Sunday 24 July 2016

Algeria's Tiguentourine gas plant ready for restart

Algeria's Tiguentourine gas plant is ready to come fully back online for the first time since a deadly militant attack in 2013, general manager Kamel Aoues said on Saturday. "Full production is for the coming days, all tests have been passed successfully," Aoues tol


Safco extends earnings slump

Saudi Arabia Fertilizers Company (Safco) met analyst forecasts on Thursday but extended its earnings slump, as its second-quarter net profit halved year on year as product prices remained low. Safco, a unit of Saudi Basic Industries Corp (Sabic), made a net profit of SR299 millio


Oil slips as US stock build raises glut worries

Oil prices slipped on Thursday after a rise in US gasoline inventories helped push US oil stocks to a record high, reinforcing worries of a global oversupply. US crude and oil product stocks rose 2.62 million barrels in the week to July 15 to an all-time high of 2.08 billion barr


Dewa wins top international quality award

Dubai Electricity and Water Authority (Dewa) has won the International Star for Leadership in Quality in the Gold category from Business Initiative Directions (BID) for outstanding excellence and quality, in accordance with the QC100 criteria, for economic growth, leadership, technical developm


Oil steadies as US inventories send mixed signals

Oil prices steadied after the US Energy Department reported a ninth consecutive weekly drawdown of crude stocks but an overall build in oil inventories.   US West Texas Intermediate crude for September delivery, the new front-month contract from Thursday, was up


Saudi Arabia regains top ranking in China crude supply

Saudi Arabia, the world's biggest oil exporter, regained its position as China's top crude supplier in June, after losing out to Russia over the previous three months, customs data showed.   China imported 4.569 million tonnes of crude from Saudi Arabia


Tehran Chamber backs new oil contract model

The Tehran Chamber of Commerce, Industries, Mines and Agriculture (TCCIMA) will extend its support to the newly-developed oil contracts model in a series of meetings, a report said. Views by foundations such as the chamber of commerce, the Iranian Parliament and the Expediency Co


ABB wins orders for world’s first 1,100 kV UHVDC power link

ABB, a leading global technology company in power and automation, has won orders worth over $300 million to supply breakthrough technologies for the world’s first 1,100 kilovolt (kV) ultra-high-voltage direct current (UHVDC) transmission link in China. The Changji-Guquan UH


Yansab Q2 net profit more than trebles

Saudi Arabia's Yanbu National Petrochemical Company (Yansab) beat analysts' forecasts on Wednesday as its second-quarter net profit trebled due to higher production and sales. The firm, a subsidiary of Saudi Basic Industries Corp (Sabic), made a net profit of SR689.3 mill


No discussions with Opec on output says Russia minister

Russian Energy Minister Alexander Novak said in an interview there were no discussions about possible coordination with Opec on oil output after a failed attempt to jointly maintain production levels earlier this year. "We do not discuss the issues of coordination of actions

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