12082016Thu
Last update: Thu, 08 Dec 2016 02pm

Middle East & Africa

Markets - Energy - Middle East & Africa

India to increase crude purchases from Nigeria, Abuja says ABUJA: India plans to buy more crude oil from Nigeria, Nigeria's presidency on Tuesday quoted India's vice president as saying during a visit to Abuja. "His country, which is the leading buyer of Nigeria's crude oil, will increase its purchase of the commodity in addition to natural gas," India's Vice President Hamid Ansari told Nigerian President Muhammadu Buhari, according to the presidency. Copyright Reuters, 2016 ...

Markets - Energy - Middle East & Africa

Eni asks banks for billions to finance Mozambique gas project JOHANNESBURG: Italian oil firm Eni has approached banks for billions of dollars to finance a huge offshore gas development in Mozambique, a significant step in getting a long-delayed project off the ground, the company and sources said. Eni confirmed it met bankers in London last week about project financing to develop the Coral field, part of the huge reserves discovered six years ago in the Area 4 concession off the Mozambican coast. "It's running into ...

Markets - Energy - Middle East & Africa

Shell to increase Norway's Ormen Lange output capacity with new compressors NYHAMNA: Royal Dutch Shell plans to raise the output capacity at its giant Ormen Lange field offshore Norway by installing two new compressors, the operator said on Tuesday. The Ormen Lange gas field, which feeds the Langeled pipeline under the North Sea, covers 20 percent of Britain's demand for natural gas. The upgrade will increase the output capacity to 70 million cubic metres (mcm) per day, from the current output level of about 50 mcm ...

Markets - Energy - Middle East & Africa

Iran says not ready for oil output freeze in Algiers ALGIERS: Iran is not ready to agree to an oil output freeze in Algiers, its Oil Minister Bijan Zanganeh said Tuesday on the eve of an informal OPEC meeting in Algeria's capital."It's not in our agenda to reach an agreement in two days. We need time for more consultation," he told reporters on the sidelines of an energy conference.Zanganeh said an agreement on a freeze to stabilise oil prices could be struck at the November ...

Markets - Energy - Middle East & Africa

Oil market still weak despite recovery DUBAI: Oil prices have been recovering but are still weak, the head of Gulf giant Saudi Aramco said on Monday, warning that market volatility could persist in the near future."While the oil market has recovered from its most severe period, it's still weak," Aramco chief executive officer Amin Nasser said at an energy conference in Dubai.He said global supply has begun to fall, "especially US shale oil", due to the cancellation or deferring of investments ...

Markets - Energy - Middle East & Africa

Petrobras to seek builders for six new platforms as of next year RIO DE JANEIRO: Petroleo Brasileiro SA, Brazil's state-run oil company, as of 2017 will begin seeking offers for the construction of six new offshore oil platforms envisioned in current investment plans, according to a newspaper interview published Sunday. In an interview with O Globo, the biggest daily in the company's home base of Rio de Janeiro, Petrobras' director of exploration and production said the six new platforms, together likely to cost as much as $6 ...

Markets - Energy - Middle East & Africa

Egypt's FIHC seeking soyoil, sunflower oil in tender - trade ABU DHABI: Egypt's Food Industries Holding Company is seeking 15,000 tonnes of sunflower oil and 30,000 tonnes of soyoil in a tender, Cairo-based traders said on Sunday. The oil is for arrival between Nov. 10-30, the traders said. The deadline for offers is Sept. 29. Copyright Reuters, 2016 ...