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INDUSTRY NEWS

8th June 2017

ATS Launches Operations at New Storage Tank Terminal in India

UAE-based ATS, a leading integrated logistics company, has commenced operations at its new storage tank terminal strategically situated in the emerging oil storage and trading location of New Mangalore Port, India.

18th May 2017

ADNOC, Penthol sign agreement for selling Group III base oil in the US

The Abu Dhabi National Oil Company (ADNOC) announced recently that it has signed an exclusive agreement with Penthol, a global organisation in the supply and distribution of oil products and petrochemicals, appointing them as exclusive seller of ADNOC’s Group III base oil in the US.

17th May 2017

Italy's Dafram to ink valve deal with Ilam Petrochemical Company

Italy's Dafram is close to signing a deal with Ilam Petrochemical Company for the supply of largescale valves for the facility.

4th May 2017

Qatargas sends commissioning cargo to new terminal

Qatargas recently delivered the inaugural cargo of liquefied natural gas (LNG) to China National Offshore Oil Corporation's (CNOOC) Yuedong LNG terminal.

3rd May 2017

GPCA promotes sustainability among the industry

The Gulf Petrochemicals and Chemicals Association (GPCA) continues to drive advancements in the region's downstream industry around critical areas, including environmental and safety compliance as it looks to position the Gulf as a global leader in the best practices.

5th March 2017

Lukoil of Russia plans Middle East expansion

Russian oil giant Lukoil is targeting new projects in the UAE, Iran, Oman and Kuwait as it plans to expand its operations in the Middle East, the company’s vice president in the region Gati Al Jebouri told Gulf News in an interview.

22nd February 2017

Total CEO says OPEC needs to prolong cuts to eliminate surplus

OPEC and Russia will need to prolong their six-month deal to cut oil output if they plan to trim the global inventory glut that has kept a lid on prices, said Total SA Chief Executive Officer Patrick Pouyanne.

20th February 2017

Iran: Crude storage capacity flies up

Managing Director of Iran Oil Terminals Company (IOTC) Seyed Pirouz Mousavi said oil can now be stored for as long as 15 days without the need for exports.

18th February 2017

Nigeria to establish new oil, gas free zone in Delta

Nigeria is to license a new oil and gas free zone in Delta state, the Managing Director, Oil and Gas Free Zones Authority, Umana Umana, said on Friday.

15th February 2017

Iran, PetroChina in Petrochemical Talks

Tehran is in talks with PetroChina Company Ltd on collaboration and transfer of knowhow in the petrochemical sector, the deputy chief of Iran's Association of Petrochemical Industry Corporation said.

12th February 2017

Takoradi port gets new oil storage facility

A 15 million dollar first class oil storage facility with the capacity of 13.5 million litres has been built at the Takoradi Port to facilitate the provision of fuel to vessels at the Port.

9th February 2017

Iran launches oil storage facility, ups storing capacity by 36%

Iran has launched a crude oil storage facility which increases the country’s crude oil storage capacity by 10 million barrels.

6th February 2017

Turkey's strategic position in energy transit gains prominence

The U.S.-based Energy Information Administration released its energy report on Turkey, in which the administration confirmed that Turkey is increasingly becoming an important transit hub for oil and natural gas supplies, as the country provides access to Europe and other Atlantic markets from Central Asia and the Middle East.

6th February 2017

Iran announces major oil, gas discoveries

Iran has announced the discovery of 15 billion barrels of new in-situ oil reserves, said the managing director of the National Iranian Oil Company (NIOC).

5th February 2017

Aramco examines Berri oilfield oil, gas expansion

State oil giant Saudi Aramco is considering expanding its oil and gas production from the Berri offshore oilfield, said industry sources.

31st January 2017

Oman Oil Company To Invest $1B In Oil, Gas Projects In 2017

State-held Oman Oil Company plans to invest US$1 billion in developing various upstream and downstream projects in Oman this year, the firm’s chief executive Isam Al Zadjali said on Tuesday.

