Al Naimi discusses oil with Russia

Al KHOBAR: Saudi Arabian oil minister Ali Al Naimi discussed oil markets with Russia’s ambassador to Riyadh Oleg Ozerov, Saudi state news agency SPA reported.

In the meeting, which was attended by Al Naimi’s adviser Ibrahim Al Muhanna, Al Naimi and Ozerov exchanged views about recent oil market developments as well as ways to develop oil cooperation.

Kuwait controls fire at refinery

AL KHOBAR: State-run Kuwait National Petroleum Co (KNPC) has controlled a fire at a delayed coker unit at its Mina Abdulla refinery, state news agency Kuna reported.

'...A very limited fire occurred at one of the supply lines of the unit,' KNPC spokesman Khaled Al Asousi told Kuna, when the fire happened.

Iran gives $20bn to develop fields

IRAN: The government of Iran has allocated $20 billion to develop West Karoun oil fields in the southwestern province of Khuzestan, announced Oil Minister Bijan Namdar Zanganeh.

Zanganeh said that his ministry has placed the production of crude from West Karoun oil fields as a top priority, said a report in Iran Daily.

Midor seeks $400m via IPO

CAIRO: Egypt’s state-owned Middle East Oil Refinery (Midor) seeks to raise $400 million with an initial public offering (IPO) in the last quarter of 2015, three sources with direct knowledge of the process said.

Midor, Egypt’s largest oil refinery, plans to expand its output during the next two years. It provides around 25 per cent of the petroleum products consumed by the local market.

Milaha to combine tanker business

DUBAI: Shipping firm Qatar Navigation said it was initiating talks with UAE-based United Arab Chemical Carriers on a possible combination of their product and chemical tanker businesses.

Qatar Navigation, also known as Milaha, said that if successful, the move would create a larger business, provide better financial returns, and strengthen its combined market position.