Category: Finance

Cairo, The Gulf of Suez Petroleum Company (GUPCO) is planning to drill five new wells in North Safa and Al Wasl oil fields in the Gulf of Suez to develop oil reserves that exceed 100 million barrels and increase oil production to 15,000 barrels per day in the second half of next year. The Petroleum and Mineral Resources Ministry said 226 million dollars worth of investments were pumped into the development project that is carried out by a consortium of Egyptian companies that includes Enppi, Petrojet, and Offshore Petroleum Services, according to the Middle Eastern News Agency (MENA). The development plans include drilling wells, setting up a production station and extending pipelines. Source: Bahrain News Agency

Manama, Bahrain All Share Index has closed at 1,975.11 points, marking a decrease of 3.15 points below the previous closing. This decrease was due to the drop in the financial and industrial sectors. Bahrain Islamic Index closed at 823.30 points, marking an increase of 0.19 points above the previous closing. Results indicated that 40 equity transactions took place with a volume of 506,569 worth BD 98,143. Investors traded mainly in the financial sector, representing 55.86% of the total value of securities traded. Source: Bahrain News Agency

The Ministry of Finance signed today, Thursday, an amendment to the agreement to extend financing loans granted by the German Development Bank (KFW) for a number of development projects, where the amendment was signed between the Minister of Finance, Taif Sami Muhammad, and the bank's representative in Iraq. According to a statement by the Ministry of Finance: The new amendment stipulates extending the disbursement period for projects financed by loans, as follows: ? Extending the loan agreement for the rehabilitation of infrastructure to provide electricity in the liberated areas (phase three) in the amount of 140 million euros until 15/1/2027. ? Extending the loan agreement for the rehabilitation of infrastructure for roads, bridges, water and sanitation in the amount of 90 million euros until 31/12/2026. Source: National Iraqi News Agency

Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul Ghani inaugurated this afternoon, Thursday, the first phase of the associated water injection project with a capacity of 300 thousand barrels per day in the northern Rumaila field. The Minister said during a press conference held in the field, "This project will contribute to investing the associated water for the purpose of supporting the reservoir pressure and reducing dependence on the Shatt al-Arab waters until it is not exploited for water injection purposes after the completion of the seawater project expected to be completed in 2028. The Minister added that "the percentage of completion in the second phase of the project has reached 20% with a capacity of 300 thousand barrels," noting that work is being carried out extensively to complete its completion. Source: National Iraqi News Agency

Manama, As part of Bahrain Bourse's (BHB) efforts to develop the Capital Market in Bahrain and enhance market liquidity, and following the approval of the Central Bank of Bahrain (CBB), Bahrain Bourse announces the launch of Technical (Uncovered) Short Selling Guidelines to market participants through authorized brokerage firms, which aims to increase liquidity levels as well as diversify investment and hedging instruments in order to attract new investors. The newly introduced guidelines supplement the existing Market Rules of Bahrain Bourse and are designed to regulate 'Technical (Uncovered) Short Selling', where the seller does not possess the eligible securities at the time of sale or has not arranged for their borrowing before the short sale is made but commits to settling within the applicable settlement period T+2. According to the guidelines, 'Technical (Uncovered) Short Selling' is only permitted to authorized brokers and qualified investors. According to the newly introduced guidelines, the framew ork includes several measures to regulate the short-selling service, including trade suspensions for a minimum of 5% drop in the reference price of a given stock or if short-sold securities reach 10% of the total capital issued. Bahrain Bourse has also implemented a clear framework under which trades should take place. Shaikh Khalifa bin Ebrahim Al Khalifa, Chief Executive Officer of Bahrain Bourse, said, "The guidelines introduced are part of Bahrain Bourse's ongoing strategic efforts to enhance market liquidity and falls in line with the Financial Services Sector Strategy, and aim to regulate 'Technical (Uncovered) Short-selling' in line with international best practices and standards. The guidelines also aim to promote market efficiency and transparency, and enhance pricing efficiency." "It is essential to establish a robust regulatory framework for Technical (Uncovered) Short Selling including clear rights and obligations for brokers and qualified investors. This significant step empowers investors, par ticularly qualified ones, to utilize new trading strategies and diversify their investment portfolios," Shaikh Khalifa added. It is worth noting that eligible Members must be authorized by BHB to conduct Technical (Uncovered) Short Selling activities as outlined in the guidelines. Technical (Uncovered) Short Selling is applicable to eligible securities as approved by BHB, subject to regular review, to ensure a secure, dynamic and adaptable market environment. For further inquiries, members can visit Bahrain Bourse's website www.bahrainbourse.com or contact the Trading Operations Directorate on 17108778 or via membersaffairs@bahrainbourse.com. Source: Bahrain News Agency

Basra heavy and medium crude oil prices fell today, Wednesday, despite a rise in global markets. Prices for Basra Heavy crude fell by 58 cents to reach $77.35, and prices for Basra Medium crude fell by 56 cents to reach $80.28. Oil prices rose today, Wednesday, after a decline that lasted for several days, supported by a decline in US crude inventories, but expectations of an imminent ceasefire in the Middle East prevented the rise from continuing. Source: National Iraqi News Agency