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The flagship installment of 2024’s Transformation Agenda series will be programmed by Economist Impact and hosted by Bahrain Economic Development Board with the support of the Central Bank of Bahrain & Bahrain FinTech Bay.

Bahrain is gearing up for its second edition of Fintech Forward, which will be programmed by Economist Impact, hosted by Bahrain Economic Development Board (Bahrain EDB) and supported by the Central Bank of Bahrain (CBB) and Bahrain FinTech Bay (BFB). The flagship installment of 2024’s Transformation Agenda series will take place on October 2nd and October 3rd, 2024, at Exhibition World Bahrain.

Featuring a series of panel discussions, the two-day event will unite global fintech experts with financial institutions, governments, and regulators to tackle trending topics across generative AI, blockchain technologies, cybercrime, open banking, evolving consumer behaviour, the impact of new regulations, as well as best practices in prioritising sustainable financial initiatives. Against a backdrop of these insightful discussions that will deliberate on the evolving advancements and imminent challenges facing the global financial services industry, Fintech Forward will serve as a platform for both strategic collaboration and networking with leading players across the region and beyond.

As a singular financial regulator, the CBB has consistently enhanced the competitiveness of Bahrain’s financial services sector, supporting the national transition to a digital economy by pioneering new regulatory frameworks and legislation, all while introducing innovative platforms in the likes of the Regulatory Sandbox. Year after year, Bahrain EDB has continued to attract investments into focused sectors in line with national priorities, fostering ongoing discussions with the private and public sectors to create a business-friendly environment backed by progressive legislation. Further driven by a thriving financial services ecosystem that comprises a balanced portfolio of leading international conventional banking institutions alongside new financial players, including crypto asset service providers, digital payment providers, and highly-specialised firms; Bahrain has earned a reputation as a leading hub of fintech in the Middle East and North Africa region.

Following the successful inaugural event last year, which secured attendees from across the world, Fintech Forward has cemented itself as a platform for innovative leaders to share experiences, collaborate on learnings, and connect with their peers. Showcasing Bahrain’s phenomenal progress in digital transformation, expanding its fintech space, and success in developing a highly skilled talent pool to further fuel the growth of a booming industry, this year’s flagship event is expected to be yet another resounding achievement.

More information on Fintech Forward 2024, which will be programmed by Economist Impact and hosted by Bahrain EDB, can be found on https://events.economist.com/fintechforward/.

Jordan Industrial Estate Company announced the establishment of new industrial buildings in Al-Mwaqqar Industrial Estate to meet the growing demand for investment in the Estate and the increasing interest of numerous investors. Today, the company signed two implementation and engineering supervision agreements with a local construction company and an engineering consultancy company covering an area of 11,000 square meters, with an estimated cost of approximately (2) million Jordanian Dinars.

Mr. Omar Jwaid, the Director General of Jordan Industrial Estates Company, stated that the new buildings in Al-Muwaqqar Industrial Estate are being constructed with various sizes ranging from (328) M2 to (813) M2, adhering to the highest specifications. He praised the magnitude of the achievement reached by the Industrial Estate today and the growing investment activity, positioning it at the forefront of Jordan’s industrial Estate under the management and development of the company across different regions of the kingdom.

It is worth noting that Jordan Industrial Estate Company completed the second phase works inAl- Muwaqqar Industrial Estate last year, covering an area of (305) dunums, and announced the opening of investment opportunities in it.

Source:https://www.jiec.com/en/news/187/

The Jordan Chamber of Industry said that the industry index, recorded a growth of 1 per cent during the second quarter of this year compared to the same period last year, the Jordan News Agency, Petra, reported on Saturday.

More than 62 per cent of industrial companies and businessmen expressed optimism and positive expectations for performance during the coming period of this year, According to a statement by the chamber,

The President of the Jordan Chambers of Industry Fathi Jaghbeer pointed out that the growth was achieved despite the consequences of the Israeli aggression on the Gaza Strip and the developments of events in the region and their impact on industrial exports and supply chains, the decline in price levels and fluctuations globally, and the decline in demand for various sectors.

He pointed out that five industrial sectors achieved growth within the index of the second quarter of this year compared to the same period last year, led by the food and catering industries, livestock, chemical, cosmetics, leather, knitting, plastic, rubber, therapeutic and medical supplies.

While Jaghbeer pointed to the decline in other industrial sectors, which are packaging, engineering, mining, wood, furniture and construction.

Source:https://jordantimes.com/news/business/kingdoms-industry-index-grew-1-q2

Integrated Gas Company (IGC), the sole aggregator and supplier of natural gas in the Sultanate of Oman, has invited existing end-users to bid for short-term gas supplies in the first such auction of its kind by the wholly state-owned energy firm.

