Regional News: Middle East

 
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Total CEO Says OPEC Cut Decision Gives Visibility Until At Least 2018
Friday, May 26, 2017 The decision by oil producing countries to extend the production cut agreement by 9 months gives the market much needed visibility until at least 2018.

GE's Saudi Joint Venture To Start Gas Turbine Production This Year
Thursday, May 25, 2017 General Electric's joint venture to manufacture gas turbines in Saudi Arabia will start production by the end of the year.

OMV, ADNOC Agree to Explore Opportunities for Cooperation
Thursday, May 25, 2017 The companies agreed to evaluate refinery-petrochemical integration and other opportunities.

Iran Buys Pipes for Oil Sector in $615M Deal with Spain's Tubacex
Wednesday, May 24, 2017 The deal will lead to the production of 600 kilometers of pipe.

Kuwait's KNPC Plans $1.3B Oil Products Storage Plant
Wednesday, May 24, 2017 KNPC might build a large storage plant for oil products at a cost of 400 million Kuwaiti dinars ($1.32 billion), its chief executive said.

  


Kuwait National Petroleum Signs $6.25B Loan for Clean Fuels Project
Wednesday, May 24, 2017 KNPC has signed a $6.25 billion loan with international lenders and export credit agencies to finance its planned clean fuels project, the company announced.

Kuwait Says OPEC To Discuss 6-, 9-Month Output Cut Extensions
Tuesday, May 23, 2017 Kuwait's oil minister says global oil producers will discuss whether to extend output cuts for 6 months or 9 months, because not all were on board for 9.

Proserv Secures Series of Services Deals in Middle East
Tuesday, May 23, 2017 Energy services company Proserv has been awarded a series of contracts worth a combined value of more than $11 million.

CGG to Support Oman Industry Workers to 2021 with New Deal
Tuesday, May 23, 2017 Oilfield services company CGG will be able to provide support to local industry workers from its dedicated processing center (DPC) in Muscat, Oman, until 2021, following a contract extension.

Riyadh Dances With Trump But Goes Home With Putin to Prop Up Oil
Monday, May 22, 2017 When it comes to propping up global oil prices, Saudi Arabia and Russia have never been more aligned.

Schlumberger Signs MoU with Saudi Aramco, Includes Job Creation Opps
Monday, May 22, 2017 Schlumberger signs MoU with Saudi Aramco to develop an In-Kingdom Total Value Add roadmap, which includes the creation of jobs and enables development opportunities for Saudis in oil and gas.

Iraq Paves Way for OPEC Deal With Support for 9 More Months
Monday, May 22, 2017 Iraq backed a proposal from Saudi Arabia and Russia to extend output cuts for nine months.

Iran Has Potential To Increase Oil Production By 3 MMbpd
Monday, May 22, 2017 Iran has the potential to increase oil production by 3 million barrels per day, according to an Iranian oil official.

OPEC Panel Looking At Deepening, Extending Oil Cuts
Friday, May 19, 2017 An OPEC panel reviewing scenarios for the oil producer group's meeting next week is looking at the option of deepening and extending a deal to reduce crude output.

Op-Ed: With Saudi Aramco IPO Looming, Of Course OPEC Will Extend Oil Quotas
Thursday, May 18, 2017 Markets yawn as Russia, Saudi Arabia envoys tease extending crude oil production quotas into 2018.

Israeli Energy Firms Delek Drilling, Avner Oil To Finally Merge
Wednesday, May 17, 2017 Israel's Delek Drilling and Avner Oil, both units of conglomerate Delek Group, complete a long-awaited merger.

Saudi Aramco Says to Set Up New Chemicals Unit
Wednesday, May 17, 2017 Downstream, covering refining and chemicals, is an important area for the company as it diversifies operations as it prepares for an initial public offering.

Egypt Will Make $750MM Debt Payment To Oil Companies On June 1
Tuesday, May 16, 2017 Egypt will make a debt payment of $750 million to international oil companies on June 1, Central Bank Governor Tarek Amer says.

Saudi Aramco Said to Make Leadership Changes Ahead of IPO
Tuesday, May 16, 2017 Aramco has announced plans to invest in the refining industry in the U.S. after the breakup of its 19-year Motiva refining partnership with Shell.

Bilfinger Says Iran Projects Running According to Plan
Monday, May 15, 2017 Bilfinger secured its first order in Iran last July and is supplying a process control system for an Iranian refinery upgrade.

