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OIL AND GAS

Russia eyes an exit, while Saudi Arabia holds oil output curbs together
April 22, 2018

Opec kingpin Saudi Arabia is set to maintain a global pact to curb oil output as prices top three-year highs even as Russia looks to ease off production restrictions to meet fiscal targets.

It was “premature” to even talk about gradual easing of cuts at the Opec meeting in June, Saudi oil minister Khalid Al Falih told reporters after the exporter group’s monitoring committee"...

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Market to absorb higher oil prices, says Saudi Arabia
April 21, 2018

THE global market has the capacity to absorb higher oil prices, Minister of Energy, Industry and Mineral Resources Khaled Al-Faleh has said.

Faleh’s statement at a meeting of oil producers in Jeddah on Friday came as crude hit the highest level in more than three years.

The statement drew a swift reaction from US President Donald Trump who accused OPEC of inflating prices. “Looks like OPEC is at it again,” Trump tweeted....

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Saudi Arabia wants oil at $100
April 19, 2018

Top oil exporter Saudi Arabia would be happy to see crude rise to $80 or even $100 a barrel, three industry sources said, a sign Riyadh will seek no changes to an Opec supply-cutting deal even though the agreement’s original target is within sight.

The Opec, Russia and several other producers began to reduce supply in January 2017 in an attempt to erase a glut. They have extended"...

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​Can 'oil shock' help kickstart a new tech dawn for Saudi Arabia?
April 18, 2018

With oil prices potentially in the doldrums for the foreseeable future, the petrochemical-dependent nations of the Gulf are looking to step up efforts to diversify their economies. For many nations, this process means moving to knowledge-based models rooted in IT, telecoms and digital services.

Countries such as the UAE and Qatar have been vocal about these goals for some time, although"...

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Sinopec To Slash Crude Imports From Saudi Arabia By 40%
April 12, 2018

China’s Sinopec, the largest oil refiner in Asia, will shut down its biggest refinery for a major overhaul starting May 1. This will coincide with a period in which Sinopec will have slashed its Saudi crude oil imports by 40 percent after the Saudis unexpectedly raised the official selling price of their flagship Arab Light crude oil for Asian customers.

Sinopec will close for around"...

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Fuel prices may rise as Saudi Arabia won’t allow glut
April 12, 2018

Saudi Arabia and International Energy Agency (IEA) on Wednesday indicated that oil prices will continue to remain high forcing Indian consumers to shell out more money for petrol and diesel.

This even as state-run oil marketing companies IOC and HPCL denied reports that government has asked them to avoid raising the retail price of petrol and diesel in view of next month’s elections"...

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David D. Powell Joins Harbour Energy as New CFO
April 12, 2018

(AETOS Wire)-- Harbour Energy, Ltd. (“Harbour’’) today announced that David D. Powell has joined the organization as Chief Financial Officer. Mr. Powell is a seasoned oil and gas executive with global operating experience, who has built and managed finance, IT, and supply chain organizations worldwide, led post-acquisition integration activities, and has expertise in both operational transformation as well as"...

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Aramco, Total to build $9bn Saudi petchem complex
April 11, 2018

Saudi Aramco said it has signed an agreement with French energy major Total to build a giant petrochemical complex at Jubail, Saudi Arabia, at a total investment of $9 billion.

The complex will be integrated downstream of the Satorp refinery, a joint venture between Saudi Aramco (62.5 per cent) and Total (37.5 per cent) in Jubail, in a move designed to fully exploit operational synergies.

This world-class refinery, whose capacity increased"...

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Saudi receives 4th oil tanker from Hyundai
April 11, 2018

Automotive company Hyundai has delivered a fourth oil tanker to the National Shipping Company of Saudi Arabia (Bahri) as part of a deal which will see the South Korean giant provide five to the oil rich nation.

The carrier is one of five oil tankers financed by Standard Chartered Bank, Arab National Bank, National Bank of Abu Dhabi and Bank Al Bilad, the company said in a statement today.

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Sabic eyes 70% output boost by 2025 and operational base in Houston
April 10, 2018

Saudi Basic Industries Corporation plans to boost its production capacity 70 per cent by 2025 as the Middle East’s dominant chemical maker works with new joint-venture partners and expands its footprint in the heart of the US shale boom.

Increasing chemical production is crucial to Saudi Arabia’s Vision 2030 blueprint, which envisions creating higher-value products and jobs,"...

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