Thursday 28 August 2014
 
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Aramco to invest $400bn in next decade

Saudi Aramco, the world’s biggest oil producer, plans to invest $40 billion per annum over the next 10 years to keep oil output capacity steady while doubling gas production, a report said. Aramco forecasts more capital going into offshore projects and expects rising costs

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Adnoc acquires 34 service stations in UAE

Adnoc Distribution, a unit of Abu Dhabi National Oil Company, has announced the successful acquisition of 34 Emarat service stations and a fuel depot at Port Khaled in Sharjah. As per the agreement signed with Emirates General Petroleum Corporation (Emarat), Adnoc Distribution wi

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Chevron seeks $1.5bn for Canadian oil project

Chevron Corp has been searching for up to $1.5 billion of equity investment to help develop its Duvernay shale formation assets in Canada and contacted potential investors including private equity firms, according to people familiar with the matter. Chevron’s subsidiary, Chevron

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Tatneft wins $112m compensation from Ukraine

Russian oil producer Tatneft has been awarded $112 million in compensation from Ukraine over a refinery ownership dispute by an international arbitration court, piling pressure on cash-strapped Kiev, the company said. The mid-sized producer has been involved in a legal dispute over own

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INTERVIEW: Europe must cut Russia dependence

Europe needs to enforce its energy strategy and will have to pay more for gas if it wants to improve the safety of supply and reduce its reliance on Russia, the head of the West's energy watchdog said. The 28 country European Union is supposed to have a single market for power and

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Brent crude prices rise to $103

Brent crude nudged up towards $103 a barrel on Tuesday but overnight gains may prove fragile in the face of persistent supply pressure and weak economic data in major consumer countries. The global oil benchmark is set for a second monthly decline in August as slow growth in Chin

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Iran delays London oil conference

Iran has postponed by three months a conference to offer multinationals the rights to develop oil deposits, giving time for sanctions on the country's oil sector to be lifted, a senior official said. "We want to provide for all the companies to participate and we know they wil

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Sinopec shortlists bidders for $20bn retail stake

State-run Chinese oil giant Sinopec Corp has shortlisted 37 bidding consortia for an up to 30 per cent stake in its massive fuel retail unit and plans to choose a winning bidder by end-September, its chairman said. "The reaction from investors, from the market, is better than we o

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Vinci Energies to buy Imtech ICT

Vinci Energies has reached an agreement with Imtech to acquire the latter's information and communication technologies division, Imtech ICT. The division generates annual revenue of about €740 million ($1.226 billion) in the Benelux countries, Germany, Austria, Sweden an

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Impact of power, gas demand in focus

Population growth, industrial expansion and demand for power has had a dramatic impact on the Middle East gas industry with many countries turning to imports to keep pace. The region is focusing on exploring sustainable energy solutions and advancing gas production, acknowledging

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