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Egypt Ramps Up Oil, Gas Production Amid Increase in Oil Prices

Egyptian Minister of Petroleum Tarek El-Molla during the meeting on Monday. (Asharq Al-Awsat)
Egyptian Minister of Petroleum Tarek El-Molla during the meeting on Monday. (Asharq Al-Awsat)
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Egypt Ramps Up Oil, Gas Production Amid Increase in Oil Prices

Egyptian Minister of Petroleum Tarek El-Molla during the meeting on Monday. (Asharq Al-Awsat)
Egyptian Minister of Petroleum Tarek El-Molla during the meeting on Monday. (Asharq Al-Awsat)

Egyptian Minister of Petroleum, Tarek El-Molla, stressed the need for intense efforts to implement an action plan that would meet the goals of increasing oil and gas production, especially with the current rise in international oil prices.

Molla chaired the general assemblies for Khalda Petroleum Company and Qarun Petroleum Company to approve the budget plans for the fiscal year (FY) 2022/23 and the revised budget for 2021/22.

The volume of initial investments at Khalda Petroleum is predicted to reach $900 million.

Khalda Chairman Saeed Abdel Moneim noted that drilling development and exploration activities are set to witness the drilling of more than 100 wells.

It will help achieve an average daily production of 132,000 barrels of crude oil, condensate, butane, and 631 million cubic feet (mcf) of natural gas.

Qarun Petroleum Company’s Chairman Ashraf Abdel-Gawad stated that it plans to produce about 20,500 barrels of oil per day (bbl/d) during 2022/23 with investments of $242 million.

The target is achieved based mainly on a drilling program that includes 27 exploration and development wells.

Abdel-Gawad added that the repairs, maintenance, re-running, and completion of wells will continue to achieve the highest production rates and maintain high rates throughout the average lifespan of wells.

Meanwhile, the Western Desert Operating Petroleum Company (WEPCO) announced that it is targeting an increase in oil production by 120% to reach 6,000 barrels per day (bbl/d) during the fiscal year (FY) 2022/23.

The announcement came during a meeting headed by the Minister of Petroleum to approve the planning budgets of WEPCO and Badr Petroleum Company (Bapetco) for FY 2022/23.

WEPCO will manage, operate, and develop the el-Hamra port.

The minister stressed the need to accelerate the implementation of the new expansion plan for el-Hamra port, which is seen as one of the most important petroleum ports in the al-Alamein region.

Molla added that the expansion plan will help the state’s development and construction strategy for al-Alamein by implementing two significant projects.

They include the establishment of warehouses at the port over an area of 120 feddans and the establishment of a petroleum trading zone over an area of 420 feddans which will be part of the national initiative of converting Egypt into a regional hub for trading petroleum products.

Molla praised the progress in developing the infrastructure to supply the western region and al-Alamein with the needed fuel for the state's development strategy.

He pointed to the ongoing steps to establish the infrastructure to supply the western region and New Alamein with its fuel needs to serve the development and urban expansion in the area.

WEPCO’s Chairman Ibrahim Masoud elaborated that this target will be achieved after drilling five exploratory and developmental wells and completing another six with investments worth $28 million.

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Business

Saudi Arabia Activates Major Investment Engines With Approval of Special Economic Zone Rules

 King Abdullah Economic City, located in western Saudi Arabia (Asharq Al-Awsat). 
 King Abdullah Economic City, located in western Saudi Arabia (Asharq Al-Awsat). 
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Saudi Arabia Activates Major Investment Engines With Approval of Special Economic Zone Rules

 King Abdullah Economic City, located in western Saudi Arabia (Asharq Al-Awsat). 
 King Abdullah Economic City, located in western Saudi Arabia (Asharq Al-Awsat). 

Saudi Arabia has taken a pivotal step toward strengthening its standing as a global investment destination after the Cabinet approved the regulatory frameworks for four Special Economic Zones (SEZs): Jazan, Ras Al-Khair, King Abdullah Economic City, and the Cloud Computing Special Economic Zone.

The move marks the effective start of the operational and legal phase for the zones, offering investors a clear roadmap on how to benefit from the incentives and competitive advantages the Kingdom is rolling out.

Saudi Minister of Investment Khalid al-Falih said the regulations will come into force in early April 2026, calling the decision a major leap in developing the regulatory ecosystem for SEZs.

He said it underscores Saudi Arabia’s commitment to boosting investment competitiveness regionally and globally, while building an enabling environment that attracts high-quality investments and supports sustainable growth in line with Vision 2030.

The four zones are designed to serve strategic sectors that place the Kingdom at the heart of global supply chains. The Jazan zone is set to become a hub for food processing, mining, and manufacturing, leveraging its port and proximity to African markets.

Ras al-Khair is being developed into a global center for maritime and mining industries, providing an integrated platform for shipbuilding, offshore drilling rigs, and marine support services.

King Abdullah Economic City is positioned as an advanced hub for logistics, high-value manufacturing, and the automotive sector, while the Cloud Computing and Informatics Zone in Riyadh represents a major leap in the data economy, hosting global technology firms offering local data storage and processing services.

