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Aramco takes control of SABIC after injection of $69.1 billion

Saudi Arabia’s oil giant Aramco has acquired 70 per cent of Saudi Basic Industries Corporation (SABIC) in four transactions for a combined investment of $69.1 billion, Zawya reports. The deals posted on the Saudi Stock Exchange Tadawul, stressed that one SABIC share was priced at 123.39 riyal ($32.86). The takeover has been on the pipeline […]

June 15th, 2020 | Posted in Energy,Headlines | Read More »

Petrofac gets six-month extension contract with Basra Oil

Petrofac, a provider of oilfield services to the international oil and gas industry has announced its Engineering & Production Services division (EPS) has secured a further six-month contract extension with Basra Oil Company (BOC) for its long-standing Iraq Crude Oil Export Expansion Project (ICOEEP), Trade Arabia reports. Petrofac per the agreement is responsible for almost […]

June 1st, 2020 | Posted in Energy,Headlines | Read More »

First Iranian tanker docks in Venezuela

One of Iranian five tankers carrying fuel for Venezuela has arrived safely in the Latin American country despite US threats. FORTUNE moored at the refinery of El Palito, Venezuela, according to TankerTrackers.com. “The Iranian oil/chem Handymax tanker, FORTUNE, which loaded 43 million liters of gasoline during mid-March at Port Shahid Rajaee, Iran, has now moored […]

May 26th, 2020 | Posted in Energy,Gulf News,Headlines,World News | Read More »

Lebanon maintains contract with Sonatrach amid corruption, adulterated fuel scandal

A cabinet meeting led by President Michel Aoun has decided to maintain fuel supply contract with Sonatrach Petroleum (SPC), a subsidiary of Algeria’s state-run oil company, that is currently embroiled in supply of low quality fuel and corruption scandal, reports say. The Lebanese leader however stressed that investigations launched into the alleged corruption and supply […]

May 21st, 2020 | Posted in Energy,Headlines,World News | Read More »

Algeria calls adulterated fuel supply in Lebanon “internal Lebanese affair”

The Algerian Presidency Wednesday said adulterated fuel scandal in Lebanon, in which the national oil company Sonatrach is mentioned as part of the scandal, is an internal Lebanese affair. The CEO of Sonatrach Petroleum (SPC), a subsidiary of Sonatrach, and several employees of the Lebanon-based company have been under investigation after it surfaced that the […]

May 14th, 2020 | Posted in Energy,Headlines,World News | Read More »

Algeria’s Lebanon-based Sonatrach subsidiary mired corruption and adulterated fuel

A court in Lebanon has ordered the arrest of 17 people including the Chief of Sonatrach Petroleum (SPC); a subsidiary of Algeria’s state-run oil company, on corruption and supply of adulterated fuel charges, reports say. Judge Ghada Aoun, prosecutor at Mont-Liban court of appeal, ordered the arrest after state-run Electricity of Lebanon (EDL) lodged early […]

April 28th, 2020 | Posted in Energy,Headlines | Read More »

Opec signs check worth $1bn to help fight covid-19 developing countries

The global oil cartel, OPEC, has approved the allocation of $1 billion to support developing countries in their fight against novel covid-19 disease, reports say. The aid to release by the organization’s Fund for International Development (OFID) will be deployed in the form of Opec Fund public, private and trade finance loans and aims at […]

April 17th, 2020 | Posted in Energy,Headlines | Read More »

Saudi Arabia: Petrochemical Company teams up with SK Gas to build two petchem

Saudi Arabia’s Petrochemical Company has entered into a deal with South Korea’s SK Gas to construct and operate two major petrochemical facilities; a propane dehydrogenation (PDH) and a poly propylene unit in the kingdom at an investment of $1.8 billion, Trade Arabia reports. Petrochemical Company in a statement said its subsidiary Advanced Global Investment Company […]

April 9th, 2020 | Posted in Energy,Headlines | Read More »

Oman: Biggest oil & gas producer to downsize amid Coronavirus outbreak

Oman’s Petroleum Development Oman (PDO) is contemplating a cut in staff working on its oil and gas projects in response to the spread of the coronavirus, Bloomberg reports. The cut is in plan and is in discussion with contractors, PDO reportedly said in an email. The company also said it will review its projects and […]

March 30th, 2020 | Posted in Energy,Gulf News,Headlines,World News | Read More »

Saudi Aramco Receives Approval for Al-Jafoura Giant Gas Field Development

Saudi Oil Company Aramco announced Saturday that it has received approval to develop the giant Al-Jafoura field, in the eastern region of Saudi Arabia, which is the largest non-associated and non-conventional gas field discovered, so far.   Chairman of the Company’s Board of Directors Yasser bin Othman Al-Ramyan said the development of the field will […]

February 23rd, 2020 | Posted in Energy,Gulf News,Headlines | Read More »