Partners in Cyprus' Aphrodite gas field approve $192 mln investment - REUTERS

JERUSALEM, Sept 18 (Reuters) - The partners in the Aphrodite gas field in Cypriot waters have approved a $192 million investment to begin drilling and to cover other development costs for the offshore project, Israeli firm NewMed Energy (NWMDp.TA) said on Sunday.

Most of the investment is for drilling a well that will first confirm the size of the gas deposit, estimated to be 124 billion cubic metres, and then be used for production, NewMed said.

Drilling is expected to begin in the first half of 2023.

NewMed has a 30% stake in Aphrodite, located about 170 km south of Limassol. Chevron (CVX.N) and Shell each have a 35% share.

The partners are examining development options, NewMed said, including connecting the field to existing facilities in the area or linking it to development plans for nearby assets in Egypt.

Turkey declares oil refinery as special industrial zone - YENI SAFAK / ANADOLU AGENCY

October 20, 2018  11:14 

A presidential decree has declared a newly-opened oil refinery in western Izmir province as the first special industrial zone in Turkey, the Industry and Technology Ministry said Saturday.

Industry and Technology Minister Mustafa Varank said in a statement that the oil refinery will reduce Turkey's foreign trade deficit annually by $1.5 billion.

"The STAR refinery is the biggest real sector investment made at a time in Turkey," he said.

He stressed on the importance of petrochemical investments in terms of high value-added production, employment opportunities and balance of payments.

Egypt- Petroleum Minister looks into expanding Midor refinery with Italian Technip - MENAFN - DAILY NEWS EGYPT

September 26, 2017 2:15:08 PM 

Minister of Petroleum Tarek El Molla and Chairperson of Technip Marco Villa, an Italian project management and construction company, looked into the expansions of the Middle East Oil Refinery (Midor) and the project to establish a new complex for fuel oil hydrogenic cracking in the Assiut petroleum refinery, according to a report issued by the Ministry of Petroleum on Tuesday.

The expansion project of Midor aims to increase its refining capacity from 115,000 barrels to 175,000 barrels per day.

The minister pointed out that it is necessary to adhere to the schedule agreed upon for the implementation of the two projects as well as placing them on the production map for their significance in securing the supply of fuel to the local market and in limiting imports.