Thursday 27 July 2017

Iran planning major petchem contracts with Total, Shell

Iran is preparing contracts with French Total and Royal Dutch Shell to implement petrochemical projects, a senior Iranian official said in a report. The parties are negotiating the final issues for the contracts, Marzieh Shahdaei, head of Iran's National Petrochemical Company


Orpic wins award for LPIC finance deal

Oman Oil Refineries and Petroleum Industries Company (Orpic) has been awarded the Project Finance Deal of the year (2016) award by Trade and Export Finance (TXF) for its Liwa Plastics Industries Complex (LPIC) project finance deal. The award ceremony was held at the Export and Pr


Oman awards exploration contract to Schlumberger

Oman-based Petrogas Kahil has awarded a contract for the drilling of three exploration wells in Block 55 to global oil services company Schlumberger, a report said. The one-year integrated drilling services contract is valued at around $20 million, Oman Observer reported


Market re-balancing at faster rate in H2: Opec

The oil market will need more crude from Libya and Nigeria as it re-balances at a faster rate in the second half of the year after a slow start, Opec secretary-general Mohammad Barkindo said Sunday. Compliance with production cuts by members of Opec is "excellent," Bark


Qurain Petrochemical net profit up 24pc in Q1

Kuwait-based Qurain Petrochemical Industries Company (QPIC) has reported a net profit of KD6.17 million ($20.23 million) for the first quarter of 2017-18, representing a 24 per cent increase over the same period last year (KD4.98 million). The earnings per share (EPS) for the qua


Developers 'eyeing ME renewable energy market'

With the cost disparity between solar and conventional electricity generation fast disappearing, several leading power plant developers are eyeing the Middle East renewable energy market in order to boost growth, said an expert.   Economic and environmental sustainability has


Mena plans $200bn investment in renewable sector

The Middle East and North Africa (Mena) region is embarking on a massive programme to develop renewable energy, that will require more than $200 billion in investment, a report said. More than 67GW of clean energy projects at various stages of the design and study stage, accordin


Adnoc in strategic Asia partnership talks

The Abu Dhabi National Oil Company (Adnoc) has started talks with potential Asian partners on new partnership and co-investment opportunities and active management of its portfolio of assets, said a report. Adnoc’s new initiative builds on its flexible operating model and i


UAE fund to build power plant in Guinea

Abu Dhabi Fund for Development (ADFD), a leading national entity in development aid, is set to construct the National Dispatch Centre in the west African nation of Guinea at an estimated cost of  Dh66 million ($18 million). The centre will bolster energy control efforts, hel


Opec oil ministers set for crucial Russia meeting

Oil ministers of Organization of the Petroleum Exporting Countries (Opec) will be meeting their counterparts from the non-Opec countries in Saint Petersburg in Russia on tomorrow to assess conformity with a recent output cut resolution, said the Emirati news agency Wam, citing Kuwait's oil

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