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Subscriber

The government has launched a wide-ranging reshuffle of its top energy industry officials, as the Islamic Republic tries to deal with sanctions imposed by the United States. On 18 November, petroleum minister Bijan Zangeneh appointed Masoud Karbasian as National Iranian Oil Company (NIOC) chief executive, with the rank of deputy petroleum minister. Replacing the retiring Ali Kardor, Karbasian was finance minister between August 2017 and August 2018; he is a former head of the Customs Administration.

Iran
Issue 854 - 30 May 2009

Maintaining security at MOO

Subscriber

Ever since five UK citizens were snatched from the Iraqi Ministry of Finance in May 2007 – they continue to be held by Iranian-backed groups – it has been passé to consider a ministry building as secure or Iraqi forces as entirely trustworthy. Nor are Iraqi security forces yet sufficiently polished to meet the rigorous security standards of western executives.

Iraq
Subscriber

Indonesian energy firm Valco is at the heart of a $1bn investment in two coal-mining firms in a deal that shows Gulf SWFs are still hard at work.

United Arab Emirates (UAE)
Issue 1074 - 07 February 2019

Iran: Crude exchange fails again

Subscriber

A plan by National Iranian Oil Company (NIOC) to sell up to 1m barrels (bbls) of oil on a domestic exchange flopped on 4 February, when no offers were made for the crude.

Iran
Issue 1049 - 30 November 2017

UAE: Adnoc Distribution pricing announced

Free

Abu Dhabi National Oil Company’s retail fuel arm Adnoc Distribution has set a price range of Dh2.35-2.95 ($0.64-0.80) per share in its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX). The government is planning to sell between 1.25bn and 2.5bn shares in the business, equating to 10-20% of its share capital. The sale could garner $800m-$2bn for the state. The shares are expected to list on the ADX on 13 December.

United Arab Emirates (UAE)
Issue 968 - 18 April 2014

Boeing and GE warily eye up Iran Air

Subscriber

While they continue to grapple with the tough economic climate, Iranians who can still afford to travel by air will at least be heartened by the US treasury department’s decision to allow Boeing to sell spare aircraft parts to Iran, and for General Electric (GE) to overhaul old jet engines. But even this apparently simple gesture is complex and shrouded in some mystery.For a start, the waiver only covers equipment sold to Iran before the 1979 revolution. In most countries, these planes and engines would have been retired long ago, but Iran has not been able to buy enough replacements so the need for repairs and spare parts remains.

Iran
Subscriber

Widening their scope of operations, Somali pirates are posing an ever greater challenge to regional governments. While energy producers are rethinking their export strategies, governments are concerned that the Horn of Africa’s instability will encroach on the Gulf region’s southern flank. Yemen is especially vulnerable as the collapse of export revenues piles further pressure on President Saleh. GSN analyses developments in the Gulf of Aden, Somalia and Yemen, and talks exclusively to the Southern Movement’s new figurehead Ali Salem Al-Baydh.

Somalia | Yemen
Subscriber

UK-based Pergas International Consortium – a collection of 13 companies from Asia, Australia, Europe and North America focused on developing oil and gas projects in the Middle East – signed a heads of agreement with the National Iranian South Oil Company (NISOC) for the development of the Keranj oil field in Khuzestan province. The deal is the first oil and gas deal in Iran by an international company since the US announced it would pull out of the nuclear deal and reimpose sanctions on the Islamic Republic, including on its hydrocarbons industry.

Iran
Subscriber

As widely expected, Saudi Aramco announced the acquisition of 70% of petrochemicals giant Saudi Basic Industries Corporation (Sabic) on 27 March, agreeing a price of SR259bn ($69.1bn) for the stake, or SR123.39 per share, in line with the previous day’s close of Sabic shares on the Saudi Stock Exchange (Tadawul) of SR123.40.The deal has provided Crown Prince Mohammed Bin Salman’s Public Investment Fund (PIF) with a healthy boost at a time when foreign investors have been showing some reluctance to commit capital to projects in Saudi Arabia – unless they are offered incentives or partnerships by the PIF.

Saudi Arabia
Issue 985 - 22 January 2015

UAE: Acwa wins 200MW solar park project

Subscriber

A consortium led by Saudi-based Acwa Power has won a tender for phase two of the Mohammed Bin Rashid Al Maktoum Solar Park, south-east of Dubai. Acwa Power will finance, build and operate a 200MW solar photovoltaic (PV) plant, with Spanish engineering and construction company TSK serving as the technology provider and minority partner. The 15 January announcement by the Dubai Electricity and Water Authority (Dewa) will see Acwa Power receive a 25-year power purchase agreement starting in 2017. Dewa will retain a 51% stake in the project with the rest going to the developer, split 85%/15% between Acwa and TSK.

United Arab Emirates (UAE)
Subscriber

Yemen’s President Abd-Rabbu Mansour Hadi has taken the first step towards a long-awaited cabinet shuffle, installing new interior and oil ministers. On 7 March, a presidential decree appointed Major General Abdo Hussein Al-Tareb as interior minister, replacing Abdel-Qader Qahtan. At the Ministry of Oil and Minerals, the new minister is Khaled Mahfouz Bahah, who fills the post vacated by the January resignation of Ahmed Abdullah Dares. Bahah was recalled from Canada, where he had been ambassador since 2008. He is a former oil minister (2006-08) of Hadhrami origin; holding a Masters of Commerce from the University of Pune in India, he has private sector experience and is known for pushing Yemenisation of the oil industry.

Yemen
Subscriber

With Algeria mired in new allegations of corruption surrounding state energy company Sonatrach, links to companies in the Gulf as well as in Italy, Canada, Switzerland and other jurisdictions are coming under scrutiny. The latest firm to be mentioned in dispatches is Qatar Fuel (Woqod), which correspondence from 2008-09, leaked to the Algerian press, suggests was being lined up to take over some of Sonatrach refining and distribution subsidiary Naftal’s operations in a deal orchestrated by former Algerian energy and mines minister Chakib Khelil.


Qatar
Subscriber

On 28 June, Richard Salter QC, sitting as a deputy judge of the High Court, handed down a judgement in the dispute between the two companies over the question of whether Monde – a British Virgin Islands-registered consultancy owned and run by Yassir Al-Fekaiki, a British citizen of Iraqi origin – was entitled to a 3% option in the Kurdamir field following the termination of its consultancy services agreement (CSA) with WZL in 2007. While ruling that WZL had used “misrepresentation” to induce Monde to terminate the agreement, Salter said “WZL’s wrong has… caused Monde no substantial recoverable loss”.

Iraq
Issue 956 - 19 October 2013

Qatar: Maersk and GDI

Subscriber

Maersk Oil Qatar (MOQ) and Gulf Drilling International (GDI) said on 5 October that they had signed two contracts worth a combined $205m: a two-year deal for a GDI jack-up drilling rig (rig B-341) and a three-year deal for a GDI offshore accommodation jack-up. The contracts follow one signed in February for the Al-Jassra offshore jack-up drilling rig, which is working in the Al-Shaheen field. The three contracts combined are worth around $428.5m, MOQ said. 
Separately, Maersk said it had appointed Sheikh Jassim Bin Saud Al-Thani as its new head of Qatarisation.

Qatar
Issue 914 - 09 December 2011

Qatar funds Libyan oil field security

Subscriber

Libyan militias financed by Qatar are providing security at the country’s eastern oil fields, according to official documents published on Libya’s National Oil Corporation (NOC)’s website.

Libya | Qatar