Adnoc to extend scheme

ABU DHABI: Abu Dhabi National Oil Company (Adnoc) plans to extend its “mega tender” scheme, after the company’s pilot tender halved the cost of a major steel purchase for its operating companies, a report said. With this, Adnoc aims to streamline operations to reduce costs, added The National report, adding that the plan is part of a wider reform process in the region as governments push for a more rapid transformation away from a public-sector mentality to a more entrepreneurial approach. Sultan Al Jaber, Adnoc’s chief executive plans to push through reforms and modernise an often lumbering and opaque oil-sector bureaucracy, according to the report.

Iraq inks GE deal

BAGHDAD: Iraq’s Oil Ministry said it had signed a long-term “strategic framework agreement” with General Electric (GE) which comprised several projects to boost national power resources. The ministry said in a statement one of the projects would generate more than 400 megawatts (MW) for oil installations by summer. Other initiatives aim to maintain existing infrastructure and reduce gas flaring from oil fields to boost electricity production for use in the industrial and energy sectors.

KPI plans JV for Vietnam

KUWAIT: Kuwait Petroleum International (KPI) and Japan-based refiner Idemitsu Kosan are planning a joint venture company to sell petroleum products in Vietnam, a report said.

“KPI and Idemitsu intend to promote retail and wholesale operations, mainly through the construction and management of service stations across Vietnam,” Idemitsu was quoted as saying by Wam, the Emirates News Agency. The joint venture, called Idemitsu Q8 Petroleum, will be the first wholly foreign-owned firm in the oil product distribution and retail sectors in Vietnam, the report said.

Masdar delivers projects

ABU DHABI: Masdar, Abu Dhabi’s renewable energy company, has completed the delivery of 30 megawatts (MW) of utility-scale clean energy projects and 7,000 solar home systems in remote and strategic areas across Egypt.

Together, the four clean energy projects developed by Masdar’s Special Projects unit will power 25,800 homes and displace 42,700 tonnes of carbon dioxide (CO2) annually, as well as advance the development objectives of the Egyptian government, said a statement from Masdar. The Emirati firm formally completed a 14 MW project comprising four photovoltaic diesel hybrid plants developed in the governorate of the Red Sea.

Platts to set premium

SINGAPORE: Global oil pricing agency Platts said it will set a quality premium for Murban crude deliveries during its daily assessment process of the Dubai and Oman benchmarks for Middle East oil from July 1.“The quality premium for July will be announced on July 1 and will be effective for trade in September.”