Libya's AGOCO Completes Hamada-Zawiya Oil Pipeline Repairs
Libya's Arabian Gulf Oil Company (AGOCO) has completed repairs to a crude oil pipeline leak along the 18-inch Hamada-Zawiya line, it said on Thursday, after an oil leak in late May.
The leak prompted full isolation of the pipeline to halt the flow of crude, followed by the suction of oil from the pipeline and its return to the Tahara field for repumping.
Zawiya, 40 km (25 miles) west of Tripoli, is home to Libya's biggest functioning refinery, with capacity of 120,000 barrels per day (bpd). The refinery is connected to the country's 300,000 bpd Sharara oilfield.
14/07/2025
Iranʼs Trade attaché Casts Hungary as Gateway to EU Market
Iran's commercial attaché in Hungary described the central European state as a gateway to the EU market that plays a crucial role in the economic interconnection of the eastern and western part of the continent.
Hassan Argi made the statement in a ceremony held in the Hungarian capital of Budapest on the occasion of the centennial celebrations of the establishment of diplomatic relations between the two countries.
“Trade between Hungary and Iran is of particular importance. As a member of the European Union, Hungary plays a significant role in economic relations between the east and west of the continent. This country can be considered a gateway to the EU market, especially given its geographical location and economic ties with Iran,” Argi said.
“Furthermore, economic cooperation between Iran and Hungary continues through the only country whose joint economic commission with Iran has remained active in the European Union, which demonstrates the strategic importance of these relations for both countries. In early 2024, this commission held its meetings in Tehran, and we hope that the conditions for holding it in 2025 will also be provided.”
The Iranian commercial attaché underlined that Hungary is the only EU member state with which Iran's joint economic commission is active within the European Union and “this holds special significance for the long-term development of economic relations between Iran and the EU.”
Argi said the last meeting of the commission was held in early 2024, and he hopes such sessions will reconvene in 2025.
Budai Lóránt, the mayor of Jászberény, who attended the ceremony in Budapest, pointed to the critical situation in the region and expressed sympathy with the people of Iran regarding the recent Israeli war of aggression on the Islamic Republic.
“Participation in joint programs, especially in the areas of trade and culture, can help form deeper and multifaceted relations between the two nations,” Lóránt said.
The mayor emphasized that the presence of his city's reputable holding company, as per arrangements made, at the Iran Expo 2025 in Tehran, which was held to commemorate the anniversary of diplomatic relations and following recent interactions between Yazd and Jászberény, is considered a successful example of private sector cooperation within the framework of urban diplomacy. - Iran Daily
14/07/2025
Knowledge-Based Firm Designs Oil Dosing System for Iran's Refinery ISOMAX Unit
A knowledge-based company in Iran designed and developed a very high-precision oil dosing equipment with a working pressure of 550 bars for the vital ISOMAX refinery unit.
The equipment, which plays a vital role in refineries, specially in the ISOMAX unit, is designed with a high precision and on a drop scale and is capable of controlling oil droplets in a very precise dosing and adjustable manner with an injection rate of up to 30 drops per minute and for each pump separately.
The injection pressure of this oil into the system is very high and reaches about 550 bars. Previously, only four foreign companies were able to manufacture such equipment, but now the Iranian company has made the country the fifth company to possess this equipment.
The design and prototyping of this device was carried out by the company within 8 months. At present, the equipment is being operated in the heart of Tabriz refinery and is completely designed and engineered by the Iranians.
This equipment is mostly used in the oil industry and some large industries like rubber manufacturing, and it can be used in all industries that have pumps, motors, compressors or high-pressure oxygen generators.
The ISOMAX process is a hydrocracking process used in oil refineries to convert heavy petroleum fractions into lighter, more valuable products like naphtha, kerosene, and ultra-low sulfur diesel.
