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Nigeria’s Dangote set to establish oil trading firm amid refinery supply issues
Nigerian billionaire Aliko Dangote is working to establish a trading firm to manage crude supply for his newly operational 650,000-bpd refinery in Lagos; BP, Trafigura, Vitol and others have offered loans.
Turkish terminal freezes Russian oil business
Mediterranean facility Dortyol recently sprung to attention when US senators claimed “masked Russian oil” supplied via facility even ended up in US warships.
Iran, Iraq forge oil and gas partnership at GECF summit
Iran and Iraq signed a deal to solidify collaboration in the oil and gas sector at the Gas Exporting Countries Forum (GECF) summit in Algeria this week.
Saudi's SABIC reports $739mn loss amid challenging petrochemical market
Saudi Basic Industries Corporation (SABIC), one of the world's largest petrochemical companies, reported a net loss of SAR2.77bn ($739mn) for 2023
SABIC facing challenging operating conditions
The CEO of Saudi Basic Industries Corp. (SABIC) Abdulrahman Al-Fageeh has stated that the petrochemicals industry faces difficult conditions due to disappointing demand in target markets – pushing product prices lower at the end of 2023.
Iraq pushes for energy independence
Iraq’s government has reopened the country’s North Refinery in Baiji as part of a plan to move away from a dependence on fuel imports.
Nigerian trade union urges Port Harcourt oil refinery to begin production
The Trade Union Congress (TUC) of Nigeria has urged the Nigerian government to push the Port Harcourt refinery to begin production by the end of Q1 2024, according to TUC President Festus Osifo – who released a statement on February 26.
Talks for ADNOC OMV merger stall
Talks for a planned $30bn merger between Abu Dhabi National Oil Company’s chemical arm and Austrian oil and gas company OMV have stalled in recent weeks, according to a report made by the Financial Times.
Marketers await fuel from Dangote
Nigerian oil marketers declared on February 25 that they were still waiting for supplies of refined petroleum products from the country’s $20bn Dangote refinery – four weeks after the plant began operations.
Aramco awards contracts for MGS expansion
Majority state-owned Saudi Aramco has kicked off the third phase of its Master Gas System network expansion, selecting contractors to carry out $10bn worth of work to improve its infrastructure and meet rising domestic demand.
Aramco raises Jafurah resource estimate on back of new booking approach
Majority state-owned Saudi Aramco this week announced the discovery of additional resources at the Kingdom’s largest unconventional gas deposit, Jafurah.
US warns of environmental crisis following Houthi tanker strike
The US military has sounded the alarm over a looming “environmental disaster” following an assault by Yemen’s Houthi rebels on a cargo ship, triggering an chemical spill in the Red Sea.
DMEA: ADNOC withdraws from Wataniya deal
Iraq prime minister reopens al-Shamal Refinery after decade shutdown
The Baiji complex – now renamed the al-Sumood (Perseverance) – was once Iraq’s largest refining centre and originally had three operating refineries on site with a total capacity of 290,000 barrels per day.
Pakistan willing to revive long-overdue gas pipeline, Iranian minister says
Iran’s Oil Minister Javad Owji said Pakistan was “interested” in undertaking its commitments in a long-overdue pipeline project aimed at delivering Iranian natural gas to the energy-hungry neighbour.
Ardova Plc announces LPG facility upgrade in Ijora, Nigeria
Qatar breaks ground on largest petrochemicals project
QatarEnergy broke ground on its $6bn Ras Laffan petrochemical project, its largest investment in petrochemicals in the country.
Qatar begins construction of Ras Laffan petchem project
QatarEnergy has begun the construction of its $6bn Ras Laffan petrochemical project as of February 19, realising the country’s largest investment in petrochemicals to date.
ADNOC withdraws from Wataniya deal
The Abu Dhabi National Oil Co. (ADNOC) has withdrawn from bidding on Egypt’s Wataniya Petroleum as the deal was ending, according to sources with inside knowledge of the event.
Iran might import petrol for upcoming New Year holiday
Iran is mulling to import petrol for the looming New Year holiday as production and consumption have leveled off, Deputy Oil Minister Jalil Salari said.
Iraq seeks foreign companies to realise Nebras petchem project
Iraq is searching for international energy companies to realise the struggling Nebras petrochemical project in the southern oil hub of Basra following the withdrawal of Shell Oil Co, according to a government announcement on February 18.
Djibouti signs $90mn deal for petroleum products
The International Islamic Trade Finance Corp. (ITFC) has signed a deal with Djibouti to secure energy supply through the importation of petroleum products.
Aramco plans to issue long-term bond
Saudi Aramco is gearing up to issue a bond this year, with a focus on longer maturities of up to 50 years, according to chief financial officer Ziad Al-Murshed.
Houthis report new US-UK airstrike on Hodeidah
The Houthi group reported over the weekend that a joint airstrike by the US and UK had targeted the coastal province of Hodeidah in western Yemen.
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