Regional News

Bloomberg A ruling by the International Tribunal for the Law of the Sea will keep Tullow Oil Plc’s offshore fields under Ghana’s jurisdiction following the end of a boundary dispute with Ivory Coast. The Tweneboa, Enyenra and Ntomme fields, which hold an estimated 2 billion barrels of oil and 1.2 trillion cubic feet of natural gas, will remain with the …

MUMBAI / NEW DELHI / Reuters India’s Reliance Industries, operator of the world’s largest refining complex, is considering expanding its oil processing capacity by over 40 percent by 2030, according reports. Reliance may expand the capacity at its dual refinery complex in Jamnagar in the western Indian state of Gujarat by 30 million tonnes a year to 100 million tonnes …

RIYADH / Reuters Saudi Arabia removed its ban on internet phone calls, a government spokesman said, in a bid to stimulate online business as the kingdom looks to boost non-oil revenue. All online voice and video call services such as Microsoft’s Skype and Facebook’s WhatsApp that satisfy regulatory requirements will become accessible at midnight (2100 GMT), Adel Abu Hameed, spokesman …

Dubai / Emirates Business Qarar, the region’s leading decision analytics company, appointed Nico van der Westhuizen as its new Chief Operating Officer (COO). Based in Dubai, he will be responsible for driving strategic development, delivery excellence and partnerships for Qarar. With increasing demand for software and advisory services in the advanced analytics space, Qarar has increased its commitment and focus …

Bloomberg Russia signaled that it would be willing to prolong the production cuts it agreed with OPEC beyond the first quarter of next year if needed, while also making clear its commitment to the deal wasn’t open ended. It was too early to talk about the specific details of extending the oil-output pact at a meeting with fellow producers in …

Bloomberg Saudi Arabia’s sovereign wealth fund is setting up a company to invest in local entertainment, as the kingdom tentatively opens up and pursues a long-term strategy to reduce its reliance on oil. The company will have an initial capitalization of 10 billion riyals ($2.7 billion) and “act as its investment arm in Saudi Arabia’s growing entertainment sector,” the Public …

DUBAI / Reuters Saudi Arabia will begin implementing a new bankruptcy law early next year as part of efforts to attract foreign investment and encourage private sector activity, Saudi-owned broadcaster Al Arabiya reported citing the kingdom’s commerce minister. Under current legislation there is no easy way to wind up the activities of indebted companies in Saudi Arabia and the new …

TOKYO / SEOUL / Reuters Iranian exports of ultra-light crude oil known as condensate are set to fall to a five-month low in October, with supplies to its largest buyer South Korea cut by half, a source with knowledge of Iran’s preliminary tanker schedule said on Friday. That comes after six industry sources said on Tuesday that the National Iranian …

VIENNA / Reuters Nigeria is pumping less than 1.8 million barrels per day (bpd) of crude, its oil minister said, meaning the country is sticking to an output cap agreed under an OPEC-led deal to limit output. The Organization of the Petroleum Exporting Countries and other producers, including Russia, are reducing crude output until next March in an attempt to …

Bloomberg US stocks of distillate fuel oil, which have been trending downwards all year, now look tight following disruption to major refineries caused by Hurricane Harvey. The position is a marked turnaround from the start of the year, when distillate stocks were at record levels following the second warm winter in a row and a prolonged slowdown in freight movements …