Middle East
Saudi oil minister sees no reason for high oil prices
Saudi Arabia Oil Minister Ali al-Naimi said that there is no reason for current high oil prices, which are hurting European economic growth targets, but said the world's largest crude exporter will do what it can to mitigate them. Naimi wrote his thoughts in a rare opinion piece for the Financial Times.
Pakistan eyes Russian funding for Iran gas pipeline
Pakistan says it will seek Russian funding for a multi-billion dollar gas pipeline from Iran amid Chinese reluctance to invest in the project over fears it could be hit by sanctions. The Pakistan team will hold talks with relevant officials and different companies, including Russian gas giant Gazprom.
Airline industry executives call on governments to promote biofuels use
The global airline industry wants stronger government efforts to promote using biofuels, with new regulations and economic incentives for its production. Industry executives said the legislative framework, the still-high costs of biofuels and the availability of raw materials are the main challenges.
Toyo, ENPPI win deal to build Egypt ethylene plant, butadiene extraction unit
A consortium of Toyo Engineering and Egypt’s state-run ENPPI has won a $600 million contract to build a 460,000 tpy ethylene plant and a 20,000 tpy butadiene extraction plant as part of Ethydco's petrochemical complex to be established in Alexandria, Egypt. The plant is scheduled for start-up in early 2015.
Dow Chemical to build new Saudi coatings plant
The planned facility, which will be located at the Jubail Industrial City, will manufacture a wide range of coating materials for both Saudi Arabia and global export markets.
Iran crude oil exports drop as sanctions take hold
Iran's crude oil exports appeared to have sharply dropped this month for the first time this year, according to an authoritative consultancy, as sanctions start denting Tehran's most important source of revenue. Iran's crude oil exports had been stable at 2.2 million bpd until now.
India in talks to smoothen Iran crude oil supplies
India has shown no signs of giving in to US pressure to reduce its business dealings with Iran, with the government and a top trade body moving in quite the opposite direction. New Delhi is in talks with Iran to ensure uninterrupted crude oil supplies, as well as to smoothen settlement of payments.
Global refining catalyst market driven by growth in hydroprocessing
The market improvement is led by demand for cleaner fuels, increasing use of heavier and dirtier feedstocks and additions to refining capacity, a new study says.
Grace venture to build FCC catalysts plant in UAE
W. R. Grace & Co. has signed a memorandum of understanding to form a joint venture with Al Dahra Agricultural Co. to build and operate a fluid catalytic cracking (FCC) catalysts and additives plant in the Middle East. The production plant would be located in Abu Dhabi and start up in 2015.
Sasol finds alternate oil supply amid Iran sanctions
South Africa's Sasol said Thursday it has found suppliers to replace the crude oil it normally sources from Iran as the West imposes trade restrictions and sanctions on the Islamic Republic. Sasol relies on Iranian oil imports for about 20% of its crude requirement, or 12,000 bpd, at its Natref refinery.
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- LanzaJet produces first jet fuel from ethanol at a commercial scale 11/19
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