The new regulations introduce flexible licensing regimes, attractive tax and customs standards, and streamlined operating procedures, including flexible ownership structures.

Investors will be allowed to use multiple languages for trade names, and investments within the zones will be exempt from certain provisions of the traditional Companies Law, giving global firms greater operational freedom.

On workforce policy, Al-Falih said the regulations include tailored Saudization frameworks aligned with each zone’s economic activities, balancing national talent development with the rapid growth needs of major investors.

The frameworks are part of an integrated governance model that clarifies mandates and aligns government entities, accelerating licensing processes and creating a fast, flexible business environment aligned with Saudi Arabia’s economic ambitions.

 

 

 

Business

Turkish Manufacturing Nears Stabilization as PMI Rises in December

An employee works at an assembly line in the Toyota manufacturing plant in Sakarya October 10, 2013. REUTERS/Osman Orsal
An employee works at an assembly line in the Toyota manufacturing plant in Sakarya October 10, 2013. REUTERS/Osman Orsal
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Turkish Manufacturing Nears Stabilization as PMI Rises in December

An employee works at an assembly line in the Toyota manufacturing plant in Sakarya October 10, 2013. REUTERS/Osman Orsal
An employee works at an assembly line in the Toyota manufacturing plant in Sakarya October 10, 2013. REUTERS/Osman Orsal

Turkish manufacturing activity shrank at a slower pace in December, marking two consecutive months of improvement, signaling a slight moderation in operating conditions at the end of 2025, a business survey showed on Friday.

The Istanbul Chamber of Industry Turkiye Manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, rose to a 12-month high of 48.9 from 48.0 in November thanks ‌to softer slowdowns ‌in output, new ‌orders, ⁠employment and purchasing activity.

Readings ‌below 50.0 indicate contractions in overall activity, while figures above that suggest growth, Reuters said.

"With PMI reaching its highest level for a year in December, the manufacturing sector takes some momentum into 2026, giving hope that we will ⁠see growth in the months ahead," said Andrew Harker, ‌Economics Director at S&P ‍Global Market Intelligence.

New ‍orders eased at the slowest pace ‍since March 2024, with some firms noting improvements in customer demand. However, both total new business and new export orders continued to moderate.

Production was scaled back, though at a slower rate than in November. Employment saw ⁠a marginal reduction, while purchasing activity also experienced a softer decline, according to the survey.

Input costs rose sharply, driven by higher raw material prices, leading manufacturers to increase selling prices, the survey said.

"While inflationary pressures rebounded following the recent lows seen in November, rates of increase in input costs and output prices were still comfortably below the highs ‌we have seen at times in recent years," Harker said.

Business

Asia Stocks Make Bright Start to 2026

Stock markets welcomed the New Year with healthy gains. Punit PARANJPE / AFP
Stock markets welcomed the New Year with healthy gains. Punit PARANJPE / AFP
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Asia Stocks Make Bright Start to 2026

Stock markets welcomed the New Year with healthy gains. Punit PARANJPE / AFP
Stock markets welcomed the New Year with healthy gains. Punit PARANJPE / AFP

Asian markets made a bright start to 2026 on Friday but volumes were thin with Tokyo and Shanghai still closed as investors awaited fresh direction from Wall Street.

Stocks had a bumper 2025, with the S&P adding 16.4 percent, the tech-rich Nasdaq 20.4 percent and London's FTSE enjoying its merriest Christmas in 16 years, said AFP.

In Asia, Seoul stocks whooshed 75 percent, while Hong Kong's Hang Seng index bounced 28 percent and Tokyo's Nikkei 225 rocketed more than 26 percent.

"Naturally, the start of the new year comes with the question everyone asks moving from one year to the next: will this continue? The consensus is that, yes, it will," said Kyle Rodda at Australian brokerage Capital.com.

"When it comes to the all important US economy, Wall Street is pricing in growth will accelerate this year while inflation still moderates and interest rates get cut. Meanwhile, analysts predict that corporate fundamentals will improve," Rodda said.

Hong Kong was up 2.2 percent Friday with chip designer Biren Technologies roaring 80 percent higher after its initial public offering.

The Shanghai-based firm's listing raised more than $700 million, suggesting that investor appetite for anything related to artificial intelligence remains insatiable.

Biren "enjoys scarcity value and high market attention", said Kenny Ng, a strategist at China Everbright Securities.

"The industry is in a flourishing stage, with many firms striving for breakthroughs and significant growth potential," Ng said.

Search-engine giant Baidu jumped almost seven percent after saying its AI chip unit Kunlunxin had filed a listing application in Hong Kong.

Taipei, Sydney, Jakarta, Manila and Singapore also advanced while while Seoul's Kospi, which soared 76 percent in 2025 in large part due to AI boom, was up 1.7 percent.

Samsung Electronics added three percent after co-CEO Jun Young Hyun said customers had praised its high-bandwidth memory (HBM) chips, some saying that "Samsung is back", Bloomberg News reported. 

After volatile recent days, following record highs for silver, precious metals started the new year on a bright note with gold up 0.64 percent per ounce and silver 1.5 percent shinier.