ENERGY HEADLINES THIS WEEK

Abu Dhabi targets IPOs worth $5 bln ahead of Saudi Aramco Abu Dhabi is hoping to fast-track at least $5 billion of stock market listings by state-backed companies next year. Abu Dhabi is restructuring its industrial sector, hoping to lure foreign investors with privatizations after lower energy prices depleted its coffers. ————————————————————————— contract for final phase of Dubai solar park Dubai on Saturday announced the award of a $3.8-billion contract for the final phase of a solar park aimed at generating 5,000 megawatts of electricity by 2030. The local government said the contract for the fourth and final phase went to Chinese conglomerate Shanghai Electric and ACWA Power of Saudi Arabia. The solar park named after Dubai’s ruler, Sheikh Mohammed bin Rashed Al-Maktoum, went online in 2013 and the final phase is to be launched in stages from 2020, bringing the overall cost to $13.6 billion. Dubai, which has dwindling oil reserves unlike Abu Dhabi, a fellow member of the United Arab Emirates, has set a target of 2050 to produce 75 percent of its electricity needs from renewable energy sources. ———————————————————————————- OPEC Keen on Maintaining Cooperation with Non-OPEC Producers: Sec. Gen. ———————————————————————————– OPEC Keen on Maintaining Cooperation with Non-OPEC Producers: Sec. Gen. ——————————————————————————— OPEC Keen on Maintaining Cooperation with Non-OPEC Producers: Sec. Gen. ——————————————————————————— Key Energy Services, Inc. (NYSE: KEG) has closed on the sale of its well intervention business in Russia (“Russian Business”) to an undisclosed buyer for an undisclosed amount. Key’s President and Chief Executive Officer, Robert Drummond, stated, “The sale of Key’s Russian Business marks the culmination of the strategic initiative set forth in early 2015 to fully-exit markets outside of the U.S. This is an important milestone in Key’s history and further solidifies our commitment to our customers as a leading U.S.-focused production services company.” ——————————————————————– A recent report from Wood Mackenzie notes that the North Sea has in fact become the second-hottest spot for oil investments, after U.S. shale. That’s largely thanks to private equity’s renewed appetite for oil and gas investments: according to the consultancy, there’s a total of US$15 billion in PE capital waiting to be spent on North Sea acquisitions. North Sea Oil Sees Investment Rush ——————— Jamaican Refinery Expansion Stalls Due To Venezuela’s Financial Woes The Petrojam refinery in Jamaica cannot be renovated as planned due to the acute shortage of funds in Venezuelan coffers, according to reports from local media. Jamaican Prime Minister Andrew Holness said the project, which had financial support from Venezuela, now faces an uncertain future. ————- ExxonMobil Baytown and Beaumont Refineries Begin Fuels Production, Chemical Plants Ramping Up to Normal Operations Crude oil and refined product pipelines back in service; terminals reopened Offshore and on-shore upstream production operating normally Chemical and lubricants manufacturing coming back online ————- Austrian bank first European lender to sign investment deal with Iran Austria’s Oberbank signed a credit deal with Tehran to boost exports to Iran, the first European lender to do so since sanctions were eased following a 2015 nuclear pact with world powers. Oberbank said the framework agreement will finance Austrian investment projects in Iran’s infrastructure, healthcare and plant construction sectors. ————- oilandgasOil and Gas News Undiluted !!! “The squeaky wheel gets the oil” Follow us: @OilAndGasPress on Twitter | OilAndGasPress on Facebook Disclaimer Most News articles reported on OilAndGasPress are a reflection of what is published in the media. OilAndGasPress is not in a position to verify the accuracy of daily news articles OilAndGasPress welcomes all viewpoints. Should you wish to provide a different perspective on the above article, please email us info@OilAndGasPress.com ]]>

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