SABIC, a petrochemicals company, makes a profit in the third quarter but fails to meet market expectations
Saudi Basic Industries Corp. (SABIC), a major petrochemicals company in the world, reported a net profit of $1.5 million for the third-quarter, compared to a loss the previous year. This was due to higher revenues and core profits. In a press release, the company reported that its net profit for three months ended September 30 was 1 billion riyals (266.27 millions dollars), compared to a loss last year of 2.87 billions riyals. LSEG data shows that the third-quarter profits missed analysts' expectations by 1.6 billion riyals.
China's Premier Li in Riyadh calls for an acceleration of Gulf trade negotiations
China's Premier Li Qiang urged Beijing on Wednesday to speed up free trade negotiations with the Gulf Cooperation Council, which includes Saudi Arabia. Li made these remarks at a meeting with GCC Secretary-General Jasem al-Budaiwi in Riyadh, reported Chinese state-run news agency Xinhua. Li will also visit the UAE later this week. The Saudi Arabian news agency SPA reported later that al-Budaiwi stressed in the meeting the importance of moving ahead and finalising trade talks "in the near future".
ABS to Class Silver Eagle's New Jack-Ups
ABS, a classification services provider to the marine and offshore industries, will provide classification for a series of "highly innovative Self-Elevating Drilling Units (SEDU)" for Silver Eagle Global.Silver Eagle, of Manama, Bahrain, says the self-propelled design is capable of working at greater water depths and in harsh environments. According to Silver Eagle Global, the Silver Eagle SEDU 430WC-4 will have the industry’s largest deck area and deck load capacity…
Saudi Aramco Launches Largest Shale Gas Development Outside US
Saudi Aramco is launching the biggest shale gas development outside of the United States to boost domestic gas supply and end the burning of oil at its power generation plants, Chief Executive Officer Amin Nasser told Reuters on Monday.The world's top crude oil exporter has for years battled for market share with rapidly expanding shale oil producers in the United States, which in just a decade have developed capacity to pump millions of barrels per day of…
Siemens Plans to List Energy Unit in 2020
Siemens plans to list its energy unit by around September next year, the head of its gas and power division said on Tuesday.The German conglomerate said in May that it was spinning off its gas and power business, which has dragged on the German engineering firm's performance as the rise of renewable power hits demand for gas turbines."We are very excited about what the company will have in its portfolio and then for the company to be a separate listed entity next year about this time will allow it to be very independent and very focused on the energy market…
How to Determine Which Countries Have the Best Energy Policies
Which countries have the best energy policies? This is an interesting, and rather obvious, question, considering that every country’s energy practices impact the world in one way or another. But it’s one you don’t often hear asked.That is probably because it’s hard to compare countries in any sensible and fair way, given the differences in population, size, economy and resources.Still, the world needs to know who does it best. The challenge is to measure performance against a set of agreed indicators…
Two Tankers Attacked in Gulf of Oman
Two oil tankers were attacked in the Gulf of Oman on Thursday, leaving one ablaze and both adrift, shipping firms said, driving oil prices as much as 4% higher over worries about Middle East supplies.The Front Altair, carrying petrochemical feedstock, was on fire in waters between Gulf Arab states and Iran after an explosion that a source blamed on a magnetic mine. The Norwegian owner said its crew were safe.A second Japanese-owned tanker was abandoned after being hit by a suspected torpedo, the firm that chartered the ship said.
Oil Price Risks Rise
Supply disruptions in the Middle East on top of an already tight crude market could send oil prices violently upward, said the energy research firm Rystad Energy.Two Saudi Arabian oil tankers were reportedly attacked off the coast of the United Arab Emirates this weekend, sending crude futures up sharply May 13.Bjørnar Tonhaugen, Head of Oil Market Research at Rystad Energy, says: “In the short term, the perceived risk of supply disruptions from the area will only add to the premium of short-dated oil contracts compared to deferred contracts on the futures curve…
Bahrain LNG Terminal to Start Commercial Operations in May
Bahrain's liquefied natural gas (LNG) terminal will start commercial operations in May, with the first LNG shipment to be imported mostly from the UAE's ADNOC, state media quoted the CEO of Bahrain’s National Oil and Gas Authority (NOGA) as saying.Bahrain LNG is the developer of the receiving and regasification terminal within the Khalifa bin Salman Port facility in Hidd, Bahrain, Bahrain LNG's website says.The terminal also houses an offshore LNG receiving jetty and breakwater, a regasification platform, subsea gas pipelines from the platform to shore, an onshore gas
Eni Continues High-speed Gulf Drive
In less than 12 months Eni CEO Claudio Descalzi has turned the Middle East from a sideshow to a strategic hub for the Italian energy major. And the shift is not over.Since last March the 63-year-old has clinched nine deals in the United Arab Emirates, gained a toehold in Bahrain and expanded in Oman to reshape the group's future.In the latest deal on Sunday, Eni pledged $3.3 billion to buy part of the world's fourth-biggest refinery in the UAE, increasing its…
Newcomers Pile into Race for Qatar LNG
Qatar is preparing to issue a tender for energy firms seeking a stake in its gas expansion project, drawing interest from long-standing partners as well as newcomers Chevron, Norway's Equinor and Italy's Eni, industry sources said.Plans to expand Qatar's liquefied natural gas (LNG) facilities, already the world's largest, by more than a third in the next five years are considered one of the most lucrative investments in the rapidly growing global gas market.Competition…
Bahrain's First LNG Terminal Ready for Business
Bahrain expected to start LNG imports early this year; FSU on 20-year time charter to Bahrain LNG arrives in the GulfBahrain's first liquefied natural gas (LNG) floating unit arrived in the Gulf this week as the country gets ready for its maiden imports of the super-chilled fuel this year, data from Refinitiv Eikon showed.Bahrain Spirit, a floating storage unit (FSU) with a capacity of about 173,000 cubic meters, is currently anchored in Fujairah after docking in the United Arab Emirates region on Jan.
