05042016Wed
Last update: Wed, 04 May 2016 02pm

Middle East & Africa

Markets - Energy - Middle East & Africa

Oman Oil in talks with banks on $1bn loan for subsidiary DUBAI/MUSCAT: State-owned Oman Oil Co, the national petroleum investment company, is seeking a $1 billion loan from banks for a subsidiary, chief executive Issam al-Zadjali told Reuters on Thursday.Banks in Oman have also been active in the loan market in the past few months, potentially a sign that liquidity is becoming tighter due to low oil prices.The oil industry contributes around 44 percent to Oman's economy, according to government estimates. Oman Oil would use the funds mainly to finance one of its subsidiaries, Oman Oil Company Exploration and Production, including for the development of the country's Khazzan natural gas field, he said. The company last month signed an agreement with Britain's BP to develop the second phase of Khazzan, taking the estimated investment in the project to $16 billion.Oman Oil was talking to both local and international banks about the loan, al-Zadjali said. He said the term of the loan ...

Markets - Energy - Middle East & Africa

Qatar says Iran invited to talks on oil output freeze DOHA: Qatar said on Tuesday that it has invited Iran to join talks among the world's top oil producers next month on implementing a proposed output freeze to stabilise plummeting prices.The Qatari energy ministry said all 13 OPEC members including Iran had been invited to the April 17 talks in Doha with key non-cartel producers including Russia.Russian Energy Minister Alexander Novak said last week that Iran had indicated it was "ready to participate" despite its ...

Markets - Energy - Middle East & Africa

Saudi oil exports rise to 7.835mn bpd in January DUBAI: Saudi Arabia's crude oil exports in January rose to their highest level in nine months to 7.835 million barrels per day from 7.486 million bpd in December, official data showed on Thursday.The world's largest oil exporter and OPEC heavyweight produced 10.230 million bpd in January, a record high, compared with 10.144 million bpd a month earlier, the data showed.Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum ...

Markets - Energy - Middle East & Africa

Algeria to reduce imports by 15pc as oil price drop bites ALGIERS: Algeria has decided to reduce its imports by 15 percent in 2016 to save foreign currency reserves as the crash of oil prices has put the OPEC state under financial pressure, according to a letter to banks from the prime minister. The North African state, which relies on oil and gas for 60 percent of its budget, has already cut public spending, reduced some energy subsidies and frozen infrastructure projects since its energy revenues ...

Markets - Energy - Middle East & Africa

Kuwait's KNPC close to $3bn loan to part-fund major refineries revamp DUBAI: Kuwait National Petroleum Company (KNPC) expects to close the first phase of funding for its multi-billion-dollar Clean Fuels Project with local banks as soon as the first week of April, the state oil refiner told Kuwait News Agency on Tuesday. Part of the country's 30 billion dinar ($100 billion) economic development plan, the Clean Fuels Project will upgrade and expand two of the Gulf Arab state's largest existing refineries with a focus on producing ...

Markets - Energy - Middle East & Africa

Nigeria's state oil company failed to remit $16.1bn to public purse in 2014 ABUJA: Nigeria's state oil company failed to remit 3.2 trillion naira ($16.1 billion) to the public purse in 2014, the auditor-general said on Monday. Samuel Ukura, who presented his findings in a report to lawmakers at the national assembly, said other government ministries and agencies had failed to remit funds which took the total figure not passed on to 3.3 trillion naira for that year. Development in Nigeria, Africa's biggest oil producer and largest economy, ...

Markets - Energy - Middle East & Africa

Iraq halts pumping oil from Kirkuk into Turkey pipeline BAGHDAD: Iraq's state-run North Oil Company stopped feeding a pipeline to Turkey with crude produced at fields it operates in the Kirkuk region three days ago, two sources said on Monday. The order to halt pumping through the pipeline came from the oil ministry in Baghdad, a company official, who asked not be identified, said. "There is no technical failure, it's a decision from Baghdad," he said.North Oil is continuing to produce the crude, but ...