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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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Business

Canada's Carney Says US Needs to Start Being Serious Before Trade Talks Can Resume

US President Donald Trump speaks with Canadian Prime Minister Mark Carney at a working lunch with leaders of G7 and the Middle East, in Evian-les-Bains, France, June 16, 2026. (Reuters)
US President Donald Trump speaks with Canadian Prime Minister Mark Carney at a working lunch with leaders of G7 and the Middle East, in Evian-les-Bains, France, June 16, 2026. (Reuters)
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Canada's Carney Says US Needs to Start Being Serious Before Trade Talks Can Resume

US President Donald Trump speaks with Canadian Prime Minister Mark Carney at a working lunch with leaders of G7 and the Middle East, in Evian-les-Bains, France, June 16, 2026. (Reuters)
US President Donald Trump speaks with Canadian Prime Minister Mark Carney at a working lunch with leaders of G7 and the Middle East, in Evian-les-Bains, France, June 16, 2026. (Reuters)

The US needs to start being serious and stop trying to be tough before talks on a possible trade deal with Canada can restart, Prime Minister Mark Carney told reporters on Tuesday.

Canada walked away from negotiations on an agreement to avoid additional US tariffs on August 21, saying the American side had made unacceptable last-minute demands.

Since then, US President Donald ‌Trump has declared ‌that Lake Ontario should be renamed ‌Lake ⁠America, described Canada's leaders ⁠as "the worst" he has to deal with, and repeated assertions that Canada is ripping off the US.

He also posted an AI-generated meme showing Canadian geese with Trump's distinctive hairstyle marching under a US flag.

Carney said there was still a chance ⁠to strike a mutually beneficial trade deal ‌that respected Canadian ‌sovereignty.

"And when the Americans stop doing memes, stop throwing shade, ‌stop trying to be tough and start ‌being serious about having those discussions, we can have those discussions," Carney said, adding that recent US actions were "not constructive."

US officials have challenged part of the Canadian narrative ‌as to why the talks collapsed, saying there was a good deal to ⁠be had ⁠on the table. Carney said Ottawa had never felt the proposed terms would be adequate, especially when it came to the highly integrated auto sector.

"The attitude of the United States... has been one that the core Canadian industries either would be subsidiaries, effectively, of the United States industries, or (Washington) would put in place terms where those industries would be gradually wound down in Canada and wiped out," he said.

"Of course, we're not going to accept those terms."

Business

Egypt Expects Drone-damaged Damietta Regasification Vessel to Resume Operations in Fourth Quarter

A view of the Damietta Port in Egypt where a drone attack caused fire on two ships, in this undated social media video obtained by Reuters on July 30, 2026. DAMIETTA PORT AUTHORITY/Handout via REUTERS
A view of the Damietta Port in Egypt where a drone attack caused fire on two ships, in this undated social media video obtained by Reuters on July 30, 2026. DAMIETTA PORT AUTHORITY/Handout via REUTERS
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Egypt Expects Drone-damaged Damietta Regasification Vessel to Resume Operations in Fourth Quarter

A view of the Damietta Port in Egypt where a drone attack caused fire on two ships, in this undated social media video obtained by Reuters on July 30, 2026. DAMIETTA PORT AUTHORITY/Handout via REUTERS
A view of the Damietta Port in Egypt where a drone attack caused fire on two ships, in this undated social media video obtained by Reuters on July 30, 2026. DAMIETTA PORT AUTHORITY/Handout via REUTERS

Egypt expects the Damietta regasification vessel, which was damaged in a drone attack in July, to resume operations in the fourth quarter of the year.

The damaged vessel did not impact Egypt's gas market, Petroleum Minister Karim Badawi said.

Oil and gas exploration and production activity has been increasing following years of decline, with 112 new discoveries made over the past two years and crude output now on an upward path, Badawi said.

Among the discoveries is Eni's Denise find in the Mediterranean, estimated to hold about 2 trillion cubic feet of gas. Badawi said Eni had agreed to fast track production to late 2027 - a rapid timeline for a deepwater project that would typically take years longer.

Egypt also resumed work at Narges field, undeveloped since 2022, and brought BP's Fayoum-4 well online at 80 million cubic feet of gas per day.

In the Western Desert, new wells at the Meleiha fields are set to start production alongside facilities coming online in late September, after debt-related delays held up the necessary spending.

The new wells combined help offset the natural production decline, Badawi added.

Badawi said Egypt is positioning itself as a regional gas hub, with work underway to link four Cypriot offshore fields - starting with Cronos - to the Zohr field's facilities and the Damietta LNG export plant.

Business

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.