Tuesday 30 June 2015

Abu Dhabi mulls merger to rescue troubled Taqa

Abu Dhabi may merge its national energy company Taqa into another state-owned business to make the company's crippling debts more manageable. Founded in 2005 and the only listed quasi-sovereign company in the emirate, Abu Dhabi National Energy Company (Taqa) went on an expansion dr


Asian imports of Iran oil hit highest this year as nuclear talks drag

Asian imports of Iranian crude rose to the highest level this year in May, although buyers may have to curb any further increases if negotiators up against a deadline fail to reach a final deal on Tehran's disputed nuclear programme.   A deal between Iran an


Kurdistan ramps up independent oil sales

Iraq's semi-autonomous Kurdistan region has ramped up independent oil sales since mid-June while cutting allocations to Iraq's state oil firm Somo in an escalating dispute over export rights and budget payments.   Kurdistan has sold at least 9 million ba


Libya's Agoco output at 250,000-290,000 bpd

Libyan oil company Agoco is producing 250,000 to 290,000 barrels per day (bpd) with a tanker loading 1 million barrels of crude at the oil port of Hariga, a spokesman said.   Production and exports continue despite the closure of Nafoura and Majid oilfields due


Opec oil output hits 3-year high on Iraq

Opec oil supply in June has climbed to a three-year high due to record or near-record output from Iraq and Saudi Arabia, a Reuters survey found, underlining the focus of the group's top exporters on market share. The boost from the Organization of the Petroleum Exporting Coun


Saltire chief wins ‘entrepreneur of the year’ award

A top executive of leading supplier of drilling tools to the offshore oil and gas industry Saltire Energy was named the overall winner of the EY Scotland Entrepreneur of the Year Awards 2015. Chief executive Mike Loggie was chosen among 25 Scottish business leaders to claim the t


Alstom in deal to boost Saudi power infrastructure

Alstom Grid, a global leader in the world of power generation, power transmission, has signed a long-term deal with  National Grid SA of Saudi Arabia to develop the electricity infrastructure in the kingdom. As per the agreement, the two companies will co-operate in fields o


MEDC focuses on electricity conservation drive

Muscat Electricity Distribution Company (MEDC), a part of Nama Group, is continuing its electricity conservation campaign with the co-operation of the Al Rahma Charity Group. The campaign focuses on many different activities which aim to educate Seeb residents on the importance o


Italian firm wins $200m solar project in Egypt

Italy’s Building Energy, a leader in renewable power, has signed an agreement worth $200 million to build two 50 MW photovoltaic plants in Egypt. The project was awarded by the New and Renewable Energy Authority (NREA) of the Ministry of Electricity and Renewable Energy of


Islamic State bombers hit Syrian city, oil tanks on fire

Islamic State suicide bombers blew up two trucks in the heart of the northeastern Syrian city of Hasaka and a fire erupted at petroleum storage tanks and a textile firm after shelling by the militants, a Syrian army source said.   The army source was quoted by s

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