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Compliance with cuts good: Falih

RIYADH: The level of compliance among Opec and non-Opec oil producers with a global deal to cut output is very good, above 100 per cent, but it is premature to talk about extending the deal, Saudi Energy Minister Khalid Al Falih said.

Speaking to Al-Arabiya television on the sidelines of a renewable energy investment conference, Falih said he saw a consensus within Opec on stabilising the oil market, and that producers would do whatever was necessary to achieve that goal, whether it took six months or more.



Iraq completes repairs at Basra

BASRA: Repair work at a Basra oil jetty damaged by a tanker collision last month were completed, two officials at state-run South Oil Company told Reuters.

Crude exports from the Basra terminal were not affected by the collision that happened on March 24, when strong winds caused a very large crude carrier (VLCC) to lurch into berth number 1. A one-million-barrel vessel, the Storviken, was anchored at that berth, loading a cargo of light crude, said the two South Oil Co. officials.



BNGEC raises $515m loan

DUBAI: Bahrain National Gas Expansion Co (BNGEC), a subsidiary of the country’s National Oil and Gas Authority, signed a $515 million syndicated loan that will back part of the expansion of its gas processing facilities, the company said in a statement.

GIB Capital advised the company, which is also known as Tawseah. The loan will finance a central gas processing train with a capacity of 350 million standard cubic feet per day, as well as pipeline and storage facilities at Sitra Wharf.



Leaking Alaskan well under control

HOUSTON: BP said workers on Alaska’s North Slope had brought under control a company-operated well that spewed oil and gas over the weekend. The leak was discovered and a team from BP, the Alaska Department of Environmental Conservation (ADEC), US Environmental Protection Agency and local government was brought in to coordinate efforts. The team halted the well leaks overnight, BP said in a statement.

The volume of the leak was not disclosed by the company.

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