Kuwait National Petroleum Co began shutting down units at its 270,000 barrel-a-day Mina Abdulla refinery for planned maintenance work, a company official said.
Spot trade in liquefied natural gas surged 50 per cent last year as Japan sought cargoes to replace lost nuclear power output and demand from the rest of Asia increased, according to an industry group.
Increasing insecurity and disruptions are overshadowing Libya's speedy return to pre-war oil production, delaying much needed foreign expertise and investment as well as threatening output.
Oil & Natural Gas Corp (ONGC) of India and competitors may drill for at least four years before producing the first commercial shale gas in the nation as China expects to commence output next month and Australia boosts reserves.
Saudi Aramco has invited bids for the construction of a new refinery in Jizan, an underdeveloped province bordering Yemen, industry sources said.
Shipments of jet fuel to Europe from Asia and the Middle East are set to drop 25 per cent this month as the region’s economic slowdown curbs fuel consumption.
Tencent Holdings Ltd, China’s biggest Internet company, posted a record quarterly profit of 2.95 billion yuan ($467 million) after online game sales jumped.
Some Chinese steel mills have postponed delivery of iron ore from miners including top supplier Vale as a slow steel market cuts demand for the raw material and producers expect a further drop in prices, sources at mills and traders said on Thursday.
Shareholders in Orascom Construction Industries (OCI) have approved a plan to separate its construction and fertiliser businesses into two new companies, the group said on Thursday.
Bank of Tokyo-Mitsubishi UFJ, which handles most of Japan's payments for oil imports from Iran, said on Thursday it had frozen transactions with Iranian banks after being ordered to do so by the New York District Court earlier this month.
