Friday 29 July 2016

Bahrain plans new 5MW green energy plant

A new BD6.5 million ($17 million) renewable energy plant producing up to five megawatts (MW) of electricity should be operational by next year in Bahrain, reported the Gulf Daily News, our sister publication. To read further, please visit


Oil off April lows but oversupply still weighs

Oil prices recovered slightly from April lows in early trading on Thursday, but the outlook for the industry remained weak as crude producers and fuel refiners continue to pump out more than the market can consume. International Brent crude oil futures LCOc1 were trading at $43.6


Sabic extends earnings slump as Q2 net profit falls 23.2pc

Saudi Basic Industries Corp (Sabic), one of the world's largest petrochemicals groups, reported a 23.2 per cent drop in second-quarter net profit on Wednesday, extending an earnings slump as lower sales prices continued to weigh. Sabic made a net profit of SR4.74 billion ($1.


Saudi cleaner fuels project harvests foreign bids to build

Foreign engineering companies have bid to build Saudi Aramco's clean fuels project at the state oil giant's Ras Tanura refinery, industry sources told Reuters.   The bid deadline was July 17 for the $2 billion-plus scheme which will remove sulphur from r


Dewa wins ISO certificate for digital security

Dubai Electricity and Water Authority (Dewa) has received a certificate of commitment towards ISO standard ISO 27037:2012, which provides guidelines for dealing with digital evidence. The certificate also includes guidelines to assist with the identification, collection, and pres


Sipchem Q2 net profit slumps 76.4pc

Saudi International Petrochemical Co (Sipchem) reported a 76.4 per cent slump in second-quarter net profit on Wednesday, as lower sales prices for its products weighed on its earnings for a fifth straight quarter. Sipchem made a profit of SR26 million ($6.9 million) in the three


Gazprom commissions 10th well at Iraq’s Badra

Russia-based oil and gas giant Gazprom Neft has commissioned its 10th production well (P-07) at the Badra oil field, a report said. With production volumes at the newly launched well now at 6,527 barrels per day, its commissioning has allowed daily production levels at the field


Japan agrees $2.1bn loan to develop Basra refinery

Japan has agreed to lend $2.1 billion to Iraq to develop Basra refinery, a top official was quoted as saying in an Iraq Business News report. “The Japanese government has agreed to lend Iraq a loan of $2.1 billion to execute a number of projects for rehabilitating


Turner & Townsend Mideast revenue up 24pc

The global professional services consultancy Turner & Townsend has increased its Middle East turnover by a quarter, and its profits by nearly a third, in the year ended April 30, 2016. The company’s strong performance in the Middle East – which saw regional turnov


SNC-Lavalin wins Oryx GTL Qatar contract

SNC-Lavalin has been awarded an engineering consultancy and support services contract by Oryx GTL, a joint venture between Qatar Petroleum and Sasol of South Africa, for its gas-to-liquids (GTL) complex at Ras Laffan Industrial City in Qatar. This five-year contract is with SNC-L

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