Front Page

In Brief

Adnoc to consolidate three firms

ABU DHABI: State-owned Abu Dhabi National Oil Co (Adnoc) said it would consolidate the operations of three of its shipping, marine and services companies into one firm in order to increase efficiency. Abu Dhabi National Tanker Co, Petroleum Services Co and Abu Dhabi Petroleum Ports Operating Co will be combined. 'By leveraging the experience and assets across the three companies, we aim to deliver an improved and cost-effective service to meet the needs of the Adnoc Group,' the group’s chief executive Sultan Al Jaber said. Integration is expected to be completed by the end of 2017, Adnoc said.





SEC Q3 net profit jumps 50.8pc

DUBAI: Saudi Electricity Co (SEC), the Gulf’s largest utility firm, reported a 50.8 per cent jump in third-quarter net profit. The company, which the government is aiming to restructure to improve efficiency, made a profit of 4.40 billion riyals ($1.17 billion) in the three months to September 30. This compares with a profit of 2.92 billion riyals in the same period a year earlier. NCB Capital had forecast the firm would make a quarterly profit of 1.90 billion riyals.





Libya resumes output at Waha

LONDON: Libya resumed production at the key Waha oilfield last week bringing overall production to 580,000 barrels per day, a senior Libyan oil official said. The Opec member’s production has been crippled for several years by an on-and-off blockade of its largest export terminals, militant attacks by groups including Islamic State and a lack of a unified government. The Waha field, operated by the Waha Oil Co, is one of the main contributors for the major Es Sider export grade. It is the first Es Sider field to resume and was producing 50,000 bpd. Output used to be around 330,000 bpd pre-war but some infrastructure has been damaged and capacity is lower.




Fire at Saudi Aramco’s Wasea plant

DUBAI: Saudi Aramco said that some workers were injured by a fire that broke out at its Wasea plant in central Saudi Arabia but that the blaze was under control and did not affect operations. 'The fire is under control. Companies operations are not impacted,' said a tweet on Aramco’s official twitter page.

More Stories