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African Petrochemicals is Africa’s leading bi-monthly trade magazine featuring all the latest petrochemical industry news, special reports, technological advances etc.

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  • Layoffs In Oil & Gas See These Industries Hit Their Bottom Lines
    Posted by Charles Kennedy on August 25, 2016 at 10:32 pm

    Layoffs in the oil industry are setting jewelry stores and many fast food restaurant chains back on their bottom lines, according to a new report by Business Insider. Signet Jewelers reported on Thursday that a decline in sales in energy-dependent areas in the United States accounted for nearly half of its sales losses in the second quarter of 2016. Kay Jewelers and Jared - both part of Signet’s portfolio - saw sales figures drop by 2.3 percent in stores open for over a year. The company had anticipated 1-2 percent growth in sales, w […]

  • EV Revolution Set To Cripple More Than Just The Oil Industry
    Posted by Nick Cunningham on August 25, 2016 at 10:12 pm

    The electric car revolution is already underway, and if the long-term projections are even remotely close to accurate, the effects will ripple through every corner of the global economy. A large chunk of conventional fossil fuel powered electricity generation is already uneconomic because of the surge of wind and solar installations. Nearly every major U.S. coal mining company has either filed for bankruptcy or is in financial distress, a glaring sign that the industry that powered the U.S. electrical grid for a century is dying off. Even the relatively […]

  • Move Over Coal – U.K. Now Gets Half Of Its Power From Nat Gas
    Posted by Lincoln Brown on August 25, 2016 at 9:37 pm

    According to statistics released by the United Kingdom’s Department for Business, Energy and Industrial Strategy, in the second quarter of this year, natural gas was the source of a little over half of the power in the United Kingdom, while coal fell to a record low. Gas accounted for 50.9 percent of generated electricity by major power producers in the UK in Q2, with nuclear power coming in at 24.2 percent, renewables at 18.1 percent, and coal coming in dead last at 6.8 percent. Coal use by those same power producers fell 71 percent, and […]

  • New Tax Regimes Emerge Worldwide Due to Low Oil Prices, EY
    Posted by Tsvetana Paraskova on August 25, 2016 at 9:20 pm

    More and more governments across the world are reconsidering their oil and gas tax regimes in order to cope with the “lower for longer” crude prices and remain competitive, EY said on Thursday in its ‘2016 Global oil and gas tax guide’. Due to the high share of royalties in their tax burdens, the U.S., Brazil and Kazakhstan were three of the countries that had been most vulnerable to the crude price crash, and all three have amended part of their oil tax policies. Since the oil price decline started, the U.S. has reviewed […]

  • Russian Experts Say Country’s Oil Output to Hit All-Time High in 2016
    Posted by Tsvetana Paraskova on August 25, 2016 at 7:04 pm

    Russia is on track to pump record oil volumes this year, with production expected to rise by 1.5-1.6 percent annually to 539 million-540 million tons, experts at local RIA Rating agency said on Thursday. Even though output could decline in the second half of the year, the country is still set to post a new record for full-2016, with a rise of some 6-7 million tons over 2015, the experts say. In the first half this year, Russia’s oil production increased by 3.1 percent on the year to 272.4 million tons. Oil output may be at all-time highs, […]

  • Oil Markets On Edge Awaiting Yellen's Speech
    Posted by Matt Smith on August 25, 2016 at 4:42 pm

    With broader markets distracted by an impending speech by Federal Reserve Chair Janet Yellen, crude is once again preoccupied by potential OPEC developments. As the dollar softens and crude edges higher, hark - here are five things to consider in oil markets today. 1) Ecuador President Rafael Correa met with Iran's Foreign Minister Javad Zarif yesterday, apparently to discuss oil prices. While Iran continues to try and muscle its way back into the global oil market, Ecuador is much more aligned with Venezuela in consistently calling for a production […]

  • Iraq Recaptures The Oilfields South Of Mosul From ISIS
    Posted by Zainab Calcuttawala on August 25, 2016 at 4:41 pm

    Iraqi Prime Minister Haider al-Abadi announced the recapture of the Qayyara oil producing regions south of Mosul from forces loyal to the Islamic State on Thursday, according to a new report by Reuters.The fields in Qayyara produce heavy sour crude, and a refinery near the area processes a portion of the oil that is extracted from the area. In July, the Iraqi army dislodged ISIS from the Qayyara airbase, turning it into a support center for future offences against ISIS-held Mosul - the largest city under the terrorist group’s control in bot […]