Tag Archive

Oil Market remaining calm – IEA Reports

Oil Market remaining calm – IEA Reports

May 17, 2019 No Comments

The ongoing geopolitical supply concerns around Libya, Iran, and Venezuela have been joined in the past few days by the attacks on shipping off Fujairah and on two pumping stations in Saudi Arabia. At the time of writing, there is no disruption to oil supplies and prices are little changed. The IEA is monitoring the […]

Reaction to Four sabotaged commercial ships near UAE territorial waters

Reaction to Four sabotaged commercial ships near UAE territorial waters

May 13, 2019 No Comments

The Secretary-General of the Arab League, Ahmed Aboul Gheit has condemned in the strongest terms the acts of sabotage that targeted four commercial vessels near the territorial waters of the United Arab Emirates including two Saudi oil tankers in the Arabian Gulf, stressing that these criminal acts constitute a serious violation of the freedom and […]

Saudi Arabia, UAE “Draw The Death And Collapse Of OPEC”

Saudi Arabia, UAE “Draw The Death And Collapse Of OPEC”

May 2, 2019 No Comments

In among the multitude of threats that Iran has made public since the US sanctions on Iran were levied, Iran has now heralded the collapse of OPEC, if OPEC members fill the void by snagging market share left unfilled by Iran and Venezuela, according to S&P Global Platts. Iran’s oil minister said that two OPEC members […]

Wood awarded engineering contract by SABIC in Saudi Arabia

Wood awarded engineering contract by SABIC in Saudi Arabia

April 30, 2019 No Comments

Wood has secured a new contract with SABIC to deliver the engineering design for a world-class petrochemical research centre in the Kingdom of Saudi Arabia. Wood will provide conceptual, basic and detailed design engineering for SABIC’s new 65,000m² technology centre in Jubail Industrial City on Saudi Arabia’s east coast. The scope of work includes engineering […]

Can Saudi Arabia Still Sway The Oil Market?

Can Saudi Arabia Still Sway The Oil Market?

April 23, 2019 No Comments

Saudi Arabia, the world’s top oil exporter and OPEC’s largest producer, has influenced the oil market and oil flows since the middle of the 20th century. Shortly after the 21st century began, one of Saudi Arabia’s key customers made its first steps toward becoming one of the Kingdom’s main competitors on the global oil market: […]

Saudi Aramco to acquire Shell Saudi Arabia Refining Limited’s 50% share of SASREF JV for $631 million.

Saudi Aramco to acquire Shell Saudi Arabia Refining Limited’s 50% share of SASREF JV for $631 million.

April 23, 2019 No Comments

Abdulaziz Al-Judaimi, Saudi Aramco‘s Senior Vice President of Downstream, said: “The partnership with Shell has led to a strong record of performance and delivery of refined products. Saudi Aramco will take full ownership and integrate the refinery into its growing Downstream portfolio. SASREF will continue to be a critical facility in our refining and chemicals […]

Saudi Aramco participates at ‘Future Projects Forum’

Saudi Aramco participates at ‘Future Projects Forum’

April 18, 2019 No Comments

More than 600 upcoming Saudi Arabia construction projects worth $130 billion (SR500 billion) were presented to approximately 1,500 contracting professionals at the Middle East’s first and largest contracting forum held in Riyadh recently. Saudi Aramco was an active participant, and one of several leading companies, as well as government organizations, presenting their contracting projects at […]

McDermott Signs JV Agreement with Zamil Offshore

McDermott Signs JV Agreement with Zamil Offshore

April 11, 2019 No Comments

McDermott International, Inc. (NYSE: MDR) announced it has signed a Joint Venture Agreement with Zamil Offshore to target the Maintenance, Modifications and Operations (MMO) market in Saudi Arabia. McDermott and Zamil will work together on an exclusive basis to provide Saudi Aramco with comprehensive offshore brownfield EPCI solutions and asset maintenance services. The new joint […]

Saipem awarded US$220m Onshore Drilling contracts

Saipem awarded US$220m Onshore Drilling contracts

March 14, 2019 No Comments

Saipem has been new awarded new contracts, and extensions to other already existing contracts, in Onshore Drilling worth approximately 220 million USD in total. The new contracts involve projects to be carried out in Bolivia and Saudi Arabia, while the extensions of contracts already underway concern Saudi Arabia, Peru, Morocco and Romania. Francesco Racheli, Chief […]

McDermott Awarded EPCI Contract from Saudi Aramco

McDermott Awarded EPCI Contract from Saudi Aramco

February 26, 2019 No Comments

McDermott International, Inc. (NYSE: MDR) announced a large* contract award from Saudi Aramco for engineering, procurement, construction and installation (EPCI) services in the Marjan field, offshore Saudi Arabia. The contract includes the full suite of EPCI services for the upgrade of two existing platforms related to the installation of associated equipment for electrical submersible pumps […]

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