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Last update: Mon, 29 Aug 2016 10pm

Middle East & Africa

Markets - Energy - Middle East & Africa

Egypt expects to import 7.79mn tonnes of LNG this fiscal year CAIRO: Egypt expects to import 28.6 million tonnes of crude oil, liquefied natural gas (LNG) and other oil products worth a total of almost $16 billion in 2015-16, the planning ministry said on Saturday.The government expects to buy 7.79 million tonnes of LNG for $3.55 billion and 6.37 million tonnes of crude oil for $3.51 billion, the ministry said in a handout given to journalists at a news conference on its economic development plan for the current fiscal year, which started on July 1.The Arab world's most populous country, which recently turned from a net energy exporter into an importer, aims to produce about 695,000 bpd of crude oil and condensates in addition to 4.7 billion cubic feet of gases sold daily.Government projections put production at 30.5 million tonnes of crude oil this year, bringing the total projected production of oil, condensates and butagas to 35.9 million tonnes.Declining energy production, ...

Markets - Energy - Middle East & Africa

UAE to scrap fuel subsidies from August DUBAI: Leading oil producer the United Arab Emirates will scrap subsidies on petrol and diesel from August to cut spending as low crude prices hit revenues, the energy ministry said Wednesday.Pump prices for the two fuels will now be set on the basis of world prices and adjusted each month, the ministry said in a statement carried by the official WAM news agency.The move is expected to save billions of dollars a year.The International Monetary ...

Markets - Energy - Middle East & Africa

Kenya seeks over 670,000 tonnes oil products for July-August SINGAPORE: Kenya's oil importers are seeking more than 670,000 tonnes of oil products for delivery over July-August, continuing its persistently high imports during the summer, industry sources said.Kenya has been importing record volumes of oil products as its economy gathers steam, soaking up some of Asia's excess supply and helping put a floor under refining margins.Industrial expansion and a growing fleet of automobiles in a region that lacks refining capacity have stoked East African appetite ...

Markets - Energy - Middle East & Africa

Saudi Arabia's April crude oil exports down slightly KHOBAR: Saudi Arabia's April crude exports fell slightly to 7.737 million barrels per day (bpd) from 7.898 million bpd in March, figures supplied by Riyadh to the Joint Organisations Data Initiative (JODI) showed.Output from the world's largest oil exporter inched up to 10.308 million bpd from 10.294 million bpd, according to JODI.Copyright Reuters, 2015 ...

Markets - Energy - Middle East & Africa

UAE oil minister says studying fuel subsidies, report ready soon ABU DHABI: The United Arab Emirates' oil ministry is studying the country's system of fuel subsidies and a report will be submitted to the government soon, oil minister Suhail bin Mohammed al-Mazroui said on Monday.Speaking at an industry conference, he said the government had requested the report after there were questions over why domestic fuel prices didn't drop after the recent plunge of global oil prices.Mazroui did not elaborate. Government subsidies keep domestic prices of ...

Markets - Energy - Middle East & Africa

Iraq oil production now 3.8mn bpd LONDON: Iraq's oil production is around 3.8 million barrels per day (bpd) and is set to rise to 5.5-6.0 million bpd by the end of this decade, Iraq's OPEC governor said in London on Tuesday, speaking on behalf of the country's oil minister.Copyright Reuters, 2015 ...

Markets - Energy - Middle East & Africa

Nigeria's Bonny LNG tenders to sell one cargo mid-June-sources LONDON: Nigeria's Bonny liquefied natural gas (LNG) export plant has launched a tender to sell one cargo loading on June 14-16, two industry sources said on Tuesday. Bids are due by June 1, one of the sources said. > ...