Middle East
Release of strategic oil reserves: New form of economic stimulus
On June 23 International Energy Agency (IEA) members announced the release of 60 million barrels of strategic oil reserves over a month—the equivalent of 2 million barrels per day (bpd) for 30 days. Half of this amount—30 million barrels—will come from the US Strategic Petroleum Reserve (SPR), which currently holds 726.5 million barrels of crude. The release of 60 million barrels over 30 days will temporarily increase world oil supply by about 2.3 percent.
Honeywell’s UOP to build propane dehydrogenation unit at Takreer UAE refinery
Honeywell’s UOP said it was selected by the Abu Dhabi Oil Refining Co. (Takreer) to provide key technology for a new petrochemical production unit in the United Arab Emirates.
IEA nations to tap oil reserves as supply disruptions continue in Libya
International Energy Agency (IEA) executive director Nobuo Tanaka announced Thursday that the 28 IEA member countries have agreed to release 60 million bbl of oil in the coming month in response to the ongoing disruption of oil supplies from Libya.
KBR, Shell to align on hydroprocessing technology
KBR and Shell have formed a new alliance in which KBR will market, sell and provide technology and design packages with Shell for hydroprocessing solutions worldwide.
Axens wins engineering deal for new Iraq refinery
South Refineries Co. (SRC), a subsidiary of the Iraq Ministry of Oil, awarded Axens the basic engineering design and license contracts for the construction of the new refinery in Maissan, southern Iraq.
IEA sees increasing natgas use, warns of high oil prices curbing demand
Annual growth in oil demand could average 1.2 million barrels per day (mb/d) between now and 2016, while natural gas demand could grow by around 500 billion cubic meters – around 2.5 times Russia’s current gas exports – during the same time, according to the International Energy Agency’s (IEA) medium-term oil and gas market outlook.
SABIC plans new carbon fiber plant in Saudi Arabia
Saudi Basic Industries Corporation (SABIC) announced on Wednesday that it signed a technology agreement with Montefibre S.p.A (Montefibre) granting SABIC and its affiliates an extensive international licence on carbon fiber technology developed by Montefibre. SABIC said it will first use the technology for a new carbon fiber plant to be built in Saudi Arabia.
Shell, Sandvik to collaborate on sulfur technology at refinery projects
Shell Global Solutions and AB Sandvik Process Systems have agreed to collaborate on total sulfur technology solutions to their respective clients, particularly in refinery-wide projects, the companies said on Monday.
Qatar Petroleum, Shell ship first cargo of GTL gasoil from JV plant
Qatar Petroleum and Shell said on Monday that the Pearl gas-to-liquids (GTL) plant, located in Ras Laffan Industrial City in Qatar, has sold its first commercial shipment of GTL gasoil.
New diesel hydrotreater from Axens starts up at Ras Tanura refinery
A grassroots diesel hydrotreater unit (Prime-DTM), licensed by Axens, has successfully been put into production at Saudi Aramco’s Ras Tanura refinery, company officials said on Friday.
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