Sunday 7 February 2016

Saudi, Venezuela discuss oil cooperation

Saudi Arabia's oil minister Ali Al-Naimi discussed cooperation between Opec members and other oil producers to stabilise the global oil market with his Venezuelan counterpart, state news agency SPA reported. Venezula's Oil Minister Eulogio Del Pino is on a tour of oil pro


Italy to boost Egypt energy projects

Italy will upgrade the Middle East Oil Refinery (Midor) in Egypt and support building a complex for petrochemical industries in Ain Sokhna, a report said. It will update a number of combined-cycle power plants, added the Daily News Egypt report. Qabil expe


Iran to build $2bn oil refinery in Spain

Iran will build a $2 billion oil refinery with planned capacity to produce 120,000 barrels per day of oil in Spain, a report said. National Iranian Oil Refining and Distribution Company (NIORDC) plans to team up with Spain’s Magtel for the construction of refinery in the so


Bigger utility bills to hit expats, industries in Bahrain

All expatriates, large companies and industries will be affected by the higher tariffs for water and electricity which will start to take effect from March 1. Bahrainis are exempted from the new rates except those who have more than one household which they do not use for their p


Schlumberger-Cameron merger gets EU nod

Schlumberger, the world's largest oilfield services company, said its proposed merger with Cameron, a leading provider of flow equipment products for oil sector, has won unconditional approval from European Commission. The panel has cleared their proposed merger without any c


Iran's crude oil sales to Europe hits new high

Iranian Oil Minister Bijan Zanganeh said on Saturday that Iran's crude oil sales to Europe after the lifting of international sanctions on Tehran had already reached above 300,000 barrels, according to the ministry's news agency. Iran's oil exports, which had peaked a


Glencore loads Iranian fuel oil from Bandar Mahshahr

Anglo-Swiss commodity trader Glencore has chartered a ship to load Iranian fuel oil at the Iranian port of Bandar Mahshahr in a move that signals the return of legitimate Iranian crude and oil products to international markets.   The Greek-owned vessel, Green Wa


Oil steadies, weak fundamentals weigh after volatile week

Oil steadied on Friday in a volatile session, as bearish fundamentals pressured prices despite bullish indications earlier in the week.   International benchmark Brent crude futures were two cents higher at $34.48 per barrel, trading in a range of around $34-$35


UAE plans floating LNG import terminal later this year

State-owned Abu Dhabi National Oil Co (Adnoc) plans to start a new liquefied natural gas floating import terminal (FSRU) in the second half of this year, three LNG industry sources said.   The floating import terminal is being supplied by US gas shipping company


Siemens, EFC deal to deliver solutions to oil industry

Siemens UK & Ireland has formed a strategic partnership with oil and gas control system specialist, EFC Group, in a collaboration which promises to deliver innovative, cost-saving solutions for the industry.   The partnership developed after EFC Group select

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