DMEA - Downstream Middle East & Africa
Saudi Aramco has successfully completed a transaction to acquire a 10% stake in China’s Rongsheng Petrochemical Co. (Rongsheng) for $3.4bn through a subsidiary located in the Netherlands, Aramco Overseas Company BV.
China and Algeria signed numerous agreements last week involving infrastructure, petrochemicals and energy as part of a state visit to Beijing by Algeria’s president Abdelmadjid Tebboune.
Iraq’s Kurdistan Regional Government (KRG) has delivered approximately 50,000-60,000 barrels per day of oil to Baghdad since mid-June.
The deal will see the three African countries buy petrochemicals from Iran in exchange for other goods, according to a statement made by the Iranian government.
The Kenyan Cabinet has approved the takeover of assets belonging to the defunct Kenya Petroleum Refineries Ltd (KPRL) by the Kenya Pipeline Company (KPC), a development that is designed to enhance the supply of petroleum products.
Dubai and other cities in the UAE have replaced Geneva as a major base for traders of Russia’s oil since Swiss authorities joined the EU embargo on that trade last year.
Discussions are reported to be ongoing concerning the potential renovation of an old crude line running from Iraq to the Mediterranean.
Nigerian petrol prices have skyrocketed to a record high following the removal of a long-standing fuel subsidy by President Bola Tinubu.
Kuwait’s 615,000 barrel per day Al-Zour refinery has brought its third and final crude distillation unit (CDU) online, putting Kuwait’s target to have the refinery achieve its full capacity by the end of September within reach.
Iraq’s 150,000 barrel per day North Refinery announced plans on Monday, 17 June to add a gas flare recovery and treatment unit to the facility, while also revealing plans to tackle obstacles on the way to facilitating the plant’s rehabilitation.
The price of fuel had been updated around the country from NGN557 ($0.72) per litre around fuel stations operated by the Nigerian National Petroleum Co. Ltd. (NNPCL).
Kuwait is planning to establish a new sovereign fund called Ciyada Development Fund, according to Reuters.