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Iran building $1.8 bln oil pipeline to terminal outside Gulf

October 01, 2019 | Middle East, Terminals & Storage

Dubai, United Arab Emirates | –  Iran is building a $1.8 billion oil pipeline to its port of Jask outside the mouth of the Gulf, the country’s oil minister said, as part of plans to protect its exports against potential problems in the region and to boost shipments of Caspian oil. Iran has been planning since at least 2012 to set up the terminal on the Gulf of Oman, just outside the Strait of Hormuz. Tehran has threatened to block the vital Gulf oil shipping route …

IPO for South African fuel giant Engen planned for 2020

October 01, 2019 | Downstream, Refining & Processing, South Africa

London, UK | – Petroliam Nasional BHd and its South African partners plan to conduct an initial public offering in their fuel retailer Engen to fund the upgrade of a refinery in the coastal city of Durban and to expand its network of gas stations. A yet to be decided amount of shares in the company, which is South Africa’s biggest fuel retailer, will likely be sold on the Johannesburg Stock Exchange in the first half of next year, according to people familiar with the …

French Total pays $3.9 billion for Anadarko’s Mozambique LNG interest

September 30, 2019 | Asset Acquisitions & Divestitures, LNG & LPG, Mozambique

Paris, France |  – French multinational integrated oil and gas company Total S.A has closed the acquisition of Anadarko’s 26.5% operated interest in the Mozambique LNG project for a purchase price of $ 3.9 billion. This closing comes after Total reached a binding agreement with Occidental on May 3, 2019, to acquire Anadarko’s assets in Africa (Mozambique, Algeria, Ghana and South Africa) and signed the subsequent Purchase and Sale Agreement on August 3, 2019. This first transaction follows receipt of all requisite approvals by the …

Russian consortium pulls out of $4bn Uganda refinery contract

May 14, 2019 | Budget & Investment, Refining & Processing, Uganda

Kampala, Uganda | – Uganda’s government has suspended its deal with Russian consortium RT Global Resources to build a $4bn oil refinery and has invited alternative bids from a South Korean group. The contract with the state-owned Russian concern has been under discussion since February 2015, when Uganda announced that it had chosen it as preferred bidder for the 60,000 barrel a day plant. A project framework agreement was then signed the following May. There were initially 75 companies and consortiums bidding for the deal, which came …

Iran-backed rebels drone attacks damage Saudi pumping stations

May 14, 2019 | Civil Wars & Terrorism, Middle East, Pipelines, Rigs & Vessels

London, UK | –  Saudi Arabia halted its main cross-country oil pipeline after a drone attack damaged pumping stations along the link, a strike claimed by Iran-backed rebels in neighbouring Yemeni. Oil prices rose. Saudi Aramco, the world’s biggest oil exporter, said that supplies of crude and products continued “normally without interruption,” the official Saudi Press Agency reported, citing the energy ministry. The state producer halted the pipeline transporting oil from eastern fields to the port of Yanbu on the western coast as a precautionary, …

Shell targets 600 MMcf/day gas output from new Nigerian projects

May 14, 2019 | Company Operations, LNG & LPG, Nigeria

Lagos, Nigeria |  — The Shell Petroleum Development Company of Nigeria  (SPDC), a subsidiary of Royal Dutch Shell  aims to produce 600 MMcf/day of natural gas from fields in south eastern region of  to bolster energy supply in the oil-rich West African country, the company said late Monday. Development of the Assa North and Ohaji South gas projects in Imo state will generate energy equivalent of about 2,400 MW, enough to provide uninterrupted electricity to about 2.4 million homes, according to Shell. “The projects would be …

Kenya plans to ship its first crude oil in June

May 10, 2019 | Kenya, Pipelines, Terminals & Storage

Kenya plans to ship its first crude oil in June Tullow Oil has so far transported 87,000 barrels from Turkana Only 600 barrels can be transported per day; new licenses given to allow up to 2,000.  London, UK | – Kenya plans to ship its first 200,000 barrels of crude oil in June, one year since President Uhuru Kenyatta flagged off the first trucks.  On June 3 last year, President Kenyatta flagged off four trucks with 156 barrels of Crude Oil from Lokichar in Turkana …

Chinese firms skip Iran oil purchases for May to avoid U.S. sanctions

May 10, 2019 | Company Operations, Energy Trading & Markets, Terminals & Storage

London, UK | –  China Petrochemical Corp (Sinopec Group) and China National Petroleum Corp (CNPC), the country’s top state-owned refiners, are skipping Iranian oil purchases for loading in May after Washington ended sanction waivers to turn up pressure on Tehran, three people with knowledge of the matter said. The United States has not renewed any exemptions from sanctions on Iran, taking a tougher line than expected on the expiry of the waivers. The waivers were granted last November to buyers of Iranian oil. China is …