Egypt to raise reserves
CAIRO: Egypt’s recent spike in purchase tenders for petroleum products is part of ongoing efforts to build strategic stocks, the petroleum ministry spokesman said on local television amid questions over a possible suspension of Saudi oil aid.
Saudi Arabia agreed to provide Egypt with 700,000 tonnes of refined oil products per month for five years under a $23 billion deal between Saudi Aramco and the Egyptian General Petroleum Corporation (EGPC) signed during a state visit this year by Saudi Arabia’s King Salman.
Egypt has not received October allocations of petroleum aid from Saudi Arabia, traders told Reuters, forcing its state oil buyer to rapidly increase tenders even amid a severe dollar shortage and growing arrears to oil producers.
"We asked for an oil tender because Egypt always seeks to increase its strategic reserves," Petroleum Ministry spokesman Hamdi Abdelaziz told local broadcaster CBC. "Oil shipments not arriving from Saudi Aramco could be for various reasons... this is something that happens with some shipments."
Iraq needs to hike output
BAGHDAD: Iraq’s oil minister has urged oil and natural gas producers operating in the country to continue increasing output next year, the oil ministry said in a statement. Jabar al-Luaibi’s comments came as Opec nations are trying to implement an agreement to curb oil output for the first time since the 2008 financial crisis, in order to push up crude prices. The ministry’s statement quoted remarks Luaibi made to a meeting of Iraq oil industry executives in the southern oil city of Basra to review the ministry’s oilfields’ development plans.
Natpet set for trade show
RIYADH: Saudi Arabia-based National Petrochemical Industrial Company (Natpet) is set to introduce its new polypropylene products, including two new grades, at the upcoming K 2016 trade fair in Düsseldorf, Germany. Saudi Arabia-based National Petrochemical Industrial Company (Natpet) said it plans to introduce its new range of polypropylene resins, including two new grades, at the upcoming K 2016 trade fair in Düsseldorf, Germany. A leading fair for the plastics and rubber industry, K 2016 will be held from October 19 to 26. Natpet said it will be collaborating with Chinese machinery maker Haitian International and US-based specialty chemicals supplier Milliken & Company during the show.
WEC issues call to action
ISTANBUL: The World Energy Council has called on the energy sector to embrace a historic opportunity to redefine the energy contract.
The reality that per capita demand for energy will peak before 2030, the reality that we haven’t done enough to decarbonise our economies and the realities for national and private balance sheets are some of the seven realities highlighted in the statement.
