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Saudi Arabia’s Aramco appoints new CEO to run $500m investment arm

Saudi Arabia’s energy giant Aramco has named a new CEO for its $500 venture capital and investments arm, Gulf Business reports citing sources with knowledge of the matter. The new appointee, Mahdi Aladel, former head of the company’s base oils and lubricants division will take over from Majid Mufti who led Saudi Aramco Energy Ventures […]

August 29th, 2020 | Posted in Energy,Finance,Gulf News,Headlines | Read More »

Japanese banks sign joint loan to fund Qatar’s biggest mega solar power plant

The Japan Bank for International Cooperation (JBIC) and Mizuho Bank have signed a syndicated bank facility worth $330 million to fund the construction of Qatar’s first mega solar power plant, Japan Times reports. “This loan is expected to contribute to further strengthening of the multilayered economic ties between Japan and Qatar,” JBIC said in a […]

August 13th, 2020 | Posted in Energy,Headlines | Read More »

Oman sets mid-2021 to launch operations of biggest solar plan

Oman will launch operations of its biggest solar plan, Ibri II, by mid-2021, Trade Arabia reports. The project located in near Ibri, the capital of the Dhahirah Governorate, is currently under construction. Acwa Power, Gulf Investment Corporation (GIC) and Alternative Energy Projects Company are in charge of constructions which began in the second quarter of […]

August 11th, 2020 | Posted in Energy,Headlines | Read More »

Syria, Turkey condemn alleged oil deal between US firm and Kurdish rebels

Syria and Turkey Sunday condemned as illegal an alleged oil deal between a US firm and Kurdish rebels [Syrian Democratic Forces (SDF)] controlling the northeastern part of the war-torn country. The Syrian foreign ministry, Reuters reports, in statement accused the named US firm of “stealing” Syria’s crude. Damascus “condemns in the strongest terms the agreement […]

August 3rd, 2020 | Posted in Energy,Headlines | Read More »

Aramco goes on customary redundancy plan, cuts hundreds of jobs

Saudi Arabia’s national oil giant has begun cutting hundreds of jobs across various sectors amid slump in oil demand due to covid-19 pandemic, Bloomberg reports citing anonymous sources. The cuts concern mostly positions held by expats the sources aware of matter told the U.S-based media. The staffers were informed earlier this week. “Aramco is adapting […]

June 19th, 2020 | Posted in Energy,Headlines | Read More »

SABIC appoints new chairman as Aramco takes control

Saudi Basic Industries Corporation (SABIC) has named a new chairman in line with the company’s takeover by the kingdom’s oil giant Aramco. Khalid Hashim Al Dabbagh will succeed Abdulaziz Saleh Aljarbou, following an approval on June 16, Zawya reports citing a stock exchange statement. Aramco early this week acquired 70 per cent of the world’s […]

June 18th, 2020 | Posted in Energy,Headlines | Read More »

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 »