Saturday 20 September 2014

Western firms win key Egypt oil, gas blocks

Egypt has signed oil and gas exploration deals worth $187 million with several Western companies and a Tunisian firm to cover seven exploration areas in the Suez Canal, Egypt's western desert, the Mediterranean sea and the Nile Delta. The agreements cover seven exploration ar


Iraq oil export revenue falls to $7.1 billion for August

Iraq's oil exports generated $7.1 billion of revenue in August, down from $7.8 billion in July, the Iraqi oil ministry said in a statement. Oil exports were at 73.6 million barrels for August, the oil ministry said, citing the state Oil Marketing Organisation (SOMO).


Industries Qatar shelves major petrochemicals project

Industries Qatar, a leading petrochemical firm in the Gulf, said it had put its multi billion dollar Al Sejeel petrochemical complex project on hold and was studying a new scheme instead that would yield better returns. The company "confirmed that the Al Sejeel Petrochemical


Sabic signs R&D lab deal with Germay's hte

Saudi Basic Industries Corporation (Sabic), a global leader in petrochemicals, has signed a memorandum of understanding (MoU) with Germany-based hte to establish a satellite laboratory for high throughput experimentation to increase its research and development (R&D) efficiency.


UAE’s first nuclear power unit 57pc complete

The Emirates Nuclear Energy Corporation (Enec) has announced that Unit 1 of the four reactors being developed in the UAE’s nuclear energy programme in Barakah, Abu Dhabi, is now more than 57 per cent complete. Meanwhile, construction of Unit 2 is also well under way. The


India ships in 50pc more Iranian oil

Indian imports of Iranian oil rose by nearly half to 271,000 barrels per day (bpd) in January-August from a year ago, when refineries cut purchases due to worries about insurance coverage for processing crude from Tehran, data from trade sources shows.   World p


Iraqi Kurdistan oil heads to Asia; region in talks with China

At least 3 million barrels of Iraqi Kurdish oil are on ships heading to Asia, with trade sources naming China as a possible destination as the autonomous region expands efforts to establish independent oil sales in defiance of Baghdad.   Two sources with knowled


Libya's Zawiya refinery, El Sharara oil field shut

Libya's 120,000 barrels per day (bpd) Zawiya refinery has been shut down after storage was damaged in fighting between armed groups, an oil ministry official said.   The El Sharara field feeding the refinery also remains closed, said Ibrahim Al Awami, head o


Cheaper oil no big threat to Gulf economies

Falling oil prices may prove the best medicine for economies in the Arab world, rebalancing growth towards countries struggling to recover from the Arab Spring uprisings without doing major damage to the oil exporters of the Gulf.   The price of Brent crude has


Saudi July oil exports steady, power use offsets higher output

Saudi crude exports remained steady in July as oil use in the country's power sector surged to a near record high, offsetting higher output, official data showed.   The world's top oil exporter and Opec heavyweight shipped 6.989 million barrels per day (

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