Bahrain, ENI Join Forces for Offshore Exploration
National Oil and Gas Authority of the Kingdom of Bahrain (NOGA) and ENI signed a Memorandum of Understanding (MoU) to pursue petroleum exploration of Block 1, an offshore area of over 2,800 sqkm still largely unexplored, located in the northern territorial waters of the Kingdom of Bahrain with water depth ranging from 10 metres up to 70 metres.The signing took place by Mohamed Bin Khalifa Al Khalifa, Minister of Oil of Bahrain and Chairman of the board of directors in NOGA…
Qatar to Leave OPEC
Qatar said on Monday it was quitting OPEC from January to focus on its gas ambitions, taking a swipe at the group's de facto leader Saudi Arabia and marring efforts to show unity before this week's meeting of exporters to tackle an oil price slide.Doha, one of OPEC's smallest oil producers but the world's biggest liquefied natural gas (LNG) exporter, is embroiled in a protracted diplomatic row with Saudi Arabia and some other Arab states.Qatar said its surprise decision was not driven by politics but in an apparent swipe at Riyadh…
Saudi Crown Prince, Bahrain's King Open New Oil Pipeline
Saudi Crown Prince Mohammed bin Salman and Bahraini King Hamad bin Isa Al Khalifa opened a new oil pipeline between the two countries on Monday, the Saudi Press agency said.The crown prince and the king attended the opening ceremony for the pipeline, a cooperative project between Saudi oil company Aramco and Bahrain Petroleum Company (Bapco).The pipeline connects Saudi oil processing facilities at Abqaiq with the Bapco refinery in Bahrain, with a flow that currently reaches 220,000 barrels per day, and a transport capacity of up to 350,000 barrels per day.
FSU Delivered to Bahrain LNG
Teekay LNG’s first floating storage unit (FSU) has been delivered to charterer Bahrain LNG.The vessel Bahrain Spirit was delivered from the shipyard in South Korea at the end of August, before going on hire on September 19, 2018.The FSU will form part of Bahrain LNG’s liquefied natural gas (LNG) receiving and regasification terminal within the Khalifa bin Salman Port facility, in Hidd, Bahrain. The project comprises of a FSU, an offshore LNG receiving jetty and breakwater…
Bahrain's Oil Company Targets $1 Bln Through Dual-tranche Bond
Bahrain's state-owned oil company Nogaholding plans to raise $1 billion through a dual-tranche U.S.
Asian LNG Demand to Grow
Currently planned regasification capacity expansions in Asia will allow LNG demand to grow towards 2030, said energy consultent Rystad Energy.Total planned capacity additions is forecasted to reach 700 Mtpa by 2030 driven by expansions in China and India. Asia LNG demand of 392 Mt in 2030 would imply an average utilization rate of 56% if all regasification projects were sanctioned.The seasonality in East Asian demand will require China to continue its capacity development…
Bahrain Launches $1 bln Energy Fund
Bahrain's government has launched an energy fund that aims to raise $1 billion from local, regional and international investors to develop the kingdom's energy assets, Oil Minister Sheikh Mohammed bin Khalifa al-Khalifa said on Thursday.The Bahrain Energy Fund will receive its initial capital from local entities including Nogaholding, the investment arm of Bahrain's National Oil and Gas Authority, as well as from investment banks Osool and SICO, according to the minister's statement.It will invest in a range of energy projects across the downstream, mid-stream and upst
Middle East Oil & Gas Shipping Routes are at Risk
Saudi Arabia said on Thursday it was suspending oil shipments through the Red Sea after Yemen's Iran-aligned Houthis attacked two crude tankers, underscoring risks caused by the conflict in the world's top oil exporting region.Iran, in its row with the United States over sanctions, has also threatened to block the Strait of Hormuz, the other major strategic shipping route for oil from the region and the main route for Iranian crude exports.Below are facts about region's shipping routes:Bab al-MandebAny move to block the Bab al-Mandeb…
