Wednesday 4 May 2016

OMV signs MoU to revive activities in Iran

Austria's OMV signed a memorandum of understanding (MoU) with the National Iranian Oil Company (NIOC) on Wednesday as it looks to revive its activities in Iran. OMV chief executive Rainer Seele, who took the helm at Austria's biggest company last July, has singled out Ira


Libya's east tests muscle with oil shipment

By defiantly attempting to export their own oil and dispatching troops towards the centre of the country, Libya's eastern factions may be gambling on force as they bid for a larger stake under a UN-backed unity government. It could be a costly bet, one that ignites renewed co


Dana Gas Q1 net profit halves to $6m

Abu Dhabi-listed energy firm Dana Gas reported a 50 per cent drop in first-quarter profit on Wednesday that it blamed on lower hydrocarbon prices and reduced output in Egypt and Kurdistan. Dana made a net profit of $6 million in the three months to March 31. This compares with a


Gulf petchem producers ‘must add value’

Gulf petrochemical producers must push and challenge the thinking processes in the industry and show how there can be value generation in the supply chain, a senior Equate official said at an event. Kuwait-based Equate Petrochemical Company’s president and CEO Mohammad Husa


1st independent Chinese refiner trades on DME Oman

Shandong Chambroad Petrochemicals has become the first independent Chinese refiner to trade Oman crude oil futures on the DME, a leading energy exchange. The Chinese government allowed independent refiners to import crude oil for the first time earlier this year.  So far 10


Abu Dhabi Taqa 'not in talks to sell assets'

Abu Dhabi National Energy Company (Taqa) said on Wednesday that it is not in talks with any entity to sell its oil and gas assets. The brief statement to Abu Dhabi's stock exchange did not elaborate. Reuters reported on Sunday that Taqa was considering whether


Sabic showcases achievements in sustainability report

Saudi Basic Industries Corporation (Sabic) has released a sustainability report which features its sustainability achievements throughout the world and highlights how the company is setting the standards for innovation and sustainable development in the chemical industry. The Sab


Turkey's Turcas eyes energy investments in Iran

Turkish energy company Turcas Petrol is looking at entering the Iranian energy market through investments in oil, gas or renewables following the lifting of most sanctions against the Islamic Republic, its chief executive said. "We believe we definitely must be in Iran,"


Iran to boost petchem production by 1m tonnes

Iran plans to increase its petrochemical production capacity by nearly a million tonnes per year, following the launch of operations at three major petrochemical plants in the western region, said a report. Lorestan Petrochemical Plant in the western province of Lorestan went on


Pakistan signs 75,000 tonnes LPG deal with Iran

Pakistan LPG Distributors Association has joined hands with the National Iranian Gas Company to import 75,000 tonnes of liquefied petroleum gas (LPG) within a year. Based on the agreement, at least 6,000 tonnes of liquefied petroleum gas (LPG) will be imported from Iran every mon

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