional government of the "Murcia" Region has opened communication channels with the affected companies to provide the government with the necessary information about the markets and the development of the crisis with Algeria.

22 June 2022; MEMO: Saudi Arabia and Egypt have signed 14 investment deals worth $7.7 billion, marking further economic cooperation between the two and enhancing the Kingdom's support for the North African country.

Announced by Saudi Commerce Minister, Majid bin Abdullah Al-Qasabi, at a meeting of the Egyptian-Saudi Business Council today, the deals cover a variety of industries including those of renewable energy, green hydrogen, pharmaceuticals and e-commerce.

20 June 2022; MEMO: Algeria suspended all tourism ties with Spain on Monday in a new escalation of tension between the two countries over the disputed Western Sahara region, Anadolu News Agency reports.

A document dated 19 June by the Algerian Tourism Ministry asked all tour operators to immediately suspend tourism relations with Spain. The document said the suspension was part of Algeria's decision to suspend a friendship treaty with Madrid.

21 June 2022; MEMO: The state-owned Egyptian Natural Gas Holding Company (EGAS) and the United States Chevron Corporation have signed a memorandum of understanding (MoU) to cooperate in activities of transporting, importing and liquefying the exports of East Mediterranean gas, the country's petroleum ministry announced yesterday.

The ministry added in a statement that Chevron was planning to "drill the first exploration well in its concession area in the Mediterranean Sea next September."

21 June 2022; MEMO: Iraq is investing in its own gas fields in a bid to reduce dependence on Iran, a local official has confirmed. Abdul Wahab Kazem, the technical advisor to the Minister of Electricity, made his comment in an interview with the Iraqi News Agency.

20 June 2022; MEMO: ConocoPhillips will take part in QatarEnergy's North Field LNG expansion as the third partner, energy and commodity consultancy company, S&P Global, said.

A joint venture between QatarEnergy and ConocoPhillips will own 12.5 per cent, or half a train, in the four-train North Field East expansion project, Qatar's Energy Minister, Saad Al-Kaabi, said June 20 at a news conference in Doha.

ConocoPhillips, which has worked on Qatar LNG since 2003, joined France's TotalEnergies and Italy's Eni in the project.

20 June 2022; MEMO: Saudi Arabia's de facto ruler, Crown Prince Mohammed bin Salman headed to Egypt on Monday, State news agency, SPA said, starting his first tour outside the Gulf region in over three years. He will also visit Jordan and Turkiye, Reuters reports.

The Prince's trip comes ahead of next month's visit to the region by US President Joe Biden, who is expected to meet Arab leaders in Saudi Arabia after a visit to Israel, with the Ukraine conflict and regional security on the agenda.

New Delhi, Jun 19 (PTI) Selling diesel at Rs 20-25 a litre below cost and petrol at Rs 14-18 per litre below cost, as a result of a price freeze despite soaring crude rates is unsustainable, an industry body representing private fuel retailers like Jio-bp and Nayara Energy has told the Oil Ministry and has sought its intervention to create a viable investment environment.