Monday 4 May 2015

Egypt to lease second LNG import terminal

Egypt has issued a five-year tender to lease a second liquefied natural gas (LNG) import terminal, the head of the state gas board told Reuters on Monday, seeking to tackle an energy crisis. Egypt was once an energy exporter but declining oil and gas production and increasing con


100,000 industry layoffs over oil price slump

Layoffs in the oil and gas industry are nearing 100,000 worldwide since oil price started declining late last summer, a report said. Oilfield service companies Schlumberger, Baker Hughes, and Halliburton announced layoffs of around 20,000, 10,500, and 9,000 employees respectively


Arab Energy to use butane as fuel in Egypt factories

Arab Energy will install a new technology to use butane as a fuel for industries in Egypt after converting it to have the same technical characteristics of natural gas, said the company chairman. The new technology will be deployed in factories with the presence of a tank to rece


Dolphin Energy seeks adviser for $1bn loan

Dolphin Energy, the Abu Dhabi state-controlled venture that produces and transports natural gas to the UAE and Oman, wants to raise a $1 billion loan and has invited banks to pitch for a role advising it, banking sources said on Sunday. The firm, in which Total and Occidental Pet


Arab Energy readies for floating power plant

Arab Energy is finalising approvals to deliver the first floating 200MW power plant worth $180 million, which will be located in an Egyptian port, a report said. Contracting for the purchase of the floating power plant is ongoing, explained Arab Energy chairman Khaled Abu Bakr, a


Total's Moroccan unit to raise $75m in IPO

Total Maroc , owned by France's Total, plans to raise between MD612 million ($61.2 million) and MD720 million ($74.48 million) in an initial public share offer, Moroccan bourse watchdog CDVM said in a statement on Saturday. Total Maroc commercialises around 1 million tonnes o


Shell signs $15.3bn bridge loan

Royal Dutch Shell has agreed to a £10.07 billion ($15.28 billion) bridge loan from a group of relationship banks backing its £47 billion ($71 billion) takeover of smaller rival BG Group. The two-year loan replaces a £3.025 billion interim bridge loan that was pr


Nasser named Aramco acting chief

Saudi Aramco last night named Amin Al Nasser as the “acting president and chief executive officer”. The appointment followed Khalid Al Falih’s assignment on Wednesday to the Saudi Cabinet under a major government reorganisation. He will rem


Bahrain oil reserves set at 632.5m barrels

Bahrain had oil reserves of 632.5 million barrels at the end of last year, said a senior government official. A total of 618.44 million barrels were available at the Bahrain Field after 17.5 million barrels were produced last year, added Energy Minister Dr Abdulhussain Mirza, acc


Oil falls from 2015 highs on record Iraq exports

Oil prices eased off 2015 highs on Friday after Iraq said its crude oil exports hit a record in April, and prices were pressured also by a stronger dollar. Brent and US crude rallied between 20 and 25 per cent in April, helped by a weaker dollar and bets that a global supply glut

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