Sunday 25 September 2016

Oil extends rise after surprise US crude stock draw

Oil prices extended gains from the previous session in Asian trading on Thursday after a surprise third consecutive weekly US crude inventory draw tightened the market. US West Texas Intermediate (WTI) crude oil futures CLc1 were trading at $45.59 per barrel at 0045 GMT, up 25 ce


Libya exports first oil from Ras Lanuf since 2014

An oil tanker left the Libyan port of Ras Lanuf for Italy early on Wednesday with the first crude export cargo from the terminal since at least late 2014, boosting hopes of reviving Libya's battered oil output. The port manager of Ras Lanuf said a second tanker was preparing


India to add UAE, Saudi oil for strategic reserve

India is talking to the UAE and Saudi Arabia to fill half of the 1.5 million tonnes (mt) of the Mangalore strategic storage, along with Iranian crude, its oil minister said on Wednesday. Dharmendra Pradhan told a news conference India is exploring two to three other models for so


Siemens builds largest geared compressor rotor for Jazan project

Siemens has manufactured and tested the largest geared compressor rotor in the world at its facility in Duisburg, Germany. The product is for the Jazan integrated gasification combined cycle power plant (IGCC) in Saudi Arabia. The first-stage impeller with a diameter of 1.8 m is


Eni delays $3bn sale of retail arm

Italian oil major Eni has delayed the planned $3.4 billion sale of its domestic retail business, sources said, as political uncertainty caused by an upcoming referendum on democratic reform hinders major deals across the country. The state-controlled company had hoped to start th


L&T wins key Saudi construction contract

Indian construction giant Larsen & Toubro (L&T) has won a major contract from Saudi Electricity Company (SEC) for building a 132 kV double circuit transmission line besides a 132 kV cabling in the Rafah, Arar, and Sakaka areas of the kingdom. The contract was awarded to L


Energy Institute forum to focus on health, safety

The Energy Institute's (EI) upcoming event in Abu Dhabi, UAE, will focus on health and safety issues in the energy industry as well as the increased emphasis on environment. The EI's Middle East HSE Forum "Effective management of health, safety, environment and susta


Masdar researchers develop new nanotubes film

Researchers at the Masdar Institute of Science and Technology have developed a novel type of “buckypaper” – a thin film composed of carbon nanotubes – that has better thermal and electrical properties than most types of buckypaper previously developed. Res


Oman's Gulf Mining plans $500m potash project

Gulf Mining Group, a major mining and mineral processing organisation in Oman, has plans to set up a potash mining project with initial investment of up to $500 million in the Sultanate, a report said. “We have joined hands with international investors — whose identit


Asian firms offer record low bid for UAE solar plant

An Asian consortium, comprising JinkoSolar Holding of China and Marubeni Corporation of Japan,  made the lowest bid for a 350 megawatt (MW) solar photovoltaic (PV) independent power project in Abu Dhabi, UAE, said a report. The record-low bid of 2.42 cents a kilowatt-hour fo

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