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In a region which has shown both extensive investment and increased instability over the past few years, MEA merits a significant degree of technically minded and industry-focused coverage.
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Minister warns of economic ‘shock’ in Iran in case of fuel price hike
Iran’s Economy Minister Abdolnaser Hemmati warned that any fuel price hike could push up basic goods prices, giving an economic “shock” to Iranian society.
Son of Iranian leader’s advisor acts as oil tycoon to sell crude, Bloomberg claims
An investigation revealed that the son of a top security adviser to Iran’s supreme leader Ayatollah Ali Khamenei had become a “kingpin” in global oil markets, even in the face of US sanctions.
DMEA: Global oil prices rise following Libyan production shutdown
Iranian tech firm exports $4mn worth of catalysts to Russia
An Iranian technology-based firm has exported more than $4mn worth of catalysts used in the petrochemical and steel sectors to Russia this year.
NNPCL unable to fix pipelines due to lack of funds
Nigeria’s Minister of State for Petroleum Resources Heineken Lokpobiri has said that the state-run Nigerian National Petroleum Co. Ltd. (NNPCL) does not have the necessary funds to rebuild the country’s old pipelines.
EACOP protest sees 18 arrested in Kampala
Fresh protests against the East Africa Crude Oil Pipeline continue to emerge as the project progresses.
Political and security challenges delay development of major gas projects in Africa
Since the start of the Russia-Ukraine war in 2022, interest in Africa’s gas resources has surged. However, political and security challenges have delayed the development of major gas projects on the continent, according to analysts
Mitsubishi Power signs gas turbine deal for Saudi petchem complex
Mitsubishi Heavy Industries’ (MHI) Mitsubishi Power announced on August 26 that it had received an order from Samsung C&T Corporation Saudi Arabia to provide a hydrogen-ready gas turbine for an industrial steam and electricity cogeneration plant.
Qatar in talks to buy Rosneft stake in Germany's Schwedt refinery
Qatar is in negotiations with Germany over the potential purchase of Russian oil giant Rosneft’s majority stake in the German Schwedt oil refinery that Berlin placed under trusteeship in 2022.
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
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