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Saudi Aramco says Yanbu oil terminal boosts export capacity

Wednesday, 17 October 2018

State oil giant Saudi Aramco said on Wednesday that the Yanbu South Terminal has added 3 million barrels per day of crude oil to the company's west coast export capacity after a rehabilitation and upgrade program. "The terminal, located south of Yanbu along the west coast of Saudi Arabia, consists of a tank farm and offshore facilities to receive, store, and load Arabian Light and Arabian Super Light crude oil," Aramco said on its website.

Saudi Arabia to send oil derivatives to Yemen’s Aden to support power, water plants

Wednesday, 17 October 2018

Saudi Arabia will send oil derivatives to Yemen’s Aden to support power and water plants, the Saudi Ambassador to Yemen Mohammed bin Saeed Al-Jaber said on Wednesday.Jaber also serves as executive director of the Yemen Comprehensive Humanitarian Operations and the supervisor of the Saudi program for the development and reconstruction of Yemen. “Several projects have been executed in Yemen, including the Seiyun Hospital which was fully equipped and which includes five different ...

Al-Falih: Oil would have been back to three digits if production wasn’t hiked

Monday, 15 October 2018

Oil prices would have been back to three digits if Saudi Arabia hadn’t taken steps to balance the oil market said Khalid A. Al-Falih, Minister of Energy, Industry and Mineral Resources of Saudi Arabia. The minister said that Saudi Arabia, the world's biggest oil exporter, is committed to meeting India’s rising oil demand as the Kingdom expects its oil production to rise next month from the current 10.7 million barrels per day, Saudi Energy Minister Khalid al-Falih said on Monday. ...

Libya’s NOC threatens to halt oil refinery over insecurity

Sunday, 14 October 2018

Libya’s National Oil Corporation warned on Sunday it could be forced to suspend production at its Zawiya refinery due to growing security threats to its staff and facilities.“National Oil Corporation’s board of directors has alerted the Petroleum Facilities Guard and competent authorities regarding the recent lack of protection and security at the Zawiya refinery,” NOC said in a statement.“Any continuation or failure to address this situation, to ensure staff and ...

South Korea imports zero oil from Iran in September

Sunday, 14 October 2018

South Korea imported zero crude oil from Iran in September for the first time in six years, ahead of US sanctions taking effect in November, preliminary data from Korea Customs Service showed on Monday.The world’s fifth-largest crude buyer imported 10.8 million tons of crude last month against 12.3 million tons imported a year ago, the data showed.Final data will be published by state-run Korea National Oil Corp (KNOC) later this month. 

Experts highlight urgent need to plan for net zero cities

Friday, 12 October 2018

Regional and international experts on sustainable built environments came together earlier this week in Dubai at the 7th Annual Emirates Green Building Council (EmiratesGBC) Congress to discuss best practices and immediate strategies to transition to net zero cities within the coming decade to curb the damaging effects of carbon emissions. Organised by EmiratesGBC, an independent forum aimed at conserving the environment by strengthening and promoting green building practices, the Congress was ...

OPEC cuts forecast for global oil demand growth in 2019

Thursday, 11 October 2018

OPEC cut its forecast of global demand growth for oil next year for a third straight month on Thursday, citing headwinds facing the broader economy, and key consuming countries in particular, from trade disputes and volatile emerging markets. In its monthly report, the Organization of the Petroleum Exporting Countries said world oil demand would increase by 1.36 million barrels per day (bpd) next year, marking a decline of 50,000 bpd from its previous estimate. The group also cut the estimate ...

Greece, Cyprus and Egypt eye expanding Mediterranean energy deals

Wednesday, 10 October 2018

The leaders of Greece, Egypt and Cyprus are meeting on the island of Crete to discuss furthering regional cooperation, including oil and gas exploration rights in the east Mediterranean and efforts to combat illegal immigration to Europe.Greek Prime Minister Alexis Tsipras on Wednesday hosted the sixth meeting with Egyptian President Abdel Fattah al-Sisi and Cypriot President Nicos Anastasiades.Cyprus and Egypt are both at odds with Turkey over Mediterranean exploration boundaries, while Greece ...

Saudi Aramco IPO to go ahead by 2021, vows Crown Prince

Friday, 5 October 2018

Saudi Arabia’s crown prince Mohammad bin Salman Al Saud said in an interview with Bloomberg, that plan to sell shares in oil giant Aramco will still go ahead, promising an initial public offering by 2021, stressing that the state-run company is worth $2 trillion or more. The ambitious crown prince said: “I believe late 2020, early 2021,” in reference to the timing of the IPO of the oil giant company Aramco. The crown prince interview with Bloomberg took place at the royal ...

India cuts gasoline, diesel prices to offset oil rise, rupee losses

Thursday, 4 October 2018

India cut the retail prices of gasoline and diesel fuel by 2.50 rupees ($0.034) per liter, Finance Minister Arun Jaitley said on Thursday, the government's latest step to tackle a sharp hike in crude oil prices and the impact of a weak Indian rupee. The cut is a result of a reduction in the excise duty of 1.50 rupees per liter with oil marketing companies taking a revenue hit of 1 rupee per litre, he said. Jaitley also asked state governments to cut the value added tax on fuel by a further ...

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