Latest news with #petroleum
Zawya
6 hours ago
- Business
- Zawya
Egypt: Agiba Petroleum unlocks 4,100 BOE/day output from Arcadia-28
Arab Finance: Agiba Petroleum Company successfully commissioned the Arcadia-28 well, resulting in a daily production rate of approximately 4,100 barrels of oil equivalent (BOE), according to a statement. This was achieved after a precise acid treatment process was implemented on July 19 th, 2025, using modern technologies similar to those applied to the Iris well. The announcement aligns with the Ministry of Petroleum and Mineral Resources' first strategic pillar, which aims to maximize local petroleum production. Oil companies continue to exert efforts to increase production rates to meet the country's energy needs. On June 30th, Agiba Petroleum discovered a new field of Arcadia West in the Western Desert, while the drilling operations in the Arcadia-28 well led to the discovery of a high-quality reservoir, yielding an initial daily production rate of 2,500 boe. © 2025 All Rights Reserved Arab Finance For Information Technology Provided by SyndiGate Media Inc. (
Russia Today
a day ago
- Business
- Russia Today
Russia bans all gasoline exports
Russia has imposed a full ban on gasoline exports, extending the measure to all petroleum product manufacturers, the government announced on Tuesday. The embargo takes effect on July 29 and will run until the end of August, with a possible extension into September. The move follows a partial ban introduced earlier this year that applies to non-producers such as traders, oil depots, and small refineries, while major refineries producing over 1 million tons annually were exempt. Amid rising wholesale gasoline prices, Moscow has now imposed a full embargo. RBK previously reported that the measure had been under discussion since late June, citing sources. The official notice said the ban aims 'to secure a stable situation on the domestic fuel market during the season of high demand and agricultural field work.' Under the new ban, oil companies must redirect more fuel to the domestic market, boosting stock exchange supply. Prices at the pump have risen in Russia since late June. Even as the country recorded its first deflation this year (0.05%) last week, gasoline prices rose 0.3% from July 15-21. Wholesale gasoline prices in the European part of Russia have also surged since early summer, according to the St. Petersburg Mercantile Exchange (SPIMEX). AI-92 gasoline is up 14.8%, AI-95 by 23%, with year-on-year increases of 27.2% and 40.8%, respectively. Experts cite logistical bottlenecks, seasonal refinery maintenance, and the January 1 indexation of excise duties on gasoline and diesel as key drivers for the surge. The Energy Ministry said last week that seasonal summer demand is factored into pricing policy and described the domestic fuel market as stable. Experts note that the embargo does not apply to previously agreed volumes under intergovernmental deals, including with the Eurasian Economic Union bloc of post-Soviet countries, as well as with Mongolia, Uzbekistan, Abkhazia, and South Ossetia. Analysts say the ban was expected, describing it as part of the administrative cycle of the Russian fuel market. Export restrictions are typically imposed to curb retail price spikes and lifted once prices stabilize.
