Markets - Energy
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KHOBAR: Saudi Aramco has inaugurated a new gas network able to feed around 15 million cubic feet per day (cfd) of natural gas to industry in Yanbu, one of the kingdom's biggest industrial centres, the state energy company said on Sunday.
Saudi Arabia's Marafiq, a power and water utility serving Yanbu and Jubail, will operate the 9 kilometer-long network which may later be expanded to 55 million cfd, Aramco said in a statement.
Marafiq's main shareholders are the Royal Commission for Jubail and Yanbu, Saudi Basic Industries Corp (Sabic), the Public Investment Fund (PIF) and Aramco.
Saudi Aramco plans to increase the capacity of its Master Gas System (MGS) -- to produce, process and distribute gas around the country -- to 15.5 billion cubic feet per day (bcf/d) by 2015 from 10.2 bcf/d in 2010.
Copyright Reuters, 2011
BEIJING: Chinese oil giant CNOOC said Sunday it has suspended production at a platform off northeastern China after a ruptured pipe leaked crude into Bohai Bay, in the lastest spill to hit the company.
State-controlled CNOOC discovered the leak on Friday and sent divers to survey and repair the damaged sub-sea pipeline at the Jinzhou 9-3 West oilfield, the company said in a statement.
"The company has been effectively cleaning up the oil sheen on the sea ...
SHANGHAI: China's oil throughput in the third quarter rose 1.2 percent to 99.72 million tonnes from the year-earlier quarter, bringing the cumulative total for the first nine months to 303.37 million tonnes, up 4.6 percent from a year ago, China's National Development and Reform Commission reported on Saturday.
Apparent consumption of refined oil for the first 9 months was 180.43 million tonnes, an increase of 5.7 percent compared to a year ago. Gasoline and diesel ...
BEIJING: China's biggest offshore oil producer, CNOOC Ltd , has been hit by another oil leak in north Chinese waters, state media reported on Saturday, following a June spill at a field run with ConocoPhillips that sparked an official uproar.
The latest spill broke out near the Jingzhou 9-3 field operated by a subsidiary of CNOOC in the Liaodong Bay off northeast China, Xinhua news agency reported.
CNOOC Ltd said on its website (www.cnoocltd.com) that "the oil ...
CARACAS: Venezuela has estimated an average price of $50 a barrel for its oil output in the 2012 budget, state media quoted an economic official as saying.
The South American OPEC member nation habitually underestimates the price for budgetary purposes in order to ensure it has room to maneuver in fiscal calculations.
Critics say that adds to an already murky use of massive oil revenues by President Hugo Chavez's government.
Venezuela's budget estimate this year was $40, whereas ...
LONDON: Brent crude oil futures rose by $1 to $112.11 a barrel on Friday on bets that China may loosen credit as inflation cools, boosting fuel demand in the world's second largest oil consumer.
By 0811 GMT, prices were up 96 cents at $112.07 a barrel.
Copyright Reuters, 2011 More Articles...
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