Iran’s leader vows response to British ‘piracy’
Iran's top leader has said his country will retaliate over the seizure of an Iranian tanker by British authorities.
Middle East
Saudi wealth fund ‘to buy’ stake in venture from Aramco, Jacobs
Saudi Arabia’s sovereign wealth fund has acquired a 40% stake in a joint venture between state energy producer Aramco and Jacobs Engineering Group Inc., according to three people familiar with the matter.
Hunt to dial down tensions in Gulf after Iran tanker seizure
Jeremy Hunt is to launch a fresh diplomatic bid to prevent the Iran nuclear deal unravelling and to ease tensions in the Gulf.
UK in talks with US to boost protection for Gulf shipping over Iran threat
The U.K. is in talks with the U.S. and other allies about beefing up their military presence in the Persian Gulf to deal with the rising threat to shipping posed by Iran.
Aramco awards $18billion in deals for work at oil fields
Saudi Aramco, the world’s largest crude exporter, awarded $18 billion in contracts to boost output capacity at two offshore oil fields even as the kingdom and its OPEC partners restrict production.
BP oil tanker shelters in Persian Gulf on fear of Iran retaliation
An oil tanker run by BP Plc is being kept inside the Persian Gulf in fear it could be seized by Iran in a tit-for-tat response to the arrest by Gibraltar last week of a vessel hauling the Islamic Republic’s crude.
Saudi Aramco to dust off shelved plans for mega IPO
Saudi Arabia is restarting preparations for a potential initial public offering of oil giant Aramco, months after putting the planned listing on hold, people familiar with the matter said.
Iran uncertainty major factor behind OPEC delay
Uncertainty relating to Iran and the US-China trade war has led volatile oil prices and the postponement of a key OPEC meeting. The recent exchange of words between US and Iranian leaders has not calmed markets.
Chevron Phillips joins Qatar to build Middle-East’s biggest ethylene plant
Chevron Phillips Chemical Co. will help gas-rich Qatar build the Middle East’s largest plant for production of ethylene, a key ingredient in plastics.
McDermott wins large offshore contract with Saudi Aramco
McDermott has won a “large” contract for work on two oil and gas fields off Saudi Arabia.
Oil keeps rising as more US sanctions worsen tension in Gulf
Crude kept rising following its biggest weekly gain since late 2016 after PresidentDonald Trump said he would impose “major additional sanctions” on Iran, exacerbating tensions in the oil-rich Middle East.
Ace Winches looks to pull in new Europe and Middle East customers
Lifting specialist Ace Winches is looking to pull in new customers with partnerships in Europe and the Middle East.
War risk insurance spirals higher for Middle East tankers
Oil tanker owners face spiraling insurance costs to load cargoes from the world’s largest crude-export region after the latest round of attacks on vessels.
UK backs White House assessment blaming Iran for oil tanker ‘attacks’
Britain is currently backing the US in its assessment that Iran is responsible for suspected attacks on two oil tankers in the Gulf of Oman, the Foreign Secretary has said.
Updated: Crews evacuated as oil tankers targeted near Strait of Hormuz
Two oil tankers near the strategic Strait of Hormuz have reportedly been attacked, leaving one ablaze and adrift as sailors were evacuated from both vessels and the US navy rushed to assist amid heightened tensions between Washington and Tehran.
Petrofac wins £60m contract for Oman job
UK oilfield services giant Petrofac has clinched a £60 million deal to provide procurement services for Petroleum Development Oman.
Wood wins contract for petrochemicals plant in Oman
Aberdeen-headquartered Wood has secured work on a large petrochemicals plant in southern Oman.
Ineos to splash £1.6bn on Saudi plants
Chemicals and plastics giant Ineos is set to spend two billion US dollars (£1.6 billion) on building three manufacturing plants in the Middle East for the first time.
Deep Casing Tools bags new £2.4m order in Middle East
An Aberdeen-headquartered well technology firm said a new multimillion-pound order showed the decision to target the Middle East market was paying dividends.
Aramco starts fuel trading from UAE with ex-BP, Pemex hires
Saudi Aramco hired two Singapore-based traders and began dealing in fuel at the Middle East’s main bunkering port as the world’s biggest oil exporter expands further into the trading business.
Iraq says Exxon Evacuation of staff is `unacceptable’
The evacuation of some Exxon Mobil Corp. workers is “unacceptable and unwarranted” because it has nothing to do with the security situation in southern Iraq, according the country’s energy minister.
Wellpro Group makes seven-figure acquisition in Middle East
Aberdeen-headquartered Wellpro Group has announced its entry into the Middle East with a new acquisition.
Oil price could shoot ‘violently upwards’ after Middle East tanker attacks, Rystad says
The global oil price could shoot “violently upwards” following supply disruptions in the Middle East, including attacks on a pair of oil tankers.
Saudi Arabia says two oil tankers sabotaged
Saudi Arabia has said two of its oil tankers were sabotaged off the coast of the United Arab Emirates in attacks that caused "significant damage" to the vessels, one of them as it was en route to pick up Saudi oil to take to the US.
Saudi Taqa sees $1.2 billion in America, Middle East oil deals
A Saudi oilfield services company backed by the country’s sovereign wealth fund kicked off a planned $1.2 billion in acquisitions by buying Texas-based Schlumberger Ltd.’s Middle Eastern drilling-rig business.