02062016Sat
Last update: Sat, 06 Feb 2016 04pm

Markets - Energy

Markets - Energy - Middle East & Africa

Saudi, foreign firms sign MoU for new shipbuilding complex RIYADH: National oil giant Saudi Aramco has signed a memorandum of understanding to establish a shipbuilding and repair complex in the kingdom, part of Saudi Arabia's efforts to diversify its economy beyond oil, the company said on Tuesday.Pressured by low oil prices, Riyadh is laying plans to develop non-oil industries, using state spending to jump-start the process. The shipbuilding complex is one of the first big projects to be announced under this policy.The MoU was signed with National Shipping Co of Saudi Arabia (Bahri), a state-controlled firm which ships oil for Aramco, as well as a subsidiary of London-listed Lamprell Plc , a United Arab Emirates-based engineering firm, and South Korea's Hyundai Heavy Industries Co Ltd.The companies will study a proposal over the next few months to build a maritime complex offering engineering, manufacturing and repair services for offshore rigs, commercial vessels and offshore service vessels, Aramco said.Aramco did not ...

Markets - Energy - Middle East & Africa

UAE official says low oil price new reality, but UAE committed to deliver projects KUWAIT: Low oil prices are a new reality that all producers have to live with but this will not impact long-term energy development projects in the United Arab Emirates, which has a more resilient economy, a senior UAE oil official said on Tuesday."We made a commitment for mega projects and their developments ... at low oil price(s) they are still feasible, we are a long term (producer). Oil prices, this is a new reality we ...

Markets - Energy - Middle East & Africa

Kuwait says OPEC can't cut alone when others are raising output KUWAIT: OPEC cannot cut its oil output alone when other producers from outside the exporting group are raising their supplies but both sides should work together to stabilise the oil market, Kuwait's OPEC governor said on Tuesday."OPEC cannot by itself stabilise the market and decrease its production when the others are increasing and are not coordinating for stabilising the market and prices," Kuwait's OPEC governor Nawal Al-Fuzaia told an energy forum in Kuwait."Look at the ...

Markets - Energy - Europe

Hungary's Paks nuclear power plant cuts output BUDAPEST: Hungary's Paks nuclear power plant has lowered output from one of its four blocks by more than 100 megawatts, it said on its web site on Tuesday.Malfunctioning electrical equipment prompted the measure, it said, adding that output would be returned to the nominal capacity of the block, around 500 megawatts, by Tuesday evening.The plant produces about 40 percent of Hungary's electricity output in four Soviet-made power blocks, whose lifetime is being extended.Hungary also plans ...

Markets - Energy - Americas

US crude below $30 as prices extend losses SINGAPORE: US crude fell back below $30 a barrel as world oil prices extended their losses in Asia Tuesday after worries about the global supply glut returned to the fore.After plunging to 12-year lows, prices soared late last week on hopes that plans for further economic stimulus measures in the eurozone and Japan would perk up demand.But the rally fizzled out Monday on stubborn oversupply fears.At around 0215 GMT, US benchmark West Texas Intermediate for ...

Markets - Energy - Europe

Cheap oil: boon for some, bust for others PARIS: The plunge in oil prices is proving a boon for consumers and airlines, but is a bust for energy companies and producing nations, while complicating the jobs of central bankers worried about deflation.LOSERS: "The principal losers of the drop in oil prices are exporting nations" whose revenues are plunging, said Denis Ferrand of Coe-Rexecode, a French think tank.Gulf nations have put austerity measures in place in recent months, while Nigeria plans to step up ...

Markets - Energy - Americas

Brazil oil rules block $120 bln in investment -IBP RIO DE JANEIRO: Brazil's lack of clear rules for the unitization of oilfields is delaying the development of as many as 10 billion barrels of oil and gas and about $120 billion of investment, Jorge Camargo, head of Brazil's oil industry association, IBP, said on Monday.Unitization, the process of joining different or competing oil rights in an oilfield into a single unit, is required under Brazilian law. But existing regulations have complicated or prevented unitization, ...