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Global oil prices rise following Libyan production shutdown
Oil prices rose significantly on August 26 following reports of Libyan production being shut down over political disagreements.
In Turkey's dance of the dead, Istanbul-listed Mega Polietilen files for bankruptcy protection
Trade ministry “regulatory forbearance” measures continuously extended to “zombie” companies since 2018 lira crash mean the dead don’t die.
Iranian president calls petrol subsidies illogical
Iran’s President Masoud Pezeshkian came out against government subsidies for petrol, calling it illogical and a “wrong policy,” Entekhab news website reported on August 27.
KPC lines up LNG supplies as shortage hits
Kuwait’s top NOC has signed up more gas supplies as it struggles to deal with summer peaking, while oil exploration continues and renewables planning begins.
Petrol usage jumps to record high in Iran
Daily petrol consumption in Iran has surged to an all-time high, the head of the state fuel distributor said amid an ongoing vehicle fuel shortage and rumours about an imminent price hike.
Around 12mn litres of Iranian fuel ‘smuggled’ to neighbouring countries daily
A total of 12mn litres of fuel is estimated to be smuggled out of Iran every day, a member of the Iranian Chamber of Commerce, Industries, Mines and Agriculture said.
Energy crisis Iran’s top issue, senior cleric warns
Iran’s ballooning energy deficit is the most pressing issue that needs to be addressed, a senior Iranian cleric and former deputy parliament speaker told state TV during a live programme.
NNPCL clarifies reasons for reducing stake in Dangote
The Nigerian National Petroleum Co. Ltd. (NNPCL) has released a statement clarifying reasons for reducing the company’s stake in Dangote Refinery from 20% to 7.2%.
Iran connects South Pars Phase 14 refinery to gas network
South Pars Phase 14 refinery has been connected to Iran’s national gas network to help fuel the country’s industry and provide more stable supply.
Saudi shipper Bahri signs deal for nine oil tankers
Bahri has signed a deal to acquire nine VLCCs for $1bn
Iraq increases production at Sumood refinery, plans to diversify economy
Iraq’s Oil Minister Ihsan Abdul Jabbar has ordered the country’s Sumood refinery in Baiji to increase production from 75,000 barrels per day (bpd) to 280,000 bpd, according to the country’s oil ministry statement released August 17.
Lebanon left without supply deal following financial concerns
Iraq has said that it will not be renewing an agreement to supply fuel in exchange for services with Lebanon following the emergence of numerous financial concerns – according to Leb Economy, which quoted several high-level Lebanese sources.
DMEA: CJ Logistics completes operation in Iraq
Port Harcourt refinery to begin production this month
The Independent Petroleum Marketers Association of Nigeria has revealed that the country’s 210,000 bpd Port Harcourt refinery may begin production this month
Iran set to hold IPO for Persian Gulf Star Refinery
Iran has announced that it plans to list shares of the Persian Gulf Star Refinery (PGSR) in a bid to increase flows of liquidity into the facility.
CJ Logistics completes operation in Iraq
South Korean logistics company CJ Logistics revealed on August 12 that it had completed a project logistics operation in Iraq through its Middle Eastern subsidiary CJ ICM, moving 1.1mn tonnes of heavy cargo for oil refining facilities.
KPC opens trading office as merger momentum builds
The state-owned Kuwait Petroleum Corp. has become the latest Gulf NOC to expand its global trading footprint, opening a new trading hub in Dubai.
Shell, BP to support operational costs at Sapref refinery following sale
Shell and BP are set to pay $15mn to South Africa’s state-run Central Energy Fund to support operational costs at the 180,000 barrels per day Sapref refinery – a plant that is currently being sold by the two oil majors.
Kurdistan's regional government closes illegal refineries over environmental concerns
Iraq’s Erbil province – located in the country’s Kurdistan region – has shut down around 125 illegal refineries over two days (August 11 and 12), authorised by the region’s governor, Omed Khoshnaw.
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