Sunday 31 July 2016

DNO launches offer to acquire Gulf Keystone

DNO ASA, the Norwegian oil and gas operator, today unveiled a proposal to acquire for $300 million all of the enlarged share capital in Gulf Keystone Petroleum following the latter's contemplated financial restructuring announced earlier this month. Gulf Keystone Petroleum is


Unique Group completes acquisition of Singapore firm

Sharjah-based Unique Group, a leading integrated subsea and offshore solution provider, has completed the acquisition of Singapore-based Oceanvision and Oceanvision Equipment Services. Oceanvision will now be part of the Unique Group of Companies and is the third acquisition that


Oil ends July with worst monthly loss in a year

Oil prices steadied on Friday after touching three-month lows during a week-long selloff fueled by a persistent global supply glut, bringing the monthly decline to nearly 15 per cent, the biggest monthly loss in a year for US crude. Slower economic growth and high inventories of


Libya oil ports to reopen after govt deal

Libya's government has reached a deal with an armed brigade controlling the Ras Lanuf and Es Sider oil ports to end a blockade and restart exports from the major terminals shut down since December 2014, officials said. Officials from the government's presidential council


Opec oil output set to reach record high in July

Opec's oil output is likely in July to reach its highest in recent history, a Reuters survey found on Friday, as Iraq pumps more and Nigeria manages to export additional crude despite militant attacks on oil installations. Top Opec exporter Saudi Arabia has kept output close


UK says to review EDF's Hinkley Point nuclear energy plan

Britain's government has said it will launch a new review into a controversial project to build two new nuclear reactors led by French utility EDF, the country's first new nuclear plant in decades. EDF's board narrowly voted to proceed with the Hinkley Point project o


Bahri Q2 net profit rises 47.2pc

National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a 47.2 per cent increase in second-quarter net profit. The company's net profit for the three months to June 30 was 504.18 million riyals ($134.44 million), up from 342.48 millio


Egypt prepares to launch fuel smart cards

Egypt plans to launch fuel smarts cards in the 2016-17 fiscal year, deputy finance minister for monetary policy Ahmed Kojak said on Thursday. The smart cards are part of a wide-ranging effort to reform Egypt's costly subsidies programme. – Reuters


Mubadala to buy 20pc stake in Investcorp

Bahrain-based Investcorp, a global leader in alternative investment products, and Abu Dhabi’s Mubadala Development have agreed for Mubadala to acquire a 20 per cent interest in the company. The two-step transaction sees Mubadala acquire a 9.99 per cent ownership stake immed


Sabic costs shrink but lower sales weigh: acting CEO

The acting chief executive of Saudi Basic Industries Corp (Sabic) said on Thursday that its costs in the second quarter of 2016 dropped by 18 per cent from the first three months of the year. Yousef Abdullah al-Benyan told a news conference that the firm, one of the world's l

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