On the market are around 9,000 million British Thermal Units (BTU) per day (approx 9 million standard cubic feet/day – mmsfd) of gas that will be available to one or more successful bidders for a period ranging from one to two years, according to IGC CEO Eng Abdulrahman bin Humaid al Yahyaee.

“As with our highly successful maiden spot natural gas sales contract that was signed with a leading Omani industrial customer barely a week ago, this time around IGC has unveiled yet another gas supply initiative that aims to maximise revenue generation for our principal stakeholder – the Omani government,” he said.

“Furthermore, these innovative actions seek to provide our industrial users, among other customers, with greater flexibility and efficiency in their purchase of natural gas.”

Speaking to the Observer, Eng Al Yahyaee said interested bidders are required to submit their price bids in sealed envelopes at IGC’s head office latest by August 30, 2024.

“IGC has already set a minimum price for the gas volume to be auctioned, so any price offers should improve on this reserve price,” the CEO said. “To allow for this transaction to benefit multiple players, IGC is open to having one, two or even three customers sharing the volumes among themselves in a certain proportion. Besides, the supply timeframe is for one year, which can be extended by negotiation for a second year.”

Just a week ago, IGC signed a landmark spot natural gas sales contract with Octal, the Salalah-based world leading polyethylene manufacturer. Under the deal, IGC has committed to supplying 15,000 m3 per day of natural gas for four months. The transaction marked IGC’s groundbreaking foray into gas marketing activities in line with its enlarged mandate as the sole shipper of Omani natural gas.

Set up as a state-owned enterprise under the auspices of the Ministry of Finance, IGC represents the government’s interests in the management of all allocations, assets, rights and obligations of natural gas purchase, sales, transport, imports and exports, as well as all relevant products. IGC is also tasked with contributing to Oman’s fiscal performance by shouldering all expenses related to gas purchase and transport from the State Budget. Part of its remit is to transfer net gas revenue to the treasury as well.

This week’s short-term gas supply auction has several underlying aims, said Eng Al Yahyee. “One objective is to help existing end-users strengthen their positioning in their respective field of operation by meeting their requirements of additional gas. This is particularly the case where a customer may have just completed a debottlenecking exercise, which necessitates access to additional energy supplies. Thus, instead of turning to diesel, which is not only more expensive but also significantly polluting, auctions of this kind will give them the opportunity to access relatively cheaper and environmentally friendlier natural gas.”

On the other hand, plant shutdowns – scheduled or sudden – can leave producers grappling with supply disruptions and unutilized gas volumes on their hands. By allocating these volumes to other potential customers through spot sales or short-term auctions, IGC can not only minimize impacts from disruptions, but crucially, also ensure uninterrupted revenues accruing to the Omani government, he stated.

Source:https://omanpetroleumandenergyshow.com/News/igc-launches-omans-first-shortterm-natural-gas-supply-auction

Total production and imports of natural gas in the Sultanate of Oman increased by 5.3 percent to 27.58 billion cubic metres by the end of June 2024 compared to 26.19 billion cubic metres during the same period in 2023.

Statistics issued by the National Centre for Statistics and Information (NCSI) showed that industrial projects accounted for 64.3 percent of natural gas uses in the Sultanate of Oman until the end of June 2024, while uses for industrial projects amounted to 17.717 billion cubic metres.

The total breakdown of natural gas usage includes 5.42 billion cubic metres for oil fields, 4.31 billion cubic metres for power generation stations and 124.100 million cubic metres for industrial projects.

It is noteworthy that the non-associated production of natural gas, including imports, amounted to 21.96 billion cubic metres, while the associated production amounted to 5.61 billion cubic metres.

Oman’s production of refineries, petrochemicals falls by 1.8%
Total refinery and petroleum industry products in the Sultanate of Oman decreased by 1.8 percent in the first half of 2024 compared to the same period in 2023.

The production of motor fuel also decreased by 27.1 percent during the month of June compared to the previous month, according to preliminary statistics issued by the National Centre for Statistics and Information (NCSI).

Statistics showed that the production of standard grade petrol (M-91) by Omani refineries decreased by 9.5 percent by the end of June 2024, compared to an increase in the production of premium motor fuel (M-95) by 9.8 percent.
The production of M-91 fuel reached about 7.47 million barrels, while its sales reached 6.82 million, while the production of M-95 fuel reached 6.55 million barrels with its sales reaching 6.41 million barrels.

