AEG to showcase solutions
ABU DHABI: AEG Power Solutions, a provider of power electronic systems and solutions for industrial power supplies and renewable energy applications, is set to showcase its latest uninterruptible power supply (UPS) and industrial chargers at the Abu Dhabi International Petroleum Exhibition and Conference (Adipec). The event will run from November 9 to 12 at the Abu Dhabi National Exhibition Center.
Bahri to buy 2 used VLCCs
DUBAI: National Shipping Co of Saudi Arabia (Bahri) said its board had approved the purchase of two used oil tankers from a subsidiary of South Korea’s Daewoo Shipbuilding and Marine Engineering Co for $157 million. The company will take delivery of the two very large crude carriers (VLCCs) between November 15 and January 31, Bahri said in a bourse statement.
Egypt to rent third FSRU
CAIRO: Egypt is looking to rent a third floating storage and regasification unit (FSRU) late next year or early in 2017 as it works to plug acute energy shortages, the head of the country’s gas board said. The FSRUs let Egypt import liquefied natural gas (LNG) and convert it to natural gas to feed its power grid, which is often affected by blackouts. More recently, the gas shortfall has led to rationing among energy-intensive industries such as steel mills and fertilizer plants, sometimes halting output.
GIS profit drops 32pc
DUBAI: Qatar’s Gulf International Services (GIS) reported a 32 per cent fall in third-quarter net profit, according to Reuters calculations. The firm, a provider of oil and gas drilling rigs, made a profit of QR216.9 million ($59.6 million) in the three months to September 30, Reuters calculated based on previous statements. That was down from QR317.6 million in the corresponding period of 2014.
UAE expects oil price to rise
ABU DHABI: The UAEs’ oil minister said that he expected an upward correction of oil prices next year. “We are expecting an upward correction - 2016 will be a year of correction, to what level we will see,” Suhail bin Mohammed Al Mazroui told reporters on the sidelines of an international business conference in Abu Dhabi. He stressed that the UAE would not try to impose a correction on the market, but that market fundamentals – including a faster-than-expected recovery in demand – were indicating there would be one.
Sumitomo wins order
TOKYO: Trading house Sumitomo Corp said it had won a $300 million order for a 400-megawatt gas-fired power plant in Turkmenistan, part of a package of deals announced on a visit to the Central Asian nation by Japanese Prime Minister Shinzo Abe. Japan and Turkmenistan signed deals worth over $18 billion in the energy-rich nation, which has become an important supplier of natural gas to China.
