08302016Tue
Last update: Tue, 30 Aug 2016 02am

Middle East & Africa

Markets - Energy - Middle East & Africa

Saudi Aramco says discovers new fields, to continue energy investments KHOBAR: Saudi Arabia's state oil giant Aramco discovered new oil and gas fields last year and the kingdom is committed to continue investing in its energy sector to meet future demand, its new energy minister said. Khalid al-Falih, who was appointed energy, industry and mineral resources minister on May 7 and is also Aramco's chairman, said that despite low oil prices, the company has reached record levels of oil production and gas processing."Declining investments by energy producers raise concerns about another cycle of supply constraints and therefore more market volatility," Falih said in Aramco's 2015 annual report."Saudi Arabia ... is committed to sustaining its investments in hydrocarbon-based energy to meet future demand and power sustainable economic growth at home and around the world."His comments are a further sign that Saudi Arabia, the world's largest oil exporter, does not intend to restrict supply as it battles for market share with other ...

Markets - Energy - Middle East & Africa

Nigerian stocks near 5-month high after central bank FX shift LAGOS: Nigerian stocks soared to near a 5-month high on Wednesday with banks leading the charge, driven by hopes that a more flexible foreign exchange policy will boost dollar supply and lure back foreign investors. On Tuesday, the central bank said it would adopt a flexible exchange rate policy, a shift from a peg for the naira seen as overvalued, which had hampered growth and investment.The main stock index was up 3.36 pct at 28,143 ...

Markets - Energy - Middle East & Africa

Angolan export plant producing LNG, expects cargoes in near future MILAN: Angola's liquefied natural gas (LNG) export plant has started production and first cargoes should become available to buyers via a competitive tender process in the near future, a spokeswoman for the project said. "We have started production and expect the first LNG cargoes to be available in the near future - they will be sold via a competitive tender process," she said.She added that re-commissioning of the project, shut down since April 2014 following ...

Markets - Energy - Middle East & Africa

Iraq's southern oil exports fall so far in May LONDON: Oil exports from southern Iraq so far in May have fallen by more than 200,000 barrels per day (bpd) from the previous month's near-record, adding to supply losses caused by unusually high global outages.The drop, if prolonged, could add to concern about the sustainability of export growth from Iraq, where oil firms have warned the government that projects to boost output will be delayed if Baghdad cuts spending this year.Iraq's southern exports in the ...

Markets - Energy - Middle East & Africa

Libya's crude output rises to 300,000 bpd after Hariga reopens: NOC LONDON: Libya's crude production has risen above 300,000 barrels per day (bpd) after the reopening of the Marsa al Hariga export terminal in the east of the country late last week, a spokesman for the Tripoli-based National Oil Corporation (NOC) said on Monday.The spokesman added that production could soon reach 350,000-360,000 bpd, depending on the situation at the Sarir oil field and the availability of electricity.Oil production from OPEC member Libya sank to around 200,000 ...

Markets - Energy - Middle East & Africa

Saudi Aramco to supply up to 270,000 bpd of crude to Indonesia refinery JAKARTA: Energy giant Saudi Aramco is ready to supply up to 270,000 barrels per day (bpd) of crude oil to a refinery it will jointly upgrade with Indonesia's Pertamina , chief executive of the Southeast Asia state-owned energy company said on Monday. Forecasting growing crude oil demand, Saudi Aramco is seeking to invest further in Indonesia's refining and petrochemicals sector, part of broader expansion plans in China, India, Vietnam and the United States.Saudi Aramco and ...

Markets - Energy - Middle East & Africa

Egypt's gas projects to increase production to 5.5-6bn cfd by end-2019 DAMIETTA: Egypt will increase its natural gas production to between 5.5 and 6 billion cubic feet per day by the end of 2019, Oil Minister Tarek El Molla said on Sunday, up from the current 3.9 bln cubic ft per day. Once an energy exporter, Egypt has turned into a net importer because of declining oil and gas production and increasing consumption. It is trying to speed up production at recent discoveries to fill its ...