Thursday 31 July 2014

Brent slips toward $106 over poor US demand

Brent crude slipped towards $106 a barrel on Thursday and was set to post its biggest monthly loss in more than a year as higher Opec output and disappointing demand in the United States outweighed tensions in the Middle East and Africa. Gasoline stockpiles rose in the United Sta


Jordan to set up $112m wind power plant

Spanish engineering firm Elecnor was awarded a contract to build a 65-75 megawatt wind power plant in the southern region of Jordan, a report said. The $112 million power plant - which will be located in Maan, some 220km south of Amman - is expected to be operational by the end of 2015


Big growth seen in oilfield services market

Global oilfield services (OFS) expenditure is forecast to increase 47 per cent from $354 billion in 2014 to $521 billion in 2018, a report said. The majority of global OFS spending occurs onshore, accounting for 79 per cent of the total between 2009 and 2013, added the new World


France to earmark $13bn to promote renewables

France will mobilise about 10 billion euros ($13.41 billion) for a package of tax breaks, low-cost loans and bonuses to boost investment in renewable energy and cut the country's oil and gas bill, Energy Minister Segolene Royal said. Royal, President Francois Hollande's f


Libya oilfields 'are safe from fighting'

Libya is pumping crude oil at around 500,000 barrels per day and all its oilfields are secure despite continued violence, an official from the Libyan Oil Ministry said. Intense fighting in the eastern city of Benghazi, where many oil ports are based, and battles between rival mil


Cannot seize Kurdish crude for now: US court

A high-stakes dispute over a tanker carrying $100 million in Iraqi Kurdish crude took a surprising turn on Tuesday when a  US judge said she lacked jurisdiction given the ship's distance from the Texas shore and urged that the case be settled in Iraq. Federal magistrate


US court orders seizure of Kurdish crude cargo

Acting on a request from the central government in Iraq, a US judge has signed an order telling the US Marshals Service to seize a cargo of oil from Iraqi Kurdistan aboard a tanker off the coast of Texas, court filings showed early on Tuesday. To carry out the order from Magistra


Iraqi Kurdish crude tanker cleared to unload off Texas

A tanker carrying crude oil from Iraqi Kurdistan was cleared by the US Coast Guard to unload its cargo at sea off Texas on Sunday as a State Department official signaled Washington would not intervene to block delivery of the controversial crude.


Iraqi Kurdish oil nears Texas port for likely offloading

A tanker carrying crude oil from Iraqi Kurdistan has neared the Port of Galveston in Texas, according to Reuters ship tracking data and the US Coast Guard, despite Washington's concerns about independent oil sales from the autonomous region. The Marshall Islands-flagged tanke


Taqa Arabia to expand its fuel stations network

Qalaa Holdings (formally Citadel Capital) has announced that its energy sector subsidiary Taqa Arabia aims to expand its network of fuel stations in Egypt through Taqa Oil Marketing Company. The company currently offers comprehensive services with the highest levels of quality, t

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