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…
China Cash Boosts African FLNG Projects
China aims to become lowest-cost seller of FLNG plants; its shipyards to build floating plants for African projects. China plans to pour almost $7 billion into floating liquefied natural gas (FLNG) projects in Africa, betting on a largely untested technology in the hope that energy markets will recover by the time they start production in the early 2020s.
Djibouti Breaks Ground on Massive FTZ
The president of Djibouti on Monday formally launched the construction of a project touted as Africa's largest free trade zone, to be built in the tiny Horn of African nation with Chinese backing. The agreement to build the 48 sq km (19 sq mile) free trade zone was signed in March 2016 as part of China's bid to expand trade routes…
Kenya, Ethiopia Plan Oil Products Pipeline
Kenya and Ethiopia aim to finalise plans by the end of 2016 for a refined oil products pipeline to be built from Kenya's north coast to the Ethiopian capital, the two said on Thursday. Kenya has been seeking to develop a new port on its north coast at Lamu, part of a plan to build an economic corridor with transport and other links to Ethiopia, South Sudan and Uganda.
Yemen War Risk Could Strangle Sea Trade Routes
With Middle East giants Saudi Arabia and Iran squaring up on opposing sides in the Yemen war, the dangers to vital oil tanker and goods voyages are growing daily. Millions of barrels of oil pass through the Bab el-Mandeb and Strait of Hormuz everyday to Europe, the United States and Asia - waterways which pass along the coasts of Yemen and Iran respectively.
Brent Slips to $65, Dollar Strengthens
Dollar up 0.3 percent against basket of currencies; U.S. rig count drops to lowest since 2010. Brent crude slipped to around $65 on Monday as the dollar strengthened, but a further sign that U.S. shale output may have started to decline put a floor under prices. The dollar rose 0.3 percent against a basket of currencies…
Oil Prices Surge after Saudi Air Strikes in Yemen
Brent crude surged by as more than 5 percent on Thursday after Saudi Arabia and its Gulf Arab allies began air strikes in Yemen, before paring gains by almost half to trade back near $58 a barrel. The military operation against Houthi rebels, who have driven the president from Yemen's capital Sanaa, has not disrupted oil facilities of major Gulf producers.
AAE-1 Cable System Comes into Force
The AAE-1 Consortium, owners of the Asia-Africa-Europe-1 submarine cable spanning approximately 25,000 km connecting Asia, Middle East, Africa and Europe; and TE SubCom, a TE Connectivity Ltd. company and an industry pioneer in undersea communications technology, today announced that the contract for the majority of segments of the AAE-1 system has come into force.
Oil Marketer Says Africa Needs to Refine its Oil
Ethiopia's leading private oil marketer plans to expand into neighboring east African economies and is interested in part financing a refinery after commercial discoveries in the region. Tadesse Tilahun, CEO of National Oil Ethiopia, said untapped crude deposits in Kenya and Uganda handed governments and investors the opportunity…
Ethiopian Oil Marketer: Africa Needs to Refine its Oil
Ethiopia's leading private oil marketer plans to expand into neighbouring east African economies and is interested in part financing a refinery after commercial discoveries in the region. Tadesse Tilahun, CEO of National Oil Ethiopia, said untapped crude deposits in Kenya and Uganda handed governments and investors the…
Six Skiffs Pursue Oil Tanker
GAC advised mariners in its daily alert that on or about 1:23 p.m. UTC, March 26 the Master of an oil tanker reported being pursued by six skiffs in position 13.16.00 N - 042.57.00 E, BAM of the in the Bab El Mandeb between Yemen on the Arabian Peninsula, and Djibouti and Eritrea in the Horn of Africa. Skiffs had an undetermined number of personnel onboard but came within 1.8 NM, GAC reported.