Gas oil (diesel) output decreased by 6.2 percent to 16.85 million barrels while its sales reached 6.81 million barrels.
Jet fuel production increased by 2.3 percent to 5.62 million barrels, while its sales reached 1.99 million barrels. LPG production reached 4.48 million barrels, while sales reached 5.33 million.

As for petrochemicals products, statistics show that gasoline production increased by 6.5 percent to 83,500 metric tonnes, paraxylene production reached 265,100 metric tonnes, up by 4.6 percent. Polypropylene production decreased by 23.7 percent to 101,800 metric tonnes, but its sales increased by 25.7 percent to 17,000 metric tonnes.

The Sultanate of Oman’s exports of M-91 fuel increased by 16.2 percent to reach 1,410,700 barrels, and M-95 fuel exports recorded an increase of 53.5 percent to reach 572,800 barrels until the end of June 2024. Exports of gas oil (diesel) amounted to 9,058,200 barrels, jet fuel 3,605,000 barrels, while exports of liquefied petroleum gas (LPG) amounted to 280,600 barrels.

Paraxylene exports amounted to 254,700 metric tonnes, benzene exports amounted to 81,500 metric tonnes, and polypropylene exports amounted to 81,200 metric tonnes.

Source:https://omanpetroleumandenergyshow.com/News/omans-natural-gas-production-and-imports-increase-by-53

At the end of Q2-2024, the public revenue decreased by 2% to RO 6,197 million compared to RO 6,342 million registered over the same period of 2023. This decrease is mainly attributed to the decrease in net gas revenue and current revenue.

According to the fiscal performance bulletin issued by the Ministry of Finance, the following are the main items of public revenue:

Net Oil Revenue: At the end of Q2-2024, net oil revenue increased by 3% to RO 3,362 million, compared to RO 3,257 million registered over the same period in 2023. The average realized oil price amounted to US$ 82 per barrel and the average volume of oil production reached 1,003 thousand barrels per day. This is attributed to the methodology of Energy Development Oman (EDO) for collecting oil revenue and managing cash flow.

Net Gas Revenue: At the end of Q2-2024, net gas revenue amounted to RO 943 million, decreasing by 15% compared to RO 1,115 million registered over the same period in 2023 due to the change in the methodology for collecting gas revenue.

Current Revenue: At the end of Q2-2024, the current revenue amounted to RO 1,882 million, down by RO 80 million when compared to RO 1,962 million registered in the same period of 2023.

Meanwhile, at the end of Q2-2024, the public spending amounted to RO 5,806 million, up by RO 120 million, i.e. 2% when compared to the same period in 2023.

According to the bulletin, the following are the main items of public spending:

Current Expenditure: At the end of Q2-2024, the current expenses of the civil ministries amounted to about RO 4,065 million, a decrease by RO 13 million compared to RO 4,078 million at the end of Q2-2023.

Development expenditure: At the end of Q2-2024, development expenditure of civil ministries and units amounted to RO 502 million, representing 56% of the total development spending, i.e. RO 900 million, allocated for 2024.

Contributions and Other Expenses: At the end of Q2-2024, the total contributions and other expenses amounted to RO 1,088 million, up by 40% compared to RO 775 million registered over the same period in 2023. This is mainly due to the implementation of the social protection system.

The subsidies of social protection system, electricity and oil products amounted to RO 280 million, RO 259 million, and RO 153 million, respectively. Furthermore, an amount of RO 200 million was transferred to future debt obligations budget-item.

By the end of Q2-2024, the Ministry of Finance paid more than RO 558 million to the private sector. This reflects the payment vouchers received through the e-financial system that completed their documentary cycle.

During the Q2-2024, the government was able to repay a number of outstanding financial obligations, leading public debt to stand at RO 14.4 billion,

Petroci Holding, the state-owned energy company of Côte d’Ivoire in West Africa, has seen its stake in Masirah Oil Limited (MOL), which owns and operates Block 50, offshore the Sultanate of Oman’s east coast, rise to 12.5 per cent, up from 8.39 per cent previously.

The uptick, announced by MOL’s majority stakeholder Singapore-based Rex International Holding, follows the settlement of a legal claim brought by Petroci Holding against fellow shareholders of Masirah Oil Limited.

Petroci Holding had a minority share in Masirah Oil Limited when the latter successfully achieved first oil from the Yumna Oilfield in Block 50 in February 2020, effectively unlocking the first petroleum system off Oman’s east coast.

However, in August 2021, Petroci filed a claim against Rex Holding’s local subsidiary, Rex Oman Limited, a subsidiary of Masirah Oil Limited (with 86.37 per cent stake). Also included in the legal claim, filed before the Commercial Division of the High Court in British Virgin Islands, were certain past and present directors of Masirah Oil. The claim challenged certain actions that led to a dilution of Petroci’s interest in Masirah Oil as a partner and minority shareholder.

