Wednesday 27 July 2016

Saudi Aramco appoints head of trading unit

State-run oil firm Saudi Aramco has named Ibrahim al-Buainain as chief executive officer of its trading arm, it said in an emailed statement on Tuesday in response to a Reuters query. It said Buainain started his new role earlier this month. Buainain had held the p


Oil falls towards $44, lowest since May

Oil on Tuesday hit its lowest since May, falling towards $44 a barrel, pressured by concerns that a long-awaited rebalancing of the market would be delayed due to excess supply. Brent crude is still up more than 60 percent from a 12-year low near $27 in January, but the rally has


Saudi Arabia's Tasnee swings to Q2 net profit

Saudi Arabia's National Industrialization Co (Tasnee) on Tuesday said it swung to a net profit in the second quarter, beating analysts' forecasts and ending a run of five straight losses. Tasnee made a net profit of SR103.9 million ($27.7 million) in the three months to J


GE completes upgrade of two gas turbines in Egypt

GE, a leading engineering and tech giant, has completed the upgrading of two GE 9FA gas turbines at the Nubaria power plant in Egypt, the first of its kind upgrade in the Middle East and Africa (MEA) region, said a report. The initiative will help improve the power plant’s


ABB celebrates the success of Solar Impulse 2

ABB, a leading global technology company in power and automation, celebrated the success of its alliance partner Solar Impulse which made history by completing the first ever round-the-world flight powered only by energy from the sun. The plane landed at its starting point in Abu


Empower backs green economy report

Emirates Central Cooling Systems Corporation (Empower), the world’s largest district cooling services provider, will support the State of Green Economy Report 2017 for Dubai Carbon as its platinum sponsors. Since its launch, the Green Economy Report sheds light on Dubai&rsq


Sinopec to develop Iran’s Yadavaran oilfield

Sinopec Company of China will develop the second phase of the Yadavaran oilfield in Iran, a top official was quoted as saying in an Iran Daily report. "A daily average of 100,000 barrels of oil are currently being produced from the joint field," said Hadi Nazar


Alba set to award EPC contract for power station

Bahrain-based Alba, operator of one of the world’s largest aluminium smelters, has announced plans to award the engineering, procurement and construction (EPC) contract for Power Station 5 and finalise syndicated loan tranche by September, reported the Gulf Daily News, our sister


Oil prices slide on oversupply, economic headwinds

Oil prices fell on Monday, holding near two-month lows amid worries that a global glut of crude and refined products would weigh on markets for some time.   Brent crude futures were trading at $45.45 a barrel at 0956 GMT, down 24 cents from their previous close,


Major refining and petrochemicals event to open in Bahrain

More than 3,500 refining and petrochemicals  industry professionals from 30+ countries will converge in Bahrain from September 26 to 29 for the 10th Middle East Refining & Petrochemicals Conference and Exhibition (Middle East Petrotech 2016).    He

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