The French company Total Energies intends to invest $10 billion in Argentina, distributed across a group of projects, including drilling new wells in the Tierra del Fuego region and expanding gas production in the Neuquén region, according to what its CEO, Patrick Pouyanné, announced on Thursday.
Pouyanné said during an investment conference in Paris that the company aims to raise its gas production to 16 million cubic meters per day, noting that investments ranging between 4 and 5 billion dollars are expected during the next ten years.
Total Energies produces about a quarter of gas in Argentina, according to company data, while it aims to increase energy production at a rate of 4 percent annually until 2030, and to grow oil and gas production between 2 and 3 percent annually during the period from 2030 to 2035.
The announcement comes in conjunction with the visit of Argentine President Javier Mele to France as part of broader efforts to attract foreign capital to strategic sectors, including energy, mining, and infrastructure. Milley is scheduled to meet French President Emmanuel Macron on Thursday.
Part of Total Energies' expansion is focused on the Neuquén region, which contains part of the Vaca Muerta rock formation, one of the largest unconventional oil and gas deposits in the world.
In August, Vaca Muerta produced about 670,000 barrels of oil and 95 million cubic meters of gas per day, equivalent to 72 percent of the total Argentine oil production and 62 percent of its gas production, according to the consulting company GKC.
Vaca Muerta has become a major focus of Argentina's strategy to increase energy production and enhance export revenues. The state energy company YBF expects the region to generate $50 billion in energy export revenues by 2031, which could make it a source of revenue comparable to the country's agricultural sector.
Saudi stocks ended trading on Thursday with a decline, recording the lowest close since last January, amid a decline in leading and mid-cap stocks, in trades with a total value of about 3.7 billion riyals.
The main market index, TASI, declined during Thursday's session by 0.5 percent, closing at 10,393 points, losing 48 points, recording the lowest close since last January.
“Saudi Tadawul” announced the update of the market order mechanism in the main market and “Nomu - Parallel Market”, with the update being implemented as of Sunday, October 4th.
“Acwa Power” and “Saudi National Bank” shares fell by 2 percent to 163.50 riyals and 39.20 riyals, respectively.
The shares of “Almarai”, “Riyad Bank”, “Etihad Etisalat”, and “Dr. Sulaiman Al-Habib, Al-Awal, SABIC Agricultural Nutrients, Jabal Omar, and Makkah recorded declines ranging between 1 and 3 percent.
“Knowledge City” shares declined by 6 percent, amid profit-taking operations after the gains of the past sessions, while “Chemanol” shares led the declining stocks, falling by more than 9 percent.
On the other hand, “Raydan” shares topped the rise by 8 percent, followed by “Naseej” and “Raoum” shares with gains of more than 4 percent, then “DBS” by 3 percent.
Sable Company, one of the SALIC companies affiliated with the Public Investment Fund, announced the launch of its new strategy to provide integrated logistical solutions in the agricultural food sector, in a way that enhances the efficiency of supply chains and supports food security goals in Saudi Arabia.
The strategy focuses on three main pillars, including alignment with the objectives of “Vision 2030”, responding to market needs, and benefiting from the operational capabilities and network of Sable’s 14 branches in various regions of Saudi Arabia, in addition to strengthening partnerships with government agencies and the private sector.
The Chairman of the Board of Directors of Sable, Abdul Rahman Al-Zoghaibi, said that the strategy represents a new stage in the company’s journey, and lays the foundation for the expansion of its business in areas that serve the agricultural food sector.
For his part, CEO Abdul Rahman Al Owais explained that the strategy enables the company to expand its services according to the needs of the sector, by raising the efficiency of handling, storage and transportation operations, taking advantage of its assets and investment spaces, and developing new solutions that serve the supply chain.
“Sable” was established by “SALIC” after the decision to transfer the operational work of storage silos, including purchasing and supplying wheat and strategic storage, from the General Authority for Food Security to “SALIC”.
