Thursday 25 August 2016

Acwa Power steps up revolving facilities to top $925m

Saudi Arabia’s Acwa Power, a leader in power generation and desalination, plans to increase its revolving facility by $160 million, enhancing the total revolving facilities at the company’s disposal to $929 million. Saudi Arabia’s Acwa Power, a leader in power g


Oman plans two desal projects in northern region

Oman plans to build two major independent water desalination plants to meet growing demand for potable water in the northern region, a report said. Sites are being evaluated for a 60-million-gallons-per-day (mgpd)-capacity project planned in Muscat, added the Times of Oman


Brent crude slides, but on track for third week of gains

Brent crude oil fell on Friday after hitting an eight-week high, as weak fundamentals countered a lift in sentiment over talks next month on a possible output freeze, though futures remained on track to rise for a third consecutive week. International benchmark Brent futures were


Libya's NOC says tanker will transfer oil from threatened port

Libya's National Oil Corporation (NOC) said on Thursday that rival forces had agreed to let a tanker dock at Zueitina port to load oil and take it to a safe place. The NOC expressed concern earlier this month after reports of possible clashes between the Petroleum Facilities


Oil prices rise, on track for seventh day of gains

Brent crude oil prices rose above $51 a barrel on Friday to hit an eight-week high and were on track to rise for a seventh trading day, as hopes that producers could agree measures to support crude buoyed sentiment. International benchmark Brent crude oil futures were trading at


Nigeria oil minister says Opec cuts unlikely

Nigerian oil minister Emmanuel Ibe Kachikwu said that while a cut in the Organization of the Petroleum Exporting Countries (Opec) production is unlikely, there is hope a meeting of producers in Algeria next month could help shore up crude prices.   Kachikwu also


Saudi crude oil exports rise in June: Jodi

Saudi Arabia's oil exports rose in June as the kingdom kept the market well supplied, pumping near record high levels of crude to feed rising both local and international demand.   Crude exports in June rose to 7.456 million barrels per day (bpd) from 7.295


Adnoc to host SPE technical conference

The Abu Dhabi National Oil Company (Adnoc) will be the host organization of this year’s SPE Annual Technical Conference and Exhibition (ATCE), the Society of Petroleum Engineers (SPE) has announced. ATCE will take place in Dubai from 26-28 September under the patronage of t


DP World to delay Jebel Ali port expansion

DP World, one of the world's largest port operators, is delaying the expansion of Dubai's Jebel Ali port, its main facility, because of "softer market conditions", the company said on Thursday. A plan to add 1.5 million 20-foot equivalent units (TEU) of capacity


Iran plans $645m spend to boost oil recovery

The National Iranian South Oil Company (NISOC) plans to implement 14 projects worth $645 million aiming to step up oil recovery rate from oilfields, a report said. With the implantation of the new projects, the gas injection capacity into oilfields run by NISOC is expected to inc

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