Sunday 29 November 2015

Egypt's first nuclear reactor to start service in 2024

Egypt is due to start producing power from its first of four nuclear reactors by 2024, the country's Prime Minister said on Saturday, nine days after it signed an agreement with Moscow to build a power plant to meet its rising energy needs. On November 19, Egypt said Russia w


Top Russian officials to skip Opec meetings

Russia will not send high-ranking officials for consultations with Opec members in Vienna before the producer group's meeting next week due to a lack of consensus on output cuts to prop up falling oil prices, energy ministry sources said. Last year, Russia's most powerful


Halliburton seeks EU nod for $35bn Baker Hughes deal

US oil services provider Halliburton Company has refiled a request for EU antitrust approval of its $35 billion bid for smaller rival Baker Hughes, four months after regulators rejected an earlier application because of insufficient data. The European Commission will decide by Ja


Revival of Opec export quotas 'very difficult’: Iran

Iran said on Friday that the removal of Opec’s quotas system was a historic mistake and its revival will be very difficult, state news agency IRNA quoted Oil Minister Bijan Namdar Zanganeh as saying on Friday.   "Removing Opec’s quotas system wa


3 Iranian petchem units near completion

Iran’s Oil Ministry has said that the construction of three petrochemical projects is nearing completion, with the projects to come on stream in the coming months, according to a report.   The projects include the phase 2 of Kavian Petrochemical plant, Tak


Oil prices slide on China worries, supply glut

Crude oil futures fell on Friday, bringing losses this month to close to nine per cent, as disappointing Chinese data and worries over a supply glut overshadowed geopolitical concerns.   The US dollar, which stood close to nine-month highs versus a basket of oth


UAE petchem industry set for strong growth in 2016

The UAE petrochemicals industry will see strong output growth in 2016 as it continues its massive capacity expansion, according to the UAE Petrochemicals Report Q1 2016, published by Business Monitor International (BMI) Research. The report also added that by 2016 ethylene capaci


UAE reduces gasoline and diesel prices for December

The UAE will lower domestic prices for gasoline and diesel in December, the ministry of energy said on Thursday.   The price of a litre of octane 95 gasoline will drop 1.15 percent to Dh1.68 ($0.46) from Dh1.70 in November, the ministry said in a news release.


Glencore sees Tripoli-based NOC as sole legal seller of Libyan oil

Commodities trader Glencore said it recognises Libya's Tripoli-based National Oil Corp (NOC) as the sole legal marketer of the country's oil, after securing an export deal earlier this year with the state-run company.   The Tripoli-based NOC has said it


Aramco to invest more in Indonesia's oil and gas sector

Saudi Aramco is looking for further investment opportunities in Indonesia's downstream refining and petrochemicals industry, the company's CEO said on Thursday, after initiating a $5.5 billion project to upgrade the country's largest refinery. The Saudi Aramco CEO'

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