New CEO at Kuwait Petroleum
Kuwait has appointed Hashim Sayed Hashim as chief executive of Kuwait Petroleum Corporation (KPC), state news agency Kuna reported on Wednesday.Hashim was also appointed as vice chairman of the KPC's board, the report said.(Reporting by Hadeel Al Sayegh; Editing by Christian Schmollinger)
Middle East Oil Producers Turn to Crude Trading to Boost Incomes
Middle East oil producers are venturing into trading crude as three years of weak oil prices has encouraged them to find new sources of income beyond the business of exporting their output. OPEC kingpin Saudi Arabia, the world's biggest oil exporter, is among those making the shift. A subsidiary of state-owned Saudi Aramco plans to start trading non-Saudi crude, according to sources familiar with the issue. Other members of the Organization of the Petroleum Exporting Countries are joining in as oil prices remain at roughly half their levels of mid-2014.
Atlantic Council holds Global Energy Summit
OPEC Secretary General, HE Mohammad Sanusi Barkindo, this week attended a new flagship initiative - the Global Energy Forum in Abu Dhabi - organized by the Atlantic Council, in partnership with the Ministry of Energy of the United Arab Emirates (UAE), the Abu Dhabi National Oil Company (ADNOC), the Mubadala Development Company and the International Petroleum Investment Company (IPIC). The event, a high-level policy gathering, provided the opportunity for valuable interactions among oil and energy ministers…
OPEC Secretary General meets with Emir of Kuwait, Kuwaiti Officials
His Highness Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, the Emir of State of Kuwait, on November 6 met with His Excellency Mohammad Sanusi Barkindo, Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) in Bayan Palace, Kuwait City. HH Sheikh Sabah reaffirmed Kuwait’s longstanding belief in the role of OPEC in helping the oil market maintain stability on a sustainable basis for the benefit of producers and consumers alike. He further pledged Kuwait's continued support to the Organization in the pursuit of its noble and statutory objectives.
Union Leader Says Kuwait O&G Workers Strike on Course for Sunday
A Kuwaiti labour union leader said on Wednesday plans for a strike by thousands of workers at state-owned oil, gas and petrochemical companies starting next week were in place, denying reports that negotiations were under way. Acting oil minister Anas al-Saleh said on Wednesday that talks were proceeding between the government and unions to avert the strike, due to start on Sunday over plans to cut some of the workers' benefits and wages. Sheikh Talal al-Khaled al-Sabah, spokesman for Kuwait's oil sector…
LNG Prices Retreat on Soft Demand
Asian spot prices for liquefied natural gas (LNG) extended their fall this week on slack demand, although production issues in Australia helped stem losses. LNG for May delivery in Asia traded at around $4.20 per million British thermal units (mmBtu), compared with $4.30 per mmBtu last week. LNG for June delivery was lower at around $4.00 per mmBtu. Mechanical problems at Australia's Gorgon LNG export terminal are expected to halt production for 30 to 60 days, a development which traders said had helped stop prices sliding further this week.
Kuwait LNG Imports to Rise in 2015 -KPC
Kuwait liquefied natural gas (LNG) imports are on track to rise around 17 percent to 3 million tonnes in 2015, boosted by the fuel's increased competitiveness with gas oil, an executive from Kuwait Petroleum Corporation (KPC) said on Friday. The Gulf Arab state imported around 2.5 million tonnes in 2014 via its floating import terminal, which it leases for the peak energy demand months from March to November, with an option to extend over additional months. Speaking on the sidelines of the CWC World LNG Summit…
Gazprom, Kuwait Petroleum Sign MoU
Alexey Miller, Chairman of the Gazprom Management Committee and Nizar Al-Adsani, Chief Executive Officer and Deputy Chairman of the Board of Directors of Kuwait Petroleum Corporation signed a Memorandum of Understanding in Sochi today. The ceremony was held in the presence of Vladimir Putin, President of the Russian Federation and Sabah Al-Ahmed Al-Sabah, Emir of the State of Kuwait. The document outlines the main areas of potential partnership between the two companies, inter alia, in the area of LNG, LPG and other petroleum products as well as in the areas of sci-tech cooperation and investments.
Kuwait Petroleum Aims to Boost Outlets for Its Fuels in Europe
Kuwait Petroleum International (KPI) is planning more investments in Europe, including into storage terminals and other oil-related facilities to help to provide more outlets for the fuels it produces. Khaled Al-Mushaileh, KPI's vice president Europe, told the Platts refining conference in Brussels that his company views Europe as an important market and plans to expand in retail and downstream sectors. KPI, a subsidiary of Kuwait's national oil company Kuwait Petroleum Corporation, currently owns two refineries in Europe and has more than 4…
Kuwait Petroleum Sees $65 Oil for 6-7 Months
Oil prices are likely to remain around $65 a barrel for the next six to seven months, the head of Kuwait's state oil company said on Monday. "I think oil prices will remain at these levels for six to seven months, around $65 a barrel, until world economic recovery is clear or if there were any political crises or OPEC changed its production policy," Kuwait Petroleum Corporation Chief Executive Nizar al-Adsani told reporters. At a meeting last month, the Organization of Petroleum Exporting Countries (OPEC) decided against cutting production to support prices…
Kuwait to Boost Oil Exports to China
Kuwait plans to increase the volume of crude oil exports to China to 500,000 barrels a day (bpd) in three years, an executive at the state-run Kuwait Petroleum Corporation (KPC) said Saturday. On Monday, Kuwait concluded a new 10-year deal with a China's Sinopec Corp to nearly double its supplies by offering to ship the oil and sell it on a more competitive cost-and-freight basis. "With new and mutual cooperation between the two parties, there is a good sign of increasing the volume of our crude oil exports to China up to 500…
Kuwait Signs LNG Deal With Qatargas
Kuwait has signed a contract to import liquefied natural gas (LNG) from fellow Gulf state Qatar to help meet its energy needs to the end of 2014, state news agency KUNA reported on Sunday. The first shipment of LNG will arrive in Kuwait on Monday under the contract between Kuwait Petroleum Corporation (KPC) and state-owned Qatargas, KUNA said. There were no further details on the terms of the deal with Qatar, which is the world's largest LNG exporter. Rising air conditioning demand in…
Kuwait Boosts Oil and Diesel Supplies to Egypt
Kuwait will boost its supply of crude oil to Egypt by nearly a third and increase shipments of petroleum products in a deal the Gulf state's oil minister said was an obligation to help Cairo through its problems. State-run Kuwait Petroleum Corporation (KPC) will provide 85,000 barrels per day (bpd) of oil to Egypt, up from 65,000 bpd previously, state news agency KUNA said on Tuesday. It will also increase its supply of diesel and jet fuel to 1.5 million tonnes per year, up from 860,000 tonnes. The contracts run for three years and were signed on Monday, KUNA said.
Kuwait's oil output capacity rises to 3.3 mln bpd - KPC
Kuwait has increased its oil production capacity to 3.3 million barrels of oil a day (bpd) and is hoping to reach 3.5 million bpd in 2015, the head of its state oil company said on Monday. Kuwaiti officials have previously said that capacity in the OPEC member state was around 3.1-3.2 million bpd. "Kuwait has increased its production capacity to 3.3 million barrels per day. It will reach 3.5 million barrels per day by 2015," Kuwait Petroleum Corporation Chief Executive Nizar al-Adsani told an oil conference.