Sunday 31 May 2015

Oil jumps 5pc as dollar rally stalls, US rigs fall

Crude oil prices jumped almost 5 per cent on Friday, their biggest rally in 1-1/2 months, as a steady US dollar and a bigger than expected drop in US oil rigs in operation set off a renewed rush of bullish bets. US crude has risen by as much as $4 a barrel after hitting a one-mon


Saudi goes on refinery hiring spree in South Korea

Saudi Arabia's state oil firm is on a hiring spree in South Korea, as the world's top crude exporter seeks engineers to run plants in its soaring refining sector - setting it on course to compete with some Asian countries that are big oil buyers. Technicians from South Ko


Oman to build refinery, petchem plant in Indonesia

Oman has committed to invest $7 billion to build oil storage facilities, a petrochemical plant and a refinery in Indonesia, an Indonesian minister said on Thursday. Oman also agreed to supply crude oil to the former Opec member but details on the amount and price were not disclos


Oil gains 1pc after US stocks drop for 4th week

Crude futures rose about one per cent on Friday after American inventories fell for a fourth straight week although prices are set for a weekly drop on a stronger dollar. Oil saw steep falls earlier this week as a resurgent dollar weighed on the market amid concerns that US crude


Saudi Aramco plans 250 rigs in 2016 if oil price soars

Saudi Aramco may raise the number of its oil and gas drilling rigs to as high as 250 next year if oil prices continue to firm and as domestic demand for gas increases, industry sources said on Thursday. Currently the national energy giant has 212 rigs of both types in operation a


Yokogawa to launch new enterprise automation solution

Yokogawa Electric Corporation is set to release  FAST/TOOLS R10.02, the latest version of a web-based real-time operations management and visualisation software package that brings changes to real-time process information intelligence, tomorrow (May 29). The release has been


Be’ah conducting waste-to-energy initiative’s feasibility study

The government-owned Oman Environmental Services Holding Company (Be’ah) plans to complete a detailed feasibility study of its landmark waste-to-energy initiative by the third quarter of this year. A provisional study of the proposed venture, part of a wider strategy by the


June Opec meeting 'won't cut output'

Opec is not expected to cut oil production at its meeting in June, and the meeting is expected to be a short one, Saudi Arabia's Al Hayat newspaper quoted an unnamed Opec source as saying on Thursday. Saudi Arabia will continue producing oil to meet customer demand, and its o


GPIC executive to head top fertiliser association

GPIC president Dr Abdulrahman Jawahery has been named president of the International Fertiliser Industry Association (IFA). He is the second Arab to take the role in the 83-year history of the IFA, said a report in the Gulf Daily News (GDN), our sister publication.


GPIC wins top business award

Bahrain-based Gulf Petrochemical Industries Company (GPIC) has won the ‘Best Performance and the Most Outstanding Performance Awards’ in the manufacturing category at the annual Mohammed bin Rashid Al Maktoum Business Awards, which was held in Dubai, UAE. The awards c

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