Wärtsilä has signed a major contract to supply a 161 MW Flexicycle (combined cycle) power plant to Yamama Cement Company in Saudi Arabia. Wärtsilä will deliver a full EPC (Engineering, Procurement & Construction) project. In addition to the EPC contract, a 5-year operation and maintenance management agreement and a 10-year spare parts supply agreement have… Continue Reading »
Saudi Arabia, a country nearly synonymous with plentiful crude supplies, is offering one of the strongest signs yet that the glut that has plagued the oil market since 2014 is coming to an end. Despite near record production, the kingdom’s oil inventories have declined for six consecutive months, the longest stretch since the Joint Organisations… Continue Reading »
Saudi Arabian Oil Co., the world’s biggest oil exporter, said it will keep expanding and meet demand from customers as global consumption increases, the head of the state-run producer said. Saudi Arabian Oil Co., also known as Saudi Aramco, will boost capacity at the Shaybah oil field in the Rub Al-Khali desert in southeastern Saudi Arabia… Continue Reading »
The appointment of Khalid al-Falih as Saudi Arabia’s new energy minister to replace veteran oil minister Ali al-Naimi is likely to bring a big shift in style even if the substance of policy remains largely unchanged. Naimi has served as the minister of petroleum and natural resources since 1995 and has long indicated a wish… Continue Reading »
Saudi Arabia made its first sale of oil to a small, independent Chinese refiner. What’s more significant to markets is that the world’s biggest crude exporter broke from its usual practice of selling via long-term contracts, according to Citigroup Inc. The world’s biggest crude exporter sold a spot cargo to teapot refiner Shandong Chambroad, said… Continue Reading »
UTEC Survey, an Acteon company, has appointed Zamil Group as its partner agent in the Kingdom of Saudi Arabia. The appointment allows UTEC Survey to support projects undertaken by its clients actively involved with Aramco ‘LTA’ contracting agreements. UTEC Survey Regional Manager, Sean Fowler, said:“We were extremely selective in choosing the correct partner to work… Continue Reading »
As thunder rumbled outside, Saudi Arabia’s petroleum minister Ali Al-Naimi insisted to an IHS CERAWeek 2016 audience that the oil giant isn’t chasing market share. Rather, Saudi Arabia wants to work cooperatively with all oil-producing nations to freeze production and let demand catch up. “As an industry, we have more that unites us rather than… Continue Reading »
Saudi Arabian Oil Minister Ali al-Naimi said the kingdom, the world’s top crude exporter, does not limit its output and has the capacity to meet additional demand, the Wall Street Journal reported on Wednesday. “We will satisfy the demand of our customers. We no longer limit production. If there is demand, we will respond. We… Continue Reading »
The head of the oil consumers’ watchdog group said on Thursday that he believed top exporter Saudi Arabia would “act responsibly” in the market, citing its reputation in helping balance global supplies. The comments by Fatih Birol, who took over the top role at the International Energy Agency in September, came in response to a… Continue Reading »
Saudi Arabia is seen rejecting calls from fellow OPEC members to cut output when the group meets this week as the group’s kingpin argues it cannot deal alone with one of the most severe oil gluts in history. OPEC is widely expected to stick to its policies – enforced by Saudi Arabia’s oil minister Ali… Continue Reading »
