Saturday 1 November 2014

Oil falls for fourth month, longest slump since 2008

Oil's losing streak continued for the fourth consecutive month on Friday, with prices tumbling as another round of monetary stimulus from Japan pumped up the US dollar and pounded a crude market already suffering from robust supply. US crude dipped briefly below $80 a barrel


US says working with Iraqi Kurdistan to stop Islamic State oil smuggling

The US is working closely with the Iraqi Kurdistan Regional Government to clamp down on oil smuggling in a bid to cut off a key source of funding for Islamic State, a senior US official said.   Islamic State militants have seized oilfields and refineries in nort


MOL gets approval for Akri-Bijeel block development plan

The Kurdistan Regional Government in Iraq has approved a major new oilfield development majority-owned by Hungary's MOL, the company said.   The minister of natural resources has given the green light for the field development plan of the Akri-Bijeel Block a


Algeria to hold oil and gas auction within weeks

Algeria is preparing a new auction of oil and gas blocks, an official said, after the North African country awarded just four of 31 fields last month in the first attempt to lure foreign investors since 2011.   Algerian officials described last month


KNPC chief to receive Meed award

The Meed Kuwait Leadership Award 2014 will be presented to Mohammad Ghazi Al-Mutairi, CEO of Kuwait's National Petroleum Company (KNPC), for his contribution to the development of Kuwait's economy, the global oil industry and to the recent project progress in the Middle East.


Suez Environment unit wins contracts in Oman, UAE

Degrémont, a subsidiary of Suez Environment, is set to design, construct and operate the Dh677 million ($184.2 million) desalination plant at the new Mirfa Independent Water and Power project in Abu Dhabi. It was selected by Hyundai Engineering and Construction to build th


Electricity sector challenges to be probed at Bahrain forum

The challenges facing the electricity sector will be reviewed at a key conference next month in Bahrain. The Gulf Electricity Conference and Exhibition 2014 will be held between November 10 and 12 at the Gulf Hotel under the patronage of Minister of State for Electricity and Wate


Iran gas exports to Europe ‘would take five years’

Iran would take at least five years to start exporting natural gas to the European Union if sanctions were removed, industry experts said. Last month, Reuters reported that the EU was increasing the urgency of a plan to import natural gas from Iran, as relations with Teh


Saudi-Sinopec refinery 'to begin export in December'

The first fuel exports from a major new Saudi Arabian-Chinese refinery will load in December, slightly later than expected, three industry sources said. The 400,000-barrel-per-day (bpd) Yanbu Aramco Sinopec Refining Company (Yasref) refinery started trial runs in September and or


Qatar's Tasweeq to slash condensate exports in 2016

Qatar's state oil marketer Tasweeq expects to cut deodorised field condensate (DFC) exports in 2016 by 30 per cent from current levels as domestic consumption increases after a new splitter comes online, a senior company official said.   Qatari condensate ex

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