Thursday 11 February 2016

Venezuela suggests oil output 'freeze' by all producers

Some Opec countries are trying to achieve a consensus among the group and key non-members for an oil production "freeze", sources familiar with the discussions say, in an attempt to tackle the global glut without cutting supply. Top exporter Saudi Arabia might be warmin


India seeks UAE investment in energy sector

India has invited investments from the UAE in a slew of oil projects as part of Prime Minister Narendra Modi's drive to attract greater foreign participation in upgrading and expanding the South Asian nation's stretched infrastructure.   India is eager f


Russian engine firm, Iranian oil company eye $890m contract

A subsidiary of Russian state defence company Rostec, United Engine-building Corporation (UEC), is preparing a 50-70 billion rouble ($635-890 million) supply contract with Iranian oil firm Kala Naft Tehran, Russia's TASS news agency reported.   If successful


Iran undercuts Saudis for Mediterranean oil sales

Opec producer Iran has cut its Heavy crude price for export to the Mediterranean by a larger extent compared with top exporter Saudi Arabia as Tehran seeks to attract more buyers after sanctions were lifted.   The region is one of the battlegrounds for Iran as i


Iraq expects to load less Basra crude in March

Opec's second-largest producer Iraq expects to load 6.9 per cent less Basra crude in March than the previous month, with most of the reduction coming on the heavier grade, trade sources said.   The cuts would come after Iraq raised crude prices to Asia for M


Enoc appoints new GM of Emgas

Emirates National Oil Company (Enoc) has appointed Nader Al Fardan as director, gas business, Enoc and  general manager of Emirates Gas (Emgas). In his new role, Al Fardan will spearhead Emgas management, playing a strategic role in driving the company’s expansion plan


Acwa commissions Moroccan solar power plant

Morocco’s first solar power plant, built by an international consortium led by Saudi Arabia’s Acwa Power, was  recently inaugurated at a location about 20 km from the city of Ouarzazate, a report said. The Noor1 project is expected to provide one million Moroccan


Oil falls on US storage glut, economic woes

Oil prices slid on Thursday as record US crude inventories at the Cushing delivery point and worries about a global economic slowdown weighed on markets, and Goldman Sachs said prices would remain low and volatile until the second half of the year. International benchmark Brent c


Pakistan signs 15-year LNG deal with Qatar

Pakistan said it has signed a 15-year agreement to import up to 3.75 million tonnes of liquefied natural gas a year from Qatar, a major step in filling Pakistan's energy shortfall. The deal, Pakistan's biggest, will help the country add about 2,000 megawatts of gas-fired


Iran can't cut oil output as it needs to regain market share

Iran cannot cut crude oil production because it needs to regain market share and return to pre-sanctions output levels, a senior Iranian oil official said.   Asked if Tehran was ready to coordinate a production cut to support the oil market, acting deputy oil mi

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