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Iraq and Petrofac sign $369 million deal to build Majnoon crude-processing plant

Monday, 13 August 2018

Iraq signed a $369 million contract with Petrofac on Monday to build a new crude-processing facility in the giant Majnoon oilfield, a senior oil executive told Reuters. Under the deal terms, work to build the new facility which has a capacity to produce 200,000 barrels per day, should be completed in 34 months, said Ihsan Abdul Jabbar, head of the state-run Basra Oil Company. Once the new oil facility is operational, Majnoon's production will rise to around 450,000 ...

Aramco, Air Products, ACWA to form JV in Saudi Arabia

Sunday, 12 August 2018

Saudi Aramco, Air Products and ACWA Power signed on Sunday an agreement outlining terms for setting up a gasification/power joint venture in Saudi Arabia with assets bought from the state energy giant. “The JV will purchase the gasification assets, power block and the associated utilities from Saudi Aramco for approximately $8 billion,” they said a statement. According to the term sheet, US-based Air Products will own at least 55 percent of the joint venture, to be set up in Jazan ...

Erdogan slams interest rates as ‘tool of exploitation’

Saturday, 11 August 2018

Turkish President Recep Tayyip Erdogan on Saturday branded interest rates a “tool of exploitation” which should be kept as low as possible.“Interest rates should be kept to a minumum because they are a tool of exploitation that makes the poor poorer and the rich richer,” Erdogan said in a speech in the Black Sea city of Rize.The nominally independent central bank has defied pressure over the last few weeks to hike interest rates in the face of high inflation and a ...

EU says WTO ruling confirms legal principles of its energy package

Friday, 10 August 2018

The European Union welcomed a World Trade Organization decision on its energy rules on Friday, saying the WTO had confirmed the legality of its core principles by rejecting most parts of a challenge brought by Russia. “The WTO panel did not find basis to the claim concerning the alleged EU discrimination in its ‘Third Energy Package’ against Russian pipeline transport services, service suppliers, or against Russian natural gas,” the European Commission, the EU executive, ...

UAE to build oil pipeline between Eritrea and Ethiopia

Friday, 10 August 2018

The United Arab Emirates will build an oil pipeline connecting Eritrea’s port city of Assab with Ethiopia’s capital Addis Ababa, an Ethiopian state-affiliated broadcaster said on Friday.Fana Broadcasting said the information was revealed during a meeting in Addis Ababa between Ethiopia Prime Minister Abiy Ahmed and Reem Al Hashimy, the UAE’s state minister for international cooperation.It did not provide further details, but Abiy’s chief of staff, Fitsum Arega, told ...

Saudi minister: Aramco Canada customers won’t be impacted by diplomatic crisis

Thursday, 9 August 2018

In a statement issued on Thursday, Saudi Minister of Energy, Industry and Mineral Resources, Khalid Al-Falih, reaffirmed that the petroleum policy of the Kingdom of Saudi Arabia emphasizes that the Kingdom’s petroleum supplies to countries around the world are not to be impacted by political considerations. Al-Falih reiterated that this is a firm and longstanding policy that is not influenced by political circumstances, according to Saudi Press Agency. He also clarified that the current ...

How technology gives coal new opportunity to provide world with electricity

Monday, 6 August 2018

Providing the world with electricity is not easy, with more than one billion persons living in complete darkness which is about 13% of the world’s population, most of which are in developing countries. There are expectations that the global energy demand will rise by 40 percent in the coming 20 years. However, this scenario is not impossible in light of developments in technology, and its continuous ability to rediscover itself and catch up with clean-energy “electrocutionary” ...

Turkish ship ‘Aisha’ docking in south Lebanon gets name change

Monday, 6 August 2018

Lebanon’s caretaker Energy Minister Cesar Abi Khalil, in a TV interview pointed fingers at the rigged and corrupted system trying to sabotage his ministry’s efforts to provide electricity to the Lebanese people who are struggling daily with power cuts amid the high summer temperatures. Abi Khalil explained the uproar surrounding the Turkish power ship which is set to boost Lebanon’s electricity output for three months. The ship will now likely dock in Zouk Mikael in eastern ...

China tariffs on LNG, oil aim at US energy dominance agenda

Saturday, 4 August 2018

China’s proposed tariffs on US liquefied natural gas and crude oil exports opens a new front in the trade war between the two countries, at a time when the White House is trumpeting growing US energy export prowess. China included LNG for the first time in its list of proposed tariffs on Friday, the same day that its biggest US crude oil buyer, Sinopec, suspended US crude oil imports due to the dispute, according to three sources familiar with the situation. On ...

Iranian officials: Economy in freefall, the hunger revolution is coming

Tuesday, 31 July 2018

During the past three days, the Iranian currency fell against foreign currencies by 18 percent, representing a sign of an accelerated crash of the Iranian economy which started the moment the US announced it was withdrawing from the nuclear deal and reinstating sanctions against Iran.With the beginning of August, the new sanctions on Iran came into effect and the Iranian economy is currently witnessing an early severe crisis, making it difficult to predict when it would end or when it would peak ...

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