DMEA - Downstream Middle East & Africa

Iranian oil drilling firms going bankrupt over lack of activity, unsettled debts

Iran’s oil drilling companies are “on the brink of bankruptcy” despite having 114 onshore rigs, the head of the Iranian Drilling Association (IDA) warned.

Speculator offloads Istanbul-listed Gubretas shares as price nosedives over Iran court dispute

Turkish regulator rejects fertiliser maker’s application to hike capital by 300%, citing uncertainties over provision for case targeting Iran-based unit Razi Petrochemical.

Iran to develop new petrol refinery amid growing demand

Iran plans to build a major refinery to boost its fuel production amid growing demand for petrol that is costing the country dearly due to heavy subsidies and smuggling.

Iran to invest €20 billion in giant Gulf of Oman petchem complex

DMEA: Major oil companies pledge to cut methane emissions

Nigerian refining on track for comeback

Nigeria’s refining sector is set to see a comeback this December, with two large plants due to be operational soon

Saudi Aramco acquires 40% stake in Gas & Oil Pakistan Ltd

Saudi Aramco has signed an agreement to acquire a 40% equity stake in Gas & Oil Pakistan Ltd. (GO), bringing the company into the Pakistani fuel retail market according to a statement released by the company on December 12.

Fire hits South Khorosan oil refinery

An uncontrolled fire broke out at the South Khorosan Oil Refinery’s oil reservoirs in the eastern Iranian city of Birjand on December 10, causing two explosions, according to Iranian news sources.

Uganda targets 100 tonnes of LPG production by 2025

Uganda projects it will produce 100 tonnes of liquefied petroleum gas once oil starts flowing from ongoing projects, enough to encourage its use domestically for cooking in place of wood-burning stoves, and for export.

Houthi missiles target commercial tanker

Two missiles launched from Houthi-controlled territory in Yemen have been aimed at a commercial tanker transiting the Bab el-Mandeb Strait, according to a United States official.

Masdar and OMV to decarbonise refineries

Growing clean energy company Abu Dhabi Future Energy Company (Masdar) has signed a non-binding heads of terms (HoT) development agreement with OMV – an integrated company for energy, feedstock, chemicals, materials and fuels.