KUWAIT OIL COMPANY
Kuwait fire: Massive accident in Mangaf leaves 49 dead, including several Indians; Embassy issues emergency numbers
Kuwait Fire: A major fire in Kuwait's Mangaf area killed 49 workers, many of whom were Indians, including five Keralites. The blaze began in a kitchen of a six-storey building housing 160 workers. The Indian Embassy set up an emergency helpline, while External Affairs Minister Jaishankar expressed shock. Kuwait's Interior Minister ordered the arrest of the building owner and others
Stock picks of the week: 5 stocks with consistent score improvement and upside potential of up to 41%
The street has got what it was looking for, exit polls predicting a win of NDA which essentially continues the policy making framework which has been in place for the last ten years and has been working well for the economy. There is another thing which will happen, there are going to be some areas which will get more focus in the coming days. So, next we might see some sectors and stocks doing extremely well, while others may continue to be laggards. These selected stocks depict a strong upward trajectory in their overall average score which is based on five key pillars i.e. earnings, fundamentals, relative valuation, risk and price momentum. This implies that there has been a significant improvement in their market outlook in the given time frame.
What is OPEC+ and how does it affect oil prices?
OPEC+, a coalition of OPEC and its allies, is set to meet on June 2 to discuss their joint oil production policy. OPEC was founded in 1960 by Iraq, Iran, Kuwait, Saudi Arabia, and Venezuela to coordinate petroleum policies and secure fair prices. It now includes 12 countries, mainly from the Middle East and Africa, accounting for about 30% of the world's oil. OPEC+ crude output represents about 41% of global oil production and aims to regulate the supply of oil to the global market.
Haldia Petrochemicals seeks local Indian naphtha supplies amid Red Sea disruption: CEO
The company, which owns a naphtha cracker producing 700,000 metric tons per year in the eastern state of West Bengal, sources 50% of its feedstock from the Middle East and relies on local refiners like Indian Oil, HPCL and BPCL for the rest of its feedstock needs.
Soundlines Global expands international workforce services in Poland and Serbia
Soundlines Global has offices and associate offices across countries including KSA, UAE, Qatar, Bahrain, Kuwait, Romania, Iraq, Russia, India.
Petrobras in talks for projects with Gulf, Indian, Chinese firms, CEO says
Jean Paul Prates said Petrobras has also formed task forces with Indian explorer Oil and Natural Gas Corp and refiner Bharat Petroleum Corp Ltd to look at projects in Brazil as well as overseas, in refining and renewables. The Indian firms already own stakes in Brazilian oil and gas blocks.
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Most Gulf shares rise on strong oil; Mideast conflict in focus
Saudi Arabia's benchmark index edged up 0.1%, supported by gains in most sectors, with oil major Saudi Aramco adding 0.5% and Company for Cooperative Insurance surging 3.7%
India’s big G20-led trade ambitions likely under threat from Israel-Hamas conflict
The ongoing conflict between Hamas militants and Israel is likely to impact India's ambitions of playing a bigger role in global trade. The recently announced India-Middle East-Europe Economic Corridor (IMEEC) may be affected by the conflict, leading to concerns in the markets. Oil prices have surged, gold demand has increased, and Indian stocks have tumbled due to worries about the impact of the Israel Palestine conflict
Kuwait seeks to boost oil production, pushes on with Durra gas field
KPC subsidiary Kuwait Oil Company's CEO Ahmed Jaber Al-Eidan said on Monday Kuwait's production capacity was currently at 2.9 million bpd and would reach 3.2 million bpd by 2025 or 2026. Kuwait's crude production averaged about 2.55 million bpd in August, according to OPEC, of which Kuwait is a member.
Saudi-backed oil and gas driller ADES expected to price IPO at top of range
The company backed by Saudi Arabia's PIF sovereign wealth fund is expected to price its shares at 13.50 riyals ($3.60), the bank said in a message to investors seen by Reuters.
Saudi Arabia, Kuwait reject Iran claims to disputed gas field
Saudi Arabia and Kuwait have claimed they hold sole ownership of a disputed gas field, also claimed by Iran, after Tehran threatened to pursue exploration. The Arash field has been a focal point of contention between the countries for years. The two Gulf states have called on Iran to negotiate the demarcation of their maritime borders to settle the issue. However, Iran said it may pursue the exploitation and exploration of the field either way, if a solution cannot be reached.
24 Indian crew on oil tanker seized by Iran: Operator
The Marshall Islands-flagged Advantage Sweet was being taken by Iran's navy to an unnamed port because of an "international dispute", the operator said in a statement. "Advantage Sweet is currently being escorted by the Iranian Navy to a port on the basis of an international dispute," Advantage Tankers said in the statement sent to AFP.
