Friday 1 July 2016
 
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Oil prices fall as supply outlook improves

Oil prices fell in early trade on Thursday, with Brent futures struggling to defend $50 per barrel as fears over strike outages in Norway faded and as Nigeria's production improved. International Brent crude oil futures were trading at $50.10 per barrel at 0126 GMT, down 51 c

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Abu Dhabi to merge sovereign investment funds Mubadala and IPIC

Abu Dhabi plans to merge state investment funds Mubadala Development Company and International Petroleum Investment Company, the emirate's state news agency said.   The combined fund would have assets worth around $135 billion, according to Reuters calculati

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PDO raises $4bn of project financing

Petroleum Development Oman (PDO), the country's top oil and gas exploration and production company, has obtained a $4 billion loan from international banks, part of a rush of foreign borrowing by Oman as low oil prices strain state finances.   The five-year

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Loss of Qatari oil contract piles pressure on Maersk profits

Denmark's AP Moller-Maersk has lost a major oil production contract in Qatar this week, just days after the shipping and oil group said it was considering a break-up due to worsening market conditions, shipping and banking sources say.   Maersk, which also a

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Saudi, Japanese officials to discuss investment into Aramco IPO

Saudi and Japanese officials will hold meetings on Wednesday to discuss Japanese investment into the planned initial public offering (IPO) of a small part of Riyadh-controlled Saudi Aramco, said Khalid Al-Falih, the kingdom's energy minister.   Saudi's D

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BASF plays key role in Dubai's Office of the Future

BASF, the world’s leading chemical company, said it has provided innovative construction solutions to the world’s first fully functional 3D-printed office building - ‘Office of the Future’ - in Dubai, UAE. The futuristic workspace serves as the temporary o

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Siemens to showcase mobility solutions at Berlin expo

Siemens will be exhibit digital innovations that will make the mobility industry more competitive and create more attractive mobility solutions at the upcoming Innotrans 2016, an industry trade fair, in Berlin, Germany. The exhibition, under the motto “Rethinking mobility&r

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Oil prices rise on Norway strike threat

Oil rose early on Wednesday as financial traders poured money back into commodities following the initial shock of Britain's vote to leave the European Union, and as a potential strike in Norway and crisis in Venezuela threatened to cut supply. International Brent crude futur

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Radiant to set up oil distillation plant in Sharjah

India’s Radiant Group, an expert in oil distillation process, is set to build its new factory on a 107,639 sq ft of land at Hamriyah Free Zone, Sharjah, at an investment of $10 million. The 60,000 metric-tonne-capacity oil distillation plant will come up in the Phase Two of

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IME concludes first long-term petchem deal

Iran’s Tondgouyan Petrochemical Plant signed the first long-term deal with downstream industries at Iran Mercantile Exchange (IME), said the exchange's managing director.   Hamed Soltaninejad said the agents operating in IME have demanded the sealing o

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