BUDAPEST: Russia’s Gazprom has ramped up flows to Hungary via the Turkstream pipeline that brings gas to Hungary via Serbia, a Hungarian Foreign Ministry official said on Saturday.
EU member Hungary has maintained what it calls pragmatic relations with Moscow since Russia’s invasion of Ukraine, creating tensions with some EU allies keen to take a tougher line.
Hungary, which is about 85 percent dependent on Russian gas, firmly opposes the idea of any EU sanctions on Russian gas imports and Prime Minister Viktor Orban has also lobbied hard to secure an exemption from EU sanctions on Russian crude oil imports.
Foreign Minister Peter Szijjarto met his Russian counterpart Sergei Lavrov in Moscow last month, seeking a further 700 million cubic meters of gas on top of an existing long-term supply deal with Russia.
Under a subsequent agreement, Gazprom started ramping up gas flows to Hungary on Friday, Hungarian Foreign Ministry State Secretary Tamas Menczer said in a statement.
Menczer said Gazprom would add 2.6 million cubic meters of additional gas per day to previously-agreed deliveries via Turkstream through August, with the amount of September deliveries being negotiated.
Hungary’s reserves stored 2.84 billion cubic meters of gas by the middle of July, the lowest level for that period over the past five years based on data by the national energy regulator.
Under a deal signed last year, before the start of the war in neighboring Ukraine, Hungary receives 3.5 billion cubic meters of gas per year via Bulgaria and Serbia under its long-term deal with Russia and a further 1 bcm via a pipeline from Austria.
The agreement with Gazprom is for 15 years, with an option to modify purchased quantities after 10 years.
DUBAI: SWVL, Dubai-based mobility and transport solutions provider, announced on Wednesday that it had entered into a deal with US-based institutional investors to sell and buy over 12 million shares and securities for 73.4 million dirhams ($20 million) at 6.06 dirhams a share.
The sale of securities and private placement will take place on Friday, the statement said.
It said warrants issued under Series A and Series B will expire five and two years from the date of issuance, respectively.
The company will receive additional 110 million dirhams if the warrants are exercised during this period, it added.
Earlier this year, a special purpose acquisition company bought the transport startup.
Since its founding in Egypt in 2017, it has raised a total of 969 million dirhams.
Dubai developer plans to raise $4.6bn loan
The developer of Dubai’s artificial palm-shaped islands, Nakheel, plans to refinance existing debt by raising 17 billion dirhams ($4.6 billion), according to Bloomberg.
In addition to Dubai Islamic Bank and Emirates NBD, Mashreqbank is seeking financing from the company, the people said, asking not to be identified because the information is confidential.
Aside from regional and global lenders, the banks arranging the loan are also asking them to participate.
Emaar reports $1.8bn in H1 revenues
Emaar Development had its highest property sales during the first half of 2022, supported by recent successful launches that will create value for years to come, according to Emirates News Agency, known as WAM.
Compared to 2021, real estate sales increased by 10 percent to 15.216 billion dirhams ($4.143 billion) in the first half of 2022, WAM said.
It added that the Emaar Properties-owned build-to-sell business launched 15 projects in different master plans during the first half of 2022.
The earnings before interest, taxes, depreciation, and amortization at Emaar Development was 2.564 billion dirhams in the first half of 2022, up 15 percent from the same period in 2021, while revenue was 7.282 billion dirhams, WAM said.
Emaar now has a robust backlog of 32.753 billion dirhams, which will be recognized as future revenue for the company.
Over 3,100 residential units have been delivered by Emaar Development across prime locations, including Dubai Hills Estate, Dubai Creek Harbor, Downtown Dubai, Emaar Beachfront, Arabian Ranches, and Emaar South.
Currently, Emaar is developing over 26,100 residences in the UAE, with more than 55,100 being delivered as of June 2022.
RIYADH: Saudi food manufacturer Halwani Bros Co. has reported a 65 percent drop in profit in the first half of the year, due to increased costs resulting from global inflation.
The company’s net profit fell to SR18 million ($5 million) compared to SR52 million in the same period last year, according to a bourse filing.
Halwani Bros attributed the lower profits to rising raw material costs and increased marketing costs due to global inflation.
The devaluation of the Egyptian currency also weighed on profits from its subsidiary in Egypt, it added.
Founded in 1952, Jeddah-based Halwani produces and distributes a wide range of food products in Saudi Arabia as well as around the world.
RIYADH: The UAE will hold the eighth World Green Economy Summit at Dubai World Trade Centre in September, as the Gulf state prepares to host COP28 next year, Emirates News Agency reported.
Alongside promoting a green economy, the WGES plays a key role in supporting UAE’s climate action efforts and its commitment to sustainability.
It also reflects the country’s support for energy and climate change issues and developing sustainable solutions to environmental challenges, according to the statement.
Egypt’s nuclear power plant
The International Atomic Energy Agency has officially included Egypt among the countries that have a nuclear plant under construction, according to the Nuclear Power Plants Authority.
The country is now included in the Power Reactors Information System PRIS database, which focuses on nuclear power plants worldwide.
This happens as Egypt started the construction of the El-Dabaa plant, located in the northwestern governorate of Marsa Matrouh, which aims to generate a total of 4,800MW via four reactors.
Through a micro lens
Oman’s Sur Industrial City, affiliated to the Public Establishment for Industrial Estates, has signed an over $40 million investment contract with Al Ghaith for Chemical Industries to establish a chemical plant on a 60,000 sq. m. site.
The project aims to promote the growth of chemical industries and supply the oil and gas, petrochemical and water treatment industries with basic chemicals and raw materials, according to Trade Arabia.
Also, China’s CATL said it would build a €7.3 billion ($7.6 billion) battery plant in Hungary, Europe’s largest so far, as the electric vehicle battery maker gears up to meet growing demand from global automakers.
The construction of the 100GW plant in the eastern Hungarian city of Debrecen, is the firm’s biggest overseas investment, according to Reuters.
It would start this year after receiving approvals and should last no more than 64 months.
RIYADH: Egypt plans to issue international bonds worth between $6 billion this year, according to what a government source told Asharq.
In the 2022-2023 budget, Egypt plans to obtain external financing by about 146.4 billion Egyptian pounds, which means an increase in the volume of external financing by about 87 percent over last year.
Meanwhile, last March Egypt offered for the first time international bonds denominated in Japanese yen in the Japanese market, with a value of $500 million.
RIYADH: Jeddah-based Middle East Paper Co. aims to increase its capital to SR666 million ($177 million) in support of the company’s financial position and growth plans.
The Saudi-listed paper manufacturer’s board has proposed a 33 percent capital hike from the current capital of SR500 million, according to a bourse filing.
Subject to obtaining the necessary regulatory approvals and shareholders’ nod, the transaction will be conducted by granting shareholders one bonus share for every three shares held, the filing said.