Saturday 28 March 2015
 
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Oil falls more than $1 as Mideast supply fears ease

Oil prices fell more than $1 a barrel on Friday as worries receded over the threat of disruptions to Middle East supplies due to Saudi Arabia-led air strikes in Yemen. Goldman Sachs said the bombing of Yemen would have little effect on oil supplies as the country was only a small

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Saudi beefs up security at borders, oil facilities

Top oil exporter Saudi Arabia plans to beef up security at its borders and around oil and industrial facilities, state news agency SPA reported on Thursday, citing a statement by Deputy Crown Prince Mohammed bin Nayef. Prince Mohammed, who is also the interior minister, had stres

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China a big buyer of Yemen oil as export risks rise

Oil prices have surged on growing conflict in Yemen, though trade sources said there was ample crude supply in global markets to replace any drop in exports to buyers such as China as long as the conflict did not cause broader disruption.   There is concern the

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PTT keen to sell stake in Egypt gas pipeline business

Thailand's largest energy firm PTT wants to sell its 25 per cent stake in Egyptian company East Mediterranean Gas (EMG), which operates a now defunct natural gas pipeline, chief financial officer Wirat Uanarumit said.   State-controlled PTT has been reviewin

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Kuwait raises security at oil facilities due to Yemen strikes

State-run Kuwait Petroleum Corp (KPC) said the Opec member has raised security around its oil facilities inside and outside the country after Saudi Arabia and Arab allies began a military operation in Yemen.   "In the light of developments in Yemen and to p

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Iran storing 30 million barrels of oil at sea

Iran is storing at least 30 million barrels of oil on its fleet of supertankers as Western sanctions continue to keep a lid on sales, tanker market sources say.   World powers are trying to reach a framework deal with Tehran by the end of the month that would re

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Iraq supports Opec policy to defend market share

Iraq supports the Organization of the Petroleum Exporting Countries (Opec's) policy of defending the group's market share by keeping oil production steady, an Iraqi parliamentary oil official said, despite pressure on the Arab state's budget.   The O

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Enec files operating license application for Barakah units

The Emirates Nuclear Energy Corporation (Enec) has filed the Operating License Application (OLA) for Barakah Units 1 & 2 with the UAE’s Federal Authority for Nuclear Regulation (FANR). The submittal follows a five year-long process in which Enec and the Korea Electric P

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ABB wins substation upgrade deal in Kuwait

ABB, a leading power and automation technology group, has won an order worth $12 million from the Ministry of Electricity and Water (MEW) of Kuwait to refurbish and upgrade three existing substations. This is to help ensure reliable power supply in the greater Kuwait City metropo

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Oil prices surge after Saudi air strikes in Yemen

Brent crude oil prices shot up nearly 6 per cent on Thursday after Saudi Arabia and its Gulf Arab allies began a military operation in Yemen, although Asian importers said they were not immediately worried about supply disruptions. The strike against Houthi rebels, who have drive

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