Wednesday 4 May 2016

Bahrain MPs agree power tariff cuts

Bahrain MPs have voted to slash domestic electricity charges for Bahrainis by a third and pass the burden onto expats and the private sector, reported the Gulf Daily News, our sister publication. To read further, please visit GD


Oil prices stabilise after 6pc fall

Oil prices stabilised on Wednesday after falling for two straight days on concerns that slowing demand and rising Middle East production would extend a global supply overhang. International Brent crude futures LCOc1 were trading at $45.10 per barrel at 9.40 p.m. ET, up 13 cents,


Sabic eyes US shale gas for petchem unit growth

Saudi Basic Industries Corporation (Sabic) is targeting North America for the shale gas needed to fuel growth at one of the world's largest petrochemicals groups, its chief financial officer said on Tuesday. The company has said previously that a shortage of natural gas was s


Oil drops as higher output stokes glut fears

Oil fell on Tuesday as rising output from the Middle East and North Sea renewed concerns about a global supply overhang while economic data painted a negative outlook for the demand outlook. Brent crude futures were trading 44 cents lower at $45.39 a barrel at 1101 GMT, retreatin


Penspen awarded design contract by Adnoc

Penspen, a leading global provider of services to the energy industry, has signed an agreement with Adnoc Distribution to provide detailed engineering services for the upgrade of various terminals and depot facilities in the UAE. These include Al Ain Zakher Terminal, Mussafah Mul


Oil 'will stabilise at $50-$60 by end-2016'

The chief executive of Kuwait Petroleum International said on Tuesday that he expected oil prices to stabilise between $50 and $60 a barrel by the end of 2016 or early 2017, Kuwait's official Kuna news agency reported. It also quoted Bakheet Al-Rashidi as saying prices could


Total aims to set up solar joint venture in Qatar

Total, global, integrated energy producer and provider, is studying the prospects of establishing a solar business in Qatar, the company’s chairman and CEO said. “We understand that Qatar Petroleum is establishing a new company in association with Qatar Electricity an


Oman confirms working petroleum system in Block 50

Masirah Oil, which owns and operates Block 50 offshore Oman’s eastern seaboard, has confirmed the presence of ‘working petroleum system’ in the 17,000-sq-km concession, a report said. The declaration came last week following the completion of the drilling of the


Iran enlists Kogas to commission oil pipeline

Iran has enlisted Korea Gas Corporation (Kogas) to engineer and launch Iran's 9th and 11th cross-country pipeline project, based on an agreement signed with National Iranian Gas Company (NIGC), a report said. The memorandum of understanding (MoU) extends to other areas for co


Oil rises as dollar slips to 18-month low against yen

Oil prices rose on Tuesday as the dollar slipped to an 18-month low against the yen, potentially spurring fuel demand, but gains were restricted by rising Middle East output that renewed concerns of a global supply overhang. The international Brent crude benchmark LCOc1 was tradi

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