30th January 2017

ADNOC signs agreement for crude oil reserve

In the presence of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces and India’s Prime Minister, Narendra Modi, the Abu Dhabi National Oil Company (ADNOC) and the Indian Strategic Petroleum Reserves Ltd (ISPRL), agreed to establish a strategic crude oil storage in the southern Indian city of Mangalore.

29th January 2017

Lukoil Seeks Middle East Oil Projects for Growth as Iran Opens

Lukoil PJSC is seeking opportunities for growth in the Middle East as Iran opens more of its oil fields to international partners, according to the Russian energy company’s regional head.

29th January 2017

Aramco's oil reserves confirmed by external audit

The first independent audit of Saudi Aramco's oil reserves has confirmed the state oil company's own figures ahead of its planned share market listing next year.

27th January 2017

Iran starts sending own oil tankers to Europe


Reports say Iran has sent at least two supertankers to Europe in what appears to be the country’s first direct shipment of crude oil to EU clients after the removal of sanctions last year.

27th January 2017

South Sudan aims to more than double oil output in 2017/18

South Sudan plans to more than double oil production to 290,000 barrels per day (bpd) in fiscal 2017/2018, the finance minister said on Friday, indicating a target higher than the level recorded shortly before conflict erupted in late 2013.

25th January 2017

ADNOC Signs Agreement For 5.86m Barrels Strategic Crude Oil Reserve in India

In the presence of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces and India’s Prime Minister, Narendra Modi, the Abu Dhabi National Oil Company (ADNOC) and the Indian Strategic Petroleum Reserves Ltd (ISPRL), agreed today to establish a strategic crude oil storage in the southern Indian city of Mangalore.

16th January 2017

Oil Prices Will Be Much More Volatile in 2017

Global oil prices will witness "much more volatility" in 2017 even though markets may rebalance in the first half of the year if output cuts pledged by producers are implemented, the head of the International Energy Agency (IEA) said on Sunday.

16th January 2017

UAE to spend $163bn on Energy Strategy

The UAE has announced its Energy Strategy 2050, which aims to invest Dh600 billion ($163 billion) targeting an energy mix that combines renewable and nuclear sources to achieve the country’s economic needs and environmental goals.

16th January 2017

Composites in Oil and Gas Market – Global Industry Analysis 2016 -2024

The oil & gas industry needs to meet certain technical, technological, and economic requirements. This is especially observed in materials employed in construction, which are expected to withstand corrosion, fatigue, and weight. These factors contribute to increased risk and cost of offshore projects.

13th January 2017

Oil set for weekly fall on doubts over extent of OPEC cuts

Oil prices are on track to end the week lower on lingering doubts over the extent of OPEC cuts, with sentiment worsened by concerns over the health of the Chinese economy after it reported the steepest falls in exports since 2009.

12th January 2017

Egyptian gas market set to undergo major change

Wood Mackenzie has announced that Egypt’s gas market is set to undergo profound changes within the next five years, and claims that these could impact the global LNG market, with Egypt positioning itself as a prominent seasonal player.

8th January 2017

China's Iranian crude oil imports to hit record

China's Iranian crude oil imports may rise to a record this year as state-owned oil firms lift more crude through their upstream investments while extending their current supply contracts, senior industry and trading sources said to Reuters.

6th January 2017

Iran Takes Advantage of Higher Prices to Sell its Floating Storage Crude Oil

Iran is using the recent uptick in oil prices to sell off crude oil that has been sitting in offshore storage since the end of international sanctions. The Islamic Republic sold more than 13 million barrels of oil that was held in tankers, capitalizing on OPEC’s agreement to cut production in November, reports Reuters.

4th January 2017

Vitol Clinches $1 Bln Pre-Finance Oil Deal With Iran-Sources

The world's largest oil trader, Vitol, has clinched a deal with the National Iranian Oil Co. (NIOC) to loan it an equivalent of $1 billion in euros guaranteed by future exports of refined products, four sources familiar with the matter said.

3rd January 2017

UAE's ADNOC Group to continue its transformation, says Al Jaber

Following a year of major changes at the Abu Dhabi National Oil Company, ADNOC, and its group of companies, further improvement lies ahead, according to the Group Chief Executive Officer, Dr. Sultan Ahmed Al Jaber.

