Sunday 24 May 2015

Salalah LPG project to begin production in 2019

Salalah LPG Extraction Project, a state-of-the-art facility which will extract propane, butane and condensate associated with the natural gas pipeline from Salalah area, is likely to start production in 2019. Being built in the Omani province of Dhofar, the Salalah LPG Project is


Borouge third phase expansion to reach full capacity by 2016

United Arab Emirates petrochemical firm Borouge said that the third phase of its expansion, which is set to raise its annual production capacity to 4.5 million tonnes of polyolefins, would be fully operational by 2016.   "We have already started operations


Libya's NOC chief sees higher oil prices, not relying on Opec

The head of Libya's National Oil Corp (NOC) sees higher oil prices and said the company is working to boost output and regain market share taken by other producers.   Speaking on a visit to London, NOC chairman Mustafa Sanallah said he saw signs of oil deman


Iran drives harder bargain in Indian trade talks

Iranian trade negotiators have become more assertive with Indian counterparts as hopes rise of international sanctions on Tehran easing later this year, sources said, and Indian companies fear they may lose business as more countries bid for projects.   The push


Saudi Arabia, partners turn down Chinese requests for extra oil

Saudi Arabia and its main Middle East Opec partners are turning down Chinese requests for extra oil as they hold back fuel for their own refineries just as demand from the world's biggest crude importer hits new records.   While the Saudi and other refusals


Cheaper oil driving fuel demand boost

Global oil demand is set to grow by up to 1.4 million barrels per day in 2015 as lower oil prices boosted buying in many regions, including Europe, an executive at the world's top trader Vitol said on Wednesday. "Markets around the world have surprised on the upside. Dem


Siemens launches new wind turbine for US customers 

Siemens has launched its first wind turbine designed to specifically meet the demands of its North and South American customers. The Siemens SWT-2.3-120, which premiered at the AWEA Windpower 2015 tradeshow in Orlando, Florida, features a 120-m rotor, enabling it to achieve an in


Record production lifts GPIC profit to $190m

Bahrain-based Gulf Petrochemical Industries Company (GPIC) has posted a 2.25 per cent rise in net profit at $190.2 million for last year, compared with $186 million for 2013. The profit surge comes on the back of its highest combined annual production since inception, said a repo


Iraq agrees $526m drilling deal for West Qurna oilfield

Iraq's cabinet has approved a $526.6 million drilling deal with China's Zhongman for the West Qurna Two oilfield, the government said in a statement on Tuesday. Under the 28-month contract, Zhongman Petroleum and Natural Gas will drill 66 production oil wells at West Qurn


Egypt opens new power plant

Egypt has opened a 750 megawatt power plant in the northern outskirts of Cairo, the cabinet said on Tuesday, as the country tries to stave off power cuts that have plagued Egyptians' lives and businesses in the summer months of the last few years. The $500-million plant in Qa

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