Tuesday 3 May 2016

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


Saudis open new phase in Asia oil market turf war with China spot sale

Saudi Arabia's sale of a spot crude cargo to an independent Chinese refiner marks a new phase in the turf war for dominance over Asia's oil market and sends a strong message to its rivals Russia and Iran: the fight for market share is on.   State-owned S


Saudi Aramco approves funding initiatives including sukuk programme

KHOBAR: Saudi Aramco's IPO board has approved a number of funding initiatives including the creation of a sukuk programme, its weekly magazine the Arabian Sun reported.   The board, which met last week in Japan, has also decided to set up joint ventures for


Almajdouie Logistics wins two Scata awards

Almajdouie Logistics Company (MLC), asset-owned company, operating with personal equipment, supporting different projects throughout the GCC region, took home two awards at the Supply Chain & Transport Awards (Scata).   MLC won the 2016 ‘Logistics Project of the Yea


Saudi Aramco appoints new vice presidents

Saudi Aramco made new appointments to its executive ranks at its board meeting last week in Japan, while reappointing president and chief executive Amin Nasser, the company's weekly magazine the Arabian Sun reported on Wednesday. The appointments are effective from May 1 and

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