US-Saudi consortium Mera Oil has entered the final stage of selecting a host location for its planned $5 billion integrated refinery and energy export corridor. Following three years of evaluation, three GCC sites outside the Strait of Hormuz have been shortlisted.
Oil prices climbed sharply on Wednesday as renewed military clashes between the United States, Saudi Arabia and Iran kept traders on edge about supply disruptions, even as Oman unveiled a Gulf-backed proposal aimed at safeguarding shipping through the Strait of Hormuz.
The Middle East moved closer to a broader regional confrontation on Wednesday as Iran launched a failed ballistic missile attack on US forces, while the United States and Saudi Arabia carried out joint airstrikes against Iran-backed militias in Iraq.
Saudi Energy has secured a shariah-compliant Murabaha financing facility with a total committed amount of SAR15.8 billion ($4 billion) from a consortium of seven leading Saudi banks to support its general corporate purposes.
Saudi Water Authority will launch local production of energy recovery devices in 2027, establishing the world’s first facility outside the US to manufacture the desalination technology, boosting supply security and supporting exports.
Endress+Hauser, Covestro, BASF and Yokogawa have completed a large-scale Ethernet-APL scalability test, validating interoperability and performance across complex, multi-vendor industrial automation environments under realistic operating conditions.
NMDC Energy, an Abu Dhabi-based engineering, procurement, and construction (EPC) services company, reported a strong first half of 2026, with revenue rising 16 per cent year on year to AED9.5 billion ($2.6 billion), driven by diversified growth across its UAE operations and international EPC projects.
TotalEnergies and Eni have approved the development of Cyprus’ Cronos gas field, with first production targeted for 2028. The project will supply European markets through Egypt’s LNG infrastructure, reaching around 2.8 million tonnes annually.
Masdar and Montenegro’s EPCG have advanced their renewable energy partnership, signing agreements for 150MW of solar projects and exploring over 400MW of pumped hydro storage under a joint venture targeting 2GW of clean energy capacity.
Fertiglobe, a major exporter of urea and net ammonia and the exclusive ammonia platform of ADNOC and XRG, today reported strong revenues of $1.1 billion, up 92% year-on-year, for the second quarter of this year.
