The Briefing

Weekly business & investment updates curated for you.

Erbil Rotana

Egypt's giant Zohr gas field aims to start output in 2017 — The Zohr gas field, discovered by Italy's Eni, is the biggest in the Mediterranean, and with an estimated 30 trillion cubic feet of gas it is expected to plug Egypt's acute energy shortages and save it billions of dollars in precious hard currency that would otherwise be spent on imports. Eni planss to invest between $6 billion and $10 billion to develop the Zohr field.

Noble to make investment decision on Israel's gas fields in one year — Leviathan, a massive field with reserves of 22 trillion cubic feet (tcf), was initially slated to begin production in 2018 with most of the gas earmarked for exports.

Mexico opens up its energy industry — After 15 years of underinvestment a series of government reforms look set to shake up Mexico’s energy market and bring in billions in investment.

The outflow of capital from Russia in 2015 will be about $70 billion — “We see that the confidence of investors in our fiscal policy is growing and the outflow of capital is reducing. In the beginning of the year, we estimate that it was about $130 billion. The third quarter was a net capital inflow of $5.3 billion," Finance Minister Anton Siluanov said.

Saudi Arabia Said to Create Special Office to Cut Spending — Saudi Arabia’s net foreign assets fell to a near three-year low in September, as the government draws down financial reserves accumulated over the past decade, the Saudi Arabian Monetary Agency announced. The central bank’s investments in foreign securities plunged by $23 billion, while bank lending to private businesses grew at the slowest pace since April 2011, the data show.

Statoil makes $236 mln investment in floating wind farm — Norway's oil and gas firm Statoil said it will invest about $236 million in building a floating wind farm off the Scottish coast, in what it said is set to be the first of its kind in the world.

Russian oil company willing to invest in major Iran oilfield — Russian state-owned oil company Zarubezhneft is reportedly willing to develop a major oilfield in western Iran which is projected to come online with an investment of $2.2 billion.

Morocco to build world's largest concentrated solar power plant — The north-western African nation is building the world's biggest concentrated solar power plant, which will supply electricity to 1.1 million Moroccans by 2018, according to the World Bank.

The Briefing

Weekly curated news, tips & opportunities for the global business community

Thanks! You are signed up to our briefing updates.