Saturday 28 November 2015

Revival of Opec export quotas 'very difficult’: Iran

Iran said on Friday that the removal of Opec’s quotas system was a historic mistake and its revival will be very difficult, state news agency IRNA quoted Oil Minister Bijan Namdar Zanganeh as saying on Friday.   "Removing Opec’s quotas system wa


3 Iranian petchem units near completion

Iran’s Oil Ministry has said that the construction of three petrochemical projects is nearing completion, with the projects to come on stream in the coming months, according to a report.   The projects include the phase 2 of Kavian Petrochemical plant, Tak


Oil prices slide on China worries, supply glut

Crude oil futures fell on Friday, bringing losses this month to close to nine per cent, as disappointing Chinese data and worries over a supply glut overshadowed geopolitical concerns.   The US dollar, which stood close to nine-month highs versus a basket of oth


UAE petchem industry set for strong growth in 2016

The UAE petrochemicals industry will see strong output growth in 2016 as it continues its massive capacity expansion, according to the UAE Petrochemicals Report Q1 2016, published by Business Monitor International (BMI) Research. The report also added that by 2016 ethylene capaci


UAE reduces gasoline and diesel prices for December

The UAE will lower domestic prices for gasoline and diesel in December, the ministry of energy said on Thursday.   The price of a litre of octane 95 gasoline will drop 1.15 percent to Dh1.68 ($0.46) from Dh1.70 in November, the ministry said in a news release.


Glencore sees Tripoli-based NOC as sole legal seller of Libyan oil

Commodities trader Glencore said it recognises Libya's Tripoli-based National Oil Corp (NOC) as the sole legal marketer of the country's oil, after securing an export deal earlier this year with the state-run company.   The Tripoli-based NOC has said it


Aramco to invest more in Indonesia's oil and gas sector

Saudi Aramco is looking for further investment opportunities in Indonesia's downstream refining and petrochemicals industry, the company's CEO said on Thursday, after initiating a $5.5 billion project to upgrade the country's largest refinery. The Saudi Aramco CEO'


Oil eases after 6 days of gains as glut worries return

Oil fell on Thursday, after six days of gains, as concerns that escalating violence in the Middle East would disrupt supply faded, and the focus returned to a persistent market glut. Brent crude was down 32 cents at $45.71 a barrel at 1122 GMT. Concerns that the do


Saudi Aramco to host supply-chain forum

Saudi Aramco is set to host a one-day invitation-only forum for key suppliers on December 1 in Dammam, Saudi Arabia.   The forum will introduce the company's In-Kingdom Total Value Add (IKTVA) programme that underpins Saudi Aramco's accelerated transform


Iran’s new oil contracts ‘may touch $30bn’

Iran is likely to enter oil investment deals to the tune of $30 billion under the new contracts to be unveiled next week, a report said. "A section of our oil industry's challenges will be overcome with the new contract models," Oil Minister Bijan Namdar Zanganeh wa

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