Canadian Cenovus Energy records higher profits in the third quarter

Canadian company Cenovus Energy announced on Wednesday that its profits rose during the third quarter, supported by an increase in oil and gas production.

The net income of the company - which is headquartered in Calgary, Alberta - rose to 3.36 billion Canadian dollars (2.40 billion US dollars), equivalent to 1.83 Canadian dollars per share, during the three months ending September 30, compared to 1.29 billion Canadian dollars, or 72 Canadian cents per share, in the same period of the previous year.

Erlan Akinzhinov, an official in the Kazakh Ministry of Energy, said on Wednesday that Kazakhstan has asked Russia to allow it to resume oil exports to Germany via the Drugba pipeline, and is awaiting a response.

Akinzhinov told reporters that Kazakhstan has the technical capacity to resume exports via the Drugba line, which passes through Russian territory. He said: “We are now awaiting a response from the Russian side.”

Russia had said in April that it was diverting Kazakh crude oil heading to Germany to other export routes to avoid using the Druzhba line, due to technical restrictions.

The Schwedt refinery in Germany, which supplies the capital Berlin with fuel, relies partly on Kazakhstani crude oil that arrives via pipelines.

Akinzhinov also noted that oil production in Kazakhstan is expected to reach 99 million metric tons by 2027.

He added that things for the year 2026 are “going according to plan,” with production expected to reach 96 million tons.

The Ministry of Municipalities and Housing announced the adoption of controls and procedures to regulate real estate transactions on lands subject to white land fees. It included organizing cases of restricting the transfer of ownership according to specific conditions and procedures, which contributes to organizing real estate transactions, taking into account the needs of owners and developers, and supporting the continuity of real estate development and investment projects.

The Ministry explained that the adoption of these controls comes in implementation of Cabinet Resolution No. 263, which stipulated that real estate transactions transferring ownership of lands subject to white land fees should not be documented except after verifying the payment of the fees due on them, in order to enhance the commitment to payment and regulate real estate transactions, taking into account cases that require special regulation of transactions.

It indicated that the cases include providing the entire land as an in-kind share in the capital of a real estate investment fund, dividing the estate among the heirs, selling the land to a buyer who will develop or build it during the additional period granted to the taxpayer according to the specified conditions, in addition to sorting the lands subject to the fee or merging them among the owners themselves for the purpose of developing it, and actions transferring ownership based on judicial rulings.

She added that the cases also include actions carried out within approved projects for off-plan sale and leasing, and actions in which the state is a party, or arising from expropriation for the public interest and temporary seizure of real estate.

The Ministry indicated that documenting actions in these cases requires completing the necessary regulatory procedures, while continuing to commit to paying the fees due in accordance with the specified controls, stressing that these cases do not represent an exemption from fees, but rather regulatory paths that allow the documentation of specific actions in accordance with their regulatory requirements.

The Ministry confirmed that these controls come within its efforts to develop the real estate market system, raise the efficiency of land exploitation, and stimulate investment and real estate development, which contributes to increasing the real estate supply, providing diverse housing options, and enhancing the efficiency and sustainability of the sector, in keeping with the aspirations of the beneficiaries and supporting the goals of improving the quality of life.