The refinery, to be built in Fao in the Basra Governorate, will be offered under the Build Operate Transfer or Build Own Operate Transfer investment model, Ihsan Ismaael said in a statement. A petrochemical facility could be integrated into the refinery at a later stage, he added. Iraq wants to reach a throughput of…
U.S. environmental activists are heaping pressure on Democratic president-elect Joe Biden to avoid cabinet appointees with fossil fuel ties, with one group on Tuesday slamming his pick of a congressman who received donations from the oil and gas industry. The pressure reflects the environmental lobby’s desire to push the incoming administration to take aggressive…
Saudi Arabia called on fellow OPEC+ members on Tuesday to be flexible in responding to oil market needs as it builds the case for a tighter oil production policy in 2021 to tackle weaker demand amid a new wave of the coronavirus pandemic. OPEC+, which groups the Organization of the Petroleum Exporting Countries, Russia…
The oil market is too fluid to allow for any decisions on Opec+ policy beyond the end of this year to be made now, Saudi Arabia’s oil minister Prince Abdulaziz bin Salman said today. Speaking on semi-official Asharq TV after a meeting of the Opec+ Joint Ministerial Monitoring Committee (JMMC) that ended without an…
Slumping fuel consumption during the pandemic is accelerating the long-term shift of refining capacity from North America and Europe to Asia, and from older, smaller refineries to modern, higher-capacity mega-refineries. The result is a wave of closures, often centring on refineries that only narrowly survived the previous closure wave in the years after…
OPEC expects coronavirus to curb oil demand recovery into 2021 Global oil demand will rebound more slowly in 2021 than previously thought because of rising coronavirus cases, OPEC said on Wednesday, hampering efforts by the group and its allies to support the market. Demand will rise by 6.25 million barrels per day (bpd) next…
New Delhi: The government on Wednesday approved a Production-Linked Incentive (PLI) scheme for ten key sectors, including telecom, automobiles and pharmaceuticals, taking the total outlay for such incentives to nearly Rs 2 lakh crore over a five-year period. The scheme will help encourage domestic manufacturing, reduce imports and generate employment as the…
LONDON, A return of oil exports from Iran during Joe Biden’s presidency is some way off according to trading company chiefs and OPEC sources, giving OPEC+ more time to adjust their supply pact. The U.S. president-elect has said he’d return to Iran’s 2015 nuclear deal if Tehran resumes compliance with the pact. President…
LONDON, The Intercontinental Exchange has signed memorandums of understanding with Chevron, Trafigura and Occidental Petroleum to use the new Murban oil futures contract as a pricing benchmark for U.S. crude sales to Asia, the president of ICE Futures Europe said. ICE said on Tuesday it planned to launch ICE Futures Abu Dhabi…
Malaysia, through state oil firm Petronas, has ventured into the liquefied natural gas (LNG) bunkering business and made its first delivery in the southern state of Johor this week, the country’s marine department said on Tuesday. The maiden operation involved supplying 1,150 tonnes of LNG from bunkering vessel MV Avenir Advantage, which Petronas leased…
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