Saturday 1 August 2015

Kuwait awards $11.5bn contracts to build Al Zour refinery

State-run Kuwait National Petroleum Company (KNPC) has awarded KD3.48 billion ($11.5 billion) worth of contracts to build its planned Al Zour refinery, Kuwaiti state news agency Kuna reported.   KNPC commissioned a consortium including Spain's Tecnicas Reuni


UAE to raise gasoline price by 24pc, diesel down 29pc

The United Arab Emirates said it would raise domestic prices for gasoline and cut them for diesel in a politically sensitive reform designed to save the government money and encourage motorists to use fuel more efficiently. The price of a litre of octane 95 gasoline will climb 24


Oil prices fall to near 6-month lows over China

Oil prices fell for a fifth straight session on Tuesday to their lowest in almost six months, as a rout in Chinese equities cast further doubt over the outlook for crude demand in the world's top commodities consumer. China's already-volatile benchmark stock index, with a


Saudi’s Acwa acquires Turkish energy firm

Saudi Arabia’s energy firm Acwa Power has acquired Turkish energy firm Ventis Enerji for TL25.3 million ($9.1 million), a report said. The Turkish company is run by Ahmet Münir Gül, the oldest son of former President Abdullah Gül, according to the Saudi G


Integrated solar technology deal signed in Morocco

Several parallel and complementary deals were signed by the Moroccan Agency for Solar Energy (Masen), the Energy and Alternative Energies Commission (CEA) and the Alcen group, to develop industry, and research and development (R&D) in the field of solar energy to boost their expertise and k


Iran’s Mapna building $2.5bn power plant in Iraq

Iran’s Mapna Group, a leader in construction and installation of energy production machinery, is building a natural gas combined cycle power plant in Basra, Iraq at a cost of $2.5 billion, a report said. The project aims to add 3,000 MW of electric power to Iraq's natio


Oil hits 4-month low on China, glut worries

Oil prices fell close to four-month lows in early Asian trade on Tuesday after stock market sell-offs on both sides of the Pacific rattled investor sentiment about the Chinese economy, adding to concerns about a global oil glut. Both the dollar and euro held steady in early Asian


Opito opens nominations for safety awards

Employers and training providers working to achieve the highest safety standards in the oil and gas industry are being invited to submit their nominations for the sixth annual Opito Safety and Competency Awards 2015.   The accolades will be presented at the Opito Safety and C


Oil prices slide on China stocks rout

Oil prices fell to near four-month lows on Monday after a steep drop in Chinese stock markets and on more evidence of a global oil supply glut that has halved prices over the past year. Chinese stocks tumbled more than 8 per cent on Monday, the biggest one-day drop in eight years


PetroRabigh bucks trend; profit nearly triples

Saudi Arabia's PetroRabigh on Monday said its second-quarter net profit nearly tripled as margins on some of its products improved. The firm, a joint venture between Saudi Aramco and Japan's Sumitomo Chemical and formally called Rabigh Refining and Petrochemical Co, made

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