Thursday 2 July 2015

Abu Dhabi's Taqa denies holding merger talks

Abu Dhabi National Energy Company (Taqa) said on Thursday that it was not holding merger talks. The company "confirms that it is not engaged in merger discussions with any government or other entity", it said in a brief statement to the bourse. Sources fa


Innovation ‘key to achieving progress in energy sector’

Innovation is key to achieving progress in the energy sector in today’s economic environment, according to Abu Dhabi industry leaders. As regional and global oil and gas companies continue to submit their nominations for the prestigious Adipec 2015 Awards ahead of the July


Gulf Petrochem renames acquired oil company in Kenya

Gulf Petrochem group has announced the official acquisition and name change of Essar Petroleum East Africa Ltd to Aspam Energy (Kenya) Ltd. The deal will enhance the group’s integrated services and products for the downstream supply chain in the oil and gas sector in East Africa, the co


Enoc presses ahead with Dragon Oil takeover amid protest

Emirates National Oil Company (Enoc) is progressing with its £1.7 billion purchase of Dragon Oil shares it does not already own, despite a major investor saying the takeover undervalued the company.   Enoc published its offer document, showing the deal is


Saudi to cut August medium, heavy crude oil prices

Top oil exporter Saudi Arabia is expected to cut monthly prices for medium and heavy grades it sells to Asia in August on weaker fuel oil cracks, while keeping the price for its flagship light crude little changed, traders said.   The Arab Heavy crude price coul


Abu Dhabi's IPIC net profit plunges 37pc

Abu Dhabi's state-owned International Petroleum Investment Company (IPIC) reported on Wednesday a 37 per cent drop in net attributable profit for 2014 as low oil prices hurt earnings. IPIC, whose board was revamped this year, made a net profit attributable to equity holders i


UAE's Gulf Petrochem acquires Kenyan oil company

UAE-based Gulf Petrochem Group has announced the acquisition of Essar Petroleum East Africa in a bid to enhance the group’s services and products for the downstream supply chain in the oil and gas sector in East Africa. Gulf Petrochem has also changed the name of the entity to As


Erin Energy added to Russell Indexes

US-based Erin Energy said it has been added as a member of the broad-market Russell 3000 Index following the 2015 Russell indexes reconstitution. Erin Energy is an independent oil and gas exploration and production company with a focus on finding and producing oil in sub-Saharan


Bapco board restructured, new chairperson named

Bahrain’s Energy Minister and National Oil and Gas Authority chairman Dr Abdulhussain Mirza has announced that Bahrain Petroleum Company’s (Bapco) board was being restructured with effect from today (July 1). The new board is chaired by nogaholding chief executive Sha


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

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