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

Middle East & Africa

Markets - Energy - Middle East & Africa

Kuwait's KPC in oil deal to export 300,000 bpd to China KUWAIT: Kuwait has concluded a deal with a China's Sinopec trading arm to export 300,000 barrels per day (bpd) of crude oil over 10 years, the head of international marketing at state-owned Kuwait Petroleum Corporation (KPC) said on Monday.Nasser al-Mudaf told Reuters the exports, which will amount to 15 percent of Kuwait's oil export output, start from Monday and are estimated to be worth $120 billion.Mudaf said the contract replaces a previous one for between 160,000 bpd 170,000 bpd that had expired. "We look for the best markets which has stability and gives high return to KPC," he said.The agreement with China's Sinopec's trading arm, Unipec, was reached "in accordance with international prices and under purely commercial terms," Mudaf said, adding the quantity was subject to increase, but did not specify by how much.An official signing ceremony will be held in Hong Kong in three days, he said.State news agency ...

Markets - Energy - Middle East & Africa

Israeli tycoon claims huge oil find in DR Congo KINSHASA: A company owned by Israeli mining magnate Dan Gertler said it has discovered vast potential reserves of oil in the strife-torn east of the Democratic Republic of Congo.Oil of DRCongo, a subsidiary of the Fleurette Group, said in a statement that seismic testing from Lake Albert, which forms part of the northeastern border with Uganda, indicated reserves of around three billion barrels of oil.It said exporting the oil from North Kivu province could boost ...

Markets - Energy - Middle East & Africa

UAE's Dana Gas Q2 net profit jumps 70pc on higher production DUBAI: Dana Gas, the United Arab Emirates energy firm, said on Wednesday that its second-quarter net profit jumped 70 percent as production across the group rose. Dana made a net profit of 169 million dirhams ($46.0 million), the company said in a bourse filing.This compares with 100 million dirhams in the year-earlier period. Revenues for the second quarter were 685 million dirhams, up from 528 million dirhams.Dana said its average overall production volume was up ...

Markets - Energy - Middle East & Africa

Iraq oil exports reach 2.442mn bpd in July BAGHDAD: Iraq's oil exports increased in July to an average of 2.442 million barrels per day (bpd) from 2.423 in the previous month, the oil ministry said on Monday.Shipments from the northern oilfields of Kirkuk are still suspended, the statement said.The selling price for Iraq's crude is $102.8 per barrel and revenues of $7.8 billion have been generated in July.Iraq exports the bulk of its oil from its southern terminals.Copyright Reuters, 2014 ...

Markets - Energy - Middle East & Africa

South Africa's petrol price to stay flat in August JOHANNESBURG: The retail price of petrol in South Africa will remain unchanged at 14.33 rand ($1.34) a litre from next Wednesday, while wholesale diesel will dip by 0.4 percent, the Department of Energy said on Friday. Copyright Reuters, 2014 ...

Markets - Energy - Middle East & Africa

Nigerian crude exports to hit 16 month high in Sept LONDON: Nigeria will export around 1.90 million barrels per day (bpd) of crude oil in September including deferred cargoes, the highest monthly total in more than a year, according to loading schedules seen by Reuters on Friday. September's total will load in 61 cargoes and is up from August's revised rate of 1.82 million bpd.The total includes two cargoes of Qua Iboe crude, which were delayed to September from August. Nigeria's exports in September will ...

Markets - Energy - Middle East & Africa

Uganda orders Tullow Oil to pay $407mn tax bill KAMPALA: A Ugandan tax appeals court on Wednesday ordered the Anglo-Irish firm Tullow Oil to pay a $407 million tax bill related to the sale of local assets in 2012.Tullow Oil, which had already paid $142 million or 30 percent of the bill to appeal an earlier ruling, contested the decision and said it might seek international arbitration.The ruling holds that the firm is fully liable to pay capital gains tax on the $2.9 billion ...