Egypt Increases Gas Production as Two New West Delta Wells Go Online

A plant's gas tanks are seen at the desert road of Suez city north of Cairo, Egypt. (Reuters file photo)
A plant's gas tanks are seen at the desert road of Suez city north of Cairo, Egypt. (Reuters file photo)
TT

Egypt Increases Gas Production as Two New West Delta Wells Go Online

A plant's gas tanks are seen at the desert road of Suez city north of Cairo, Egypt. (Reuters file photo)
A plant's gas tanks are seen at the desert road of Suez city north of Cairo, Egypt. (Reuters file photo)

Egypt's petroleum ministry said on Friday that two new wells in the deepwater West Delta have gone online, adding about 60 million cubic feet per day (mcfd) of natural gas to the country's output.

Egypt seeks to boost gas production after increasingly turning to imports to meet domestic demand, Reuters said.

The new output from the West Delta includes 50 mcfd from the Sapphire South Central DP well, the third drilled under phase 11 of the West Delta Deep Marine development with investment from Shell, and 10 mcfd from the Scarab D4 well, which was restored after years offline, the ministry said in a statement.

Egypt, once a regional exporter, is having to import some of its gas as its own production has fallen due to aging fields and lack of investment in new fields. Egypt's gas production in May of 3,545 million cubic meters, was down more than 40% from March 2021, according to the Joint Organizations Data Initiative (JODI) which measures oil and gas production.

On Tuesday, the Egyptian petroleum ministry said three new wells were being drilled to boost production from the country's largest gas field, Zohr, in the Mediterranean, and that another well in the area has already been linked to production adding 65 mcfd to national supply.

The ministry said Zohr's output had dropped to 1.9 billion cubic feet per day by early 2024, well below the peak reached in 2019. It did not give current production data.

This month, Egypt also signed a record $35 billion gas import agreement with Israel's Leviathan field partners.



Türkiye's Pegasus Airlines Acquires Biggest Czech Airline, Smartwings, in a Deal Worth $180 million

A passenger plane of the ‘Pegasus’ airline lands at the ‘Stuttgart Airport’ in Stuttgart, Germany, Wednesday, May 3, 2023. (Bernd Weissbrod/dpa via AP, File)
A passenger plane of the ‘Pegasus’ airline lands at the ‘Stuttgart Airport’ in Stuttgart, Germany, Wednesday, May 3, 2023. (Bernd Weissbrod/dpa via AP, File)
TT

Türkiye's Pegasus Airlines Acquires Biggest Czech Airline, Smartwings, in a Deal Worth $180 million

A passenger plane of the ‘Pegasus’ airline lands at the ‘Stuttgart Airport’ in Stuttgart, Germany, Wednesday, May 3, 2023. (Bernd Weissbrod/dpa via AP, File)
A passenger plane of the ‘Pegasus’ airline lands at the ‘Stuttgart Airport’ in Stuttgart, Germany, Wednesday, May 3, 2023. (Bernd Weissbrod/dpa via AP, File)

Türkiye's Pegasus Airlines said on Monday it has signed an agreement to acquire the biggest Czech airline, Smartwings, along with its owner, Czech Airlines, from Prague City Air.

Pegasus said the deal, which is worth 154 million euros (almost $180 million) was a “step forward in our continued global growth journey,” Reuters reported.

The process of transferring the ownership of Czech Airlines should be completed in 12 months, Smartwings spokeswoman Vladimíra Dufková said.

Smartwings currently operates regular, charter and private flights to some 80 destinations with almost 50 planes. The airline previously negotiated a takeover by Polish national carrier LOT but that fell through over the weekend after Pegasus filed a rival bid.

Pegasus, a low cost carrier, that was established in 1990. It says it operates flights to 153 destinations in 54 countries.


stc Receives 5-Star Recognition Certificate for Institutional Excellence from EFQM

stc Receives 5-Star Recognition Certificate for Institutional Excellence from EFQM
TT

stc Receives 5-Star Recognition Certificate for Institutional Excellence from EFQM

stc Receives 5-Star Recognition Certificate for Institutional Excellence from EFQM

stc Group has been awarded the 5-star recognition certificate for institutional excellence from the European Foundation for Quality Management (EFQM) for 2025.

stc is the first Saudi company to receive this prestigious recognition across all its private sector operations in the Kingdom. It is also the first company in the global telecommunications sector to achieve this rating according to the EFQM 2025 model.

This accomplishment highlights stc's leading position in performance and innovation, SPA reported.

Chief Legal and Risk Officer and General Counsel of stc Group Mathad Alajmi stated that this achievement reinforces customers' and partners' confidence in the group's capabilities, underscoring its commitment to the highest standards of corporate excellence.

This commitment is reflected in the delivery of digital solutions, supported by a flexible, adaptable organizational culture. stc will continue its journey of improvement to support the growth of the digital economy in the region and enhance the Kingdom's global competitiveness.


Iran's Currency Sinks to a New Record Low

FILE PHOTO: People walk past a sign at a currency exchange as the value of the Iranian Rial drops, in Tehran, Iran, October 5, 2025. Majid Asgaripour/WANA (West Asia News Agency) via REUTERS
FILE PHOTO: People walk past a sign at a currency exchange as the value of the Iranian Rial drops, in Tehran, Iran, October 5, 2025. Majid Asgaripour/WANA (West Asia News Agency) via REUTERS
TT

Iran's Currency Sinks to a New Record Low

FILE PHOTO: People walk past a sign at a currency exchange as the value of the Iranian Rial drops, in Tehran, Iran, October 5, 2025. Majid Asgaripour/WANA (West Asia News Agency) via REUTERS
FILE PHOTO: People walk past a sign at a currency exchange as the value of the Iranian Rial drops, in Tehran, Iran, October 5, 2025. Majid Asgaripour/WANA (West Asia News Agency) via REUTERS

Iran's currency slipped to the lowest level in its history on Monday, nearing 1,250,000 rial to the US dollar on the open rate market, various outlets including the semi-official Tasnim news agency reported.

The Iranian rial stood around 55,000 to the US dollar in 2018, when US sanctions were reimposed by the first Trump administration to force Tehran to the negotiating table by limiting its oil exports and access to foreign currency.

Iranian media blamed the government's recent economic liberalization policies for adding pressure to the open rate market, Reuters.

The open rate market is where ordinary Iranians buy foreign currency, whereas businesses typically use state-regulated rates.

However, the government's recent decision to allow importers to tap into the open market to import essential goods has added pressure on the market and increased the dollar's price, semi-official Fars news agency said.

Iran's economy is at risk of recession, with the World Bank forecasting an economic shrinkage of 1.7% in 2025 and 2.8% in 2026. The risk is compounded by rising inflation, with Iran's Statistical Center announcing monthly inflation of 48.6% in October, the highest in 40 months. Despite inflationary pressures, Iran said last month it would increase fuel prices in December under certain conditions, primarily impacting drivers using more than 100 liters per month.