Category: Petroleum News
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The second largest oil refinery in Iran plans to lead the production of propylene within 3 years
The second largest oil refinery in Iran is heading to break into the production of propylene, which is mainly used in the leading petrochemical industry in Tehran. The Isfahan Oil Refinery announced a restructuring and development plan towards becoming a holding company for the oil refining and petrochemical industry, according to the independent local Financial…
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An expected jump for Algerian liquefied gas exports with the support of the port of Skikda (photos)
Algerian liquefied gas exports are expected to witness a jump during the coming period, with the near completion of the Skikda oil port expansion project, which works to achieve the country’s strategic goals to increase hydrocarbon exports. In this context, the director of the Sonatrach complex, Toufik Hakkar, paid a working visit and inspected the…
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Apicorp’s business results in 2022 witness a 40% jump in net income
Apicorp’s business results in 2022 (Arab Petroleum Investments Company) recorded strong financial results for the fiscal year ending on December 31 (2022), with comprehensive net income of $164 million. Today, Wednesday, March 15 (2023), the multilateral financial institution announced recording strong financial results, in light of its investment and strategic decisions during the past year,…
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Shell exits unoccupied stakes in Malaysia and prepares for a deal with Indonesia
Shell (one of the world’s largest oil and gas companies) has completed its exit from some non-operating stakes in Malaysia in parallel with its plans to complete another asset sale in Indonesia. The sale relates to two unoccupied blocks at the Bram Delta oil and gas project in Malaysia, according to the Energy Voice website.…
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Kuwait reduces oil exports to Asia for Al-Zour refinery
Kuwait intends to reduce its crude oil exports to Asia, starting next April, in conjunction with its plans to expand the production of oil derivatives. The Kuwait Petroleum Corporation asked some Asian refineries to obtain a lower share of oil under their annual deals, according to what was seen by the specialized energy platform. The…
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Offering 7 investment opportunities in the oil refining sector in Iraq
Today, Wednesday, March 15 (2023), Baghdad announced the launch of 7 investment opportunities in the oil refining sector in Iraq. The announcement of investment opportunities comes within the framework of the government’s plans to increase refining capacity, for the benefit of the country, and to secure its needs of oil derivatives, which cost the country’s…
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Oil storage in Fujairah records record levels with the flow of Russian barrels
The demand for oil storage in Fujairah increased, in conjunction with the change in the movement of crude trade after Western sanctions against Moscow, which diverted the path of Russian barrels towards the Middle East and Asia. It is expected that the demand for oil storage and transit volumes in the port of Fujairah –…
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Saudi Arabia threatens not to export oil…and decisive statements regarding “No to OPEC”
Saudi Arabia threatened to stop oil exports if a price cap was imposed on its supplies to global markets, but it limited that to countries that adopt such a decision. The Saudi threat came from the words of the Minister of Energy, Prince Abdulaziz bin Salman, in response to a question by “Energy Intelligence” about…
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Blacklisted oil tankers transporting fuel from Venezuela to Cuba
Venezuela is trying hard to help its beleaguered Latin neighbor, Cuba, by transporting large amounts of fuel on board oil tankers on the US blacklist, which could expose it to potential legal problems. Maritime documents showed that the state oil company, Petroleos de Venezuela, had transported Venezuelan crude and some fuel derivatives to Cuba on…
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Saudi Aramco leaders reveal the secret of the historic jump in the company’s results in 2022
Over the past year (2022), Saudi Aramco was able to achieve important results, which the company’s leaders see as a giant turning point in the oil giant’s career. Aramco’s leaders revealed, in messages carried by its sustainability report, the company’s significant contribution in new sectors, with the aim of achieving a comprehensive, stable and deep…