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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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  • Libya Attacks Humanitarians Mistaken for Oil Smugglers
    Posted by Erwin Cifuentes on August 31, 2016 at 9:56 pm

    The Libyan navy on 17 August fired shots against a rescue boat run by Medicines Sans Frontieres (MSF), which they mistook for oil smugglers, according to the Libyan Gazette on Wednesday. “The boat was spotted in international waters and it’s known to be an oil smuggling route, so that’s why our coastal guards had to intercept it but the crew tried to flee to the north,” said Libya navy spokesperson Ayoub Qassem on Tuesday. Qassem claimed a naval patrol boat issued a call to the crew of the MSF’s boat, the Bourbon Argos, […]

  • Norwegian Oil And Gas To See A $50 Billion Cut In Investment
    Posted by Zainab Calcuttawala on August 31, 2016 at 9:55 pm

    The Norwegian oil and gas industry will see $50 billion less in capital investment from 2016-2020 than previously forecasted as a result of cancelled or delayed projects, according to a study by industry consulting firm Wood Mackenzie. "Companies are seeking lower cost solutions, be that from cheaper market rates, or different development options," Malcolm Dickson, principal analyst for Upstream Oil and Gas at Wood Mackenzie told World Oil earlier this week. Ten projects on the Norwegian Continental Shelf have been shelved, the authors of the study […]

  • Delek Mulls Over Up To $4B IPO of Tamar Gas Field Stake
    Posted by Tsvetana Paraskova on August 31, 2016 at 9:36 pm

    Israeli conglomerate Delek Group Ltd is weighing the possibility to launch an overseas initial public offering (IPO) of its 31-percent stake in the large Tamar gas field offshore Israel, Bloomberg reported on Wednesday, citing people in the know. Delek is considering spinning off its Tamar stake – valued at US$3 billion-US$4 billion - into a special purpose vehicle and list it in New York, London or Amsterdam. Although the group has held talks with HSBC Holdings Plc and JPMorgan Chase & Co, no final decision on an IPO has been made, and […]

  • Slave Shipyards: The Oil Industry's Shocking Secret
    Posted by Zainab Calcuttawala on August 31, 2016 at 9:19 pm

    A series of news reports coming out of Norway claim to connect a Norwegian shipping company that operates seismic vessels for the oil industry to slave labor benefitting high-level officials in North Korea’s dictatorial Worker’s Party. Parts of GC Reiber Shipping’s flagship seismic vessel, the Polar Empress, have allegedly been constructed by North Korean workers brought to Gdynia, Poland, by Armex, a local staffing company. Oil and gas companies use seismic vessels to locate the best possible area to drill in oceans and other […]

  • Slashing Dividends: The Only Option Left For Big Oil?
    Posted by Nick Cunningham on August 31, 2016 at 9:03 pm

    The oil majors will have an extraordinarily difficult time trying to maintain their hefty dividends in today’s oil market environment, and unless oil prices rebound substantially, companies may be forced to slash their payouts to shareholders. The largest oil producers pay shareholders a combined $40 billion in dividends each year, a level that is not sustainable with oil prices at $50 per barrel, according to Chris Kettenmann of Macro Risk Advisors. “There’s massive risk to the dividend structure of these big oil companies over […]

  • Oil Wars: Can Russia Hold Off Middle Eastern Oil In Eastern Europe
    Posted by on August 31, 2016 at 7:49 pm

    Russia still has supremacy over Central and Eastern Europe, especially over its crude oil market. However, Middle-East countries like Saudi Arabia, Iraq and Iran, have recently entered this traditional Russian trade because every oil producing country is searching for new markets and bigger market share regardless of the price. Last year, oil from the Saudi Kingdom arrived in Poland for the first time, and in August this year Iranian crude came back to the Polish market after being absent for a couple of years. Hungary, the second biggest export […]

  • Proving Them Wrong: How The U.S. Oil And Gas Industry Survived
    Posted by Stuart Burns on August 31, 2016 at 5:43 pm

    The Saudis counted them out. So did the Russians, even many domestic analysts said North American shale and tight oil and gas production would decline in the face of low prices and that investment would dry up and output would fall. Well, guess what? They have all been proven wrong. Sure, rig counts have dropped and there have been painful layoffs of workers, but the industry is surviving and against all the “experts” advice, production of natural gas from the Marcellus and Utica shales of the U.S. Northeast is averaging 22.63 billion […]

  • What Iraqi’s Support For An OPEC Freeze Means For Oil
    Posted by Charles Kennedy on August 31, 2016 at 4:52 pm

    Iraq surprised the oil market this week by insisting that it would support an output freeze at the upcoming OPEC meeting in Algeria. The comments upend expectations about the outcome of the meeting, raising the chances of an historic deal. “We support freezing oil production by OPEC due to the sharp decline of oil prices,” Iraq’s Prime Minister Haider al-Abadi said at a news conference on August 30. Previous comments from top Iraqi officials suggested that Iraq, OPEC’s second largest oil producer, would not support any agreement […]