Sunday 1 February 2015

Taqa, Halliburton ink Saudi chemical plant JV

Saudi Arabia-based Industrialisation & Energy Services Company (Taqa) has entered into a joint venture with Halliburton Multi-Chem to set up a chemical manufacturing plant in Jubail Industrial City in the kingdom. The industrial complex will produce specialty chemicals relate


Aramco puts on hold Red Sea deepwater exploration

State oil giant Saudi Aramco has put on hold its deepwater oil and gas exploration and drilling activities in the Red Sea because of high costs as it economises in an environment of low crude prices, industry sources said. The cost of operations in the Red Sea, a new area for Saudi Ara


Crisis veteran Naimi stays to hold line on Saudi oil policy

The new Saudi king's decision to keep Ali Al Naimi in his job as oil minister signalled to energy markets that the world's top crude exporter would not flinch from its policy of refusing to cut output as it fiercely guards market share.   Naimi convinced


Kurds retake oil facility in North Iraq, 15 workers still missing

Kurdish peshmerga forces retook a small crude oil station near the northern Iraqi city of Kirkuk which Islamic State insurgents seized earlier, but the fate of 15 employees remained unclear.   Two officials from the state-run North Oil Co told Reuters t


Saudi Kayan to shut several units for maintenance

Saudi Kayan Petrochemical plans to shut several units at its petrochemicals complex in Jubail for scheduled maintenance in February and October, it said.   The company, an affiliate of Saudi Basic Industries Corp (Sabic), will shut its olefins plant from Februar


Equate Petrochemical wins top GPCA awards

Equate Petrochemical Company, Kuwait’s first international petrochemical joint-venture, said it has won the Gulf Petrochemicals & Chemicals Association (GPCA) Plastics Excellence Award 2015 for the category of Excellence in Plastic Products & Processes. The awards c


KBR wins BG upstream alliance partnership deal

KBR, a global technology, engineering, procurement and construction company, said the company has been selected by BG Group as its global upstream alliance partner. The six-year contract, includes an option for two two-year extensions, under which KBR will provide capability supp


Opec output rises in January as members stand firm

Opec's oil supply has risen this month due to more Angolan exports and steady to higher output in Saudi Arabia and other Gulf producers, a Reuters survey showed, a sign key members are standing firm in refusing to prop up prices. The Organization of the Petroleum Exporting Co


Total plans to cut spending over cheap oil

The chief executive of Total said the French oil company would slash spending on exploration by 30 per cent this year due to the drop in the price of oil. Patrick Pouyanne told the daily Le Monde that "these past two years, exploration spending was $2.8 billion"


Oil rises, but set for record run of monthly falls

Oil rose above $49 a barrel on Friday, supported by renewed violence in Iraq but with a persistent global supply glut keeping the market on course for a seventh straight month of declines, its longest bear run on record. Benchmark Brent crude prices have kept within a band of $45

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