19th December 2016

Oil price edges above $55 – but gains are still being capped

 The oil price has edged higher overnight and this morning but remains caught in a relatively tight range in the mid-$50s a barrel. Brent crude, the international oil price benchmark, had been close to $58 early last week but fell back as low as $53 a barrel. This morning it was up 0.5 per cent to $55.49 a barrel.

15th December 2016

The Pain Is Almost Over For Oil And Gas Drillers

The drilling segment of the oil and gas industry has suffered more than its fair share of trouble since the oil price crash began in 2014. Unlike upstreamers and refiners, drillers and other service providers have had to not just agree to reduce their prices substantially in order to remain in business, but they have also suffered the fallout from huge cuts in exploration spending.

14th December 2016

Nigeria's $10bn strategy to stem its vast flows of stolen oil

The sand is still hot under our feet. The oil thieves must have run the illegal oil refinery – hidden from the sea by thickets of mangrove – until just a short while ago. “Destroy everything, boys,” orders the commander of the Nigeria Security and Civil Defence Corps (NSCDC) unit, Helen Amakiri.

12th December 2016

Saudi's Sadara to Supply Feedstock to Saudi Rufayah Chemicals

Sadara Chemical, a $20 billion petrochemical joint venture between national oil giant Saudi Aramco and Dow Chemical, has signed a 20-year agreement with Saudi Rufayah Chemicals Co (RCC), Sadara said on Sunday.

1st December 2016

Oil soars, Brent hits 16-month high after OPEC output deal

"Oil prices surged 4 percent on Thursday, with Brent crude at its highest in about 16 months, extending gains after OPEC and Russia agreed to restrict output to reduce the global supply glut more quickly.
The Organization of the Petroleum Exporting Countries agreed on Wednesday to its first oil output reduction since 2008 after the group's leading producer Saudi Arabia accepted "a big hit" and dropped a demand that arch-rival Iran also slash output."

30th November 2016

India invites global bids for filling strategic oil storage

India has invited bids from global oil firms and traders to lease out capacity in the newly built underground strategic oil storage at Padur in Karnataka. India, which is 80 per cent dependent on imports to meet its crude oil needs, has built three underground oil storages at Vishakhapatnam in Andhra Pradesh and Mangalore and Padur in Karnataka as insurance against supply disruptions.

27th October 2016

India's ONGC Says Venezuela's PDVSA to Supply Oil

Venezuela's national oil company Petroleos de Venezuela has agreed to supply oil on a monthly basis to India to help settle dues which Venezuela owes to India's Oil and Natural Gas Corp. Ltd, ONGC Chairman D K Sarraf said on Thursday.

25th October 2016

GE Venture to Build World's Largest LPG Power Plant in Ghana

General Electric Co., Endeavor Energy Resources LP and Sage Petroleum Ltd. won approval from Ghanaian lawmakers for the construction of the world’s largest liquefied petroleum gas fired power plant and a 20-year purchase agreement with the nation’s electricity distribution utility.

25th October 2016

Shell Resumes Crude Exports from Nigeria's Forcados Terminal-Nigerian Govt

Royal Dutch Shell has resumed crude exports from the Forcados terminal in Nigeria's restive Niger Delta following repairs after a militant attack, the Nigerian presidency said on Tuesday.

21st October 2016

NuStar to Significantly Expand Its Presence in Port of Corpus Christi with Accretive Acquisition

NuStar Energy L.P. (NYSE: NS) today announced that it has signed an agreement to purchase crude oil and refined product storage assets in the Port of Corpus Christi from Martin Midstream Partners L.P. (Nasdaq: MMLP) for a net $93 million. The acquisition, which is expected to close by the end of the fourth quarter of 2016, is expected to be immediately accretive to NuStar’s earnings based on the terminal’s current, actual volumes.

17th October 2016

S.Korea's KNOC halts construction of oil storage after blast

Korea National Oil Corp (KNOC) on Monday said the government had told it to indefinitely halt construction of an underground storage tank following an accident late last week that killed two workers and injured others.

