Wednesday 30 July 2014

Taqa pulls out of $1.6bn India power deal

Abu Dhabi National Energy Co (Taqa) is pulling out of a $1.6 billion deal to buy two Indian hydroelectric power plants because of "a change in strategy", a senior Taqa official told Reuters on Thursday. The official, who declined to be named under briefing rules, did no


Egypt to pay-off all foreign oil firm arrears by 2017

The Egyptian government has planned to pay-off all of its arrears to foreign oil firms by 2017, said a report.   Its previous plan was to pay EGP21 billion ($3 billion) out of a total of EGP42 billion by that time, said the


Iraq approves $600m oil depot deal with CPP

Iraq's cabinet said it had approved a $607 million contract with China Petroleum Pipeline (CPP) for the construction of an oil storage depot near its Nassiriya oilfield in the south of the country. The oil ministry delayed last month an international tender for the developmen


Syria crisis cost its oil sector $23.5bn

Syria's oil sector has lost around $23.5 billion due to damage to facilities and pipelines, looting and production delays since the start of the country's crisis in 2011 and output has fallen sharply, Syria's oil minister said. Syria is not a significant oil producer


RAK Petroleum posts $15.81m net profit

RAK Petroleum Public Company, the energy investment company, has announced a net profit of Dh58.1 million ($15.81 million) for the year ended December 31, 2013, marking a fifth consecutive year of profitability. The company’s assets include a 42.8 per cent shareholding in D


New agency to manage Dubai power demands

The Dubai Supreme Council of Energy is to set up an egency under the name ‘efficiency,’ to reduce energy demand by 30 per cent under the Dubai Integrated Energy Strategy 2030, said a report.   The agency will ope


Ericsson to offer telecom solutions to Egypt electricity sites

Ericsson, a leader in communication technology and services, has won a contract from Egypt’s Ministry of Electricity to provide end-to-end telecom solutions and services for 180 electricity sites in Upper and Middle Egypt on a turnkey basis.


Mace wins consultancy deal from Orpic

International consultancy and construction company, Mace, has been selected by Oman Oil Refineries and Petroleum Industries Company (Orpic) for a significant consultancy contract on projects across Oman. This appointment will see Mace provide contract administration, contract eng


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

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