DMEA - Downstream Middle East & Africa

Iran mulls three-tier fuel pricing plan amid soaring import costs

The Iranian government is considering a three-tier pricing scheme for petrol, its spokeswoman said on November 12, as the country’s fuel import bill has doubled this year.

UAE: TA'ZIZ signs petchem supply deal with India’s Sanmar Group

TA’ZIZ has announced the signing of two-product sale agreement term sheets with India’s Sanmar Group, a global manufacturer of specialty chemicals.

AEC to host G20 African Energy Investment Forum ahead of G20 Summit in Johannesburg

The African Energy Chamber (AEC) will host the G20 African Energy Investment Forum ahead of the G20 Summit in South Africa.

Iraq boosts oil exports to India as Saudi supplies to China decline

Iraq is set to increase its crude oil exports to India next December, as Asian oil markets undergo a reshuffle amid declining Saudi supplies to China for the second straight month

Nigeria’s marketers consider halting petrol imports after Dangote price cut, new 15% import duty

Nigeria’s petroleum marketers are considering suspending fuel imports after the Federal Government introduced a 15% import duty and Dangote Refinery cut its petrol price.

Nigerian crude earnings fell 43% in 2024 despite higher output

Data from Nigeria’s Budget Implementation Report for Q4 2024, published this week, has shown that profits from the country’s oil and gas sales plummeted by 43% in 2024, despite production increasing on average.

South Africa: Industry condemns government silence over looming gas crisis as Sasol offers interim fix

The Industrial Gas Users Association of South Africa (IGUA-SA) has once again voiced its concerns about the impending “gas cliff” and the government’s inaction in addressing the supply shortage.

Saudi Arabia's Kingdom Holding reports SAR794.5mn net profit, up 129%

Saudi Arabia's Kingdom Holding reports SAR794.5mn ($212mn) Q3 net profit, up 129% year-on-year. Total comprehensive income reaches SAR3.228bn ($861mn), up 111.5%.

South Sudan’s president reverses petroleum ministry reshuffle amid heightened export security risks

South Sudan's petroleum ministry undersecretary has been reinstated a week after his removal. The move comes amid Sudan's warning that continued RSF drone attacks near key infrastructure could force a shutdown of the pipeline to Port Sudan.

Mozambique loads first domestically produced LPG as Sasol ramps Inhassoro plant

Nigeria’s NNPCL moves towards minority-stake operations model, reiterates it will not sell refineries

Nigerian National Petroleum Company Limited (NNPCL) plans to pursue strategic operating partnerships in which it retains a minority shareholding, while external partners take over technical and managerial control.

France urges citizens to leave Mali as fuel blockade deepens crisis

France has urged its citizens to leave Mali as an al-Qaeda-linked blockade of fuel supplies worsens, causing acute shortages, extensive power cuts and increasing security risks across the country

Ghana’s StarOil eyes stock exchange listing to fund expansion drive

StarOil is weighing a potential listing on the Ghana Stock Exchange (GSE) as part of a broader strategy to raise capital and cement its dominance in the petroleum sector, CEO Philip Tieku said.

ADNOC’s trading arm and drilling subsidiary plans expansions

ADNOC is leveraging efforts across global commodity trading upstream services to maximise value

Genesis Energy and Nigerian National Petroleum Company partner to supply excess power to national grid

Genesis Energy and the NNPCL have entered into a partnership to supply excess electricity from the Port Harcourt Refining Company to the national grid, in a move aimed at reducing energy shortages and improving grid reliability.

Turkey arrests directors of fuel retailer TP after SOCAR complaint

Police describe around 18,500 tonnes of fuel as "missing".

Nigeria: NNPCL considers increasing equity stake in Dangote refinery to 20%

The Nigerian National Petroleum Co. Ltd. (NNPCL) said on November 6 that it planned to increase its equity stake in the $20bn Dangote refinery to 20%.

Nigeria’s Senate adopts interim report alleging $200bn worth of crude oil revenue discrepancies

Nigeria: Dangote lawsuit dismissed by court

Nigeria’s Federal High Court has dismissed a suit filed by 650,000 barrels per day (bpd) Dangote refinery in November 2024.

Nigeria seeks IMF support to design fuel price modulation framework

Nigeria has requested technical assistance from the International Monetary Fund (IMF) to establish a fuel price modulation framework aimed at cushioning domestic price shocks and supporting fiscal stability

SABIC sees pressure on profit margins due to petchem overcapacity

Saudi Basic Industries Corp. (SABIC) CEO Abdulrahman Al-Fageeh said this week that global overcapacity in the petrochemicals industry had put pressure on profit margins, leading to reduced operating rates.

India’s Bharat Petroleum buys Emirati crude following sanctions on Russia

Bharat Petroleum has purchased a cargo of Emirati Upper Zakum crude as it attempts to circumvent sanctions on its usual crude supplier based in Russia, according to Reuters.

Halliburton wins integrated drilling contract for HI gas field supplying Nigeria LNG Train7

Halliburton (NYSE:HAL) secured an integrated drilling and completion services contract for the HI gas field in OML144, a project led under the SPDC JV framework to provide feed gas for Nigeria LNG’s Train7 expansion.

Nigeria's Ondo State announces $50bn investment framework for proposed 500,000bpd refinery, free trade zone

Ondo State signed a $50bn investment agreement with a consortium of international firms, including China Harbour Engineering Company and Honeywell OUP, to build a 500,000-bpd refinery and develop a 1,471-hectare free trade zone.