Monday 25 July 2016

Libya oil exports threatened as NOC warns against port deal

Libya's hopes to boost crude exports have been dealt a blow after the head of the National Oil Corporation (NOC) objected to a deal between the government and local guards to reopen key ports. In a letter seen by Reuters to UN Libya envoy Martin Kobler and a number of oil and


Saudi's PetroRabigh Q2 net profit slides 79.6pc

Saudi Arabia's Rabigh Refining and Petrochemical Co (PetroRabigh) reported a 79.6 per cent decrease in net profit in the second quarter as petrochemical prices dropped and refinery margins fell.   The firm, a joint venture between Saudi Aramco an


Enec signs support services deal with Korea firm

The Emirates Nuclear Energy Corporation (Enec) and Korea Hydro & Nuclear Power (KHNP) have signed an operating support services agreement (OSSA) for the Barakah nuclear power plant in Abu Dhabi, UAE. The agreement was signed at a ceremony held at Enec’s headquarters in


Schneider Electric introduces InRow DX 600mm

Schneider Electric, a global specialist in energy management and automation, has introduced the second generation of the InRow DX (direct expansion) 600mm as the latest addition to the InRow product line. The InRow Direct Expansion product design closely couples the cooling with


Duqm electricity demand expected to grow substantially

Electricity demand in Duqm, where one of the Middle East’s most ambitious industrial and economic hubs is currently under development, is anticipated to grow 10-fold to 650 megawatts (MW) by the year 2025, said a report. This compares with around 67 MW of diesel-based gener


Iran 'self-reliant' in petchem facilities construction

Iran, by raising the potential of its experts and technicians, has become self-sufficient in the construction of petrochemical facilities, said a senior official in a report. The country no longer has any need for foreign companies in this regard, managing director of Kavian Petr


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


Saudi Kayan swings to Q2 net profit on lower feedstock costs

Saudi Kayan Petrochemical Company swung to a net profit in the second quarter on Thursday, ending a run of five straight quarterly losses, benefiting from low feedstock costs. The company, an affiliate of Saudi Basic Industries Corp (Sabic), made a net profit of SR91.02 million (

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