KNPC to Execute $1.13 B Projects
Kuwait National Petroleum Company (KNPC) plans to implement many projects that are worth $1.13 billion.
News / International
Aramco to Buy a $1.2 B Stake in Hyundai Oilbank
Saudi Aramco has agreed to purchase $1.2 billion stake in South Korean oil refiner Hyundai Oilbank.
Sonangol’s Production from Iraq’s Qaiyarah Reaches 40,000 b/d
Sonangol stated that it targets to increase the production capacity to 230,000 b/d.
Genel Completes Testing Taq Taq Field
The well testing resulted in a successful oil flow and has an initial production capacity of around 2,000 barrels of oil per day (b/d), which is expected to increase in the future.
Aramco Trading, PKN Orlen Ink Oil Supply Agreement
Under the supply agreement, Aramco will supply the refinery with its Arabian crude oil in exchange for a similar volume of high sulfur fuel oil from the refiner.
Aramco Sets Bond Issuance Pricing at $12 B
Saudi Aramco has priced its inaugural international bond issuance at $12 billion
EGA Refinery Starts Operations
The $3.3 billion refinery will have a production capacity of around 2 million tonnes of alumina per year as soon as it is fully operated.
Russia to Be Committed to OPEC Oil Deal Cuts
Russia is committed to apply the oil supply cut agreement with the OPEC and its allies, according to UAE’s Energy Minister, Suhail Al-Mazroui.
Electric Vehicles Do Not Threaten Saudi Oil – Al Falih
Saudi Arabia’s initiative of introducing electric cars into the Kingdom will not threaten the oil industry, according to Energy Minister Khalid Al-Falih.
India Halts Buying Iranian Oil, Awaits US Decision
Indian refineries have postponed their May orders for Iranian oil, waiting for a decision on whether the US will extend their waiver from the sanctions.
