Friday 25 July 2014

Asian, western firms bid for UAE oilfields

Asian and western firms have bid to help operate the UAE's biggest oilfields after a deal with oil majors expired this year but the Gulf Arab state is yet to decide whether to let Asian oil buyers in for the long haul, sources said.  


China's oil imports from Iran rise 50pc

China's crude imports from Iran in the first half of the year were up nearly 50 per cent, although shipments in June dropped nearly a third from May to the lowest level in four months.   China, Tehran's largest oil c


Saudi Electricity Q2 profit jumps 144pc

Saudi Electricity Co (SEC) , the Gulf's largest utility firm, reported a 144 percent jump in its net profit for the second quarter on Monday, beating analysts' forecasts because of a one-time gain. It made 3.66 billion riyals ($976 million) during the three months to June


Sonatrach to spend $100bn to boost oil, gas

Algerian state energy group Sonatrach has approved a $100 billion investment plan for 2014-2018 to increase oil and gas output and also aims to start producing shale gas in 2020, the official APS news agency reported. Opec member Algeria, a major gas supplier to Europe, has been


Petchem prices 'may rise in next 3 years'

The global outlook for petrochemical demand over the next three years is positive and there is room for prices to rise, the chief executive of Saudi Basic Industries Corp (Sabic) said on Sunday.   Mohamed Al-Mady was address


Libya oilfield output dips due to security

Libya's El-Feel oilfield has slightly reduced output due to security problems in the capital Tripoli, a spokesman for National Oil Corp (NOC) said. "I don't have any figures but some security problems in Tripoli have affected the field and slightly reduced production


Shell quits Qatar gas block

Royal Dutch Shell has abandoned plans to explore for gas in Qatar's Block D after recent drilling failed to turn up commercial volumes at its majority-owned QSD-1 well, sources said. Shell said earlier yesterday that it had wrapped up activity at the well after the negative r


Enoc wins Superbrand status again

Emirates National Oil Company (Enoc) has won the Superbrand laurel for the ninth consecutive year in recognition of its commitment to customer service and brand-building initiatives. Basma Essa, senior manager, brand and corporate communications management at Enoc, received the a


Toshiba to supply STGs for huge Indonesia plant

Toshiba Corporation has been awarded a major contract to supply three sets of 60-megawatt (MW) geothermal steam turbines and generators (STGs) for one of the world’s largest geothermal power plants being built in Indonesia. Toshiba, the world’s leading supplier of geotherma


KPC scraps move to privatise petrol stations

Kuwait Petroleum Corporation (KPC) has withdrawn its proposal to privatise petrol stations, which was included in its operational budget plan of 2014-2015, a report said. The Supreme Petroleum Council has apparently held discussions about building 100 new petrol stations to meet the in

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