It’s a two-stage process that operates under specific conditions of temperature and pressure, with separate hydrogen recycle systems for each stage to allow for flexible product yields. The process is known for its ability to produce a variety of products with varying specifications, making it a versatile tool for refiners. - Kayhan
14/07/2025
Land Allocated for Iraqi Economic City in Partnership with Elsewedy Electric
The Iraqi Cabinet has approved the allocation of part of plot (1/89, District 14, Al-Haswa), currently owned by the Ministry of Finance and designated for the Ministry of Defence, based on the Defence Ministry's actual land needs.
A total of 2,400 dunams will be allocated to the Iraq Development Fund to contract with Elsewedy Electric for the establishment of an economic city, under the terms of a Memorandum of Understanding signed by both parties.
The remaining land will be allocated to the National Investment Commission (NIC) for the development of large-scale economic cities. The Cabinet also approved an exemption from Cabinet Decision No. 169 of 2022 for this land allocation.
14/07/2025
OPEC Trims Oil Demand for Next 4 Years
OPEC cut its global oil demand forecasts for the next four years on Thursday as Chinese growth slows, even as it lifted its longer-term view due to rising oil needs in the developing world and said there was no evidence demand had reached its peak.
The OPEC+ producer group comprising the Organization of the Petroleum Exporting Countries plus allies including Russia is pumping more barrels to regain market share after years of cuts to support the market. Lower medium-term demand could make it harder for the group to unwind its other cuts, which remain in place until the end of 2026.
World demand will average 105 million barrels per day this year, OPEC said in its 2025 World Oil Outlook published on Thursday. It expects demand to grow to average 106.3 million bpd in 2026 and then climb to 111.6 million bpd in 2029.
The forecasts for demand in 2026 through 2029 are all lower than last year. Demand will average 106.3 million bpd in 2026, OPEC said, down from 108 million bpd seen last year. The 2029 forecast is down 700,000 bpd from last year's figure.
At the same time, OPEC expects demand to grow for a longer period than other forecasters, including BP and the International Energy Agency, which expect oil use to peak this decade.
"Oil underpins the global economy and is central to our daily lives," said OPEC Secretary General Haitham Al Ghais in the foreword to the report. "There is no peak oil demand on the horizon."
OPEC said demand had completed its recovery from the COVID-19 pandemic, resulting in a more predictable outlook. Growth is also slowing in China, OPEC said, the country that has driven oil use higher for the last few decades.
"This comes on the back of slower economic growth, the faster penetration of EVs and related charging infrastructure and continued oil substitution in several sectors," OPEC said with reference to China.
GAP WITH IEA
OPEC kept its forecast that demand in 2030 will average 113.3 million bpd unchanged from last year.
By contrast, the International Energy Agency expects global demand to peak at 105.6 million bpd by 2029 and then fall slightly in 2030, the adviser to industrialised countries said last month.
For the longer term, OPEC expects India, the Middle East and Africa to drive growth. Developments such as the U.S. exit from the United Nations climate pact and a slower EV penetration rate in Europe will probably have spillover effects into developing countries, which need more energy, OPEC said.
OPEC expects world oil demand to reach 122.9 million barrels per day by 2050, up from 120.1 million bpd expected in last year's report. That's far above other 2050 forecasts from the industry such as that of BP.
OPEC has been calling for more oil industry investment and said the sector needs US$18.2 trillion to be spent to 2050, compared with US$17.4 trillion needed as estimated last year.
14/07/2025
Markets Thirsty for More Oil, OPEC+ 7 Oil Majors Say
Output increases from oil producer group OPEC+ are not leading to higher inventories, showing that markets are thirsty for more oil, ministers and executives from OPEC nations and bosses of Western oil majors have said.
OPEC+, which pumps about half of the world's oil, has been curtailing production for several years to support the market. But it has reversed course this year to regain market share and as U.S. President Donald Trump demanded the group pump more to help keep a lid on gasoline prices.
OPEC+, comprising the Organisation of the Petroleum Exporting Countries and allies such as Russia, began to unwind cuts of 2.17 million barrels per day in April with a production boost of 138,000 bpd. Hikes of 411,000 bpd followed each month in May, June and July.
