BP sells its oil assets in Egypt

BP has announced the sell of its interests in Gulf of Suez oil concessions in Egypt to Dubai-based Dragon Oil, a wholly-owned subsidiary of the Emirates National Oil Company (ENOC). The deal, which is subject to the Egyptian Ministry of Petroleum and Mineral Resources’ approval, is expected to complete during the second half of 2019 and is part of BP’s plan to divest more than $10 billion of assets globally over the next two years.

Bob Dudley, BP chief executive, said: “Egypt is a core growth and investment region for BP. In the past four years we have invested around $12 billion in Egypt – more than anywhere else in our portfolio – and we plan another $3 billion investment over the next two years. We look forward to continuing to broaden our business here, working closely with the government of Egypt as we develop the country’s abundant resources.”

Hesham Mekawi, regional president, BP North Africa, added: “We continue to bring on new developments and deliver important gas supplies for the country. We remain on track to triple our 2016 net production from Egypt by 2020. As we grow our business here, we also keep our portfolio under review. We believe Dragon Oil is well-placed to operate these mature assets, delivering further value for Egypt.”

Four new Raimondi LR213 cranes for Dubai

Nurol Construction Co, part of the Nurol Group, has recently received four new Raimondi LR213 luffing jib cranes in Dubai. They will be used on a construction project of 27 residential towers overlooking the Arabian Gulf whose completion is planned for August 2021. Three teams were mobilized to carry out the offloading, assembly and installation of the new machines. Two of the new cranes, each with a jib length of 50 meters, are the first-ever Raimondi LR213s to be erected internally in existing structures onsite in the UAE, while the two cranes installed outside of the structures both have jib lengths of 55 meters.

“Raimondi’s Middle East operations team will be performing monthly onsite maintenance, and as part of the overall after sales care package we will later execute the jumping procedure to enable the cranes to reach 150 meters in height,” said Wael Hasan, Middle East Commercial Director, Raimondi Cranes.

“Nurol decided that the Raimondi luffers were the best fit for this job site based on a number of factors including the LR213’s agility and its 14 tonne maximum capacity,” explains Thasin Tahmaz, PTD Manager, Nurol