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OIL AND GAS

Demand for oil is strong, says Saudi energy minister
January 15, 2019

ABU DHABI: Saudi Arabia’s Energy Minister Khalid Al-Falih said that oil demand remains strong and that he sees no impact from US-China trade tensions.
“The global economy is strong enough, I’m not too concerned. If a slowdown happens, it will be mild, shallow and short,” he told reporters in Abu Dhabi on Monday.
“The fundamentals of oil demand are sufficiently strong and the oil market will not be impacted. On the supply"...

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Saudi to set up $10bn oil refinery in Pakistan
January 14, 2019

GWADAR, Pakistan: Saudi Arabia plans to set up a $10 billion oil refinery in Pakistan’s deepwater port of Gwadar, the Saudi energy minister said on Saturday, speaking at the Indian Ocean port that is being developed with the help of China. Pakistan wants to attract investment and other financial support to tackle a soaring current account deficit caused partly by rising oil prices. Last year, Saudi Arabia offered Pakistan a $6 billion package that included"...

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Saudi Aramco set to sell $10bn bond to fund Sabic acquisition
January 14, 2019

Saudi Aramco could tap the bond market for about $10 billion to help fund the acquisition of petrochemicals giant Saudi Basic Industries Corp., according to the country’s Energy Minister Khalid Al-Falih.

The kingdom will decide in the “next few weeks” about the size of the proposed bond, though the offering would not be “huge,” Al-Falih told reporters in Abu"...

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Saudi energy minister visits Pakistan’s Gwadar oil refinery site
January 13, 2019

KARACHI: Saudi Arabia’s Minister of Energy Khalid A Al-Falih on Saturday visited the port city of Gwadar to witness development work and the area allocated for a multibillion oil refinery.

Pakistan and Saudi Arabia are in talks over an agreement to install the Saudi Aramco Oil Refinery in Balochistan’s Gwadar district.

Last"...

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Natural Gas Can Play an Important Role in the Energy Transition to a Lower Carbon Economy
January 13, 2019

Policy makers worldwide have a proven solution for cutting carbon emissions by switching electricity generation from coal and oil to natural gas, Majid Jafar, CEO of Crescent Petroleum, told an audience of energy ministers and industry leaders meeting in Abu Dhabi this morning.

As global demand for energy rises, natural gas is emerging as a fuel of choice for power generation in the 21st"...

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Saudi Arabia's vast oil reserves even bigger than thought
January 10, 2019

OPEC kingpin Saudi Arabia said Wednesday that its huge oil reserves, already the second largest in the world behind only Venezuela, are even bigger than previously thought.

The energy ministry said proven oil reserves stood at 263.2 billion barrels at the end of last year, up from the figure of 261 billion barrels that has been used for almost three decades.

The"...

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Saudi Arabia delegation head to global renewable energy meeting
January 9, 2019

JEDDAH: The Cabinet, chaired by King Salman, on Tuesday approved the Kingdom’s participation in the 9th session of the General Assembly of the International Renewable Energy Agency (IRENA) to be held on Jan. 10-13 in Abu Dhabi. King Abdullah City for Atomic and Renewable Energy (KACARE) and the Office of Renewable Energy Projects Development at the Ministry of Energy, Industry and Mineral Resources will represent Saudi Arabia.
KACARE President Dr. Khalid"...

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Saudi Arabia’s Apicorp predicts $60-$70 oil price by summer
January 9, 2019

LONDON: A top Saudi energy project funder expects oil to trade between $60 and $70 by mid-2019 as the price of crude rose on Tuesday.
Arab Petroleum Investments Corporation (Apicorp) made the prediction in a report as the oil price again ticked higher, supported by the hopes that talks between China and the US would defuse current trade tensions.
“I think there is a very good chance that we will get a reasonable settlement that China can live with"...

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Saudi Plastics & Petrochemicals Exhibition 2019 focuses on sectors’ contribution to diversification
January 8, 2019

RIYADH — Under the support of Diamond Sponsor SABIC, the 16th Saudi Plastics and Petrochemicals Exhibition will convene local, regional, and international industry leaders to discuss the latest technologies, services, and innovations in the plastics and petrochemicals sectors that are considered major economic contributors in Saudi Arabia. Taking place on January 27-30, 2019, the event backed by leading companies who will highlight the role of the two industries"...

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Saudi Arabia seeks bids for major sewage treatment plant
January 8, 2019

Saudi Arabia's Water & Electricity Company (WEC) has invited expressions of interest for the development of an independent sewage treatment plant (ISTP) located near the city of Taif in the kingdom's Makkah province.

On completion, the new ISTP will boast a total treatment capacity of up to 270,000 cu m per day, said a statement from the Saudi utility firm.

The project is being developed as part of Saudi Vision 2030 which recognises"...

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