Tuesday 1 September 2015

S Korea may hike Iran oil imports once sanctions lifted

South Korea will consider increasing its imports of Iranian crude oil and condensate when sanctions on Tehran are lifted, a senior government official said.   Woo Tae-hee, deputy minister for trade, who was part of a recent South Korean delegation to Iran seekin


Libya's NOC, Central Bank woo oil majors in London for contracts

Libya's National Oil Company (NOC) and Central Bank chairmen engaged in another round of blitz meetings with oil majors in London in a renewed effort to stop its rival wooing its clients.   The head of the Tripoli-based NOC, Mustafa Sanallah, said he and Tri


Rising oil output boosts Saudi economic growth

Rising oil output boosted Saudi Arabia's economic growth to its fastest pace in over a year in the second quarter of 2015, data showed, but growth looks likely to slow in coming months as low oil prices make themselves felt.   Gross domestic product, adjuste


DME sets new record for Oman crude futures

Dubai Mercantile Exchange (DME), a top energy futures and commodities exchange in the Middle East, has announced a new open interest record for its flagship Oman Crude Oil Futures contract of 27,109 lots, which is equivalent to 27.1 million barrels of crude oil. The previous reco


Wind seen providing 30pc of global power

Wind energy will be able to provide 25 to 30 per cent of global power demand by 2050, according to a new report from the Global Wind Energy Council (GWEC). A total of 318,137 MW of wind energy capacity were installed worldwide end of 2013, while 45,000 MW were added in 2014, said


Iran to finalise new oil contracts model in weeks

Iran expects to finalise the wording for a new model for international oil contracts in the next three weeks, the oil minister said on Monday, as Tehran seeks to boost recovery from its fields with the help of foreign companies. The ministry is expected to present the new oil con


Sandvik wins two key orders for control lines in ME

Sandvik Materials Technology, a division within the Sandvik Group, developer and producer of advanced stainless steels, special alloys, titanium and other high-performance materials, has won two important contracts for control lines for the oil and gas industry in the Middle East.


Qatar hydrocarbons export value down 40pc

The value of Qatar's hydrocarbon exports were down by 40.5 per cent to QR15.6 billion ($4.279 billion) in July this year, compared to the same month last year, a report said. Qatar’s trade balance achieved a surplus of QR14.3 billion ($3.92 billion) in July, down 1.4 pe


Mega gas discovery off Egyptian coast by Eni

Italian energy group Eni said on Sunday it had discovered potentially one of the world's largest natural-gas fields off the Egyptian coast, predicting that the find could help meet Egypt's gas needs for decades to come. "According to the well and geophysical data ava


Fire at Aramco workers' compound kills 11; 200 hurt

A fire swept through an oil workers' residential compound in Saudi Arabia on Sunday, killing 11 people and injuring over 200 others of various nationalities, some critically, the Civil Defence agency said. Saudi national oil company Saudi Aramco said the cause of the fire whi

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