Bapco new chairperson named

MANAMA: Bahrain’s Energy Minister and National Oil and Gas Authority chairman Dr Abdul Hussain bin Ali Mirza has announced that Bahrain Petroleum Company’s (Bapco) board has been restructured from July 1. The new board is chaired by nogaholding chief executive Shaikh Mohammed bin Khalifa Al Khalifa and includes Dr Dawood Nassif, Dr Abdul Majeed Al Awadhi, Mohamed Al Jamea, Faisal Al Mahroos, Adel Almoayyed and Abdul Majeed Al Gassab as members.

Enoc moves ahead with Dragon Oil

LONDON: Emirates National Oil Company (Enoc) is progressing with its £1.7 billion purchase of Dragon Oil shares it does not already own, despite a major investor saying the takeover undervalued the company. Enoc published its offer document, showing the deal is moving ahead, and shareholders have until July 30 to agree to the terms, Enoc said.

Gulf Petrochem acquires Kenyan firm

DUBAI: UAE-based Gulf Petrochem Group has announced the acquisition of Essar Petroleum East Africa in a bid to enhance the group’s services and products in East Africa. It has also changed the name of the entity to Aspam Energy (Kenya) Ltd. “Our group has recognised the potential for business growth within the African continent,” said Sudhir Goyel, Gulf Petrochem Group managing director.

Ipic 2014 net profit drops 37pc

DUBAI: Abu Dhabi’s state-owned International Petroleum Investment Co (Ipic) reported a 37 per cent drop in net attributable profit for 2014 as low oil prices hurt earnings. Ipic, whose board was revamped this year, made a net profit attributable to equity holders in the parent of $1.21 billion against $1.92 billion in 2013, according to its financial statement.

China dispute over ‘how to sell oil’

KUWAIT: The Kuwaiti oil minister said that a dispute over a refinery project with China revolves around differences over how to sell oil products and pricing. “The difference with the Chinese side in the refinery project is how to sell the oil products when they are produced,” Kuwait’s oil minister, Ali Al Omair, told parliament. “The difference is, will the prices at which these products are to be sold be subsidised under Chinese laws or not,” he added.