02092016Tue
Last update: Tue, 09 Feb 2016 08am

Middle East & Africa

Markets - Energy - Middle East & Africa

OPEC decides against cutting oil output: Nigeria VIENNA: The Organization of the Petroleum Exporting Countries has decided against cutting its oil output to lift prices, its president and Nigerian oil minister Emmanuel Ibe Kachikwu said following a meeting here Friday.OPEC, whose members together pump out more than one third of world oil, is currently producing above its official target of 30 million barrels per day."Given the present position of the economy of countries that are purchasing (oil) and the worldwide economy, we will retain production at current levels," said Kachikwu, who is minister of state for petroleum resources in Nigeria.OPEC is currently pumping out around 32 million barrels of oil per day.The cartel on Friday published no figures on output in its communique, as it awaits increased output from Iran after sanctions were lifted on the Islamic republic.Copyright APP (Associated Press of Pakistan), 2015 ...

Markets - Energy - Middle East & Africa

South Africa's Eskom to cancel Exxaro coal supply contract for Arnot plant JOHANNESBURG: South Africa's power utility Eskom said on Tuesday it was seeking coal bids for its 2,100 megawatt (MW) Arnot plant, after it notified Exxaro that it would not automatically renew a 40-year-supply contract which ends in December.The cash-strapped Eskom is cracking down on its contracts with coal suppliers, saying that previous agreements where the utility paid for the running costs of mines for guaranteed supply of coal at a pre-determined price were no longer ...

Markets - Energy - Middle East & Africa

Kuwait says oversupply pressuring oil price, hopes for recovery KUWAIT: Kuwait's Oil Minister Ali al-Omeir on Sunday said the drop in the oil price was a result of excess supply and a decline in the global economy.The recovery of the oil price is dependant on the recovery of the global economy, Omeir told reporters in Kuwait."We know there is a decline in prices as a result of excess supply in production and the result of a decline in global demand and the global economy. ...

Markets - Energy - Middle East & Africa

UAE channels oil money into alternative energy ABU DHABI: Rising from the desert outside Abu Dhabi, Masdar city is laying the groundwork for when the United Arab Emirates' oil wells run dry.Driverless electric cars shuttle between energy-saving buildings topped with arrays of solar panels.Traditional Arabic architecture mixes with modern technology, as narrow shaded alleys run between brick-coloured buildings, focusing the wind and keeping temperatures low.On the edge of the complex, a 10-megawatt solar farm lined with photovoltaic panels provides clean energy.First announced ...

Markets - Energy - Middle East & Africa

Dana Gas says wins UK court ruling for $100mn Kurdistan payment DUBAI: United Arab Emirates energy firm Dana Gas, one of the largest investors in Iraq's Kurdistan region, on Sunday said the British High Court had ordered the Kurdish regional government to pay Dana's consortium $100 million within 14 days. The decision reinforces a December 2014 ruling by a London arbitration court which made the same demand of the Kurdistan Regional Government (KRG) with a 30-day deadline, Dana said in a bourse statement. Its consortium, which ...

Markets - Energy - Middle East & Africa

Kuwait's KNPC says to shut Shuaiba refinery by April 2017 KUWAIT: Kuwait National Petroleum Co will shut its Shuaiba refinery permanently by April 2017, before its clean fuels project starts operating by mid-2018, its spokesman said at a news conference on Sunday. The clean fuels project is an upgrade and expansion of the country's two largest existing refineries, with a focus on producing higher-value products such as diesel and kerosene for export. Work on the clean fuels project is 36.7 percent complete, and it is ...

Markets - Energy - Middle East & Africa

Saudi Arabian crude exports rise to 7.111mn bpd in Sept DUBAI: Saudi Arabia raised its oil exports in September by 113,000 barrels per day (bpd) to 7.111 million bpd from 6.998 million bpd in the previous month, official data showed on Wednesday.The OPEC heavyweight pumped 10.226 million bpd in September, slightly lower than August's 10.265 million but it still maintained high output in line with its strategy of defending market share.Saudi Arabia burns higher crude volumes to generate power for air conditioning during the hot ...