HONG KONG:
China’s top offshore oil and gas producer CNOOC said its long-time chief executive will step down and be replaced by its president, as it posted its second-best interim profit ever, fuelled by higher crude oil prices and a rise in production.

Years of sanctions, backed by another round of measures by the UN Security Council, have deterred investment in Iran by international firms with deep pockets and technical expertise

The complex will add to rising supply in Asia where ethylene capacity will increase by 14 per cent, or more than 6 million tpy in 2010 while Middle Eastern plants, brought on stream last year, are ramping up output

When operated in a combined cycle with a steam turbine, the new gas turbine has a world-record efficiency rating of 60 per cent. This represents a huge leap in efficiency in the US, where average efficiency rating is below 30 per cent

In addition to its role as an oil exporter, Egypt has strategic importance in the Middle Eastern region because of its operation of the Suez Canal and Sumed (Suez-Mediterranean) Pipeline, two routes for export of Arabian Gulf oil

There are a number of ongoing safety initiatives which include the IMCA safety flash system; publication of safety statistics and of annual incident reports; the continued development of safety aids such as pocket safety cards, safety posters and videos

NEW YORK:
US commercial crude and product stocks rose last week to the highest level since the US government began tracking weekly data, government data showed, a sign fuel supply is outpacing demand amid a slow US economic recovery.

OGN brings you the latest tenders available in the Gulf region and beyond.

MOSCOW:
Rosneft joined UAE-based Crescent Petroleum in a gas concession in May in the emirate of Sharjah, the first regional project for the Russian firm