Wednesday 7 October 2015

GCC petchem output up 8.3pc to hit $88bn

With revenues reaching almost $88 billion last year, the petrochemicals industry contributed 31 per cent of the GCC’s total manufacturing GDP, a report said. Petrochemical production in the GCC rose by 8.3pc last year, making it the second-highest growth region in the world


Cuts in global oil investment ‘biggest ever this year’

Global oil investments this year are on track to drop by 20 per cent, marking their biggest decline in history, Fatih Birol, head of the International Energy Agency, said on Friday.   A halving in oil prices in the past year has hit energy companies' revenue


Marsol to launch Rhino Craft at Seatrade expo

Marsol International, a Dubai-based marine solutions provider focused on the offshore oil terminal market and related infrastructure, is set to launch its new vessel Rhino Craft to the market with a focus on oil and gas industry, at an event in Dubai next week.  


SkyPower to build 200MW of solar energy projects in Djibouti

SkyPower, a leading developer and owner of utility-scale solar photovoltaic (PV) energy projects, has signed a landmark agreement with Djibouti for the development of 200 MW solar projects to be built in four phases over the next four years.   The 200 MW solar p


Saudi to keep up energy spending despite oil drop

Saudi Arabia is continuing with its investments in the oil and gas industry as well as solar energy despite the current drop in oil prices, the kingdom's oil minister was quoted as saying on Friday.   Ali Al-Naimi was speaking at the G20 Energy Ministers'


Oil rises on US economic optimism, Syria fears

Oil rose on Friday, pushed higher by fears about escalating violence in Syria and on expectations that data would show economic strength in the United States, the world's largest oil consumer.   Global benchmark Brent gained 47 cents to $48.16 a barrel by 08


Oil falls back after early rally on US storm worries

Oil prices fell back on Thursday after an early rally on fears of storm damage to US oil installations faded.   Brent, the global benchmark for oil, was down 20 cents, or 0.4 per cent, at $48.17 a barrel by 10:33 am EDT (1433 GMT) after hitting a one-week high a


India to pay $700m Iran oil dues on Oct 12

India will pay the second tranche of $700 million in oil dues to Iran on October 12, sources said, within weeks of paying a similar amount after a July deal that set the roadmap for the lifting of sanctions aimed at Tehran's nuclear activities.   Iran in Aug


Gulf Keystone says reserves more than double at Shaikan oilfield

Gulf Keystone Petroleum (GKP) said an independent report found that the reserves at a key oilfield in Iraqi Kurdistan were more than double the previous estimate, potentially helping the oil producer develop the field at lower costs.   Gulf Keystone said an upda


Oil rises above $49 on heightened Syria risks

Oil rose above $49 a barrel as an emerging risk premium over the situation in Syria countered further signs of an economic slowdown in Asia and rising US inventories.   Russia launched air strikes in Syria in its biggest Middle East intervention in decades. The

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