Mumtalakat buys stake in Gulf Cryo
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MANAMA: Bahrain Mumtalakat Holding Company, the kingdom’s sovereign wealth fund, has acquired a minority equity stake in Gulf Cryo, a leading regional manufacturer, distributor and service provider of industrial gases based in Kuwait. Mumtalakat will join Gulf Cryo’s shareholder group, which includes Amer Huneidi, other members of the Huneidi family and Investcorp, said a statement.
Rabigh to net $200m from cracker
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DUBAI: Saudi Arabia’s PetroRabigh said it would book around SR750 million ($200 million) in sales revenue this year with the full start-up of its expanded ethane cracker. However, PetroRabigh said it would only use the expanded production capacity of the cracker on the supply of the ethane gas feedstock.
Iraqi Kurdish pipeline to reopen
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ANKARA: Turkey has partly completed a military campaign near its southeastern border, raising hopes an idled Iraqi oil pipeline nearby could soon reopen after a three-week outage that has squeezed the already cash-strapped Kurdistan region’s finances. It could still be up to a week before oil starts flowing through the pipeline that normally carries 600,000 barrels per day (bpd) to Turkey’s Mediterranean port of Ceyhan.
Kuwaiti minister sees oil at $40-60
KUWAIT: Kuwait’s acting oil minister said he expected oil prices of $40 to $60 a barrel over the next three years. “I think we will see an indication of an increase in demand by end of this year and probably a little bit higher prices by 2017 and 2018,” Anas Al Saleh told reporters in Kuwait. “And the range is $40-$60 as an average over three years,” he added. Brent crude futures were trading above $40 per barrel.
Nigerian minister to meet unions
ABUJA: Nigeria’s petroleum minister President Muhammadu Buhari said he would hold talks with trade unions to resolve a strike over restructuring at the state oil firm NNPC in Africa’s biggest crude producer. The protest did not affect the West African nation’s oil and gas output, Sale Abdullahi, chairman of the PENGASSAN union at the NNPC section said.
