Saudi energy minister says Aramco IPO could still happen in 2018

Friday, 23 March 2018

Saudi Arabia may still move forward with an initial public offering (IPO) for state oil company Saudi Aramco on an international exchange such as London or New York in the second half of 2018, despite previously raising doubts it could be delayed to next year, Saudi Energy Minister Khalid al-Falih said on Thursday. Falih told Reuters in an interview in Washington the oil giant could be floated either domestically or internationally late this year. New York is still in the running for the IPO ...

Saudi Crown Prince tells Trump: Our intentions are to see stable oil markets

Tuesday, 20 March 2018

Regardless of high or low energy prices, Saudi Arabia’s crown prince said his country intends to see stable oil markets across the world. Saudi Crown Prince Mohammed bin Salman made the statement on Tuesday during a working lunch meeting with US President Donald Trump and his administration in the White House. “Our (oil) supplies can last for up to 84 more years but if those suppliers disappear it means we have to produce more and to do that we have to start investing from today. To ...

WATCH: UAE breaks ground on world's biggest solar power project

Tuesday, 20 March 2018

Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister and Ruler of Dubai, broke ground on the 700MW fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park, the biggest Concentrated Solar Power /CSP/ project in the world. The start of the new project advances the UAE's global leadership in the use of clean and renewable energy. He said that developing the UAE's infrastructure is top priority for the leadership and vital to raising the country's global competitiveness. ...

Iraq’s SOMO chief says targeting more crude sales to Asian markets

Sunday, 18 March 2018

The head of Iraq’s state-oil marketer SOMO said on Sunday that Iraq will seek to corner a greater share of Asian markets through a new joint venture strategy. At a SOMO event in Baghdad on Sunday, Alaa al-Yasiri announced that SOMO will seek to sign joint ventures with companies from China, India, Japan and South Korea to help target Asian markets. ‘We are aiming to win a greater share of the Asian markets and to achieve this strategy we will have joint ventures with energy ...

Abu Dhabi’s ADNOC signs $1.45 bln offshore deal with Total

Sunday, 18 March 2018

The state oil company of the energy-rich capital of the United Arab Emirates says it has signed a deal worth $1.45 billion with French oil giant Total SA granting it stakes in offshore fields. The Abu Dhabi National Oil Co. made the announcement in a statement Sunday. It said Total would be granted a 20 percent stake in the Umm Shaif and Nasr concessions and a 5 percent stake in the Lower Zakum concession, paying participation fees of $1.15 billion and $300 million, respectively. The oil firm ...

Iraq testing operations in Kirkuk to enhance domestic crude supply

Wednesday, 14 March 2018

Iraq’s state-run North Oil Company (NOC) has begun testing operations at its Avana and Bai Hassan oilfields in Kirkuk to increase crude supply for domestic refineries, Iraqi officials said on Wednesday.“We have started testing operations at Avana and Bai Hassan oilfields to prepare initial pumping of more than 50,000 barrels per day,” one NOC official said. Operations at the Avana and Bai Hassan fields have been halted since October, when Iraqi forces took them back after they ...

Iraq plans to reduce oil products imports by 25 percent

Monday, 12 March 2018

Iraq's oil ministry on Monday said the nation would reduce its petroleum products imports by 25 percent as crude oil refineries are being rehabilitated following fighting with ISIS militants. Iraq is also producing more oil products by processing natural gas liquids, Oil Minister Jabar al-Luaibi said in a statement, without indicating a specific timeframe for the import cuts. The ministry has announced in the past few months an increase in the capacity of the Kirkuk oil refinery as well as plans ...

Solar alliance set to get a major push as French President Macron visits India

Sunday, 11 March 2018

India is all set to take the global lead in solar and renewable energy resources when Prime Minister Narendra Modi and French President Emanuel Macron, who is on a state visit to India from March 9 to 12, jointly inaugurate the founding conference of the International Solar Alliance (ISA) on March 11. For India, this is a major diplomatic achievement, which will see heads of state and government from various countries in attendance. The Presidents of Bangladesh and Sri Lanka are expected to ...

Italy's Eni and Abu Dhabi's ADNOC to sign deal on Sunday

Saturday, 10 March 2018

Italian energy company Eni and state oil giant Abu Dhabi National Oil Co (ADNOC) are expected to sign a deal on Sunday, the Italian government and a source said. A statement from the Italian prime minister's office said a signing ceremony was scheduled to take place after premier Paolo Gentiloni meets Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan at the Emirates Palace on Sunday afternoon. It gave no details of the agreement between Eni and ADNOC. ...

Saudi Aramco signs preliminary gas deal with Shell

Thursday, 8 March 2018

State oil giant Saudi Aramco signed a preliminary deal to pursue international gas opportunities with Royal Dutch Shell on Thursday as part of top crude exporter Saudi Arabia’s diversification drive before the listing of Aramco. The memorandum of understanding (MoU) signed in London between the two companies was during the official visit of Saudi Crown Prince Mohammed bin Salman to Britain, and would include gas upstream and liquefaction projects. “It is a discussion that began ...

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