Tuesday 2 September 2014

Saudi Arabia's oil usage tops economic growth

Saudi Arabia’s annual rate of energy consumption has grown to an average of 3.8 million oil barrels per day, marking an increase of more than 5 per cent while the economic growth rate reached 4 per cent, a report said. The rate of consumption will reach 8.4 million oil barr


Saudi petchem firm restarts production after glitch

Saudi Arabia's Sahara Petrochemical said on Wednesday its subsidiary had fixed a technical fault at a utilities unit and was now working on restarting production. Sahara, which ended merger talks with Saudi International Petrochemical Co (Sipchem) in June, said on August 17 a


MEPC to feature conference theatre at Adipec

The Middle East Petroleum Club (MEPC) will feature an exclusive VIP programme and a purpose-built conference theatre at the upcoming Abu Dhabi International Petroleum Exhibition and Conference (Adipec). Organised by dmg events, Adipec 2014 will run from November 10 to 13, hosting


Saudi crude exports fall as domestic demand rises

Saudi crude exports fell in June to their lowest levels in almost three years as oil use in the country's power sector rose and local refineries processed high volumes, official data showed.   The top oil exporter and Opec heavyweight exported 6.946 million


Impasse over Kurdish tanker near Texas to drag on

A tanker loaded with $100 million of Kurdish crude oil cannot be delivered in Texas soon because of risks for buyers as Iraq mulls further legal challenges, so a month-long standoff will drag on, a source close to the matter said. A US court threw out an order to seize the 1 mill


Brent recovers from 14-month low

Brent crude nudged up towards $103 a barrel on Wednesday, recovering from a 14-month low hit last week although bountiful global supplies are checking gains. Oil benchmarks on both sides of the Atlantic Basin have likely bottomed out after losing more than $10 since mid-June, ana


Topaz Energy earnings grow 12pc in H1

Topaz Energy and Marine, a leading offshore support vessel company, has posted a 12 per cent increase in earnings before interest, tax, depreciation and amortisation (EBITDA) during the first half of the year and a 5.3 per cent growth in EBITDA margin. The growth in EBITDA is att


Kuwait export crude falls to $103.4 in July

The price of Kuwait Export Crude (KEC) fell about $5, from $108.2 per barrel (bbl) at the start of July to $103.4 per bbl at the end of the month, said a report. The National Bank of Kuwait report noted that the oil prices retreated in July from the nine-month highs reached in Ju


Siemens unveils first gas-insulated switchgear

Siemens has unveiled its first compact gas-insulated switchgear (GIS) for high-voltage direct current applications at a conference in Paris. Within the framework of the energy transition, high-voltage direct current (HVDC) transmission is gaining in significance as it allows low-


Aramco to invest $400bn in next decade

Saudi Aramco, the world’s biggest oil producer, plans to invest $40 billion per annum over the next 10 years to keep oil output capacity steady while doubling gas production, a report said. Aramco forecasts more capital going into offshore projects and expects rising costs

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