In Fight Against US Shale Oil, OPEC Risks Lower for Longer
Friday, May 12, 2017 In their battle to revive the global oil market, OPEC and its allies are digging in for a long war of attrition against shale.

OMV Says Talks On Iran Settlement Are In End Phase
Thursday, May 11, 2017 The chief executive of Austrian energy group OMV, Rainer Seele, says talks with Iran's national oil company on settling outstanding claims were almost finished.

Oil Producers in Consensus to Extend Cuts, OPEC Members Say
Thursday, May 11, 2017 OPEC and other oil producers taking part in output cuts have reached a consensus to extend the limits until the end of the year, oil ministers for two of the group's members said.

One Dud Oil Field Doesn't Set a Trend as Kurds Keep Drilling
Wednesday, May 10, 2017 When one of the biggest crude producers in Iraqi Kurdistan downgraded reserves in March, doubts about the economic potential of the region deepened.

Saudi Aramco to Cut June Oil Supply to Asia by About 7 Million Barrels
Tuesday, May 09, 2017 Saudi Aramco will reduce oil supplies to Asia by about 7 million barrels in June, a source said.

Saudi Arabia and Russia Signal Oil-Cuts Extension Into 2018
Monday, May 08, 2017 Saudi Arabia and Russia signaled they could extend production cuts into 2018, doubling down on an effort to eliminate a supply surplus just as its impact on prices wanes.

OPEC Runs Out of Options as Bid to Boost Oil Price Fizzles
Friday, May 05, 2017 OPEC's plan to boost oil prices by cutting production has fizzled, yet it has little choice but to stick with it.

Iraq Calls for Bids for New Oil Refinery in Basra
Thursday, May 04, 2017 Iraqi's oil ministry on Thursday asked foreign companies and investors to bid for a project to build and operate a 300,000 barrel-per-day export-oriented refinery in Fao, near the southern city of Basra.

Saudi Aramco to Dilute Stake in Sadara Chemicals via IPO -Exec
Wednesday, May 03, 2017 National oil firm Saudi Aramco plans to cut its stake in Sadara Chemical Co , a joint venture with U.S. company Dow Chemical, via an initial public offer of shares, Sadara chief executive Ziad al-Labban said on Wednesday.

Saudis to Control Crude Reserves, Output After Aramco IPO
Wednesday, May 03, 2017 Saudi Arabia's giant oil and gas reserves and any decisions about producing from them will remain solely in government hands after Saudi Aramco's initial public offering.

Iraq's Fuel Oil Exports Soar Despite OPEC Supply Cut
Wednesday, May 03, 2017 Iraq on average exported between 80,000 and 160,000 tonnes of fuel oil per month in 2016, data collected by Thomson Reuters Oil Research showed.

Kuwait Energy to Be OPEC State's First London-Traded Company
Wednesday, May 03, 2017 Kuwait Energy plans an initial public offering, making it the first company from the OPEC nation to have its stock traded on the London Stock Exchange.

Kuwait Petroleum Corporation Focusing On Talent Retention
Tuesday, May 02, 2017 KPC's CEO says it will focus its efforts on talent retention.

Saudi Aramco to Boost Oil Loading Capacity with Reopened Terminal
Monday, May 01, 2017 Saudi Aramco plans to launch its overhauled Muajjiz oil terminal on the Red Sea next year, lifting its total loading and export capacity to as much as 15 million barrels per day, Saudi officials said.

Aramco Cuts Asia Oil Pricing as Saudis Seen Losing Market Share
Monday, May 01, 2017 Saudi Arabia cut pricing for June oil exports to Asia as it fights to defend sales in its biggest regional market.

OPEC May Need to Extend Production Cuts to End of Next Year
Monday, May 01, 2017 OPEC is certain to extend cuts in oil output when its ministers meet later in May and will need to keep limiting production until as late as the end of 2018, a veteran market analyst said.

Profit Leaps 80 Pct at Saudiís SABIC in Q1 as Product Prices Improve
Monday, May 01, 2017 Net profit at Saudi Basic Industries Corp (SABIC), one of the world's biggest petrochemical producers, jumped 80 percent from a year earlier in the first quarter of 2017 on the back of higher sales prices for its products.

Iran Self-sufficient in Petrol Production, Aims to Export
Monday, May 01, 2017 Iran said on Sunday it was now self-sufficient in petroleum production as President Hassan Rouhani opened a refinery in the southern city of Bandar Abbas.

KPC CEO: Enormous Demand for Oil Forecasted in 2019-2020
Monday, May 01, 2017 KPC CEO predicts an "enormous demand" for oil in 2019-2020.