OPEC members and “brother countries” Iraq and Saudi Arabia have signed 18 memoranda of understanding (MoUs) covering crude oil, natural gas, refining and other projects, the Iraqi oil ministry said in a statement on Wednesday.
Saudi Arabia’s petrochemical producer Saudi Basic Industries Corp (SABIC) is mulling to spend between $3 and $10 billion on acquisitions over the next five years, CEO Yousef al-Benyan said on Tuesday.
State-owned Saudi Aramco has signed a memorandum of understanding (MoU) with petrochemical producer Saudi Basic Industries (SABIC) to build a $20 billion, fully integrated crude oil-to-chemicals complex in Saudi Arabia.
Crude exporting giant Saudi Arabia is lobbying oil ministers to agree next week on a nine-month extension to OPEC-led supply cuts, sources told Reuters, as Riyadh looks to make sure a price-plunging glut is erased.
Toshiba-owned and bankrupt Westinghouse Electric is in talks with other U.S-based companies to form a consortium to bid in a tender for two nuclear power reactors in Saudi Arabia, three industry sources told Reuters.
Russia is unlikely to agree to a further extension on the output cut alliance it has with OPEC and other producing countries if oil prices are higher than $65 a barrel, according to Eurasia-Russia consulting firm Macro-Advisory.
Global Pipe Company (GPC) has agreed to supply SAR 150 million ($40m) of pipe to Turkmenistan’s national gas company, Turkmengaz. Production will commence in the first quarter of 2018, sister publication KallanishSteel learns from GPC shareholder Saudi Steel Pipe Co.
Saudi Aramco said Thursday it will invest close to $4.5 billion in contracts for oil and gas megaprojects aimed at enhancing the company’s energy sustainability, expanding gas production, localizing domestic content and diversifying the Saudi economy, Kallanish Energy reports.
Oil prices rose Friday, close to their highest levels in more than two years, supported by rising global demand and physical prices, and continuing expectations OPEC and other producing countries will extend a deal to cut output.