05242016Tue
Last update: Tue, 24 May 2016 10pm

Middle East & Africa

Markets - Energy - Middle East & Africa

Angolan export plant producing LNG, expects cargoes in near future MILAN: Angola's liquefied natural gas (LNG) export plant has started production and first cargoes should become available to buyers via a competitive tender process in the near future, a spokeswoman for the project said. "We have started production and expect the first LNG cargoes to be available in the near future - they will be sold via a competitive tender process," she said.She added that re-commissioning of the project, shut down since April 2014 following a pipe rupture, was proceeding "satisfactorily and in accordance with our commissioning and start up plans."Last week, trade sources said Angola LNG was experiencing further delays in exporting and had fallen behind guidance on launching its first tender in June.Copyright Reuters, 2016 ...

Markets - Energy - Middle East & Africa

Iraq's southern oil exports fall so far in May LONDON: Oil exports from southern Iraq so far in May have fallen by more than 200,000 barrels per day (bpd) from the previous month's near-record, adding to supply losses caused by unusually high global outages.The drop, if prolonged, could add to concern about the sustainability of export growth from Iraq, where oil firms have warned the government that projects to boost output will be delayed if Baghdad cuts spending this year.Iraq's southern exports in the ...

Markets - Energy - Middle East & Africa

Libya's crude output rises to 300,000 bpd after Hariga reopens: NOC LONDON: Libya's crude production has risen above 300,000 barrels per day (bpd) after the reopening of the Marsa al Hariga export terminal in the east of the country late last week, a spokesman for the Tripoli-based National Oil Corporation (NOC) said on Monday.The spokesman added that production could soon reach 350,000-360,000 bpd, depending on the situation at the Sarir oil field and the availability of electricity.Oil production from OPEC member Libya sank to around 200,000 ...

Markets - Energy - Middle East & Africa

Saudi Aramco to supply up to 270,000 bpd of crude to Indonesia refinery JAKARTA: Energy giant Saudi Aramco is ready to supply up to 270,000 barrels per day (bpd) of crude oil to a refinery it will jointly upgrade with Indonesia's Pertamina , chief executive of the Southeast Asia state-owned energy company said on Monday. Forecasting growing crude oil demand, Saudi Aramco is seeking to invest further in Indonesia's refining and petrochemicals sector, part of broader expansion plans in China, India, Vietnam and the United States.Saudi Aramco and ...

Markets - Energy - Middle East & Africa

Egypt's gas projects to increase production to 5.5-6bn cfd by end-2019 DAMIETTA: Egypt will increase its natural gas production to between 5.5 and 6 billion cubic feet per day by the end of 2019, Oil Minister Tarek El Molla said on Sunday, up from the current 3.9 bln cubic ft per day. Once an energy exporter, Egypt has turned into a net importer because of declining oil and gas production and increasing consumption. It is trying to speed up production at recent discoveries to fill its ...

Markets - Energy - Middle East & Africa

Markets retreat on weak oil, US rate worries DUBAI: Middle East stock markets lost ground on Thursday after oil prices retreated and global equity prices fell on speculation the United States might raise interest rates as early as June. The Saudi stock index dropped 0.6 percent in a broad-based decline as losers outnumbered gainers by 126 to 27. Miner Ma'aden, which had been surging for several weeks on hopes it will benefit from an emphasis on developing the mining industry in Saudi Arabia's ...

Markets - Energy - Middle East & Africa

Oil aids most Gulf bourses, Egypt lifted by foreign funds DUBAI: Shares in most Gulf bourses were firm on Tuesday as oil prices held near this year's highs, while Egypt's stock index climbed as international funds flowed back into the market.Saudi petrochemical shares were strong with the sub-index rising 1.3 percent, its fifth straight session of gains. The main stock index rose 0.6 percent.Etihad Etisalat (Mobily) jumped 4.6 percent after it said lenders who had not already agreed in December to waive breaches in loan ...