Saturday 12 July 2014

Saudi oil output rises to 9.7m bpd in June

Saudi Arabia produced 9.780 million barrels per day (bpd) of crude oil in June, up from 9.705 million bpd in May, an industry source familiar with the matter said on Wednesday. The world's largest oil exporter and Opec heavyweight supplied 9.745 million bpd to the market, the


Honeywell signed up for UAE refinery project

Honeywell, a leading diversified technology and manufacturing leader, said the green fuels process technology of its company UOP has been selected by Petrixo Oil & Gas to produce renewable jet and diesel at a new refinery to be built in Fujairah. UOP is a leading international supp


India, UAE in strategic oil storage lease talks

India is in talks to lease part of its planned strategic storage to UAE's state oil company Abu Dhabi National Oil Company (Adnoc), two government sources said, as New Delhi moves to protect its economy against crude price shocks and supply disruptions. India, the world's


Shell shelves Saudi gas development project

Royal Dutch Shell is ending investments in a gas development project in Saudi Arabia, complicating the top oil exporter's efforts to exploit its huge gas reserves. The search for gas has been a priority for Saudi Arabia as it struggles to keep pace with rapidly rising domesti


Warba arranges $155m loan for UAE oil firm

Kuwait-based Warba Bank has arranged for a $155 million syndicated financing facility for a leading oil services company in UAE.   The bank took park with a stake of $25 million in this transaction along with Noor Bank and Qatar Islamic Bank, said a statement.


Yemen oil export income down 64pc in May, reserves sink

Yemen's income from oil exports tumbled by over 64 per cent to $73.4 million in May from a year ago, due to attacks on an export pipeline, and the central bank's foreign asset reserves shrank to their lowest since end-2011, data showed on Sunday. Sanaa's finances have


US firm plans $1.18bn investment in Iran project

US-based World Eco Energy has inked a preliminary agreement to invest $1.18 billion in Iran, in a rare joint commercial project to turn rubbish and human waste into electricity, said a report. The Californian group plans to produce 250 MW daily by burning trash and by processing


Libya oil exports yet to restart from eastern ports

Libya has yet to resume exports from the eastern Ras Lanuf and Es Sider oil ports as the state oil firm waits for the government to notify it on the end of the blockade, a spokesman for the National Oil Corp (NOC) said on Sunday. Last week, rebels agreed to allow the resumption o


Saudi Electricity to receive $719m in debt

Saudi Electricity Company (SEC) will be paid 2.7 billion riyals ($719.9 million) in debt owed by high profile customers, it said in a statement on Sunday. The debt was previously recorded as provisions against receivables outstanding and the payment will have a significant impact


Egypt ups electricity prices, to end gas subsidies

Egypt's electricity prices began to rise this month under a plan to eliminate power subsidies within five years, the electricity minister said, as the government seeks to cut a gaping deficit and reduce its reliance on Gulf states' aid. The plan will see electricity price

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