China has opened a line of credit, worth $1.3b, to finance the development of Abadan Oil Refinery, Iran’s oldest refinery in the southern Khuzestan Province.
Iran’s Head of National Petrochemical Company (NPC), Marzieh Shahdaei, said that five petrochemical projects are expected to go on stream by the end of the country’s current fiscal year in March 2017.
China's November crude oil imports from the Kingdom of Saudi Arabia (KSA) jumped 29.19% on a year earlier to 1.15mb/d. Saudi Arabia re-emerged as the top oil supplier to India during November with over 873,000b/d,
West African top exporters reached a record high of 726.4mb total, in October, which is 45.45bm in total, higher than September, with Nigeria and Angola leading the charge.
Egypt reached a currency swap agreement with China valued at $2.7b, brining Egypt closer to achieving the conditions required to receive a $12b loan from the International Monetary Fund (IMF).