Last week, the Board of Directors of Rex International announced that the parties involved in the suit had signed a Global Settlement Agreement with Petroci Holding, effectively providing for a full and final settlement of the claim.

As part of the settlement, a total of 21,558 ordinary shares in MOL will be transferred by Rex Oman to Petroci. This will increase Petroci’s shareholding in MOL to 12.5 per cent and reduce Rex Oman’s shareholding in MOL to 81.14 per cent.

“On closing of the Settlement Agreement, MOL and Petroci will enter into a service agreement pursuant to which Petroci will provide technical services to MOL at no cost. If MOL achieves certain agreed key performance targets during the 18-month term of the service agreement, MOL will issue new shares to Petroci which will result in Petroci’s shareholding interest in MOL increasing to 25 per cent,” Rex added in a press statement.

Source:https://omanpetroleumandenergyshow.com/News/petroci-stake-in-omans-masirah-oil-limited-climbs-to-125

The National Center for Statistics and Information (NCSI) has revealed that the Sultanate of Oman’s total oil exports reached 179.36 million barrels by the end of July this year, marking a slight increase of 0.05 per cent compared to 178.9 million barrels during the same period last year.

The report also highlighted a decrease in the average price of oil, which fell to $83.9 per barrel in July, a 6.1 per cent drop from the previous month’s price of $89.3 per barrel. Meanwhile, the average oil price dropped to $83.9 per barrel in July, a 6.1 per cent decrease compared to the previous month when it was $89.3 per barrel.

The latest data revealed a 5.2 per cent decline in Oman’s total oil production, which fell to 211.8 million barrels by the end of July 2024, down from 223.5 million barrels during the same period last year. Crude oil production saw a significant decrease of 7.1 per cent, totaling 162.2 million barrels, compared to 174.6 million barrels a year earlier. In contrast, condensate production increased by 1.6 per cent, reaching over 49.6 million barrels, up from 48.9 million barrels last year. The average daily oil production in July 2024 was recorded at 994.8 thousand barrels, a decrease from the 1.5 thousand barrels reported during the same period in 2023.

The report also highlighted that the People’s Republic of China remains the top importer of Omani oil, with imports reaching 171.7 million barrels by the end of July, marking a 4.8 per cent increase compared to 163.1 million barrels during the same period last year. Japan followed with approximately 3.4 million barrels, South Korea with 2.5 million barrels, and India with 1 million barrels.

In the natural gas sector, Oman saw a 5.5 per cent increase in domestic production and imports, totaling over 32.6 billion cubic meters by the end of July 2024, compared to 30.9 billion cubic meters during the same period last year. Associated gas production rose by 6 per cent to 6.5 billion cubic meters, while non-associated gas production, including imports, increased by 5.3 per cent to 26.3 billion cubic meters.

NCSI’s data further indicated that gas usage in industrial projects surged by 14.6 per cent by the end of July 2024, reaching more than 20.7 billion cubic meters, up from 18.1 billion cubic meters in the same period last year. Gas consumption in power generation also rose by 11.9 per cent, totaling over 5.3 billion cubic meters compared to 4.7 billion cubic meters last year. However, gas used in oil fields saw a decline of 19.3 per cent, dropping to 6.3 billion cubic meters from 7.8 billion cubic meters during the same period in 2023.

In terms of petroleum product sales, liquefied petroleum gas (LPG) experienced an 11.5 per cent increase, with sales reaching 5.8 million barrels by the end of July 2024, compared to 5.2 million barrels during the same period last year. Conversely, aviation fuel sales decreased by 6.8 per cent, totaling 2.3 million barrels compared to 2.5 million barrels last year. Diesel sales also saw a slight drop of 0.7 per cent, recording 8.5 million barrels, down from 8.1 million barrels during the same period in 2023.

SOurce:https://omanpetroleumandenergyshow.com/News/omans-oil-exports-see-slight-increase-in-july

Indonesian oil and gas firm PT Medco Energi Internasional Tbk (MedcoEnergi) has described stake acquisitions in two key hydrocarbon blocks in the Sultanate of Oman as a “significant milestone” for the state-owned company.

MedcoEnergy saw its presence in Oman’s upstream sector ramp up dramatically late last year when it successfully acquired a 20 per cent stake each in Blocks 48 and 60, owned and operated by OQ Exploration and Production (OQ EP), the upstream arm of Omani energy group OQ.