Times of Oman
2 days ago
- Business
- Times of Oman
Duqm Refinery celebrates export of 500th shipment of oil products
Duqm: Duqm Refinery marked a significant milestone with the export of its 500th shipment of refined petroleum products through its export terminal, reflecting the company's rapid progress and solidifying its position as a strategic hub in global energy supply chains. The achievement underscores the refinery's unwavering commitment to operational excellence, safety, and the delivery of high-quality products. Eng. Abdullah Al Ajmi, CEO of Duqm Refinery, stated that since the first shipment in May 2023, the refinery has maintained a flawless safety record while exporting over 19 million tonnes of refined products to multiple global markets. This success highlights the refinery's operational resilience, efficiency, and accelerated growth driven by strong momentum. In a statement to Oman News Agency (ONA), Al Ajmi emphasized that reaching the 500th shipment milestone demonstrates what can be achieved through vision, collaboration, and operational excellence. He noted that Duqm Refinery has consistently set new benchmarks in operational performance, achieving exceptional loading rates of 130,000 barrels per hour across five simultaneous berths—a testament to the refinery's advanced operational efficiency and precision. The CEO added that the refinery has demonstrated remarkable logistical capabilities, handling 304,388 metric tons of liquefied petroleum gas (LPG) and seamlessly managing vessels of varying sizes, from small tankers to giant LR2-class ships. Additionally, the refinery completed loading operations for petroleum coke shipments, each exceeding 50,000 tons, in under 120 hours per shipment. Al Ajmi pointed out that after more than two years of full-scale operations, nighttime crude oil offloading at Ras Markaz terminal has become an integral part of daily operations, showcasing the refinery's readiness to provide round-the-clock integrated logistics services. He explained that Duqm's export terminal, strategically located outside the Strait of Hormuz, offers a competitive logistical advantage, enabling smooth exports to key destinations spanning East Africa, South Asia, the Gulf of Mexico, and Europe. He affirmed that Duqm Refinery continues to diversify its exports, with plans to expand sulfur shipments as part of its strategy to broaden its product portfolio and flexibly meet global market demands with innovation. Eng. Al Ajmi stressed that this rapid achievement reinforces Duqm Refinery's position as a strategic developmental hub, advancing Oman's industrial ambitions and strengthening global confidence in the Sultanate of Oman as a reliable supply chain partner. The refinery stands as one of the world's most advanced and efficient refineries. It is worth to mention that Duqm Refinery has achieved remarkable growth in a record time, exceeding 110% of its nameplate capacity and increasing production from 230,000 to 255,000 barrels per day.
Zawya
2 days ago
- Zawya
Egypt: EGPC unveils results of inspection campaign at fuel stations
Arab Finance: The Egyptian General Petroleum Corporation (EGPC) announced the results of its periodic inspection campaign of the petroleum products trading and distribution system, according to a statement. Conducted by the Central Committee for the Control of Petroleum Products Circulation, the campaign took place during the third week of July and covered 26 gas stations in 14 governorates. In the New Valley Governorate, the authority seized a fuel station over collecting large quantities of diesel and gasoline, amounting to 15,700 liters, for illegal disposal, with a fine of EGP 471,000. Moreover, the committee has taken legal action against a diesel tanker driver, as he was caught red-handed on the Abu Zekry axis in Alexandria selling illegal quantities of diesel fuel. The campaign also uncovered tampering with the calibration of nine fuel nozzles at four stations. They were seized in preparation for proper recalibration of the fuel pumps by the Egyptian Organization for Standardization and Quality (EOS). Also, the authority discovered water in a diesel tank at one station and took action immediately to disinfect the tank and ensure the safety of citizens' vehicles. The committee observed several violations at some fuel stations related to safe operating procedures, which resulted in a lack of awareness among employees about the risks of certain operational behaviors, such as smoking inside the station or refueling vehicles while the engine is running. In this regard, stations were required to adhere to safe operating regulations, informing workers about these procedures to ensure the safety of customers and themselves as well. Meanwhile, specialized training programs are being developed for fuel station workers in cooperation with the training centers of the sector's companies. Other programs are also being implemented for fuel depot and tanker truck inspection workers to raise awareness and ensure compliance with safety standards. © 2025 All Rights Reserved Arab Finance For Information Technology Provided by SyndiGate Media Inc. (
Zawya
2 days ago
- Business
- Zawya
Saudi Arabia and Syria sign energy cooperation agreement in Riyadh
RIYADH — Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman met with Syria's Minister of Energy Eng. Mohammad Al-Bashir in Riyadh on Sunday to explore opportunities for bilateral cooperation across various energy sectors. During the meeting, both sides discussed ways to strengthen ties in petroleum supply, electricity, renewable energy, energy efficiency, and investment opportunities. The talks also covered knowledge exchange in developing projects, policies, and regulations in the energy sector, with a shared aim of supporting Syria's development efforts. Following the meeting, the two ministers signed a memorandum of understanding between the governments of Saudi Arabia and Syria to enhance cooperation in energy. The MoU outlines joint efforts in petroleum, gas, petrochemicals, electricity, power interconnection, and renewable energy. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
