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Norway's DNO to buy UK-listed Capricorn Energy for $396 million

Norwegian oil firm DNO has agreed to buy UK's Capricorn Energy for $396 million - Reuters
Norwegian oil firm DNO has agreed to buy UK's Capricorn Energy for $396 million - Reuters
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Norway's DNO to buy UK-listed Capricorn Energy for $396 million

Norwegian oil firm DNO has agreed to buy UK's Capricorn Energy for $396 million - Reuters
Norwegian oil firm DNO has agreed to buy UK's Capricorn Energy for $396 million - Reuters

Norwegian oil firm DNO has agreed to buy UK's Capricorn Energy for $396 million, the parties said on Tuesday, outbidding rival Genel Energy .

Kurdistan-focused DNO will offer $5.214 in cash for each Capricorn share, higher than Genel's offer of $4.74 per share made in July.

Capricorn's board on Tuesday said it will recommend DNO's superior offer to its shareholders, withdrawing its support for Genel's $360 million proposal.

DNO's interest in Egypt-focused Capricorn comes weeks after its attempt to buy Genel, with which it operates in the Kurdish region of Iraq, was turned down on concerns of undervaluation.

Dealmaking among oil companies operating in the Middle East is gathering pace as a surge in oil prices since the onset of the Iran war in February has enabled some energy firms focused on the region to pursue mergers and acquisitions.

Capricorn had drawn takeover interest for months, including from Saudi Arabia's privately held Cafani Group and private equity firm Samos before they walked away from the talks.

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Mawani Adds MSC's ALBATROS Service to Jeddah Islamic Port, King Abdullah Port

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Mawani Adds MSC's ALBATROS Service to Jeddah Islamic Port, King Abdullah Port

The Saudi Ports Authority (Mawani) announced the addition of MSC's ALBATROS shipping service to Jeddah Islamic Port and King Abdullah Port in Rabigh, SPA reported.

The service, which transits the Bab Al-Mandab Strait and the Suez Canal, is the 34th new shipping service added to Saudi ports since the beginning of 2026.

The ALBATROS service connects the two ports to an extensive network of ports across Europe and Asia, with a capacity of up to 18,000 TEUs.

The new service reinforces the strategic importance of Saudi ports along the Red Sea coast and further enhances the Kingdom’s competitiveness in the maritime transport and logistics sector.

Business

Germany Eyes Algerian Gas to Diversify Supply, Says FM

01 September 2026, Algeria, Algiers: Johann Wadephul, German Minister of Foreign Affairs, makes a press statement at a hotel in Algiers. (dpa)
01 September 2026, Algeria, Algiers: Johann Wadephul, German Minister of Foreign Affairs, makes a press statement at a hotel in Algiers. (dpa)
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Germany Eyes Algerian Gas to Diversify Supply, Says FM

01 September 2026, Algeria, Algiers: Johann Wadephul, German Minister of Foreign Affairs, makes a press statement at a hotel in Algiers. (dpa)
01 September 2026, Algeria, Algiers: Johann Wadephul, German Minister of Foreign Affairs, makes a press statement at a hotel in Algiers. (dpa)

Germany is looking for gas deals with Algeria to diversify its supply, Berlin's top diplomat said Thursday in Algiers, where he joined a business delegation visiting the North African country.

"We need to diversify... We need long-term gas contracts," Johann Wadephul told German public broadcaster ZDF from Algiers, as concerns grow in Germany that gas storage depots are only half full as autumn nears.

Wadephul said that he would meet with Energy Minister Mourad Adjal, and that representatives of German companies looking for long-term contracts were travelling with him.

Noting Algerian deals with Spain and Italy, Wadephul said "I also hope that Germany will now be able to secure part of its gas supply here. That is our core interest."

The EU's top economy used to rely on cheap Russian gas but large deliveries stopped after Russia launched its invasion of Ukraine in 2022, dealing a heavy blow to German industry.

Berlin has since largely replaced Russian energy with Norwegian piped gas as well as American liquefied natural gas -- though LNG prices are usually higher and more volatile than those from long-term piped gas deals.

The US-Israeli war on Iran has put further pressure on gas prices, leading to fears of a possible energy crunch this winter.

At the moment Germany's gas storage is just 53 percent full compared to an EU average of 65 percent, according to figures from the Aggregated Gas Storage Inventory.

"Since there is no prospect of a quick end to both crises it's clear that we need to diversify," Wadephul said. "We need more suppliers."

Following the gas crisis of 2022, the German government introduced mandatory minimum levels for gas storage in a bid to smooth out jumps in spot gas prices, with the state stepping in as a buyer if necessary.

The government has mandated that most gas storage facilities must be at least 80 percent full by November 1.

Business

Turkish Manufacturing Contracts in August, PMI Shows

Pedestrians walk in the Mahmutpasa district, one of Istanbul's biggest textile shopping centers, near the Grand Bazaar, Istanbul, Türkiye, Nov. 24, 2021. (AFP)
Pedestrians walk in the Mahmutpasa district, one of Istanbul's biggest textile shopping centers, near the Grand Bazaar, Istanbul, Türkiye, Nov. 24, 2021. (AFP)
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Turkish Manufacturing Contracts in August, PMI Shows

Pedestrians walk in the Mahmutpasa district, one of Istanbul's biggest textile shopping centers, near the Grand Bazaar, Istanbul, Türkiye, Nov. 24, 2021. (AFP)
Pedestrians walk in the Mahmutpasa district, one of Istanbul's biggest textile shopping centers, near the Grand Bazaar, Istanbul, Türkiye, Nov. 24, 2021. (AFP)

Türkiye's manufacturing sector ‌contracted again in August as the war in the Middle East kept demand muted and led firms to cut output, jobs and purchasing, a business survey showed on Tuesday.

The Istanbul Chamber of Industry Türkiye Manufacturing Purchasing Managers' Index, compiled by S&P Global, rose to 48.1 in August from 47.7 in July. The 50 mark ‌separates growth from contraction.

Although the headline PMI ‌remained ⁠below the no-change mark ⁠again in August, it hit the highest in three months, the survey said, signaling a modest easing in business conditions.

"The war in the Middle East continues to cast a shadow over the Turkish manufacturing ⁠sector ... Despite this, firms have been ‌able to limit ‌the impact, with new orders easing to the ‌smallest degree in three months during ‌August," said Andrew Harker, economics director at S&P Global Market Intelligence.

Total new orders and new export business both fell again, though the declines ‌were softer than in July as manufacturers continued to report muted demand ⁠and ⁠widespread uncertainty.

Production decreased for a third consecutive month, while companies cut employment and purchasing activity faster than in July. Firms also drew on existing inventories, reducing stocks of purchases and finished goods.

Input price inflation climbed to a three-month high on higher fuel, oil and raw material prices. Manufacturers raised their selling prices at a faster pace, too, while suppliers' delivery times lengthened amid war-related disruption.