On Saturday, the group approved a 548,000-bpd jump for August and will likely approve a large hike for September when it meets again in August, sources told Reuters.
"You can see that even with the increases for several months we haven’t seen a major buildup in inventories, which means the market needed those barrels," United Arab Emirates' Energy Minister Suhail al-Mazrouei told reporters.
Mazrouei was speaking on the sidelines of a biennial OPEC seminar, which brings together top oil ministers and executives.
OPEC has withheld access to the seminar to reporters from Reuters and several other news organisations. OPEC declined to comment on why it was doing this.
Global oil demand will increase by about 1.2-1.3 million bpd for the rest of this year, despite challenges from U.S. tariffs and trade tensions, Amin Nasser, the CEO of Saudi oil giant Aramco, told the seminar, according to participants.
Nasser cited rising U.S. gasoline demand and China's petrochemical sector as growth drivers.
Chinese and Japanese buyers are requesting more oil in a further indication of strong demand, Shaikh Nawaf Al-Sabah, the CEO of Kuwait Petroleum Corporation told the seminar, according to participants.
OPEC has ramped up production partly because it wants to regain market share from rivals such as the United States, sources have told Reuters.
BP CEO Murray Auchincloss said he saw non-OPEC production stagnating next year after hitting new highs in recent months.
The physical oil market looks tight and China is boosting stockpiles, Auchincloss said, according to participants.
Shell CEO Wael Sawan said he was more concerned about oil field depletion rates of 4-5% a year, meaning more investments were needed, according to participants.
TotalEnergies CEO Patrick Pouyanne said he thought the market was rather well supplied given that demand growth has halved in China in recent years, according to participants.
With planned output rises, OPEC+ will likely complete the return to the market of the 2.17 million bpd of voluntary cuts in September. It is also allowing the UAE to complete a 300,000 bpd separate output increase.
OPEC+ still has separate cuts of 3.65 million bpd in place, consisting of 1.65 million bpd in voluntary cuts by eight members and 2 million bpd across all members. Those cuts expire at the end of 2026.
14/07/2025
Major Overpasses in Opened Baghdad
Prime Minister Mohammed Shiaa Al-Sudani has opened two overpasses in the Tobji area of Baghdad's Karkh district, as part of the first phase of infrastructure works aimed at easing traffic congestion in the capital.
The project, implemented under the Ministry of Construction and Housing's traffic decongestion plan, is one of 16 such initiatives, 11 of which have been completed to date.
The two new overpasses span 950 metres towards Al-Alawi and 550 metres towards Aden Square, with eight access ramps connecting them to Bin Hayyan Bridge and July 14 Street. The development is expected to significantly improve traffic flow between Al-Adhamiyah, Al-Mansour, Al-Alawi, and Aden Square.
Al-Sudani praised the efforts of the Ministry of Construction and Housing, Baghdad Municipality, the Prime Minister's Monitoring Team, the Baghdad Governorate, and the implementing company. He also expressed appreciation to the residents of Baghdad for their patience during the project's construction.
He reiterated the government's commitment to infrastructure improvement across Baghdad and other governorates, emphasising the importance of completing stalled projects and launching new ones in sectors such as water, sanitation, housing, and urban development.
14/07/2025
Gamezop Commits to Expand in ME with New Office in Bahrain
India-based casual games company Gamezop has committed US$4 million to grow its presence in the Middle East with a new office in Bahrain.
The investment will support its operations as it aims to hire local talent, complete potential acquisitions, onboard 1,000 new apps and target an additional US$6 million in revenue within 18 months.
Founded in 2016 and backed by BITKRAFT Ventures, Gamezop is based in Gurgaon. The company provides 9,000 apps in 70 countries by offering casual games through an instant play model.
A new beginning
Gamezop said that its new Bahrain office would also serve as its HQ in the MENA region.
