Monday 30 May 2016

Brent breaks above $50 for first time in 7 months

Brent oil futures climbed above $50 a barrel on Thursday for the first time in nearly seven months as a global supply glut that plagued the market for nearly two years showed signs of easing. Oil prices have rallied in recent weeks after a string of outages, due mainly to wildfir


Sadara and Saudi-Korean JV sign supply agreement

Sadara Chemical Company (Sadara) has entered into a supply agreement with Surfactants’ Detergent Company (SDC), a joint venture being developed by a Saudi-South Korean consortium which plans to build a chemical production facility in PlasChem Park, located in Jubail Industrial City II.&


Opec panel sees improving oil market

Opec officials were more positive about oil market conditions at talks in Vienna ahead of next week's gathering of oil ministers, two sources said on Thursday, in a sign the exporter group is unlikely to change output policy on June 2. Oil has recovered to $50 a barrel from a


Egypt energy subsidy bill down 27pc

Egypt's energy subsidy bill reached 41 billion Egyptian pounds ($4.62 billion) during the first nine months of the 2015-16 financial year, down 27 per cent from 56 billion in 2014-2015, an oil ministry official told Reuters on Thursday. Oil Minister Tarek El Molla said on Tue


Dow unveils key CSP solutions at Dubai solar expo

The Dow Chemical Company is showcasing its range of concentrated solar power (CSP) solutions at the ongoing Middle East & North Africa Solar Conference and Expo (Menasol) in Dubai, UAE. A major highlight is the industry-leading Dowtherm, a heat transfer fluid which enables th


Honeywell, Empire Aviation Group ink connectivity deal

Honeywell, a diversified technology and manufacturing leader, has signed an agreement with Dubai-based Empire Aviation Group to provide its full suite of GoDirect connectivity services and products for the cabin and cockpit. The technologies, developed by Honeywell’s recent


Saudi Aramco to boost Shaybah field output

Saudi Aramco plans to increase oil output from its Shaybah field over the next two weeks to one million barrels per day, Saudi media reported on Thursday, quoting the company CEO. Amin Nasser also told Saudi journalists that he expected oil prices to increase gradually as the gap


Technip wins Saudi Kayan contract

Technip, a world leader in engineering for the energy industry, was awarded a contract by Taiwan’s CTCI to provide basic engineering and proprietary equipment for a grassroots ethylene cracking furnace at the Saudi Kayan Petrochemical Complex in Jubail, Saudi Arabia. CTCI C


Sonatrach opens bids on $1bn new project

Algeria's state energy company Sonatrach has launched a pre-qualification bidding round to choose firms that will build six compressor stations at an estimated total cost of $1 billion, according to a Sonatrach document. The programme is part of a multi-billion dollar expansi


Oil prices top $50, Asian shares struggle

Brent crude oil rose above $50 a barrel for the first time in nearly seven months on Thursday but Asian shares struggled to gain traction, with worries about US interest rates and China's slowing economy keeping many investors on the sidelines. While energy stocks outperforme

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