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India’s Reliance profits jump 18.3 percent

Saturday, 19 October 2019

Indian conglomerate Reliance Industries on Friday reported an 18.3 percent rise in consolidated net profit due to a better-than-expected refining margin and growth in its consumer-facing business.The Mumbai-based company owned by Asia’s richest man Mukesh Ambani said its consolidated net profit for the three months through September rose to 113 billion rupees ($1.59 billion) from 95 billion rupees reported for the same quarter a year earlier.“The Company has reported record net ...

Saudi Arabian crude oil exports hit 6.88 mln bpd in August

Thursday, 17 October 2019

Saudi Arabia’s crude oil exports in August remained unchanged at 6.88 million barrels per day (bpd) from July, according to official data released on Thursday.After hitting a record low in June, Saudi crude oil and total oil product exports in August rose by 219,000 bpd over two consecutive months to 8.22 million bpd, said Joint Organizations Data Initiative (JODI).Saudi Arabia and other OPEC members provide monthly export figures to JODI.Saudi Arabia’s oil production fell 660,000 ...

Aramco IPO to shakeup Saudi market, long-term positive: Analysts

Thursday, 17 October 2019

The unprecedented size of the Saudi Aramco initial public offering (IPO) risks sucking the liquidity on the Saudi Stock Exchange (Tadawul), but will attract more capital to the Gulf’s largest market in the medium-term, analysts told Al Arabiya English. The energy giant’s first leg of its mega IPO could reach $10 to $40 billion, and is expected to debut on the Tadawul – a move that will shake up the local market, but prove to be positive in the long-term. Aramco is due to begin ...

Russia’s Rosneft stops work at Iraqi Kurdistan oil field near Syria: Report

Thursday, 17 October 2019

Russian oil giant Rosneft has stopped work on an oil field in Iraqi Kurdistan due to its proximity to the border with Syria, Interfax news agency reported on Thursday, citing Rosneft. Rosneft is one of the few energy majors to operate in the Iraqi Kurdistan region. Last year, the company signed a deal with the Kurdistan regional government to explore the potential of developing its natural gas reserves and building a pipeline. The company had commenced “experimental” production from ...

UAE’s ADNOC inks cooperation deals with Russia’s Gazprom, LUKOIL

Wednesday, 16 October 2019

Russian oil company PJSC LUKOIL and the UAE’s state oil producer Abu Dhabi National Oil Company (ADNOC) signed a deal on Tuesday to explore cooperation in relation to the Ghasha offshore gas field project in the Arabian Gulf. “The development of the Ghasha gas project is the first LUKOIL project in the UAE and we are pleased to partner with ADNOC and cooperate with RDIF in this project,” Vagit Alekperov, President of PJSC LUKOIL, said in a statement. The Russian Direct ...

Trump administration proposes plan to raise US biofuels use: EPA

Tuesday, 15 October 2019

The Trump administration, in an effort to mend fences with the powerful corn lobby, proposed a deal on Tuesday to offset waivers for oil refiners exempting them from the nation’s biofuel blending requirements.The proposed plan would calculate the volume of biofuels US refiners have to blend by using a three-year average of exempted gallons as recommended by the Department of Energy, the Environmental Protection Agency said.This will potentially boost demand for biofuels like ethanol, a ...

Two killed in accident at Saudi Arabia’s SASREF refinery

Tuesday, 15 October 2019

Saudi Arabian refiner SASREF said on Tuesday that two contractors had died and two more were injured in an accident that happened during maintenance work on Sunday.SASREF, which said it has put additional safety measures in place, added that maintenance work will continue as planned, according to a statement.The refinery, which is owned by Saudi Aramco, is located in Jubail Industrial city and employs more than 700 people.The production capacity of the refinery is 305,000 barrels per day.

Oil prices fall nearly 2% on China data, trade war jitters

Tuesday, 15 October 2019

Oil prices fell further on Tuesday, after heavy losses in the previous session following two days of weak Chinese data and as investors continued to fret over prospects for a US-China trade deal despite signs of a truce last week. Brent crude fell $1.04, or 1.75 percent, to $58.31 a barrel by 0905 GMT, while US West Texas Intermediate (WTI) crude dropped 98 cents, or 1.83 percent, to $52.61. The National Bureau of Statistics (NBS) reported on Tuesday that China’s ...

OPEC, allies to sustain oil market stability beyond 2020: Barkindo

Tuesday, 15 October 2019

The Organization of the Petroleum Exporting Countries and its allies are committed to sustaining oil market stability beyond 2020 with global physical supplies currently relatively tight, OPEC Secretary-General Mohammad Barkindo said on Tuesday. He added that compliance with production quotas among OPEC and its allies was at 136 percent. The group “will do whatever in its power to ensure sustainability is maintained,” he told the IHS CERA conference.

Arabtec awarded 280 million-riyal Saudi Aramco contract

Tuesday, 15 October 2019

An Arabtec Holding unit has been awarded a 280-million-riyal contract by Saudi Aramco to upgrade a water disposal facility in the energy giant’s gas oil separation plant in Saudi Arabia, the Dubai-based builder said in a statement.The company, called Target Engineering Construction Co, will be responsible for the installation of a water oil separation vessel, disposal pumps, and a pipeline, among other things.“We are pleased that Target has been awarded another project in the Kingdom ...

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