Thursday 29 September 2016

PetroRabigh construction delay to raise project cost

Saudi Arabian petrochemical company PetroRabigh said on Thursday it would again delay completion of an expansion project, raising the cost of the project to SR34 billion ($9.1 billion). Completion will be postponed by at least six months to the second quarter of next year because


Iraq questions Opec method on oil output estimates

Iraq on Wednesday questioned one of the two methods Opec is using to estimate the oil production of its members, signalling the issue could be a problem for the country to join output limits that the group agreed to start implementing this year. Opec uses two sets of figures for


Oil prices, stocks up on surprise Opec deal

Oil prices extended gains in Asia on Thursday, boosting stock markets, after Opec members agreed to curb output in a surprise deal, though investors were wary of chasing markets higher as the US presidential election nears. MSCI's broadest index of Asia-Pacific shares outside


Opec agrees oil output cuts in first deal since 2008

Opec agreed on Wednesday modest oil output cuts in the first such deal since 2008, with the group's leader Saudi Arabia softening its stance on Iran amid mounting pressure from low oil prices. "Opec made an exceptional decision today ... After two and a half years, Opec


No tighter oil market before 2018, says Vitol chief

The chief executive of Vitol, the world's largest oil trader, said on Wednesday he did not see the global oil market tightening before 2018. Ian Taylor also expressed scepticism over the significance of a potential OPEC deal on freezing production. "If you


Huawei to showcase smart city tech at Gitex

Huawei, a leading global ICT solutions provider, will showcase its ‘new ICT’ solutions that are helping to shape the future in a connected world at the upcoming Gitex Technology Week, a major ICT expo in Dubai, UAE. Charles Yang, president of Huawei Middle East said:


Saudis soften oil stance; Opec deal likely in Nov

Opec might still agree an oil output-limiting deal later this year after failing to do so in Algeria this week as the group's de-facto leader Saudi Arabia softens its stance towards Iran. Saudi Energy Minister Khalid al-Falih said on Tuesday Iran, Nigeria and Libya would be a


Bahri deploys data-driven solution to boost ops

Saudi Arabia-based Bahri, a global leader in logistics and transportation, has introduced a maritime industry-first ‘data innovation’ platform to enhance productivity, unlock opportunities for growth and transform the shipping industry. Termed “BahriData”,


BP signs 3 concession amendments for Egypt field

BP has signed three concession amendments for the Temsah, Ras El Barr and Nile Delta Offshore concessions in Egypt.   These amendments allows for the economic development of the Nooros development, where the company recently achieved record production. The con


Siemens to demonstrate future of power supply at Wetex

Siemens, a global technology powerhouse, will illustrate the future of energy supply through its microgrid table and breakthrough energy storage solutions at the upcoming Water, Energy, Technology and Environment Exhibition (Wetex) in Dubai. The microgrid table is an interactive

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