Tuesday 9 February 2016
 
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KPC to sell loss-making assets to cust costs

State-run Kuwait Petroleum Corp (KPC) plans to sell loss-making assets to cut costs as low oil prices pressure its finances, state news agency Kuna has reported. Nizar Al-Adsani, chief executive of KPC, was quoted as saying the company had started efforts to sell its Europoort re

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Iranian oil minister calls for $200bn of investment

Iran's oil industry will need $200 billion of investment to help it develop in the coming years, mostly from outside the country, the oil minister was quoted as saying.   "We need $200 billion of investment ... to reach our development goals," Bija

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Siemens renews service deal for Egypt power plants

Siemens has extended a long-term contract to provide service and maintenance, as well as component upgrades, at the Nubaria, Talkha and El Kureimat power stations in Egypt. The agreement was signed under the supervision of Egyptian Electricity Holding Company (EEHC), represented

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IEA sees global oil glut worsening

The world will store unwanted oil for most of 2016 as declines in US output take time and Opec is unlikely to cut a deal with other producers to reduce ballooning output, the International Energy Agency said. The agency, which coordinates energy policies of industrialised countri

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Mideast eyes bigger role for renewables

With power demand across the Middle East expected to grow at 9.9 per cent a year until 2020, governments are keen to increase the share of renewables in the power mix, a report said. A shortage of gas and, in some countries, increasing reliance on liquid fuels, a key product for

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QP to acquire 30pc interest in offshore blocks in Morocco

Qatar Petroleum (QP) has signed a deal with Chevron Morocco Exploration, to acquire 30 per cent participating interest in three deep-water offshore leases in Morocco, according to a report.   QP will acquired 30 per cent interest from Chevron's 75 per cent,

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Egypt’s solar investors to issue services tender

Investors in Egypt’s solar energy sector will float tenders in the next few days to invite bids to provide security, technical, and administrative services for the projects in Benban area, a report said. Mohamed El-Sobky, chairman of the New and Renewable Energy Authority (

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Honeywell sees surge in gas detection tools

Demand for Honeywell’s gas detection equipment in the Gulf is driven mainly by the oil and gas industry in Saudi Arabia and the UAE, the company acknowledges. “The oil and gas industry is certainly one of the biggest for gas detection equipment in the region. However,

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Bapco trains 200 in defensive driving techniques

Bahrain Petroleum Company (Bapco) recently trained 200 people in defensive driving techniques, through an e-Learning programme from MiX Telematics, a leading global provider of fleet and mobile asset management solutions. The final 20 trained in December were from Bapco’s E

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OCB Oilfield Services acquires Kuiper International

Gulf Capital, a leading alternative investment firm in the Middle East, said its portfolio company OCB Oilfield Services has acquired 100 per cent of Kuiper International, a dominant player in the offshore construction and maintenance services sector, with a particular stronghold in the Asia

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