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Abu Dhabi Oil Refining Company Closes $9.6 Billion Dollar Deal

Middle East : 14 March

An Oil Refining Company based in Abu Dhabi has just agreed a deal stated to be worth in the region of $9.6 billion. This deal has been reached following negotiations with a number of Korean companies. This Abu Dhabi Oil Refining company which is known as Takreer is hoping that this venture will increase their oil refining capacity by up to 50%. Among the elements agreed in this new venture are deals to contract construction and commissioning work to their new Korean partners.

The company’s oil refining capacity is aiming to at least double its output of transportation fuels. Agreements have now been signed with a number of companies and Takreer will utilize these companies’ technologies by using many of their new innovative, time saving products.

Takreer now also predict that this new venture will begin to fulfill its target objectives to supply high quality petroleum products both to the Middle East and to the global Oil products market. They are also envisaging that the demand for these finished products will meet their future projected specifications. Takreer’s initial projection includes supplying the petrochemical industry with at over 1 and a half million tonnes of propylene per year. This they are hoping will subsequently lead to an overall reduction of investment and operating costs for Takreer.

Andrew Reid, Staff Writer, Gulf Jobs Market News

14 March

Saudi Armaco and Qatar are Recruiting

If you are currently seeking employment then take heart there is plenty you can do today to help you in your oil and gas job search. In the Engineering industry, Saudi Armaco currently has a number of positions available. In the past couple of weeks they have advertised twenty six new Engineers for their operations. [...]

13 March

Developing Countries Lead the Way to Increase World Oil Demand

While there may have been a decrease in oil demand in some sectors of the world it is now looking that other developing nations may counteract this shortfall by actually increasing their demand for oil.
At the top of the growth list is China which it is estimated will account for approximately one third of the [...]

12 March

Shale Gas Leads to LNG Supply Demise

The LNG market is experiencing an unexpected slump in demand which has not been totally caused by the world recession but has also been caused by the discovery of natural gas supplies in US shale deposits which has led to an unprecedented increase in its gas reserves.
At present no imminent increase in demand for LNG [...]

12 March

Iraqi Set to Saturate the Oil Market

Iraq oil producers are now fuelled by a new found determination to begin to drastically increase their oil output over the next five years. After years of heavy sanctions on Iraq they now have a large supply of untapped Oil resources that they will soon be in a position to unleash onto the global Oil [...]