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Saudis May Cut Oil Prices For Asian Markets

Saudi Arabia may reduce its official selling price for oil for Asian buyers in August, unnamed sources told Reuters, adding the move was prompted by a decline in Middle Eastern benchmarks last month. A Reuters survey among five refiners revealed the official...

Halliburton Signs $597mn Offshore Exploration Contract with KOC

Kuwait is trying to push its production capacity to 4mn barrels per day in 2020, up from its current 3mn barrels per day Halliburton has signed a $597mn contract with Kuwait Oil Company to explore for oil offshore Kuwait, Bloomberg...

Shipowners are Ready, The Bunker Market is Not

The number of ports in which low sulphur fuel will be available at the start of 2020 will be limited and the compliant fuel will be an expensive affair for shipowners, according to the Marine Bunker Exchange (MABUX) in...

DP World Acquires Topaz Energy for $1bn

DP World PLC has acquired Topaz Energy and Marine from Renaissance Services and Standard Chartered Private Equity/Affirma Capital for an enterprise value of $1bn. Topaz Energy had a backlog of $1.6bn as of 31 March 2019, and DP World wrote...

Russia and Saudi Arabia Agree to Extend OPEC+ Oil Output Cuts

Russia and Saudi Arabia have agreed to extend the OPEC+ deal to cut output by six to nine months, citing Russian President Vladimir Putin. Putin spoke following talks with Saudi Crown Prince Mohammed bin Salman at the G20 summit in...

ADNOC Group CEO Speaks Out on Tanker Attacks at Bloomberg Emerging and Frontier Forum

He condemned the attacks and called for stability in the market, noting ADNOC's place within the industry and its growing partner base His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of State and Group CEO of the Abu Dhabi...

How U.S. LNG Plays Havoc with Dutch Gas and Asian Shipping

Dutch gas prices hit 10-year lows this week, reflecting high European inventories swelled by liquefied natural gas (LNG) imports, testing levels at which companies that committed to buy U.S. LNG will start making serious losses. Prices for month-ahead Dutch gas...

EWEC Announces Full Operations of World’s Largest Single Solar project in Abu Dhabi

Emirates Water and Electricity Company (EWEC), a leading company in the coordination of planning, purchasing and providing of water and electricity across the UAE, has announced that ‘Noor Abu Dhabi’, the world’s largest single solar project, with a capacity...

ExxonMobil, SABIC to Proceed with Texas Project

ExxonMobil and SABIC have announced the decision to proceed with the construction of a chemical facility and a 1.8 million metric ton ethane steam cracker in San Patricio County, Texas, leading to thousands of high-paying jobs and billions in...

Abu Dhabi Department of Energy Organises Workshop on Incident Reporting

The Abu Dhabi Department of Energy (DoE) – the government entity in charge of ensuring the energy sector’s excellence and sustainability in the emirate – held an awareness workshop covering the major initiatives and the newly introduced amendments to...
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Emirates Shipping Line Revises Down its War Risk Surcharge

Dubai-based Emirates Shipping Line has climbed down from its original, punchy war risk surcharge. The carrier was one of the first to implement war risk...

China on Track to Overtake Japan This Year as The World’s Top Importer of...

China is on track to overtake Japan this year as the world’s top importer of LNG, according to a new report from Banchero Costa. In...

Digital Shipping Register to Launch in Denmark in 2020

Denmark has kicked off the process of becoming one of the first in the world to have a digital register of shipping. According to the...