Iraq plans oil pipeline network to cover all its territory

Saturday, 16 December 2017

Iraq plans to build a pipeline network to carry oil products across all its territory as an alternative to expensive and hazardous transport by tanker truck, Oil Minister Jabar al-Luaibi said on Saturday. The network is part of a “strategic” plan for oil transportation that includes pipelines to deliver crude and oil products to neighbouring countries, he said. The only crude pipeline now in operation in Iraq links the northern, semi-autonomous Kurdish region to Turkey’s ...

Rising US output weighs on oil prices

Thursday, 14 December 2017

Oil prices came under pressure on Thursday after the International Energy Agency (IEA) increased its forecast for growth in US oil output next year, raising the prospect of excess supply. US West Texas Intermediate futures fell 29 cents to $56.31 a barrel, down from a high of $56.93. Brent crude futures were at virtually unchanged at $62.45 a barrel at 14.44 GMT, after hitting a session high of $63.14. The Paris-based IEA said US crude output next year ...

Lebanon gives go-ahead to first offshore energy exploration

Thursday, 14 December 2017

Lebanon’s cabinet approved a bid on Thursday by a consortium of France’s Total, Italy’s ENI and Russia’s Novatek, in the country’s much-delayed first oil and gas offshore licensing round, a government source told Reuters. Exploratory drilling is expected to start at the beginning of 2019, Energy and Water Minister Cesar Abi Khalil said in a statement. “Congratulations to the Lebanese people on the passing of the oil decree and on Lebanon entering the club of ...

Saudi Aramco to host ‘iktva’ supply chain forum with focus on SMEs

Monday, 11 December 2017

Saudi Aramco will host a forum for key suppliers on Tuesday and Wednesday in the eastern city of Dhahran.Titled the “iktva SME Forum & Exhibition,” the forum is Saudi Aramco’s principal engagement event with valued suppliers who form our energy sector ecosystem, a statement has read.Iktva is Saudi Aramco's In-Kingdom Total Value Add initiative, and the forum aims to highlights the importance of “small and medium-sized enterprises (SMEs) in driving value creation and ...

Kuwait: Exit strategy of global cuts to be discussed before June

Sunday, 10 December 2017

Kuwait’s oil minister Essam al-Marzouq said on Sunday that OPEC and other oil producers will study before June the possibility of an exit strategy from the global oil supply-cut agreement. “There are still meetings every couple of months for the ministerial monitoring committee, and there will be a study formed for the possibility of an exit strategy... before June,” he told reporters. The Organization of the Petroleum Exporting Countries and non-OPEC ...

Russia offers to sell gas to Saudi Arabia from Yamal LNG

Friday, 8 December 2017

President Vladimir Putin said on Friday that Russia was ready to sell gas to Saudi Arabia after he launched the first loading of liquefied natural gas (LNG) at the Novatek-led Yamal LNG project in the Arctic. Russia is the world’s biggest gas producer, but most of its exports are via pipeline rather than LNG, a super-cooled fuel that can be transported by ship. It is the world’s seventh biggest LNG exporter. “Buy our gas and you’ll save oil,” Putin told Saudi ...

Abu Dhabi’s ADNOC Distribution fuel firm IPO raises $851 mln

Friday, 8 December 2017

The fuel distribution unit of Abu Dhabi National Oil Company priced its initial public offering (IPO) at the mid-point of a revised indicative range, valuing the deal at $851 million (3.1 billion dirhams), the company said on Friday. ADNOC Distribution priced each share at 2.50 dirhams, it said in a statement, compared with a revised indicative range of 2.35-2.65 dirhams set last week. The company sold 1.25 billion shares, or 10 percent of its share capital. The stock ...

Oil bounces back from losses prompted by US fuel stocks

Thursday, 7 December 2017

Oil edged higher on Thursday, regaining ground from sharp losses the previous day brought on by an unexpectedly large rise in US stocks of refined fuels. Brent crude futures traded 52 cents higher at $61.74 a barrel by 1446 GMT. US West Texas Intermediate (WTI) crude futures were at $56.35 a barrel, up 39 cents. The previous day, Brent had settled 2.6 percent lower, and WTI 3 percent lower, after an unexpected rise in US fuel stocks. Data from the Energy Information Administration (EIA) on ...

Saudi Arabia’s SABIC looking at investing in US

Wednesday, 6 December 2017

Petrochemicals company Saudi Basic Industries Corp is considering several possible investments in the United States, while state oil giant Saudi Aramco is looking at gas prospects abroad, Saudi energy minister said on Wednesday. However, Saudi Aramco’s interest in gas investments is closer to home, probably in Africa or the Mediterranean, Khalid al-Falih told reporters on the sidelines of an industry conference in Abu Dhabi. “SABIC ... is looking at multiple investments in the US, ...

Russia’s Novak: Saudi’s Falih to oversee launch of Arctic LNG plant

Wednesday, 6 December 2017

Saudi Energy Minister Khalid al-Falih will travel to the Russian Arctic to oversee the launch of a liquefied natural gas plant, Russian Energy Minister Alexander Novak said on Wednesday. The two energy ministers will visit the plant this week. The Yamal LNG plant, controlled by Russia’s largest private gas producer Novatek, is expected to eventually produce 17.5 million tons of gas per year. Novak said in July that energy cooperation with Saudi Arabia was ...

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