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Last update: Thu, 05 May 2016 07am

Middle East & Africa

Markets - Energy - Middle East & Africa

Oil shipments from Georgia's Batumi port fall 17pc in Jan-Apr TBILISI: Shipments of crude and refined oil products from Georgia's Black Sea port of Batumi fell 17.4 percent in January-April from a year earlier, a senior official at the terminal said on Tuesday.The terminal, operated by Kazakh state energy company KazMunaiGas , shipped 1.128 million tonnes of oil and oil products in the first four months of this year, down from 1.365 million tonnes in the same period last year, the official, who asked not to be identified, said. Shipments in April were 320,470 tonnes, up from 258,667 tonnes in April 2015, and from 226,333 tonnes in March 2016. The terminal shipped 3.616 million tonnes of oil and oil products in 2015, down from 4.355 million in 2014.Crude and refined oil products from Azerbaijan, Kazakhstan and Turkmenistan are shipped out of Georgia's Black Sea ports of Batumi, Supsa, Poti and the terminal in Kulevi. Some products are shipped across the ...

Markets - Energy - Middle East & Africa

South Africa's petrol pump price to increase in May JOHANNESBURG: The retail price of petrol in South Africa will increase by nearly 1 percent from May 4, while the price of wholesale diesel will largely remain steady, the energy department said on Monday. The price of petrol will increase by 12 cents to 12.74 rand per litre in the commercial hub of Gauteng province, while diesel will go down by 1 cents to 10.52 rand per litre, the department said in a statement.Copyright Reuters, ...

Markets - Energy - Middle East & Africa

Iran oil exports to South Korea rise to 400,000 bpd after sanctions lifted: Shana DUBAI: Iran's oil exports to South Korea have more than quadrupled to 400,000 barrels a day since international sanctions were lifted in January, Oil Minister Bijan Zanganeh was quoted as saying on Sunday by the Shana news agency.Iran, whose exports to South Korea were less than 100,000 barrels a day before sanctions were lifted, has since worked to quickly boost its output. It has focused on selling to its traditional customers in Asia, but has ...

Markets - Energy - Middle East & Africa

Iraq's southern oil exports rise in April to 3.364mn bpd BASRA: Iraq exported oil from southern fields at an average rate of 3.364 million barrels per day in April, higher than the March average of 3.286 million, Oil Ministry spokesman Asim Jihad said on Sunday.That is close to the record of 3.37 million bpd exported in November as OPEC's second-largest producer resumes the supply growth that has added to downward pressure on global prices.Iraq looked set to exceed that rate, with exports in the first ...

Markets - Energy - Middle East & Africa

Qatar says to liberalise fuel prices DOHA: OPEC member Qatar announced Tuesday that it will liberalise petrol and diesel prices amid concerns over the state budget with the fall of global oil prices.The change will come into force from May and prices will fluctuate each month, Mishal Al-Thani, chairman of a commission to study fuel prices, said in a statement on the official Qatar News Agency.The overhaul of the domestic market will see future prices determined by global and regional factors ...

Markets - Energy - Middle East & Africa

Qatar to let domestic fuel prices fluctuate in subsidy reform DOHA: Qatar will allow its domestic gasoline and diesel prices to fluctuate in response to changes in global markets as it seeks to reduce waste of fuel and save money for the state budget. Currently, local fuel prices are fixed at low levels, requiring the government to spend on subsidies to keep them down. From next month, prices will fluctuate monthly, the official Qatar News Agency (QNA) said on Tuesday.Future prices will be based on ...

Markets - Energy - Middle East & Africa

Saudi unveils far-reaching plan to move away from oil RIYADH: Saudi Arabia said Monday it would create the world's largest sovereign investment fund and sell shares in state energy giant Aramco under a vast plan unveiled to transform its oil-dependent economy.The announcement of the long-term reform programme, dubbed "Vision 2030", marks the beginning of a hugely ambitious attempt to move Saudi Arabia beyond oil, the backbone of its economy for decades."This is not a dream. This is a reality that will be achieved, God ...