Sunday 1 May 2016

Oil prices ease after hitting 2016 highs

Oil futures slid after setting a 2016 high on Thursday as traders locked in profits, though analysts said supply disruptions, strong investor appetite and a weakening dollar could push prices higher soon. Brent crude futures were trading at $47.05 per barrel at 1129 GMT, down 13


KNPC signs $4bn loan for Clean Fuels Project

State-owned refiner Kuwait National Petroleum Company (KNPC) signed on Thursday the first tranche of financing for its multi-billion-dollar Clean Fuels Project, a major plank of the country's economic development plan. The tranche, provided by local banks and lasting for 10 y


Siemens wins service deal for Qatar power plant

Siemens has been awarded a 25-year service contract for the planned Umm Al Houl combined cycle power plant in Qatar. The customer is Umm Al Houl Power, a company established through a partnership among Qatar Electricity and Water Company (QWEC), Qatar Petroleum (QP), Qatar Founda


Iran eyes March launch for major refinery

National Iranian Oil Refinery and Distribution Company (NIORDC) is planning to launch a major refinery project by March, 2017, a report said. The first phase of the Persian Gulf Start Refinery, a gas condensate refinery, will go on stream before then, added the Iran Daily


Qatar reduces local diesel fuel price by 7pc

Qatar lowered the domestic price of diesel by 7 per cent on Wednesday after switching to a local energy pricing regime that fluctuates monthly in response to changes in global markets. Diesel will decrease to QR1.4 ($0.3734) per litre for the month of May and the price of gasolin


Oil jumps to fresh 2016 highs as dollar drops

Oil prices jumped about 3 per cent on Thursday, hitting new highs for 2016 as the dollar weakened after the Federal Reserve announced it would leave US interest rates unchanged. Oil had risen early, the day after an industry group said US crude inventories had dropped in the late


Aramco to finance Saudi industrial push

The world's biggest energy company Saudi Aramco outlined financing plans on Wednesday that will support its expansion into new areas under a sweeping economic reform plan released by Riyadh this week. The reforms envisage Aramco transforming itself from an oil and gas firm in


Siemens receives major order for 102 wind turbines

Siemens has won a major order from ScottishPower Renewables for the supply, installation and commission of 102 wind turbines worth up to £833 million ($1.2 billion) for the East Anglia One project. ScottishPower is part of the Iberdrola Group, a global energy company and wo


As glut persists, Saudis and Kuwait struggle to restart Khafji oilfield

Kuwait and Saudi Arabia appear no closer to restarting their jointly operated Khafji oilfield, industry sources said, despite Kuwait saying the sides had agreed to ramp up output after an 18-month shutdown.   Any delay in the restart of the Neutral Zone field th


Eastern Libya ships first oil cargo in defiance of Tripoli

A government based in eastern Libya has shipped its first cargo of crude in defiance of authorities in the capital Tripoli, a bold move that could deepen the divisions that have brought chaos since the fall of Muammar Gaddafi.   The Tripoli authorities asked the

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