7th October 2016

Shell Suspends Pacific Northwest Crude-by-rail Project

Shell announced Thursday that it is suspending permitting of its planned crude-by-rail project at its Puget Sound Refinery, which is located near Anacortes, Washington.

7th October 2016

Saudis Cancel Rare Prompt Oil Offer to Asia After OPEC Deal -Sources

Top global crude oil exporter Saudi Aramco last week cancelled a rare offering of prompt cargoes to buyers in Asia, five sources with knowledge of the matter said on Friday, pulling back on a private tender after OPEC unexpectedly agreed to an output cut.

5th October 2016

Ivory Coast to Invest Nearly $1 Bln in Oil Product Storage, Transport

Ivory Coast plans to invest almost $1 billion in oil product pipelines and storage in a bid to create the largest fuel hub in sub-Saharan Africa, its energy ministry said late on Tuesday.

4th October 2016

GE Oil & Gas to provide progressing cavity pumps and services for Petroleum Development Oman

GE Oil & Gas has signed a long-term, multi-million-dollar contract with Petroleum Development Oman (PDO) for the provision of progressive cavity pump (PCP) equipment and related services starting in the third quarter of 2016.

13th September 2016

Foreign Flights to Nigeria Forced to Refuel Elsewhere

Foreign airlines flying to Nigeria have started to refuel abroad to bypass pricey, and increasingly scarce, jet fuel as the oil producer battles a hard currency shortage that has made fuel available only at a very high price.

12th September 2016

Saudi Bid on a Houston Oil Refinery Is a Big Strategic Bet

The Saudi national oil company is making a bid to significantly expand its operations in the United States at a critical moment in the always uneasy relations between the United States and Saudi Arabia.

3rd September 2016

 

Iran’s strategic oil reserves soar

Managing Director of Iran Oil Terminals Company (IOTC) Seyyed Pirouz Mousavi, while pointing to the rise in storage capacity of Iranian crude oil in the Persian Gulf region said “upon implementation of four new tanks in Kharg Termianl later in September, yet another 10 million barrels of new crude oil storage capacity will be created in Genaveh Port.

18th August 2016

Thailand's PTT to Boost LNG Imports in 2017 as Local Fields Fade

Thailand's largest energy firm PTT Pcl plans to import at least 5 million tonnes of liquefied natural gas (LNG) in 2017, up from 3 million tonnes this year as local gas production fades.

17th August 2016

Turkey Wants to Buy More Gas from Iran, Resolve Price Dispute -Foreign Min.

Turkey wants to buy more natural gas from Iran and has discussed pricing issues, Foreign Minister Mevlut Cavusoglu said on Friday, adding that Ankara and Tehran should resolve a dispute on gas prices without arbitration.

14th August 2016

Oil Reshuffle in Poland - Urals out, Iran in

Poland is replacing Russian oil with Iranian oil and unsold Urals crude is being redirected to Asia, industry sources told Reuters. Trader Mercuria, once the largest seller of Urals in Poland, is closing down and emptying Russian oil out of its tanks in the port of Gdansk. Mercuria will use a tanker bringing in Iranian oil to transport out its unwanted Urals.

12th August 2016

Oil Demand Likely Rising in Sweltering Middle East

Saudi Arabia raised its oil production to a record last month while much of the kingdom sweltered in record temperatures that have also hit neighboring countries across the Middle East. There is not enough statistical data to draw a direct connection between the two but it is likely most if not all the extra oil production was burned in the kingdom's power plants to meet electricity demand.

10th August 2016

India Refiner With Iranian Investment Plans $3 Billion Expansion

India’s state-run Chennai Petroleum Corp., in which Iran has a stake, plans to spend about 200 billion rupees ($3 billion) for a ninefold capacity boost at one of its refineries to quench the South Asian nation’s increasing thirst for fuel.

29th July 2016

 

Shell misses expectations with 70% earnings plunge

Royal Dutch Shell reported a more than 70 per cent fall in quarterly profit yesterday, well below analyst estimates, blaming weak oil prices, poor refining profits and higher charges resulting from its $54 billion acquisition of BG Group. Shell’s current cost of supplies – its definition of net income – came to $1 billion in the second quarter, compared with analyst expectations of $2.2 billion and $3.8 billion achieved the same time last year.

