PetroMinute

( ) [ XRG, bp Deal to Establish New JV Operating in Egypt]

XRG and bp announced that they have reached financial close and completed formation of their new joint venture (JV) and international natural gas platform – Arcius Energy.

Arcius Energy, initially to operate in Egypt, includes interests assigned by bp across two development concessions, as well as exploration agreements.

Announced in February 2024, the JV is 51% owned by bp and 49% by XRG, ADNOC Group’s transformative energy investment company.

The new joint venture will combine the pair’s deep technical capabilities and proven development track records as it
aims to grow a highly competitive gas portfolio.

( ) ll [El Sisi Discusses Energy Cooperation with Cypriot President]

Egyptian President Abdel Fattah El Sisi met with his new Cypriot counterpart Nikos Christodoulides at the Al-Ittihadiya Palace, according to the Egyptian Presidency’s spokesman.
The two leaders commended the ongoing development of Egyptian-Cypriot relations and the steady progress that has been made in cooperation at all levels, particularly in natural gas and electrical connectivity.

During the meeting, Christodoulides underlined the significance of choosing Cairo for his first foreign visit to the region since his election last February, reflecting the keenness to maintain the strategic nature of relations between the two countries at the official and grass-roots levels. In this regard, both leaders agreed on launching a joint business council between both sides.

( ) ll [Egypt, Chevron Discuss Ways to Support E&P Cooperation]

On the sidelines of his participation in , Tarek El Molla, Minister of Petroleum and Mineral Resources, met with Mike Wirth, Chairman and CEO of Chevron, the ministry said in a statement.

The meeting discussed ways to support and increase joint cooperation between the two sides. The two leaders reviewed Chevron’s activities in the fields of research, exploration and production (E&P), and its plans to increase production in the company’s concession areas, as well as ways to support efforts to develop petroleum resources, marketing activities and increase oil exports.

During the meeting, El Molla and Wirth discussed ways of accelerating the development of new discoveries and the transfer of gas from the eastern Mediterranean fields to be re-exported to Europe through Egyptian liquefaction facilities.

( ) ll [ aramco, TotalEnergies to Build $11 Billion Saudi Petrochemical Project]

Saudi Aramco and TotalEnergies SE took a final investment decision on an $11 billion petrochemical project in Saudi Arabia, betting that demand for materials to make plastics will continue to climb.

The world’s largest oil-exporting nation is seeking alternative outlets for its vast supply of crude as countries gradually shift to cleaner energy. Aramco can add value to its sales by using the oil to make the building blocks for an enormous array of consumer items such as cars, computers and mobile phones.

The petrochemical project will be located alongside the partners’ Satorp refining complex at Jubail on the Persian Gulf coast. The so-called Amiral facility will include a 1.65 million-ton ethylene plant and is set to start operations in 2027, according to a joint statement. Aramco and Total will together invest about $4 billion of the total and begin construction next year.

Saudi Arabia is looking to transform about 4 million barrels of crude a day into chemicals.

“We aim to expand the value chain by producing advanced chemicals more efficiently than ever before, accelerating industrial progress in the kingdom,” Aramco’s Chief Executive Officer Amin Nasser said in the statement.

Aramco also last week reached an initial agreement with China’s Sinopec to build a similar facility at a joint refinery on the western Red Sea coast. The companies run a 400,000-barrel-a-day refinery at Yanbu, similar in size as the joint-venture plant with Total, on the opposite coast.