Sunday 5 July 2015

Saudi to cut August medium, heavy crude oil prices

Top oil exporter Saudi Arabia is expected to cut monthly prices for medium and heavy grades it sells to Asia in August on weaker fuel oil cracks, while keeping the price for its flagship light crude little changed, traders said.   The Arab Heavy crude price coul


Abu Dhabi's IPIC net profit plunges 37pc

Abu Dhabi's state-owned International Petroleum Investment Company (IPIC) reported on Wednesday a 37 per cent drop in net attributable profit for 2014 as low oil prices hurt earnings. IPIC, whose board was revamped this year, made a net profit attributable to equity holders i


UAE's Gulf Petrochem acquires Kenyan oil company

UAE-based Gulf Petrochem Group has announced the acquisition of Essar Petroleum East Africa in a bid to enhance the group’s services and products for the downstream supply chain in the oil and gas sector in East Africa. Gulf Petrochem has also changed the name of the entity to As


Erin Energy added to Russell Indexes

US-based Erin Energy said it has been added as a member of the broad-market Russell 3000 Index following the 2015 Russell indexes reconstitution. Erin Energy is an independent oil and gas exploration and production company with a focus on finding and producing oil in sub-Saharan


Bapco board restructured, new chairperson named

Bahrain’s Energy Minister and National Oil and Gas Authority chairman Dr Abdulhussain Mirza has announced that Bahrain Petroleum Company’s (Bapco) board was being restructured with effect from today (July 1). The new board is chaired by nogaholding chief executive Sha


Abu Dhabi mulls merger to rescue troubled Taqa

Abu Dhabi may merge its national energy company Taqa into another state-owned business to make the company's crippling debts more manageable. Founded in 2005 and the only listed quasi-sovereign company in the emirate, Abu Dhabi National Energy Company (Taqa) went on an expansion dr


Asian imports of Iran oil hit highest this year as nuclear talks drag

Asian imports of Iranian crude rose to the highest level this year in May, although buyers may have to curb any further increases if negotiators up against a deadline fail to reach a final deal on Tehran's disputed nuclear programme.   A deal between Iran an


Kurdistan ramps up independent oil sales

Iraq's semi-autonomous Kurdistan region has ramped up independent oil sales since mid-June while cutting allocations to Iraq's state oil firm Somo in an escalating dispute over export rights and budget payments.   Kurdistan has sold at least 9 million ba


Libya's Agoco output at 250,000-290,000 bpd

Libyan oil company Agoco is producing 250,000 to 290,000 barrels per day (bpd) with a tanker loading 1 million barrels of crude at the oil port of Hariga, a spokesman said.   Production and exports continue despite the closure of Nafoura and Majid oilfields due


Opec oil output hits 3-year high on Iraq

Opec oil supply in June has climbed to a three-year high due to record or near-record output from Iraq and Saudi Arabia, a Reuters survey found, underlining the focus of the group's top exporters on market share. The boost from the Organization of the Petroleum Exporting Coun

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