09272016Tue
Last update: Tue, 27 Sep 2016 01am

Middle East & Africa

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 Pertamina on Monday signed an engineering and project services contract with Amec Foster Wheeler, which will undertake the basic engineering design for the $5 billion upgrade to the Cilacap refinery in Central Java."Aramco is determined to make Cilacap refinery the best in Asia," Pertamina CEO Dwi Soetjipto told reporters.Pertamina is to take 55-60 percent of the refinery joint venture, with Saudi Aramco taking the remainder, he said. Completion of the plant upgrade is targeted for ...

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 ...

Markets - Energy - Middle East & Africa

Markets retreat on weak oil, US rate worries DUBAI: Middle East stock markets lost ground on Thursday after oil prices retreated and global equity prices fell on speculation the United States might raise interest rates as early as June. The Saudi stock index dropped 0.6 percent in a broad-based decline as losers outnumbered gainers by 126 to 27. Miner Ma'aden, which had been surging for several weeks on hopes it will benefit from an emphasis on developing the mining industry in Saudi Arabia's ...

Markets - Energy - Middle East & Africa

Oil aids most Gulf bourses, Egypt lifted by foreign funds DUBAI: Shares in most Gulf bourses were firm on Tuesday as oil prices held near this year's highs, while Egypt's stock index climbed as international funds flowed back into the market.Saudi petrochemical shares were strong with the sub-index rising 1.3 percent, its fifth straight session of gains. The main stock index rose 0.6 percent.Etihad Etisalat (Mobily) jumped 4.6 percent after it said lenders who had not already agreed in December to waive breaches in loan ...

Markets - Energy - Middle East & Africa

Angola to export more crude cargoes in July LONDON/NEW YORK: Angola is planning to export 56 cargoes of crude oil in July, up from 53 scheduled in June, trade sources said on Monday.The total, which equates to 1.74 million barrels per day (bpd), is also slightly above the initially planned level for June of 1.7 million bpd.The schedule does not list a cargo of Palanca, a crude grade which does not export a cargo every month, sources said.A preliminary loading programme circulated to ...

Markets - Energy - Middle East & Africa

Kuwait deputy FM says Iran, oil producers must not increase production DUBAI: Kuwait's deputy foreign minister Khaled Jarallah said oil exporting countries must freeze production and the market could not support a production increase from Iran, state news agency KUNA reported on Saturday. "There is no choice but to freeze production," KUNA quoted Jarallah as telling Japanese news agency Jiji press while he and acting oil minister Anas al-Saleh attend a Kuwait-Japan business seminar in Tokyo.Asked about Iranian production policy, Jarallah said, "Iran should learn from ...

Markets - Energy - Middle East & Africa

Kenya creates 17 new oil exploration blocks NAIROBI: Kenya has created an extra 17 new oil exploration blocks, bringing its total to 63 and aims to auction them in a licensing round in 2017, Kenyan newspapers quoted Ministry of Energy and Petroleum saying on Saturday. British explorer Tullow Oil and partner Africa Oil first struck oil in Lokichar in northwest Kenya in 2012. The recoverable reserves are an estimated 750 million barrels of crude.Since the discovery, interest from explorers seeking blocks in ...