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Egypt Exported 172.8 Bln Cubic Feet of Gas from Idku in 2018/19

Egypt became self-sufficient in natural gas in late 2018. (AP)
Egypt became self-sufficient in natural gas in late 2018. (AP)
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Egypt Exported 172.8 Bln Cubic Feet of Gas from Idku in 2018/19

Egypt became self-sufficient in natural gas in late 2018. (AP)
Egypt became self-sufficient in natural gas in late 2018. (AP)

Egypt exported 172.8 billion cubic feet of liquefied natural gas (LNG) in 45 shipments from its Idku plant in the 2018-2019 financial year, state-owned company EGAS said in its annual report.

Egypt became self-sufficient in natural gas in late 2018 and is seeking to become a regional hub for energy trading by liquefying gas and re-exporting it.

The oil minister said in March that Egypt was aiming to export 2 billion cubic feet per day by the end of 2019.

Royal Dutch Shell, Malaysia's Petronas, France's Engie and Egypt's two main state oil and gas companies, EGAS and EGPC, are all shareholders in the Idku plant.

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Saudi Arabian Bank SNB Reports 17% Jump in Second-quarter Profit

The headquarters of SNB in Riyadh. Asharq Al-Awsat
The headquarters of SNB in Riyadh. Asharq Al-Awsat
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Saudi Arabian Bank SNB Reports 17% Jump in Second-quarter Profit

The headquarters of SNB in Riyadh. Asharq Al-Awsat
The headquarters of SNB in Riyadh. Asharq Al-Awsat

Saudi National Bank (SNB) reported a 17.3% jump in second-quarter net profit on Monday, driven by higher income and lower net impairment charges.

SNB's shares jumped 1.8% at market open after the results, and have risen just over 10% since January.

The Kingdom's biggest lender by assets said it made a net profit of 6.1 billion riyals ($1.63 billion) in the quarter ended June 30, higher than the 5.6 billion riyals analysts were expecting, and compared with 5.2 billion riyals in the year-earlier period.

SNB said the results were driven by higher net special commission income and operating income, in addition to lower net impairment charges for expected credit losses.

According to Reuters, SNB said pre-provision credit was driven by strong credit quality and higher recoveries.

SNB will pay a first-half dividend after zakat, an Islamic tax, worth 1 riyal per share to 6 billion eligible shares, according to a separate bourse disclosure that followed the results.