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QatarEnergy Replaces Russian Company in Lebanon Gas Exploration

From left, Claudio Descalzi, the CEO of Italy's state-run energy company, ENI, Qatar's Minister of State for Energy Affairs Saad Sherida al-Kaabi, Lebanese caretaker Prime Minister Najib Mikati, Lebanese caretaker Energy Minister Walid Fayad and TotalEnergies CEO Patrick Pouyanne sign an agreement in Beirut, Lebanon, Sunday, Jan. 29, 2023. (AP Photo/Bilal Hussein)
From left, Claudio Descalzi, the CEO of Italy's state-run energy company, ENI, Qatar's Minister of State for Energy Affairs Saad Sherida al-Kaabi, Lebanese caretaker Prime Minister Najib Mikati, Lebanese caretaker Energy Minister Walid Fayad and TotalEnergies CEO Patrick Pouyanne sign an agreement in Beirut, Lebanon, Sunday, Jan. 29, 2023. (AP Photo/Bilal Hussein)
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QatarEnergy Replaces Russian Company in Lebanon Gas Exploration

From left, Claudio Descalzi, the CEO of Italy's state-run energy company, ENI, Qatar's Minister of State for Energy Affairs Saad Sherida al-Kaabi, Lebanese caretaker Prime Minister Najib Mikati, Lebanese caretaker Energy Minister Walid Fayad and TotalEnergies CEO Patrick Pouyanne sign an agreement in Beirut, Lebanon, Sunday, Jan. 29, 2023. (AP Photo/Bilal Hussein)
From left, Claudio Descalzi, the CEO of Italy's state-run energy company, ENI, Qatar's Minister of State for Energy Affairs Saad Sherida al-Kaabi, Lebanese caretaker Prime Minister Najib Mikati, Lebanese caretaker Energy Minister Walid Fayad and TotalEnergies CEO Patrick Pouyanne sign an agreement in Beirut, Lebanon, Sunday, Jan. 29, 2023. (AP Photo/Bilal Hussein)

Lebanon, two international oil giants and state-owned oil and gas company Qatar Energy signed an agreement Sunday that the Qatari firm will join a consortium that will search for gas in the Mediterranean Sea off Lebanon’s coast.

Qatar Energy is replacing a Russian company that withdrew from the Lebanese market in September.

In 2017, Lebanon approved licenses for an international consortium including France’s TotalEnergies, Italy’s ENI and Russia’s Novatek to move forward with offshore oil and gas development for two of 10 blocks in the Mediterranean. The borders of one of the two blocks were disputed by neighboring Israel until a maritime border deal was reached last year.

The companies did not find viable amounts of oil or gas in block No. 4 north of Beirut, and drilling in block No. 9 in the south has been repeatedly postponed because of the dispute with Israel.

The agreement was signed by Saad Sherida al-Kaabi, Qatar’s Energy Minister; his Lebanese counterpart Walid Fayad; Claudio Descalzi, the CEO of Italy’s state-run energy company, ENI, and TotalEnergies CEO Patrick Pouyanné. The signing ceremony was attended by Lebanon’s caretaker Prime Minister Najib Mikati.

“Our concentration will be on block number nine,” al-Kaabi said, adding that this could be a first step for Qatar Energy to play a bigger role in future explorations.

Back in 2017, Total and ENI each got 40% stakes in the blocs while Novatek got 20%. Under the deal signed Sunday, Qatar Energy will take the 20% stake of Novatek in addition to 5% each from ENI and Total leaving the Arab company with a stake of 30%. Total and ENI will have 35% stakes each.

Lebanese media reported that exploration in block No. 9 could begin before the end of November.

“We are committed to execute this first well as soon as possible,” TotalEnergies’ Pouyanné said. The company said two months ago it would soon launch exploration activities in search of gas off Lebanon’s coast.

“It is an honor to be in Lebanon with these two companies,” said Descalzi. “We will work all together to give the best to your country.”

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Business

TotalEnergies Sells 50% of Greek Renewables Portfolio for 254 Million Euros

FILE PHOTO: The logo of French oil and gas company TotalEnergies is pictured at a petrol station in Treillieres, near Nantes, France, June 8, 2021. REUTERS/Stephane Mahe/File Photo
FILE PHOTO: The logo of French oil and gas company TotalEnergies is pictured at a petrol station in Treillieres, near Nantes, France, June 8, 2021. REUTERS/Stephane Mahe/File Photo
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TotalEnergies Sells 50% of Greek Renewables Portfolio for 254 Million Euros

FILE PHOTO: The logo of French oil and gas company TotalEnergies is pictured at a petrol station in Treillieres, near Nantes, France, June 8, 2021. REUTERS/Stephane Mahe/File Photo
FILE PHOTO: The logo of French oil and gas company TotalEnergies is pictured at a petrol station in Treillieres, near Nantes, France, June 8, 2021. REUTERS/Stephane Mahe/File Photo

French oil major TotalEnergies has agreed to sell 50% of a 424-megawatt portfolio of wind and solar assets in Greece to Spanish investment firm Asterion Industrial Partners for 254 million euros ($297.36 million), it said on Wednesday.

The deal values the portfolio at 508 million euros, or approximately 1.2 million euros per megawatt installed, Reuters quoted it as saying.

