Friday 29 April 2016

No urgency for oil freeze now: Indonesia

Indonesia's governor to the Organization of the Petroleum Exporting Countries (Opec) said on Monday that oil at $45 a barrel was "not bad" and that there would be no urgency to freeze output if crude remained at that price. Despite failure to reach a deal to curb oi


Oil falls on profit booking after 3 weeks of gains

Oil prices fell over 1 per cent on Monday as traders took profits after three weeks of gains and as a jump in the dollar late last week was priced into fuel markets. Front-month Brent crude was trading at $44.60 per barrel at 0207 GMT, down 51 cents, or 1.1 per cent, from their l


Iraq inks GE deal to boost power grid

Iraq's Oil Ministry said on Sunday it had signed a long-term "strategic framework agreement" with General Electric which comprised several projects to boost national power resources. The ministry said in a statement one of the projects would generate more than 400 m


Libya's NOC says eastern government tried to export 650,000 barrels

Libya's National Oil Corporation (NOC) said the eastern government attempted to export 650,000 barrels of oil this week, breaching UN resolutions, but that workers at the Marsa El-Hariga terminal had refused to load the shipment.   "This had the potenti


Honeywell launches new range of flame detectors

Honeywell, a diversified technology and manufacturing leader, has launched the FSL100 group of flame detectors offering hazardous-area certified, accurate and reliable flame detection. They are available with different sensing technologies for different fire types and are Zone 2


Reliance eyes long-term oil supplies from Iran

Reliance Industries, India's biggest oil refiner, said it is looking to buy more crude from Iran as the company seeks to rebuild ties to benefit from shorter shipping distances. The company had made small purchases from Iran in the current quarter and was currently engaged in


Iran agrees new model for oil contracts

Iran’s government has approved a model for new contracts but it was still being processed by a commission, said the head of Iran's petroleum contracts committee. Seyed Mehdi Hosseini, asked when the final draft of the contract will be ready and presented, told an oil su


Apicorp total income up 3.7pc to $162m

The Arab Petroleum Investments Corporation (Apicorp), a multilateral development bank, posted a total income of $162.04 million in 2015 compared with $156.28 million in 2014, an increase of 3.7 per cent. Its net profit before provisions increased by 5 per cent to $124.38 million

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