Wednesday 28 January 2015

Libya returns fuel tanker to rival government

Libya's recognised government has released a tanker forced to dock at a port under its control after originally banning it from delivering fuel to its rival administration, a port official said.   War planes forced the tanker Anwaar Afriqya to sail to Tobruk


Iraq lowers oil price forecast in budget proposal to $55 a barrel

Falling oil prices forced Iraq's cabinet to revise its draft 2105 budget, trimming its forecast for oil to $55 a barrel from $60.   It trimmed spending to 119 trillion Iraqi dinars ($104.85 billion) for 2015.   The decision to


Yasref refinery to load 2nd diesel cargo

A new joint-venture refinery in Saudi Arabia will load its second diesel cargo and started gasoline production earlier this week, a source close to the company, Yanbu Aramco Sinopec Refining Co (Yasref), said.   The 400,000-barrels-per-day (bpd) refinery, a join


Shell to build $11bn petchem plant in Iraq

Royal Dutch Shell has signed a deal with Iraq worth $11 billion to build a petrochemicals plant in the southern oil hub of Basra, Industry Minister Nasser Al-Esawi said on Wednesday. Al-Esawi told a press conference in Baghdad the Nibras complex, which is expected to come on line


Opec's Al Badri says oil may have hit floor, warns of future spike

Oil prices at current levels may have reached a floor and could move higher very soon, the Organization of the Petroleum Exporting Countries (Opec's) secretary-general said, his first public comment that oil's second-biggest decline on record may have run its course. &nbs


Kuwait slashes spending plan as plunging oil prices hit revenues

Kuwait's finance ministry has slashed spending and projected a big deficit in a draft budget for the next fiscal year, as plunging oil prices hit its export revenues.   The draft budget for the year starting in April envisages spending of KD19.07 billion ($6


Aramco to renegotiate contracts; put off projects

Saudi Aramco will renegotiate some contracts and postpone some projects due to falling oil prices, the head of Saudi Arabia's state oil company said on Tuesday. "We will have to adjust to the realities of today, we will push some projects into the future, we will stretch


Bapco backs top industry fair in Bahrain

Bahrain Petroleum Company (Bapco), the kingdom's national oil company, has reaffirmed its strategic support for the upcoming Gulf Industry Fair (GIF) 2015, to be held next week under the patronage of His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa. Sinc


Oil steadies after Opec says prices may have bottomed

Oil prices were little changed on Tuesday, with Brent holding above $48 following comments from a top Opec official that prices may have found a floor. Opec secretary-general Abdullah Al-Badri said oil prices may have bottomed out and could rise very soon. He also warned of a ris


Qatar Petroleum to absorb investment unit

State-owned oil and gas giant Qatar Petroleum (QP) will absorb Qatar Petroleum International (QPI), QP said on Monday, a move suggesting authorities want to consolidate the industry after the plunge of oil prices. "The integration will see QPI's employees, assets and pro

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