24th July 2016

How Much Oil Is in Storage Globally? Take a Guess

SINGAPORE—The historic fall in oil prices has created a pileup of inventories, much of it stashed in tanks in the U.S. and other industrialized countries that are committed to disclosing the latest tally, but millions of barrels of oil are flowing to locations outside the scope of industry trackers.

 

 

4th July 2016http://www.arabianbusiness.com/oil-market-heading-toward-balance-as-prices-start-settle-says-saudi-energy-minister-637486.html#.V-4-Z8nSLwZ

 

Oil market heading toward a balance as prices start to settle, says Saudi energy minister

The energy minister of Saudi Arabia, the world's largest oil exporter, and the secretary general of OPEC agree that the global oil market is heading toward a balance and that prices are starting to settle, according to comments carried by Saudi state news agency SPA.

1st July 2016

Oil and gas companies pursuing downstream activities 

It has been a difficult time for those looking to finance oil and gas projects in Africa.  Depressed crude prices together with related instabilities in a variety of local currencies have had a major impact on liquidity in the region, with the long-term viability of many current projects now under threat. Confidence has been shaken, and new investors are now far more cautious.

27th June 2016

Saudi Arabia’s Oil Storage Falling As Exports Exceed Production

The U.S. has seen several weeks in which the levels of crude oil sitting in storage have declined, falling from 80-year record highs. Inventories have dropped more than 10 million barrels since May, offering clues that suggest that the oil market is moving closer to a supply/demand balance.

20th June 2016

Oman’s Crude Oil Production Rises

Oman's total crude oil and condensates production during May 2016 stood at 30.10 million barrels, a daily average of 999,836 barrels, constituting a rise by 0.56 per cent compared to the daily production during April 2016 when calculating the daily average, according to the monthly report published by the Ministry of Oil and Gas.

17th June 2016

BP can keep reduced spending level for another 3 years, CEO says

 

BP can keep spending at a reduced rate of about $17 billion for another three years without affecting growth, CEO Bob Dudley said. The explorer has enough projects at hand to be able to continue producing fuel, he said in a Bloomberg TV interview in St. Petersburg, Russia. “Being a low-cost producer is the name of the game,” Dudley said. “We’re getting very disciplined about capital.”

2nd June 2016

U.S. Crude Oil Stocks Drop Less Than Expected-EIA

U.S. crude stocks fell last week, though the decline was less than forecast, while gasoline and distillate stocks decreased, the Energy Information Administration said on Thursday. The slight decrease came as the Organization of Petroleum Exporting Countries concluded a meeting in Vienna, at which it failed to agree on output policy.

27th May 2016

Hascol to Build Oil Storage Facility at Port Qasim

In this regard, the principal firm, Hascol Petroleum, owns a 15% equity stake in the joint venture while remaining stake is owned by other sponsors / investors. Through this venture, the company would invest further Rs 375 million in Pakistan while total paid up capital of the new company would be Rs 2,500 million divided into 250 million shares of Rs 10/ each. However, investment of Rs 375 million in joint venture by the company is subjected to approval of the investment by the shareholders.

26th May 2016

Indonesia's oil imports may swell to US$40b in 2019: Analyst

Oil imports will swell to more than US$40 billion in 2019 from the current value of $15 billion, as domestic supply continues to fall amid lack of exploration while demand keeps increasing, an analyst has warned.

23rd May 2016

Saudi Aramco and SABIC Say No Plans to Merge Petrochems

National oil giant Saudi Aramco and Saudi Basic Industries Corp denied on Saturday they had any plans to merge their petrochemicals businesses after media reports on the possibility. "The companies wish to clarify that they have no plans to pursue this option," they said in a joint statement.

2nd May 2016

Oman to build $400m oil storage terminal in Duqm

Oman has revealed plans to construct an oil storage terminal in Ras Markaz, 70km from Duqm.
The Sultanate's minister of oil and gas, Mohammad bin Hamad al-Rumhy, expects the project to cost between $300m and $400m (OMR115.5m to OMR154m).