Thursday 18 September 2014

Aramco, Sumitomo seek funds for $8.5bn PetroRabigh expansion

Saudi Arabia's PetroRabigh said its founding shareholders had formally invited banks to provide financing for the SR32-billion ($8.5 billion) expansion of its petrochemicals complex in the kingdom. No figures for how much cash would be raised by PetroRabigh - a joint venture


Oil holds above $98 on Mideast concerns

Brent crude nudged higher to stay above $98 a barrel on Thursday amid geopolitical concerns in the Middle East, although worries about ample supply and weak demand that dragged prices to 17-month lows in the previous session kept a lid on gains. An escalation in the United States


US boosts 2015 oil forecast as shale powers push to 10 mbpd

The US government jacked up its forecast for oil production next year by 250,000 barrels per day (bpd) as the boom in shale oil drilling continues to confound expectations of slower growth.   The US Energy Information Administration now expects domestic output t


Oil market pricing escapes linkage to financial benchmark regulations

The oil market's price setting agencies have avoided being linked to the kind of regulation trained on financial benchmarks, in a report by international regulators.   The decision by the International Organization of Securities Commissions (Iosco) comes as


Iran delays start of gas exports to Iraq due to conflict

Iran's scheduled start of gas exports to neighbouring Iraq will be delayed because of fighting between Islamic State militants and Iraqi troops, the Iranian Oil Ministry's official website Shana quoted Oil Minister Bijan Zanganeh as saying.   "The u


Saudi Arabia tells Opec it cut output in August as oil neared $100

  Top oil exporter Saudi Arabia told Opec it reduced its oil output in August by 400,000 barrels per day (bpd), a cutback coinciding with a drop in oil prices towards the kingdom's preferred level of $100 a barrel.   In a monthly report, th


Kuwait shuts crude unit at Mina Ahmadi in planned maintenance

Kuwait has shut a 120,000 barrels per day crude unit at the Mina Al Ahmadi refinery for planned maintenance, the head of state-run oil refiner Kuwait National Petroleum Company (KNPC) said.   The maintenance will last until October 16, Mohammed Ghazi Al Mutairi


Kuwait Opec governor expects oil to return to $100 level

Kuwait Opec Governor Nawal Al Fuzaia said that a recent drop in oil prices was due to a rise in supply and slower summer demand and that she expected prices to rise again and maintain the $100 per barrel level.   "In relation to oil prices, the current drop


KBR wins ammonia plants deal in Algeria

KBR,  a global engineering, construction and services company, has won a contract from Fertial to provide licensing and basic engineering design services to revamp Fertial’s Annaba and Arzew ammonia plants in Algeria. Under the terms of the contract, KBR will supply Fe


Chinese firm to invest $2bn in Morocco solar projects

Shanghai Electric, a state-run Chinese firm, will invest more than $2 billion in solar power generation projects across Morocco over a period of five years, a report said. The investments are part of a $16.5 billion commitment by the Chinese company in seven Arab countries, added

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