Oman’s Sohar Port partners with logistics firm to expand cargo space

Scion Industrial Engineering Pvt. Lt.

Muscat’s Sohar Port and Freezone has signed a pact with Oman-based Arkan Sohar Logistics to build a container freight station and logistics complex in the port which will occupy 26,000 sq m. Arkan Sohar Logistics will provide bonded and non-bonded facilities, ambient and covered storage, as well as temperature-controlled, dry, chilled, and frozen storage facilities as part of the deal.
Other facilities that will be offered as per the agreement include cross stuffing for import, re-export, and transhipment cargo, lashing, crating, staging, labelling, repacking, kitting, and order processing. Arkan Sohar Logistics’ container freight station (CFS) services will enable importers and exporters using Sohar Port to securely store goods and products for consolidation and expedited shipping, according to reports emanating from Oman.

With a total investment of around OMR 2.7 million ($7 million), Arkan Sohar Logistics is one of the fastest-growing logistics service providers in the region and offers state-of-the-art customs-bonded areas for cargo, a racked warehouse facility, and custom-built dock levellers to enable easy access to trailers and for safe loading and unloading.

Sohar Port runs a Customs clearing service available 24×7 and a bonded transport corridor that will permit goods to travel between the Port and Freezone within 14 minutes, with on-site One-Stop-shop service available to help with the procurement of all necessary registration, licenses, and visas.


ADNOC Distribution acquires 50% of Total Energies in Egypt

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The UAE’s ADNOC Distribution Company, listed on the Abu Dhabi Securities Exchange, announced, Thursday, that it has entered into an agreement to acquire a 50 percent stake in Total Energy Egypt.

ADNOC Distribution clarified, in a press release, that it had signed an agreement with “Total Energy Marketing Afrique S.A.S.” to acquire a 50 percent stake in Total Energy Marketing Egypt, with a value of approximately $186 million, in addition to an additional amount of up to $17.3 million, if certain conditions are met during the acquisition process.

Established in 1998, Total Energy Egypt has a diversified business portfolio that includes 240 retail fuel stations, over 100 retail stores, more than 250 oil change stations, car wash centers, wholesale fuel, jet fuel and lubricant operations.

Through the deal, ADNOC Distribution and Total Energies will develop the future growth opportunities for Total Energies Egypt by taking advantage of the available capabilities and exploring aspects of fruitful cooperation in the field of fuel and lubricant distribution and aviation business, enhanced by economic growth in the wake of the recovery from the repercussions of the COVID-19 pandemic..

The acquisition also includes the renovation of a number of service stations to comply with ADNOC’s brand standards, as well as the establishment of selected new sites in the future bearing its brand, strengthening ADNOC’s presence in the fast-growing Egyptian retail fuel distribution market.

The acquisition is expected to be completed during the first quarter of 2023, as the agreement is subject to the fulfillment of certain conditions, including approvals from the relevant regulatory authorities.

This acquisition is a new important step in the implementation of ADNOC Distribution’s strategy to grow and expand internationally, after it opened its first station outside the UAE in Saudi Arabia in 2018, where the company currently operates 55 service stations across the Kingdom, as at the end of March 2022.


Egypt aims to increase petroleum production to 790 bln during new fiscal year 22/23

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During the new fiscal year 2022/2023, the government aims to increase production for the petroleum and mineral resources sector at current prices from 671.5 billion pounds in the previous year to about 790.9 billion pounds, an increase of 17.8 percent, according to the economic and social development plan submitted by the Minister of Planning, Dr. Hala Al-Saeed, and approved by both houses of Parliament (Representatives, Senators).

At constant prices, it is expected to rise to about 675.5 billion pounds during the same period, with a slight increase of 0.6 percent. The increase in production of crude oil and natural gas at these high rates is due to the rise in international energy prices.

The government targest to increase the output of the extractive sector to reach 686.9 billion pounds at current prices, compared to 575.6 billion pounds in the previous year, achieving a growth rate of more than 18.1 percent, at constant prices, to reach 581.2 billion pounds in the same period, with a slight increase of 1 percent due to the decline in the output of extractives Crude oil by 2.9 percent.

The economic and social development plan for the new fiscal year 22/23 directs investments for the development of the petroleum and mineral wealth sector amounting to 49.5 billion pounds during the year of the plan, of which 17.6 billion pounds was for refining activity, and EGP 31.9 billion for extraction activities, representing 3.5 percent of the total investment.

The private sector is expected to acquire the largest share of the sector’s investments by about 70%, while the public sector belongs to the remaining 30%, which is divided between the investments of each of the economic bodies 7.2 billion pounds, and public companies 7.8 billion.

The petroleum sector is one of the mainstays of economic growth, as it is a main source for providing the state’s energy needs, which contributes positively and directly to meeting the requirements of sustainable and comprehensive economic development plans adopted by the Egyptian state. As well as strengthening the trade balance by developing its exports to foreign markets and rationalizing its imports from them, in a sustainable manner consistent with the consumption needs of the growing population, and the requirements of the country’s ambitious development plans.


Boeing said to launch 777X freighter with Qatar Airways plane deal

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Oman set to extend economic reforms as finances stabilise after Covid shock

Oman is set to extend an economic overhaul that has helped to stabilise the finances of the weakest Gulf state, according to its foreign minister.

“Our fiscal position is now sound and improving,” Sayyid Badr bin Hamad Albusaidi said in a podcast hosted by Al-Monitor.

“This gives us really a solid foundation to make real progress toward some of the perhaps ambitious economic goals we have set for ourselves in the vision,” he said, referring to Vision 2040, an economic blueprint.

Since taking power in January 2020, Sultan Haitham bin Tariq has moved to balance Oman’s finances and prepare it for a time after oil.

The effort included cutting subsidies, introducing a value-added tax and even planning for income tax – which would be a first for a Gulf Arab state.

Oman’s cost-cutting steps along with a rally in oil prices helped the sultanate return to global debt markets. Some rating agencies have raised their outlook for the country.

Future reforms will look at subsidies, public-sector employment and the provision of safety nets, while “developing ways for those who enjoy the privileges of relative wealth to make an appropriate contribution to the common good,” the foreign minister said.

A “renewed emphasis on inclusion will contribute to making Oman an even more attractive and more desirable location for foreign business and investments,” he said.