Thursday 24 May 2018
 
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Oil prices to peak in mid-2019: BofAML

Brent crude oil prices are expected to trend gradually higher, hitting an average of $80 per barrel (/bbl) by mid-2019 before gradually trending lower to an average of $71/bbl by end-2019, said Bank of America Merrill Lynch (BofAML) in a new report. This amounts to approximately

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Ensinger expands production, logistics facilities for growth

Ensinger, a leading international plastics processor company, has invested in extending its production and logistics facilities at its German site in Cham, which was put into operation 10 years ago. The new building plans are the second construction project in the branch factory.

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Oil to hit $90 on new shipping laws, says Morgan Stanley

Forget Iran and Opec (Organization of Petroleum Exporting Countries) - there’s another issue that will keep oil prices supported for the next two years, reported Bloomberg, citing senior analysts of US investment bank Morgan Stanley.   Brent crude

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Total to pull out of Iran without sanctions waiver

French oil major Total has said it will not be able to continue the South Pars 11 (SP11) project in Iran and will have to unwind all related operations before November 4 unless Total is granted a specific project waiver by the US authorities. This project waiver should be support

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Dewa seeks consultants for water reservoir project

Dubai Electricity and Water Authority (Dewa) has invited tenders from leading consultancy services for the design and construction of a 30-million-gallon water reservoir in the Hatta region of the emirate. Dubai's government utility had early this year awarded a consultancy c

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Damen to supply three tugs to Corpetrolsa Group

Damen Shipyards Group has signed a contract with Corpetrolsa Group of Guayaquil, Ecuador, for the supply of three tugs. The deal includes one Stan Tug 1205 and two Stan Tugs 1606. The tugs will be operated by Corpetrolsa subsidiary DLEN to support its bunkering operation, said a

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WorleyParsons wins Saudi refinery contract

WorleyParsons, a leading global engineering services group, said it has been awarded a general engineering service (GES) contract by Yanbu Aramco Sinopec Refining Company (Yasref) to help optimise the production of its facilities. A joint venture between Saudi Aramco and China Pe

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Abu Dhabi's NPCC posts 57pc jump in 2017 profit

National Petroleum Construction Company (NPCC), a subsidiary of the Senaat Abu Dhabi, has registered a net profit of Dh700 million ($191 million) in 2017, up 57 per cent compared to the previous year, despite the impact of low oil prices. Announcing the results, chairman Hussein

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Peak in chemicals M&A may be coming to an end

Despite more than 60 per cent of global chemicals sector executives anticipating stronger M&A activity in 2018 than in 2017, a growing number expect a drop in activity as a result of the limited availability, said a report.   Despite more than 60 per cent of global chemic

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Mubadala unit, Siemens expand MRO deal

Mubadala-owned Turbine Services & Solutions (TS&S), a leading maintenance, repair and overhaul (MRO) provider for gas turbines and Siemens, have reinforced their relationship with an expanded supplier agreement contract. Announced at the Adnoc Downstream Investment Forum,

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