A fire erupted at Aden’s oil refinery Saturday when rebels shelled the nearby port to prevent a Qatari ship carrying aid from docking. “The rebels fired artillery rounds at the area and one hit an oil tank at the refinery, sparking a fire,” said an official at the Aden Refinery Company. A government official told AFP that the rebels had targeted a Qatari vessel carrying food supplies from Djibouti, and that the attack forced it to turn back. Both the port and the refinery in Aden’s Buraiqah district are controlled by pro-government fighters and the area has seen fierce clashes between rival forces. The refinery has not been receiving any oil via the port, but it still has gas tanks and 1.2 million tonnes of crude in storage. [AFP, Reuters, 6/27/2015]
Gunmen kill senior Iraqi oil official in Iraq’s Kirkuk
Gunmen shot dead a senior oil official working for Iraq’s state-run North Oil Company (NOC) on Sunday, police and company officials said. NOC’s Chief of Operations Saad al-Karbalaie was killed in Kirkuk when gunmen shot him after forcing him to stop his vehicle as he was leaving his office. There was no immediate claim of responsibility for the attack on Karbalaie, who was supervising production and export facilities in Kirkuk. [Reuters, 6/28/2015]
UAE to offer Egypt grant for 10-year slum development project
The UAE will provide Egypt with a grant to aid in the development of 10,000 housing units over ten years, Minister of Urban Renewal and Informal Settlements Laila Iskandar said. The project, for which an agreement has yet to be signed, is set to begin within the next fiscal year. The company in charge of implementing the project has not yet been chosen, the minister said. The project will prioritize slum areas in Upper Egypt’s Minya governorate and Cairo’s Manshiyet Nasser district. The ministry’s technical support manager said on Sunday that the eradication of slums in Egypt, which make up 40 percent of its urban areas, will cost around EGP 250 billion. [Ahram Online, 6/28/2015]
Saudi foreign reserves drop for fourth month to $672 billion
Saudi Arabia’s foreign reserve assets fell for a fourth month to about $672 billion, as the kingdom grapples with lower oil prices and a costly war in Yemen. Net foreign assets fell about $6.6 billion (24.7 billion riyals) in May, bringing their decline since January to more than $50 billion, the Saudi Arabian Monetary Agency said in its monthly report. The reserves had plunged by 180 billion riyals in the previous three months. The government is using its deposits at the central bank to finance the shortfall, though analysts say it may soon turn to bond sales. [Bloomberg, 6/28/2015]
Tunisia bourse falls moderately on reopening after attack
Tunisian stock prices fell moderately in thin trade early on Monday as the market reopened after Friday’s attack on a resort that killed thirty-nine people. The attack is expected to slow Tunisia’s economy and hit reserves by damaging its tourist industry, a major source of foreign currency. However, the modest scale of the stock market’s fall suggested investors are not panicking. [Reuters, 6/29/2015]
Also of interest
Saudi port initiatives at forefront of push to diversify | Financial Times
French group to invest at least $150 million in Saudi’s Kingdom Holding | Reuters
Oil prices influence Saudi stock market through the private sector | Saudi Gazette
Saudi Arabia and Russia vie for global oil market foothold | Saudi Gazette
Saudi, Egyptian markets sink on Greek crisis | Reuters
Gulf share prices fall on attacks, Greece; IPO boosts Egypt | Reuters
Dubai’s Limitless to pay banks, trade creditors $564 million | Bloomberg
Iran gas exports to Iraq delayed again by security concerns | Reuters
Gulf Keystone signs new deal with oil buyer in Iraqi Kurdistan | Digital Look
Rising water price hits Yemenis, shortage may become bigger problem than war | Reuters
Full steam ahead on project to expand the Suez Canal | Financial Times
Egyptian pound steady at official auction, weaker on black market | Reuters
Egypt officially joins China’s Silk Road Economic Belt union | Ahram Online
Egypt-Sudan trade surplus down $179 million in 2014 | MENA
Italian firm wins $200 million solar project in Egypt | Trade Arabia