Saturday 28 November 2015

Aramco to invest more in Indonesia's oil and gas sector

Saudi Aramco is looking for further investment opportunities in Indonesia's downstream refining and petrochemicals industry, the company's CEO said on Thursday, after initiating a $5.5 billion project to upgrade the country's largest refinery. The Saudi Aramco CEO'


Oil eases after 6 days of gains as glut worries return

Oil fell on Thursday, after six days of gains, as concerns that escalating violence in the Middle East would disrupt supply faded, and the focus returned to a persistent market glut. Brent crude was down 32 cents at $45.71 a barrel at 1122 GMT. Concerns that the do


Saudi Aramco to host supply-chain forum

Saudi Aramco is set to host a one-day invitation-only forum for key suppliers on December 1 in Dammam, Saudi Arabia.   The forum will introduce the company's In-Kingdom Total Value Add (IKTVA) programme that underpins Saudi Aramco's accelerated transform


Iran’s new oil contracts ‘may touch $30bn’

Iran is likely to enter oil investment deals to the tune of $30 billion under the new contracts to be unveiled next week, a report said. "A section of our oil industry's challenges will be overcome with the new contract models," Oil Minister Bijan Namdar Zanganeh wa


Iraq's southern oil exports rebound towards record in November

Iraq's southern oil exports have risen more than 300,000 barrels per day (bpd) so far in November, according to loading data and an industry source, bringing shipments from Opec's second-largest producer back towards a monthly record.   The increase, aft


Opec to stay the course despite fears of $20 oil

Opec is determined to keep pumping oil vigorously despite the resulting financial strain even on the policy's chief architect, Saudi Arabia, alarming weaker members who fear prices may slump further towards $20.   Any policy U-turn would be possible only if


Algeria's Skikda refinery halted after power outage

Production at Algeria's largest refinery, Skikda, has been halted by a power outage that followed an explosion at the plant, two sources at the refinery said on Wednesday.   "An explosion hit a unit supplying electricity yesterday," one source said


Oil falls as spotlight returns to global glut

Crude oil futures fell on Wednesday as investor focus shifted back to a deep global supply glut and away from the threat of escalating violence in the Middle East, which pushed prices to two-week highs the previous day.   Brent was down 76 cents at $


Moroccan refinery's debts highlight oil sector lending dangers

When Morocco's only oil refinery suspended production in early August due to financial difficulties, it owed $450 million to trading houses, including Glencore, Vitol and BB Energy, according to traders and refinery sources familiar with the situation.   Whi


Heavy oil a strategic resource: Dr Mirza

By K S Sreekumar   The Middle East’s vast heavy oil resources indicate that heavy oil will be an important future energy source for the region, said Bahrain’s Energy Minister Dr Abdul-Hussain bin Ali Mirza.    Thos

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