The Gulf region, known for its abundant crude oil reserves, is currently undertaking several refinery projects aimed at boosting the refining and petrochemicals industry. These projects, with a combined investment of over $40 billion, are expected to have a significant impact on the region’s economy. Here are the top five ongoing refinery projects in the Gulf region: These ongoing refinery projects in the Gulf region highlight the significant investments being made to meet domestic demand,
Oil fluctuated near stability during yesterday morning but held onto gains after the report on reserves from the United States last week, released by the Department of Energy (DoE). Additionally, the weaker dollar contributed to the movement. US oil reserves rose by 118,000 barrels last week, crude oil for August closed 1.13% higher at $72.45 per barrel on the New York Mercantile Exchange (Nymex), while Brent crude for August advanced 1.41% to $76.78 per barrel
BW Offshore, an oil industry company, has secured a short-term lease extension for the FPSO Espoir Ivoirien to CNR (Canadian Natural Resources International). The extension agreement ensures the continued operation of the FPSO vessel off the coast of Ivory Coast until June 9, 2023. The FPSO Espoir Ivoirien, originally a Suezmax tanker converted in 2001, has a production capacity of 45,000 barrels of crude oil per day and a storage capacity of one million barrels.
Kenya is keen on strengthening bilateral relations with Angola in various sectors, including energy, agriculture, and trade. During a visit to Angola in early June, Kenya’s Prime Cabinet Secretary Musalia Mudavadi and Minister of Foreign Affairs Alfred Nganga Mutua emphasized the importance of cooperation in driving domestic economic growth. They highlighted Kenya’s intention to leverage Angolan expertise to enhance investment, development, and intra-African trade. Discussions between Mudavadi and Angolan President Joāo Lourenço, as well as
Dr. El-Markabi will deliver an international ministerial address during the summit’s opening ceremony on 15 June in Juba. Egypt has been a strategic partner for South Sudan, offering support and collaboration through various knowledge-sharing and project development initiatives. The participation of Hon. Minister Dr. El-Markabi at SSOP aims to strengthen the bilateral relationship between the two countries and promote cooperation in the oil, gas, and infrastructure sectors. The article also mentions that South Sudan’s partnerships
The Chairman of the state-owned National Oil Corporation of Kenya, Kiraitu Murungi, has called on the government to increase investments in oil production in order to access potential revenue estimated at 1.1 trillion shillings ($8 billion). Murungi, a former energy minister, believes that boosting investments in hydrocarbon production will help alleviate the nation’s debt crisis, as reported by the state-owned Kenya Broadcasting Corp. According to Murungi, Kenya has the potential to earn at least $8
TotalEnergies, a French energy company, is preparing to launch a significant project in Iraq as part of a $27 billion framework agreement signed between Iraq and France in September 2021. The project involves the construction of a 1,000 megawatt solar power park in the Artawi oilfield located in Basra, southern Iraq. The endorsement for the project was given by Iraq’s Electricity Minister, Ziad Fadil, during discussions with a TotalEnergies delegation in Baghdad. The initiative is
China Petroleum Engineering & Construction Corp (CPECC) announced that the first train of the Iraq Basrah natural gas liquids plant (BNGL) has been successfully put into operation. The project, awarded to CPECC in 2019 by Basrah Gas Co, aims to enhance capacity by 40% through the addition of a greenfield gas processing plant with a daily capacity of 400 million standard cubic feet (cf/d), equipped with two trains capable of handling 200 million cf/d each.
In an exclusive interview with Energy Capital & Power, Khroumbaly Lehbib, the advisor in charge of upstream hydrocarbons at the Ministry of Petroleum, Mines, and Energy of Mauritania, discussed various aspects of Mauritania’s energy strategy. One of the key topics addressed was the development of a transportation system in the country, considering the upcoming gas production from the Greater Tortue Ahmeyim (GTA) field. Lehbib confirmed that the Mauritanian government is considering the construction of a
The Angolan state oil company, Sonangol, has signed a Memorandum of Understanding (MoU) with China National Chemical Engineering (CNCEC) in Beijing for the construction of the Lobito Refinery. The MoU stipulates that the parties will raise the necessary financing for the project and may lead to a contract for the construction of this important infrastructure by the Chinese company. The MoU was signed on June 6th in Beijing, China’s capital, by Gaspar Martins, the president
