After nine significant gas discoveries wihin the past 12 months, Algerian State energy company Sonatrach detected three new gas deposits in the south of Algeria. In the Tinerkouk West-1 well, which is operated in partnership with Norway’s StatoilHydro, 9,000 cubic metre per hour are produced. At the Tin Zaoutene-1 well, located in the Bourarhet South area, the gas streamed with 11,220 cubic meter per hour. At the Reg Mouaded-1 well in the Hassi Ba Hamou perimeter the gas flowed with 3,776 cubic meter per hour. This well is operated by Sonatrach and BG Algeria-Gulf Keystone.

Enip, the state-owned Societe Nationale de la Petrochimie, announced technical bids for the building of an urea formaldehyde resin plant at Enip’s production site at Arzew. The plant will be designed with a capacity of 120 tonnes per day of urea formaldehyde concentrate (UFC) type 85. Within the production complex all necessary feedstocks are available. Technical bids must be submitted by October 18, 2008. After completion of the technical evaluation, which is estimated to be in the first quarter of 2009, commercial bids will be submitted.

Together with the Crown Prince of Bahrain, Sheikh Salman bin Hamad al-Khalifa, the government of Bahrain is to issue its final approval for Bahrain International Airport, ahead of the main tendering process for its redevelopment. Within the framework of the tendering process, the main construction contracts for expanding the airport will be awarded. The construction schemes will provide for another 5 million passengers per year, adding to the current capacity of 10 million passengers a year. Completion is scheduled for 2011. Also, an additional cargo terminal will increase the capacity of 347,000 tonnes per year by 1 million tonnes. A company, run by private sector staff and the regulator, will be set up on a commercial basis, before the tendering process begins.

Three firms have submitted technical bids for management of the Seef Plaza project in Bahrain: the US' Hill  international, Bahrainbased Projacs International and KEO International Consultants. Seef Plaza consists of two residential towers, one 35 and the other 25 stories high. Located in the prestigious Seef district of Bahrain, it will add to the already impressive skyline of the Kingdom. The client is Eskan Bank, which is also the client for the BD1bn ($265m) Bandar al-Seef project, which is part of the North-shore development programme in Manama.

The five different financial services regulators in Egypt are to be consolidated into one single entity by the Investment Ministry. Among the subjects regulated by the new body are insurances, mortgages, capital markets, listed companies and leasing firms. Thus, the regulatory power of the Egyptian Insurance Supervisory Authority, the Mortgage Finance Authority, the Capital Markets Authority, the Cairo & Alexandria Stock Exchanges and the General Authority for  Investment & Free Zones (Gafi) would be made redundant. Investment Minister Mahmoud Mohieldin will issue a statement on the new regulatory body and the preceding consolidation of the five different regulators in autumn this year.