China Petrochemical Corp. posted a net profit of $9.63 billion in 2007.
Sinopec, the leading oil refiner, made a net profit of $6.97 billion in 2006, said Cai Xiyou, a senior company executive.
Iraq plans to boost sales of Kirkuk oil by at least 100,000 barrels per day starting in January and is offering incentives to win back and retain customers, said an Iraqi official.
Saudi Arabia's Rabigh Refining and Petrochemical Company (PetroRabigh) will raise 4.6 billion Saudi riyals ($1.23 billion) from the sale of a 25 per cent stake in an initial public offering next month, the offering's lead manager said yesterday.
Dolphin Energy awarded Germany's Salzgitter Mannesmann International an order of more than $200 million to manufacture the pipes for its new Taweelah-Fujairah gas pipeline.
Oil & Natural Gas Corp. (ONGC), India's biggest explorer, will boost spending to increase output at its biggest field and pay a mid-year dividend of Rs18 a share.
Fugro Middle East & Partners in Oman have secured a four year contract with Petroleum Development Oman (PDO) to provide specialised survey and mapping services in support of their exploration and production activities throughout its land concession areas.
Abu Dhabi: The UAE's crude oil output fell by more than 18 per cent in November, mainly due to maintenance being conducted on some offshore fields, the Organisation of Petroleum Exporting Countries (Opec) said in its market report for December.
Moscow: Russia may delay the launch of its first oil pipeline to China for a year to September 2009, Interfax news agency quoted a source as saying on Friday.
Abu Dhabi Gas Industries Ltd. (GASCO) has announced the award of the contract for Engineering, Procurement, Construction and Commissioning works (EPC) for building its new Natural Gas Liquid (NGL) Pipelines Network to replace the existing Network to M/s Dodsal Engineering and Construction Pte. Ltd. at a lump sum price of United Arab Emirates AED 560 million.