Tuesday 31 May 2016

PetroRabigh takes $33m hit on power cut

A 10-day power cut at Saudi Arabia's PetroRabigh petrochemical complex will have a SR124 million ($33.1 million) impact on the company's second-quarter results, it said on Tuesday. PetroRabigh, a joint venture between Saudi Aramco and Sumitomo Chemical, did not specify in


Global glut to temper oil price gains this year: poll

Global oversupply in crude oil is likely to limit price gains this year despite a series of unplanned outages and shrinking US shale production, a Reuters poll showed. Wildfires in Canada, political unrest in Venezuela and supply disruptions in Nigeria and Libya have wiped out ne


Aramco to expand capacity of east-west pipeline

State-run Saudi Aramco plans to expand the capacity of its east-west crude pipeline to 7 million barrels per day by the end of 2018 from the current 5 million bpd level, the company said on its Twitter account. The length of the pipeline is 1200 kilometres, Aramco said without el


Technip signs $500m Libya oil platform deal

French oil services company Technip has signed a deal worth $500 million with a consortium that includes Libya's National Oil Company (NOC) and Italy's oil and gas major ENI to refurbish an offshore oil platform. A statement from the French foreign ministry where a Libyan


New Saudi oil minister first in Vienna for Opec meet

When Opec holds its half-yearly meetings, what time the ministers arrive in Vienna, how they speak and which hotel they stay in - anything will be analysed in an attempt to predict its policies. So it was seen as a sign that new Saudi Energy Minister Khalid Al-Falih takes Opec se


Egyptian group wins key funding for $7bn petchem project

Egypt's Carbon Holdings has secured an agreement with one of the four export credit agencies expected to provide financing worth between $4 and $5 billion for its massive Tahrir petrochemicals project, its chief executive said. The $7-billion scheme at Ain Sokhna at the south


Rising Mideast output drags Brent down

Brent crude prices fell on Tuesday on rising output from the Middle East and ahead of an Opec meeting later this week, while US crude edged higher as the summer driving season began. Brent crude oil futures were down 40 cents at $49.36 a barrel by 0839 GMT, while US West Texas In


Iran to sign $3bn power plant deal with Turkish firms

Iran will soon sign a $3-billion investment deal with Turkish private companies on building a 5,000 MW power plant in Iran, Turkey's Hurriyet newspaper on Tuesday cited the Iranian deputy energy minister as saying. Most international sanctions on Tehran were lifted i


IFC to invest $25m in Egyptian petchem firm

International Finance Corporation (IFC), the private investment arm of the World Bank, plans to invest $25 million in Carbon Holdings Limited, an Egyptian downstream petrochemical producer, said a report. IFC is the largest global development institution focused on the private se


QDB, Qatar Shell unveil business opportunities worth $19m

Qatar Development Bank (QDB) and Qatar Shell have joined hands to provide business opportunities through six contracts worth QR70 million ($19.23 million) for local small and medium enterprises (SMEs), said a report. The value of the contracts for 2016 is more than the combined v

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