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New diesel unit at Izmit refinery to start production at end-Q1 LONDON: A diesel-producing upgrade at Turkey's Izmit refinery will now start production at the end of the first quarter, a company spokesman confirmed on Wednesday, leaving the country heavily reliant on imports. "We're not at the finished stage," said Jonathan Lamb, a spokesman for Tupras, Turkey's sole refiner. "We plan to be properly operational, producing fuel we can sell, by the end of the first quarter." The facility officially opened in December, but products from it are now unlikely to hit the market until around April, traders said. The $3 billion addition to the 220,000-barrel-per-day refinery will add much-needed diesel production to Turkey, which imported around 95 percent of the roughly 73.5 million barrels of the fuel it consumed in 2013, the latest annual data available showed.The addition will enable the refinery to process 4.2 million tonnes of low-value fuel oil, which is no longer consumed in most sectors due ...

Eni reassures on dividend, gears up for investment cuts MILAN: Italy's Eni reassured investors with a small dividend increase on Wednesday and pledged to cut capital spending after lower oil prices depressed fourth quarter profit. Larger energy companies, including BP and Total , have also said they do not intend to cut their dividends, a key attraction for investors, even if oil prices remain low. "The dividend is higher than 2013 and there was no scrip dividend which had been a worry. Cash flow ...
Oil falls towards $61 as rally's sustainability in question LONDON: Oil fell more than $1 towards $61 a barrel on Wednesday, failing to build on gains of over 1 percent in the previous session as analysts said a recent rally was overblown. "The lack of follow-through higher yesterday is a worry and there's plenty of reason to be neutral here and observe carefully," PVM Oil Associates director and technical analyst Robin Bieber said. Oil prices have risen more than 35 percent since hitting an ...
Aker Solutions to cut workforce in Norway due to weak oil market OSLO: Norwegian oil service firm Aker Solutions plans to cut its workforce as a drop in oil prices has caused a market slowdown, the firm said on Wednesday. Around 300 employees within the maintenance, modifications and operations (MMO) may be affected by the adjustments out of the total 4,300 employees in MMO. The company has 8,300 employees in Norway. Copyright Reuters, 2015 ...
Oil falls below $62 as analysts doubt recent rally LONDON: Oil dropped below $62 a barrel on Wednesday, failing to build on gains of more than 1 percent in the previous session as analysts said a recent rally in prices was overblown."The lack of follow-through higher yesterday is a worry and there's plenty of reason to be neutral here and observe carefully," PVM Oil Associates director and technical analyst Robin Bieber said.Oil prices have risen more than 35 percent since hitting an almost six-year ...
LONDON: Britain's regulation of electricity and gas supply has shaped competition in the retail energy sector, and several issues will need to be investigated further, the Competition Markets Authority (CMA) said on Wednesday."The supply of electricity and gas is heavily regulated, and the form that regulation takes has a profound effect on the shape of competition in retail energy markets," the CMA said in an update on its continuing investigation into competition in the UK ...
Oil reverses gain, falls below $61 as other commods weigh LONDON: Oil slipped below $61 a barrel on Tuesday, dragged lower by weakness in some other commodity markets, although threats to Middle East crude supplies and expectations lower prices may prompt a slowdown in U.S. output limited the fall.Silver fell by up to 5 percent and gold snapped a three-day rally. Investors in those commodities remained cautious after a breakdown of debt talks between Greece and euro zone finance ministers."I think it all started in ...

 



 
Index Closing Chg%
Arrow DJIA 18,135.72 0.21
Arrow Nasdaq 4,982.81 0.32
Arrow S&P 2,101.04 0.12
Arrow FTSE 6,961.14 0.6
Arrow DAX 11,504.01 1.00
Arrow CAC-40 4,963.51 0.94
Arrow Nikkei 18,751.84 0.26
Arrow H.Seng 24,193.04 1.11
Arrow Sensex 29,448.95 0.23







ICT 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyDecember
Trade Balance $-1.703 bln
Exports $2.156 bln
Imports $3.859 bln
WeeklyFebruary 26, 2015
Reserves $16.137 bln