TotalEnergies owns 32 gigawatts of gross installed renewable capacity worldwide, far ahead of other oil majors - but it is heavily reliant on the practice of selling down minority stakes in already-built wind and solar farms to boost returns from the assets, which earn fixed government-set tariffs for the power they produce in many markets.

The French company will continue to operate the Greek assets and retain its 50% stake. It plans to market and sell most of the electricity once regulated tariffs expire, according to the statement.

Total faces pressure from investors to accelerate divestments and lower its debt levels this year, after a string of acquisitions caused its debt-to-equity ratio to more than double in the first half of 2025.

Business

Silver Tops $65 for 1st Time, Gold Firms as US Unemployment Rate Climbs

FILE PHOTO: UK gold bullion bars and coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo
FILE PHOTO: UK gold bullion bars and coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo
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Silver Tops $65 for 1st Time, Gold Firms as US Unemployment Rate Climbs

FILE PHOTO: UK gold bullion bars and coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo
FILE PHOTO: UK gold bullion bars and coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo

Silver jumped past the $65-per-ounce mark for the first time on Wednesday, while gold climbed higher after US jobs data showed a softening labor market, rekindling expectations of further rate cuts next year and boosting demand for precious metals.

Spot silver was up 3.9% at $66.28 an ounce after rising to an all-time high of $66.52 earlier in the session. Spot gold prices rose 0.8% to $4,337.85 an ounce by 0552 GMT.

US gold futures gained 0.8% to $4,368.60.

"There is a major short squeeze (speculative trade) happening in silver... and we are not seeing the supply side responding the way it should have after the US added silver to the critical minerals list," said Kunal Shah, head of research at Nirmal Bang Commodities in Mumbai.

"Every country planning to enter the data center-AI space will need more of silver," Shah said, noting that current trends could push silver towards $70 in the near term.

The rally followed US data showing the unemployment rate rose to 4.6% in November, above a Reuters poll forecast of 4.4%.

The unemployment data has definitely helped precious metals and weakened the dollar, prompting investors to look for other asset classes offering higher returns as a hedge against risk, GoldSilver Central MD Brian Lan said.

Investors now await the US consumer price index data on Thursday and the personal consumption expenditures index, the Federal Reserve's preferred inflation gauge, on Friday.

Last week, the Fed delivered its third and final quarter-point rate cut for the year, while Chair Jerome Powell's accompanying comments were perceived as less hawkish than expected.

Traders still expect two cuts of 25 basis points each in 2026.

Non-yielding assets like bullion typically perform well in low-interest-rate environments.

Elsewhere, platinum was up 3.6% at $1,916.80, its highest in more than 17 years since July 2008, while palladium added 0.7% to $1,615.28, a two-month high.

Business

Tourism Projects Worth $9 Billion Being Implemented in Saudi Arabia’s Eastern Province

The Saudi Minister of Tourism, along with the President of Aramco, tours the King Abdulaziz Center for World Culture in the Eastern Province. Asharq Al-Awsat
The Saudi Minister of Tourism, along with the President of Aramco, tours the King Abdulaziz Center for World Culture in the Eastern Province. Asharq Al-Awsat
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Tourism Projects Worth $9 Billion Being Implemented in Saudi Arabia’s Eastern Province

The Saudi Minister of Tourism, along with the President of Aramco, tours the King Abdulaziz Center for World Culture in the Eastern Province. Asharq Al-Awsat
The Saudi Minister of Tourism, along with the President of Aramco, tours the King Abdulaziz Center for World Culture in the Eastern Province. Asharq Al-Awsat

The Eastern Province is expected to witness the implementation of more than 650 tourism projects valued at over SAR12.7 billion (approximately $3.39 billion).

With the addition of investments in new projects exceeding SAR21 billion ($5.6 billion), total tourism investments amount to around SAR33.7 billion (nearly $9 billion), reflecting a growth in the sector.

Saudi Minister of Tourism Ahmed Al-Khateeb said tourism investments in the region are experiencing qualitative growth, adding that the Eastern Province enjoys competitive advantages that make it attractive for tourism investment.

The minister said the region has achieved positive results in sector performance, welcoming more than 13.4 million tourists whose spending exceeded SAR18.5 billion ($4.9 billion), underscoring the rising demand for tourism services.

Tourism Diversity

Al-Khateeb revealed that more than 650 approved tourism projects would contribute to improved tourism, in addition to strengthening partnerships and supporting private sector participation. This, he said, reflects the rapid growth pace and the achievements that the tourism sector in the Eastern Province has witnessed.

High-quality projects in the region enhance competitiveness, supported by the Tourism Development Fund, said Al-Khateeb. These projects contribute to improving quality of life and offering integrated visitor experiences, reinforcing the region’s position as a leading tourist destination on the Arabian Gulf coast, he added.

The minister met with Eastern Province’s tourism employees, who briefed him on promising opportunities and made proposals aimed at developing career paths for workers in the sector.

Al Khobar Season

Al Khobar Season 2025 has achieved remarkable success since its launch, featuring a seasonal program spanning nearly 90 days. Supported by the Sharqia Development Authority and the Saudi Tourism Authority, the season hosted events across more than 20 locations, attracting over one million visitors and involving more than 50 partners from the private sector.

Al Khobar Season enhances the Eastern Province’s status as a major tourism and entertainment destination through experiences that blend entertainment, culture, arts, and sports. This contributes to improving quality of life, achieving the objectives of Saudi Vision 2030, and developing the tourism sector.