“After a successful 17-year presence in Oman, MedcoEnergi expanded its portfolio with the acquisition of two 20 per cent interests in onshore exploration and production sharing agreements (EPSAs) from OQ Exploration & Production LLC. The producing Block 60 and the exploration Block 48 are located in western Oman near the Saudi Arabian border. Block 60 provides an immediate uplift in production and both blocks offer significant oil and gas resource potential,” the company stated in its 2023 Annual Report.

Prior to the stake acquisitions, MedcoEnergi’s presence in Oman was limited to two assets: Karim Small Fields (within PDO’s concession), and Block 56. MedcoEnergi holds a 58.5 per cent operating interest in the Karim Small Fields Service Contract. As part of its remit, MedcoEnergi is providing infill drilling, workover and thermal enhanced oil recovery services to maintain production from 20 fields within the cluster. Oil production averaged 13 million barrels of oil per day (mbopd) in 2023.

In the onshore Block 56, MedcoEnergi holds a 5 per cent interest. The exploration period was successfully extended by one year to the end of 2024 following the commitment of an additional exploration well.

Marking a “significant milestone” for the company are last year’s stake acquisitions in Blocks 48 and 60. “(The acquisition) delivers immediate production uplift, unlocks future exploration potential, and expands the Company’s geographic footprint in a strategically important region. The partnership with OQ Exploration & Production further strengthens MedcoEnergi’s position, leveraging their expertise and established presence in Oman,” MedcoEnergi stated.

Block 60, covering 1,485 km2, currently produces approximately 63 million barrels of oil equivalent per day (mboepd) from the Bisat oil and Abu Butabul gas and condensate fields. “This translates to an additional net 12.6 mboepd production to MedcoEnergi,” said the Indonesian company. “The EPSA expires in 2048 and the block has substantial undeveloped discovered gas resources.” Likewise, Block 48, covering 2,995 km2, also holds significant potential for further Oil & Gas discoveries, according to the company. “The Block 48 EPSA is in the second phase of the exploration period and extends until the end of 2025, with a commitment to acquire a new 3D seismic. Although non-operated, MedcoEnergi will be actively involved by seconding experienced personnel – senior staff and technical experts well-versed in gas development, production, technology, and sustainability – to support the asset.” The parent group currently has interests in 15 oil and gas properties in Indonesia, as well as 12 international properties in Thailand, Oman and Yemen. Total oil and gas production was 160 mboepd in 2023, comprising 80 per cent gas and 20 per cent liquids.

Source:https://omanpetroleumandenergyshow.com/News/medcoenergi-expands-presence-in-omans-upstream-energy-sector

The Sultanate of Oman and Republic of Bulgaria are set to sign a Memorandum of Understanding (MoU) to strengthen their bilateral energy relations within the next two months. This agreement was reached during a meeting on August 23, 2024, between Eng Salim al Aufi, Oman’s Minister of Energy and Minerals and Vladimir Malinov, Bulgaria’s Minister of Energy in the capital city, Sofia.

According to a statement issued by Bulgaria’s Ministry of Energy, the MoU aims to boost cooperation in areas such as oil and gas, hydrogen, renewable energy production and storage, with the possibility of Oman investing in Bulgaria.

Malinov emphasised the importance of securing and diversifying energy supplies as a vital aspect of Bulgaria’s national security. “Guaranteeing security and diversification of energy supply is an integral part of Bulgaria’s national security. In this respect, one of the main goals facing our country is securing supplies of liquefied natural gas in the long term,” he stated.

He highlighted the need for long-term liquefied natural gas (LNG) supplies, mentioning that Bulgaria will soon begin commercial operations at the LNG terminal near Alexandroupolis, Greece. Al Aufi and Malinov discussed the prospect of Oman supplying LNG to Bulgaria to meet the demands of the upcoming winter season.

Oman expressed interest in Bulgaria’s expertise in operating pumped storage hydro plants for renewable energy storage. Additionally, both countries explored potential collaboration in hydrogen energy, with Bulgaria positioning itself as a gateway for hydrogen producers and traders in Europe. “Bulgaria can be a gateway for producers and traders of hydrogen that can be realised in Europe,” Malinov noted.

He also mentioned a collaborative project with Greece to build a hydrogen interconnector, which has EU recognition as a Project of Common Interest, with Romania showing interest in joining. “We have already developed, together with Greece, a project to build an interconnector for hydrogen, which has also been granted the status of a Project of Common Interest to the EU. Romania is interested in joining the project as well,” Malinov added.

The topics discussed will be formalised in the forthcoming memorandum, laying the foundation for enhanced bilateral relations between Oman and Bulgaria.

Source:https://omanpetroleumandenergyshow.com/News/oman-and-bulgaria-to-enhance-energy-cooperation