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Siemens CEO: Competition in Iraq good as long as there’s a level playing field

Wednesday, 23 January 2019

The CEO of Siemens told Al Arabiya that his company does not mind fierce competition in Iraq as long as “there’s a level playing field so that the best team could win.” An intervention by US President Donald Trump’s administration placed pressure on Baghdad to favor General Electric despite Siemens being an early favorite in contract bids to improve Iraq’s energy supply system, the Financial Times reported last October. “Fierce competition is good as long as ...

Saudi investment in Gwadar oil refinery to boost China-Pakistan Corridor project

Wednesday, 23 January 2019

China Pakistan Economic Corridor (CPEC) has received significant boost in its efforts to strengthen regional connectivity after Saudi Arabia agreed to join hands and fund a major oil refinery project. Islamabad and Beijing have both welcomed the development and, analysts say, this would enhance Saudi Arabia’s access to world markets. Saudi Arabia is the first country that Pakistan has invited to become a third partner in CPEC. While Pakistan and China would still be major beneficiaries of ...

Saudi Aramco CEO: SABIC acquisition perfect for our ‘crude to chemical’ strategy

Wednesday, 23 January 2019

Saudi Aramco’s proposed acquisition of 70 percent in Saudi Basic Industries Corporation (SABIC) is perfectly suited to its strategy of transforming crude into chemical with the objective of becoming leading energy and chemical company globally, CEO Amin Nasser has said. “Chemical has been an area of interest for us since we started Accelerated Transformation Program in 2011. We have a lot of integrated facilities for chemical globally,” Nasser told Bloomberg on the sidelines of ...

Saudi Aramco eyes multi-billion-dollar US gas acquisitions: CEO

Wednesday, 23 January 2019

Saudi Aramco, the world’s top oil producer, is looking to acquire natural gas assets in the United States and is willing to spend “billions of dollars” there as it aims to become a global gas player, the company’s CEO said on Tuesday.Amin Nasser told Reuters in an interview that his company wants to increase its US investments. It already owns Motiva, the biggest US oil refinery.“We have agreed to bring an additional $10 billion in the Motiva refining complex,&rdquo ...

SABIC CEO: Decline of product prices stopped in past two weeks

Tuesday, 22 January 2019

Yousef al-Benyan, CEO of Saudi Basic Industries Corporation (SABIC), told Al Arabiya that the prices of its major products declined between 8 and 30 percent as a result of global economic slowdown.“We noticed that the decline of products’ prices stopped in the past two weeks,” al-Benyan told Al Arabiya on the sidelines of the World Economic Forum in Davos, Switzerland. He noted that slowdown in global economy has particularly been largely confined to China due to the trade war ...

Saudi Aramco talking to credit rating agencies before bond deal

Tuesday, 22 January 2019

Saudi Aramco is talking to credit rating agencies ahead of its landmark bond deal, the chief executive of Saudi Arabia's state-owned oil company told Bloomberg television. CEO Amin Nasser also said in the interview that a decision would be made soon about the size of the deal. In an interview with Reuters, Nasser said that Aramco – which already owns Motiva, the biggest US oil refinery - wants to increase its US investments. “We have agreed to bring an additional $10 billion in the ...

Iran fails to find any buyers for crude offered on exchange

Monday, 21 January 2019

Iran failed to find any buyers on Monday, in its latest attempt to sell oil to private companies for export on the stock exchange, the ISNA news agency reported, in a setback to Tehran’s efforts to bypass US sanctions.Crude oil trade is state-controlled in Iran, but to try to work round US sanctions, the government last year started to sell crude to private buyers through the stock exchange. However, there were no buyers on Monday for the one million barrels it offered on the ...

Egypt to invest $9 bln refineries’ upgrade over four years

Monday, 21 January 2019

Egypt plans to upgrade six oil refineries at a cost of about $9 billion over four years to increase domestic production to 41 million tons a year, the petroleum and mineral resources minister said. “We are trying to secure crude oil supplies for Egyptian refineries to increase local production of refined products,” the minister, Tarek el- Molla, said during a conference in Cairo late on Sunday night, without giving further details. Egypt currently has eight refineries with a ...

Kuwaiti oil minister calls sector spending plans ‘optimistic’

Sunday, 20 January 2019

Kuwaiti oil minister Khaled al-Fadhel wants the funds allocated by the oil sector for spending within the 2040 strategy to be reconsidered, Al Rai newspaper reported on Saturday. The minister said he is not against expansion in the oil sector but described the funds, estimated at 150 billion Kuwaiti dinars ($495 billion), as “optimistic”, al-Fadhel said.Last December, Kuwait National Petroleum Co (KNPC) said it was studying the construction of a new oil refinery in the ...

Saudi Arabia plans oil refinery, petchem plant in South Africa

Saturday, 19 January 2019

Saudi Arabia plans to build an oil refinery and petrochemicals plant in South Africa as part of $10 billion of investments in the country, Saudi Energy Minister Khalid al-Falih said on Friday after talks with his South African counterpart. The announcement is a much-needed vote of confidence in Africa’s most industrialized economy, where President Cyril Ramaphosa is trying to attract $100 billion of new investments to rekindle growth. The new refinery would reduce ...

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