Surprise output cut decision by OPEC Plus countries heating up crude oil markets
This move was unexpected as the producer’s allies earlier hinted that they did not intend to make changes in their production policies. Although the latest announcement made some sharp upticks in global oil prices, its impact may be limited as the global economy is going through a challenging phase.
Oil market surges on shock output cuts
Several OPEC member-countries led by Saudi Arabia have unexpectedly agreed to reduce their oil production by more than one million barrels per day from May 2021 to the end of the year, signalling their desire to curb a recent fall in crude prices. The cuts come despite the fact that the group and Russia had also cut production by two million barrels per day in October 2020, which angered the US
View: Russia can’t replace the energy market that Vladimir Putin broke
While Russia has found alternative markets for its crude oil, mostly in India, switching sales of refined products and — perhaps even more so — natural gas will take years and come at huge cost. That’s if it’s even possible to create markets as the world turns away from fossil fuels.
India's Russian oil imports top 1 mn barrels a day in December
Russia, which in October 2022 for the first time surpassed traditional sellers Iraq and Saudi Arabia to take the No.1 spot, now makes up for 25 per cent of all oil imported by India. The imports peaked as a price cap was agreed upon by the EU on Russian seaborne oil. Russian oil is available at much lower than USD 60 per barrel cap agreed, industry sources said.
Oil prices climb on weak dollar, supply concerns
The oil and gas rig count, an early indicator of future output, rose four to 763 in the week to Sept. 16, its highest since August, energy services firm Baker Hughes Co said on Friday.
PM Narendra Modi plans Kuwait visit in January
This will be first PM level visit from India to Kuwait in 40 years, notwithstanding the fact Kuwait is one of India's key oil suppliers and hosts a big diaspora in the region. Enhancing Kuwaiti investments to India and putting in a place a defence partnership is on the cards for the visit, ET has learnt.
Fire erupts at Kuwait oil refinery; minor injuries reported
The blaze at the key Mina al-Ahmadi oil refinery along Kuwait's Persian Gulf coastline north of its border with Saudi Arabia did not affect the electrical supply or oil exports, according to Kuwait's National Petroleum Company.
Fire erupts at Kuwait's largest oil field; two injured
The injured workers were in stable condition and receiving treatment at a nearby hospital, according to the state-run KUNA news agency, citing Qusai al-Amer, the Kuwait Oil Company spokesman.
Expats struggle to get vaccines in Kuwait, citizens come 1st
Unlike other Gulf Arab states that have administered doses to masses of foreign workers in a race to reach herd immunity, Kuwait has come under fire for vaccinating its own people first.
ONGC for equity partnerships with global companies in tough fields
For years ONGC has struggled with some of its fields located in deep-sea or high-pressure or high-temperature areas, which require special skills and advanced technology to develop, leading to delays or suboptimal outcome. The company is now looking for allies that can help plug such gaps.
Covid-19 and lower oil prices force Kuwait to tap into its wealth fund as cash dries up
Unlike Saudi Arabia and others, however, Kuwaiti lawmakers have blocked proposals to borrow on international markets to cover the fiscal shortfall. Kuwait hasn’t returned to the market since its debut Eurobond issuance in 2017.
Kuwait's KPC signs deal to store 3.14 mln barrels of oil in Japan, news agency reports
The agreement is part of KPC's efforts to secure storage abroad and increase its market share in the Far East, he said according to the state-run news agency.
Fire onboard oil tanker off Sri Lanka's coast completely extinguished: Navy
The Sri Lankan Navy on Friday confirmed that a Filipino sailor died in the boiler explosion in the engine room of the Panama registered tanker MT New Diamond.
Two Indian refiners cut Mideast crude purchases in May: Sources
This is the second consecutive month that Indian refiners have sharply cut imports of term crude supplies as space to store excess oil ran out and as stay-home measures to curb the spread of the virus slashed fuel demand.
L&T Construction bags major contracts for power transmission, distribution business in India, abroad
L&T Construction on Thursday said it has bagged major contracts for its power transmission and distribution business in India and abroad.
GoAir inks pact with Emirates National Oil Company for jet fuel
A wholly-owned entity of the Dubai government, ENOC at present covers more than 200 airports across 25 countries, supplying more than three million US gallons (USGs) of jet fuel to a diversified portfolio of carriers in the UAE and internationally, with more than 300 fuellings each day, according to a release.
L&T bags gas export pipeline contract from Kuwait Oil Company
The company said the new export gas strategic pipeline and its associated facilities will run a span of around 145 km.
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