Wednesday 31 August 2016

Iran, Russia sign $1bn deal to build 5 oil rigs

Iran's Tasdid Offshore Development Company (TODC) has signed a contract worth $1 billion with Russia’s Krasnye Barrikady and to build five offshore drilling rigs for oil and gas exploration in the Gulf, a report said. The deal aims to construct the drilling rigs over a


Oil prices fall on rising Iraq output

Oil prices fell early on Monday as output from Iraq rose and as Iran said it would only cooperate in upcoming producer talks to freeze output if fellow exporters recognized its right to fully regain market share. International Brent crude oil futures LCOc1 were trading at $49.54


Sadara starts up region's first mixed-feed cracker

Sadara Chemical Company, a leading petrochemical joint venture between national oil giant Saudi Aramco and Dow Chemical, today (August 28) started operating its mixed feed cracker (MFC) at the venture's petrochemical complex in Jubail. The MFC is the only one of its kind in S


Qatar's Barzan gas project to start in November

Qatar will begin operations at its Barzan gas project in November, two people close to the matter told Reuters on Sunday, as the Gulf state strives to meet rising domestic energy demand as it prepares to host the soccer World Cup in 2022. The $10 billion project, a RasGas-operate


Opec's market share at a good level: UAE

Opec's share of the oil market is at a good level, United Arab Emirates Energy Minister Suhail bin Mohammed Al-Mazroui said as the producer group continues to contend with low crude prices. "Regardless of the different views on the oil market, we see that the Opec curren


Iran to sign oil contracts based on new model

National Iranian Oil Company (NIOC) will sign two or three contracts based on the new model by March next year, the company’ deputy managing director said. Gholamreza Manouchehri added that he expected amendments to the new model of oil contracts to be approved by the cabin


Iraq set on expanding oil output to gain market share

Iraq is willing to play an active role within Opec to support oil prices but will not sacrifice its goal of expanding market share and will continue to ramp up output, its oil minister said on Saturday. Jabar Ali al-Luaibi, on a visit to the southern oil city of Basra, renewed ca


Venezuela, Iran seek accord for oil market stability

Venezuela and Iran continue to seek consensus on ways to stabilize oil markets and strengthen Opec, Venezuelan President Nicolas Maduro said on Saturday, following a meeting with Iranian Foreign Minister Mohammad Javad Zarif. "We continue to build common ground and a new con


Iran detects malware in petchem plants

Iran has detected and removed malicious software from two of its petrochemical complexes, a senior military official said on Saturday, after announcing last week it was investigating whether recent petrochemical fires were caused by cyber attacks. The official said the malware at


Iraq vows to play active role in propping up oil prices

Iraq is willing to play an active role within Opec to support oil prices, its Oil Minister Jabar Ali Al-Luaibi said on Saturday, without clarifying whether it was prepared to back a possible agreement to freeze output. "Iraq is seeking to play an active role in order to supp

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