Saudi Basic Industries Corp. (SABIC) signed a memorandum of understanding (MoU) with Saudi Arabian Oil Co. (Saudi Aramco) and China Petroleum & Chemical Corporation (Sinopec) to assess the economic and technical feasibility of developing an integrated petrochemical complex with a local refinery in Yanbu Industrial City. The MoU is valid …

German Chancellor Olaf Scholz and other ministers inaugurated on Saturday morning (17 December) the country’s first liquid natural gas (LNG) terminal in Wilhelmshaven in northern Germany, a project expected to supply around 6% of the country’s energy demand. At the inauguration, Scholz stated that the rapid completion of the plant …

China’s plan to expand use of its currency for oil trading with six Middle Eastern countries will elevate use of the yuan in global commerce among friendly countries and futures traders drawn by its stable exchange rate, market analysts forecast. But while that may lead to more yuan-for-oil deals – …

OPEC has cut its forecasts for US shale oil supply several times as factors including investor caution curb expansion, making the non-conventional supply less of a worry for the producer group in its decisions on oil policy. On Tuesday, OPEC trimmed its forecast for 2023 growth in U.S. tight oil, …

Global coal consumption will rise to an all-time high in 2022 and remain at similar levels for several years in the absence of stronger efforts to accelerate the transition to clean energy, a report by the International Energy Agency (IEA) showed Friday. The IEA expects global coal use to rise …

Azerbaijan intends to export at least 11.6 billion cubic meters of natural gas to Europe in 2023, President Ilham Aliyev said in Bucharest at the signing ceremony of an agreement between the governments of Azerbaijan, Hungary, Georgia and Romania on a strategic partnership in the development and supply of green …

In coordination with the Iranian Oil Ministry’s representative office in Baghdad, the Iraqi Oil Ministry has notified all its affiliated entities about Iranian companies’ readiness for participation in the country’s energy projects, Shana reported. The oil ministries of Iran and Iraq have established a joint working group in order to …

Japan is bringing back nuclear power as a key energy source, looking to protect its energy security in the crisis that has led to surging fossil fuel prices. The Japanese government confirmed on Friday a new policy for nuclear energy, which the country had mostly abandoned since the Fukushima disaster …

Turkey on Friday held a long-awaited ceremony to mark an increase in capacity at its first underground natural gas storage facility, in what officials say will make it the biggest storage site in Europe. The country has been filling its gas storage units this year as the import-dependent country sought …

Egypt has discovered a large gas field in the Nargis region of the eastern Mediterranean, Oil Minister Tarek El Molla said, Reuters reports. An assessment of the field’s reserves is still ongoing, he told a parliamentary committee briefing. According to Chevron’s Web site, Nargis is one of four offshore exploration …