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Aramco Is World’s Largest LPG Manufacturer

Saudi Aramco's Uthmaniyah Gas Plant. (Aramco)
Saudi Aramco's Uthmaniyah Gas Plant. (Aramco)
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Aramco Is World’s Largest LPG Manufacturer

Saudi Aramco's Uthmaniyah Gas Plant. (Aramco)
Saudi Aramco's Uthmaniyah Gas Plant. (Aramco)

Saudi Aramco is the world’s largest manufacturer of Liquefied Petroleum Gas (LPG), found the Liquefied Petroleum Gas (LPG) Market New Research Insight Report 2023 by Precision Reports.

The companies that follow Aramco are Chinese Sinopec, Emirati ADNOC, China National Petroleum Corporation, Exxon Mobil, Kuwait National Petroleum Company, and Phillips 66 Company, which is an American multinational energy headquartered in Houston, Texas.

Also on the list are Indian Bharat Petroleum, Mexican Pemex, French Total, Qatar Petroleum, Norwegian Equinor, BP, Russian Gazprom, American Chevron, and ConocoPhillips Company, which is a Houston-based American multinational corporation engaged in hydrocarbon exploration and production.

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Egypt’s Sovereign Wealth Fund CEO Resigns

A farmer carries a box of mangoes in Ismailia, Egypt (Reuters)
A farmer carries a box of mangoes in Ismailia, Egypt (Reuters)
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Egypt’s Sovereign Wealth Fund CEO Resigns

A farmer carries a box of mangoes in Ismailia, Egypt (Reuters)
A farmer carries a box of mangoes in Ismailia, Egypt (Reuters)

The head of the Sovereign Fund of Egypt (TSFE), Ayman Soliman, has resigned, informed Egyptian sources revealed on Thursday.
They said Soliman resigned last June, around the time of the July ministerial shuffle, with his final working day set for the end of August.
A bill was already sent to the Egyptian House of Representatives to discuss transferring the Fund’s affiliation to the Prime Minister's Office.
In February 2019, Egypt formed the sovereign wealth fund to take control of some of the government's most promising assets in industries such as power and real estate, to bring in private investors to develop them.
Soliman was appointed as head of the fund in 2019 for an initial three-year term that was subsequently extended.
His resignation had been anticipated, with one government source saying the country's political leadership wanted to introduce fresh faces into key positions as part of a broader reshuffle, according to Reuters.
As of July, the Fund oversees approximately $12 billion in assets. It has attained the 48th position in the top 100 largest sovereign funds by total assets.
TSFE currently runs and operates five sub-funds: Infrastructure and Utilities Sub-Fund, Healthcare and Pharmaceuticals Sub-Fund, Tourism, Real Estate and Antiquities Sub-Fund, Financial Services and Fintech Sub-Fund, and Asset Management and Restructuring Sub-Fund.

Separately, the Central Agency for Public Mobilization and Statistics (CAPMAS) announced on Thursday that Egypt’s unemployment rate fell to 6.5% in the second quarter (Q2) of 2024, nearly a 0.2% decrease compared to Q1.
In May, government data showed that during Q1 of 2024, the labor force was estimated to consist of 31.397 million individuals, reflecting a 1.0% increase from the previous quarter's 31.101 million individuals. Of this total, 13.758 million individuals were part of the urban labor force, while 17.639 million individuals were part of the rural labor force.