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OPEC Likely to Extend Oil Production Cuts; Iraq Agrees for a Nine-Month Extension

Date : May 24, 2017

OPEC will likely agree to extend production cuts for another nine months, delegates said on Tuesday as the oil producer group meets this week to debate how to tackle a global glut of crude.

 

OPEC's de facto leader, Saudi Arabia, favours extending the output curbs by nine months rather than the initially planned six months, as it seeks to speed up market rebalancing and prevent oil prices from sliding back below $50 per barrel.

 

On Monday, Saudi Energy Minister Khalid al-Falih won support from OPEC's second-biggest and fastest-growing producer, Iraq, for a nine-month extension and sai...

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SNOC Signs Gas Sales Agreement with SEWA

Date : May 24, 2017

Sharjah National Oil Corporation (SNOC) said it has signed a full gas sales agreement (GSA) with Sharjah Electricity and Water Authority (Sewa) targeting the supply of natural gas for power generation in the UAE...

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GAIL India to Open New Energy Route for India with US Shale Gas

Date : May 24, 2017

 

GAIL will open a new energy route for India early next year by beginning regular imports of shale gas from the US, adding to New Delhi’s bargaining power with its predominantly West Asian...

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Iraq’s SOMO Considers JVS in Oil Shipping and Storage

Date : May 24, 2017

After setting up a new oil trading firm with Russia’s Litasco, Iraq’s state marketer SOMO is considering similar ventures in shipping and oil storage, the head of SOMO told reporters.

 

The new...

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India Could Invest in Aramco IPO to Strengthen Ties with Largest Producer

Date : May 24, 2017

India said on Monday its state refiners could become cornerstone investors in Saudi Aramco when it floats its shares next year, as New Delhi seeks to strengthen ties with the world's largest oil producer. Oil minister Dharmendra...

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Indian President Inaugurates Bio-Solar-Wind Microgrid Centre

Date : May 23, 2017

President of India, Pranab Mukherjee inaugurated a Bio-Solar-Wind Microgrid Centre and Centre for Water and Environment Research.

 

The inauguration took place at the Indian Institute of Engineering Science...

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GAIL Quarterly Profit Unexpectedly Plunges On Investment Loss

Date : May 23, 2017

GAIL India, the nation's largest natural gas distributor, said profit in the fourth quarter plunged to a third from a year earlier, after the company incurred a one-time loss on an investment in a joint venture. Net income for the...

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Jacobs Engineering, Aramco to Set Up New JV to Provide PMCM Services

Date : May 23, 2017

Saudi Aramco, a world leader in integrated energy and chemicals, said it has reached an agreement with US-based Jacobs Engineering to set up a new joint venture company in Saudi Arabia that will provide...

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Equate Receives Recognition from UN and Kuwait’s SCPD

Date : May 23, 2017

Equate Petrochemical Company, Kuwait's first international joint-venture in this industry, was recognised by the United Nations (UN) and Kuwait’s Secretariat General of the Supreme Council for Planning & Development...

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Gulf States Grid Connectivity Will Have $33bn Energy Savings – GCCIA

Date : May 22, 2017

Grid interconnectivity between the Gulf states, including the Sultanate of Oman, will generate a staggering $33 billion in investment, economic and energy savings for the six member bloc over the next 25 years,...

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Shell, French’s Engie Exit Kakinada LNG Project

Date : May 24, 2017

Royal Dutch Shell, Europe’s largest oil firm, and French energy major Engie have exited a floating LNG import terminal project at Kakinada in Andhra Pradesh over concerns about demand for imported gas in India. Post exit of Shell and Engie (previously known as GDF Suez), state-owned gas utility GAIL India Ltd is negotiating with Andhra Pradesh government on possible structure of the project, GAIL Chairman and Managing Director B C Tripathi said. “Shell and GDF (now known as Engie) are no longer part of the project,” he told reporters here.   The two firms had wanted GAIL to guarantee a minimum sale of imported liquefied natural gas (...

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Aramco Signs $50bn Deals with US Companies during the President Trump’s Visit

Date : May 24, 2017

Saudi Aramco signed agreements with major U.S. companies which will pave way for the company to enhance its business synergy with the U.S. as well as attracting investments from its U.S. counterparts to the...

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Orpic in Pact with SQU, JCCP to Treat Hazardous Refinery Waste

Date : May 23, 2017

Oman Oil Refineries and Petroleum Industries Company (Orpic) has partnered with Sultan Qaboos University (SQU) and the Japan Cooperation Centre Petroleum (JCCP) on a project for the treatment hazardous refinery waste, a report...

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PGPIC, European Firm Partner in Iran Major Petrochemical Project

Date : May 23, 2017

Iran’s Persian Gulf Petrochemical Industries Company (PGPIC) and a European company have partnered to build a major petrochemical project in Iran, PGPIC said.

 

PGPIC managing director Adel Nejad Salim...

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Iraq: New Investment Opportunities: Refineries in Diwaniya and Anbar

Date : May 22, 2017

Iraq’s Ministry of Oil has announced new investment opportunities to build the following refineries:

 

A refinery in Diwaniya governorate with a production capacity of 70 thousand barrels/...

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PDO’s Miraah Solar Thermal Project to Begin Operations from August

Date : May 19, 2017

Oman’s Miraah solar thermal project is expected to begin its first phase operation from as early as August this year, according to a top official at Petroleum Development Oman (PDO). Using the curved mirrors to harness...

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HPCL to Set Up Rs 6bn Bio-Ethanol Unit in Bathinda

Date : May 19, 2017

Hindustan Petroleum Corporation Ltd. (HPCL) has roped in Engineers India Ltd (EIL), Department of Biotechnology (DBT) and International Crops Research Institute for the Semi-Arid Tropics (ICRISAT) for setting up India’s first...

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MRPL Plans to Expand its Refinery Capacity by 2022

Date : May 19, 2017

Mangalore Refinery and Petrochemicals Ltd (MRPL) plans to invest Rs 150-180 billion in raising its Mangalore oil refinery capacity by 10 million tons by 2022. MRPL, a subsidiary of state-owned Oil and Natural Gas Corp (ONGC), is also...

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Honeywell UOP, KFUPM Unveil Partnership Details to Develop Petchem Project

Date : May 18, 2017

Honeywell UOP and King Fahd University for Petroleum & Minerals (KFUPM) have unveiled the details of their successful partnership to develop innovative new catalytic processes for petrochemicals...

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Air Liquide Begins ME’s First Hydrogen Pipeline Network in Jubail

Date : May 17, 2017

Air Liquide Arabia (Alar), a joint venture between France-based Air Liquide and Saudi Industrialization and Energy Services Company (Taqa), has announced the startup of the Middle East’s first hydrogen pipeline network...

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