Egypt arrears rise to $3bn
CAIRO: Egypt’s outstanding arrears to foreign oil companies rose to $3 billion at the end of December 2015 from $2.7 billion at the end of October, Petroleum Minister Tarek El Molla told Reuters. “The arrears owed to foreign oil companies by Egypt reached around $3 billion at the end of December,” El Molla said. The ministry had said in September that Egypt aimed to reduce the arrears owed to foreign oil companies to $2.5 billion by the end of 2015 and to pay them off completely by the end of 2016.
Enoc appoints key officials
DUBAI: Emirates National Oil Company (Enoc), a Dubai Government owned entity, has announced two key leadership positions as the organisation plans strong domestic and international expansion. Dr Waddah Shihab Ghanem has been appointed as executive director of EHSSQ and corporate affairs and Hesham Ali Mustafa has been named executive director – Group Strategy and New Business Development. Both have been part of the Group for more than 16 years.
Iran exports rely on demand
DUBAI: A rise in Iran’s crude oil exports once sanctions against it are lifted depends on future global oil demand and should not further weaken oil prices, senior officials were quoted as saying.
Oil Minister Bijan Zanganeh said Iran did not plan to exacerbate an already bearish oil market.
Iran to offer $28bn projects
TEHRAN: Iran will offer power projects worth more than $28 billion for foreign investment in the next few years, a report said. The Islamic Republic needs to add about 50MW to its power generation capacity within the next decade, Energy Minister Hamid Chitchian was quoted as saying in the Iran Daily report, which cited Shana.
Iraq’s oil exports down
BASRA: Iraq’s oil exports from its southern fields averaged 3.215 million barrels per day (mbpd) in December, down from a record high in November but up from a year earlier, the oil ministry said. Exports fell from 3.365 mbpd in November as bad weather complicated loadings, ministry spokesman Asim Jihad said. A year earlier, Iraq’s southern December exports averaged 2.76 mbpd. For a third consecutive month, Baghdad exported no oil via its northern pipeline to Ceyhan in Turkey.
Nebras buys into project
MUSCAT: Qatar-based Nebras Power plans to acquire Qatar Electricity and Water Company’s (QEWC) stake in Phoenix Power Company, which owns and operates one of the largest Independent Power Projects (IPPs) in Oman. The acquisition, expected to be completed this month, covers OEWC’s 9.75 per cent stake in Phoenix Power and a 15 per cent stake in Phoenix Operating and Maintenance Company, reported Oman Observer.
