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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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  • Oil Under Pressure As Saudi Arabia Downplays OPEC Deal
    Posted by Evan Kelly on August 26, 2016 at 6:23 pm

    We begin by taking a quick look at some of the critical figures and data in the energy markets this week, which show that oil prices have bounced up and dow as a result of continued OPEC output freeze rumors. (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge)Friday, August 26, 2016Oil prices faced some downward pressure at the end of this week as Saudi Arabia seemed to downplay the chances of an OPEC deal in Algeria (see below). But oil prices moved back up during […]

  • U.S. Sees Unchanged Oil Rig Count As Canada Boasts 19 New Oil Sites
    Posted by Zainab Calcuttawala on August 26, 2016 at 6:15 pm

    Friday’s Baker Hughes report heralded the end of eight straight weeks of U.S. oil rig gains, which boasted a net change of zero, hopefully subduing, even if just for a day, the volatile oil market that seems to hang on—or sway with—every API or EIA report, and every word from OPEC’s, Saudi Arabia’s or Iran’s mouth. Meanwhile, Canada saw an increase of 25 oil and gas rigs this week, with a total of 146 sites now in operation. This week last year, the nation had in operation 196 rigs. Most of the Canadian growt […]

  • Rosneft’s $3 Billion Indian Oil Plan May Hit US Sanctions Snag
    Posted by Tsvetana Paraskova on August 26, 2016 at 5:57 pm

    The planned sale of 49 percent in India’s Essar Oil to Russian giant Rosneft may have run afoul of the U.S., which has Rosneft on the list of sanctions it had imposed over Russia’s annexation of Crimea, The Times of India reported on Friday. According to the Indian daily, many Indian banks, which are heavily exposed to Essar Oil with extended loans, may be reluctant to back the sale, which is estimated to be worth some US$3 billion, for fear of facing scrutiny and reaction by the U.S. “We may have to review our exposure to Essar […]

  • Blackstone Snatches Up Permian Oil Assets
    Posted by Irina Slav on August 26, 2016 at 5:00 pm

    Blackstone Group LP is partnering with two energy companies to buy assets in the Permian, one of the few shale plays in the U.S. where production is still profitable at current oil prices. The companies involved are Jetta Operating Company and Guidon Energy. With Jetta, Blackstone will look for attractive assets in the Delaware Basin in West Texas as well as in southern New Mexico, for which purpose the partners have allocated US$1 billion. The second partnership, with assets of US$500 million, will focus on assets in the Midland Basin. Blackston […]

  • Oil Stabilizes On Falling Dollar
    Posted by Matt Smith on August 26, 2016 at 4:49 pm

    As financial markets are distracted once more by Federal Reserve Chair Janet Yellen, crude is not immune to this influence, making moves in response to the U.S. dollar's gyrations (crude up, dollar down). We'll choose to ignore this hullabaloo, and hark, consider six things specifically relating to oil markets today: 1) Even the world's smaller oil producers and exporters play a key role in the global oil market. Even though we consume some ~96 million barrels per day of crude, the market remains at the mercy of incremental daily swings in supply […]

  • Petroleum Facilities Guard Shuts Down Oil Field in Libya
    Posted by Irina Slav on August 26, 2016 at 4:08 pm

    As Libya continues its descent into chaos with three rival ‘governments’ vying for control of the country’s oil wealth, the Petroleum Facilities Guard (PFG), has reportedly shut down production at Libya’s Hammad oilfield, citing salary arrears, a spokesman for the Al-Khaleej Al-Arabi oil company told local media. Al-Khaleej Al-Arabi is a unit of the National Oil Corporation of Libya and is in charge of Hammad and other oil fields in the so-called oil crescent, as well as the port of Hariga, one of the country’s crud […]

  • Yemen’s Houthi Forces Claim Missile Hit On Saudi Aramco Oil Facilities
    Posted by Tsvetana Paraskova on August 26, 2016 at 3:24 pm

    Yemeni Shiite Houthi rebels have reportedly fired missiles targeting Saudi Aramco, allegedly damaging the oil giant’s facilities in southwestern Saudi Arabia on Friday, according to local Houthi-affiliated media, with no confirmation from Saudi officials or Aramco itself. Yemen is the site of a proxy war between Saudi Arabia and Iran, and Iranian media were the first to report on the Houthi claims coming out of Yemen. In February 2015, the Houthi rebels forced President Abd-Rabbu Mansour Hadi to flee to Saudi Arabia, Yemen’s neighbor […]

  • 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 […]