“We chose Bahrain for its strategic location, business-friendly environment, and access to the wider region," said Gamezop co-founder Gaurav Agarwal.
“We anticipate Bahrain will continue to attract leading global companies to establish their regional hubs here, thanks to its forward-looking policies and the proactive support of the Bahrain Economic Development Board, which has been instrumental in supporting our expansion.
“Our presence here marks the beginning of what we hope will become a strong digital bridge between India and the Middle East.
Bahrain Economic Development Board executive director of ICT Musab Abdulla commented: “Bahrain’s gaming and content creation ecosystem is building strong momentum, powered by robust digital infrastructure, supportive government initiatives, and a growing pool of ambitious, creative talent.
The arrival of innovative companies like Gamezop further accelerates this growth, creating new opportunities for local developers and reinforcing Bahrain’s position as a hub for creative industries in the region.”
14/07/2025
Medident Signs Saudi MoU
Alfaisal University in Riyadh has signed a memorandum of understanding with Medident from Japan to create a model for equitable and technology-driven healthcare innovation that will enhance the contributions of both countries to global health.
The signing ceremony took place at the Saudi Arabia Pavilion at the Osaka-Kansai Expo and was attended by Ghazi Faisal Binzagr, Saudi ambassador to Japan; Daisuke Tomita, president and CEO of Medident; Noor Al-Saadoun, director of health innovation at the Biotech Center of Alfaisal University; and Mohammed Abdelhakim, vice director of Medident at Nippon Medical School.
Binzagr hailed the agreement, saying: “In bringing together Saudi Arabia’s dynamic institutional vision with Japan’s globally revered expertise in precision medicine, technology integration and multidisciplinary care models, this new alliance is anchored in a shared commitment to ethical, scalable innovation that addresses tangible clinical challenges while fostering inclusive progress.”
Initial projects under the agreement include AI-driven diagnostic trials, immersive medical education, and faculty exchanges set to begin at Alfaisal’s Health Innovation Center in Riyadh in late 2025.
The partnership will also focus on innovation labs for AI diagnostics, XR surgical training, 3D-printed biomaterials, and digitalization of the healthcare system.
Additional benefits of the partnership will include co-developed certification programs, cross-border support for health-tech startups, ethical adaptation of Japanese med-tech under Saudi Food and Drug Authority governance, and collaborative research into emerging health technologies.
Al-Saadoun said the partnership is in line with Saudi Arabia’s Vision 2030, adding: “Today isn’t just a signing; it’s a gravitational shift. When global innovators like Japan choose Riyadh as their primary partner, they validate what Vision 2030 engineered: a sovereign ecosystem where regulatory agility, integrated infrastructure, and unwavering national commitment converge. This MoU announcement is an invitation to the world to join the fastest-evolving tech landscape on earth.”
Alfaisal University is a non-profit institution of higher education located in the palace grounds of the late King Faisal in Riyadh.
Medident, a pioneer in integrated oral-systemic healthcare models and the deployment of multidisciplinary medical technologies, is based in Tokyo.
14/07/2025
Qatari Mekdam Holding Completes US Patent Registration
Mekdam Holding Group has announced the completion of the patent registration procedures in the United States for its advanced centralized alarm monitoring system (CAMS).
In a statement published on the Qatar Stock Exchange (QSE) website, the Group explained that centralized alarm monitoring system connects companies, residential buildings, and both public and private institutions to advanced detection networks for fire, theft, and intrusion.
The system operates through an integrated platform directly linked to the National Command Center (NCC), which ensures immediate coordination with the relevant authorities, including the police, ambulance, civil defense, and fire safety services, guaranteeing the highest levels of responsiveness and readiness.
Mekdam’s CAMS is widely used in managing emergencies that may threaten lives or property, as the system enables remote access to all resources via the National Command Center, providing immediate response and real-time coordination.
This innovation embodies Mekdam Holding Group’s vision and unwavering commitment to driving excellence and leadership in the field of technology.
14/07/2025