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Aramco eyes local IPO, may spike overseas listing: report
The Business Times [NEW YORK] Saudi Arabia plans to sell shares of Saudi Aramco on a local exchange and may scuttle entirely an earlier plan for an overseas listing, The Wall Street Journal reported Monday. Aramco had previously discussed an initial public offering in the latter half of 2018 and had been eyeing a listing on New York or another international exchange. However, the oil giant is now contemplating listing on a domestic stock exchange, viewing the l... Read More
Petronas plans to upgrade Kerteh refinery by 2022
The Business Times [SINGAPORE] Malaysia's state-owned Petronas plans to upgrade its refinery in Kerteh, Terengganu, by 2022 to produce higher quality fuels and expand the crude types it processes beyond Tapis, a company executive said. Production of light sweet Tapis crude, once Malaysia's flagship grade, is declining, so the Kerteh refinery is looking to switch to other grades such as medium-sweet Kimanis, Petronas Penapisan (Terengganu) Managing Director and C... Read More
PCS opens US$80m naphtha import facilities on Jurong Island
The Business Times PETROCHEMICAL Corporation of Singapore (PCS) on Wednesday marked the official opening of its US$80 million naphtha import facilities on Jurong Island, a project first announced two years ago in 2016. PCS's newest installation includes eight storage tanks totalling some 240,000 cubic metres of capacity, a 120,000 deadweight tonnage (DWT) liquid berth capable of handling large vessels transporting naphtha and associated facilities. In previous ... Read More
Summit Power inks pact with Mitsubishi for integrated LNG terminal, power project in Bangladesh
The Business Times SINGAPORE-based Summit Power International (SPI) and Mitsubishi Corporation have signed a memorandum of understanding (MOU) to develop an LNG-to-power project, which is expected to cost up to US$3 billion, at Matarbari, Bangladesh. Under the MOU, the parties will develop an integrated liquefied natural gas (LNG) terminal with a regasification capacity of up to 1,500 million cubic feet per day, two units of 1,200 megawatt gas turbine combined c... Read More
OTTCO signs agreement for Oman crude storage terminal
MEED The Special Economic Zone Authority at Duqm and the Oman Tank Terminal Company have signed an agreement over the construction of the Ras Markas crude oil storage terminal. The usufruct agreement allocates 1,253 hectares of land in Duqm for the Ras Markaz terminal for a period of 40 years. It grants the company exclusive rights for the storage of crude oil and its derivative in the area for a period of 20 years and for five years in the Special Economic ... Read More