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April 19, 2016 - Contax Partners’ Energy Feed

No consensus on oil production freeze at Doha Meeting | Saipem signs MoU for Iranian Gas Project  | Saudi’s Yasreef Refinery get $4.7bn international loan 

No consensus on oil production freeze at Doha Meeting

doha oil freeze saudi iran agreementA draft agreement between several OPEC and non-OPEC members was expected to see monthly oil production levels being frozen to January levels. The freeze was planned to last till October 2016 after which producers would meet again in Russia to review progress and plan the way forward. The move was aimed in a bid to correct the imbalance between global demand and supply of crude oil in the global market. While some producers (such as Kuwait) were in favor of the move, Iran had declined to participate in the strategy. Saudi Arabia announced that it would not participate unless all major oil producing countries (including Iran) agreed to freeze production. Due to the various disagreements between country leaders, who were unable to strike a deal, crude oil prices witnessed another decline.



Saipem signs MoU for Iranian Gas Project

iranian gas saipemSaipem has signed a MoU with Iranian Energy firm, Ravazi Oil & Gas Development, to develop the Toos Gas field in northeastern Iran. The Toos Gas Field Development project, which is located 100km northeast of Mashhad, holds more than 60 billion cubic meters of gas and has the capacity to produce approximately 4 million cubic meters of gas per day. The project will include: drilling 5 firm wells (with an optional 2 wells) and the design & construction of upstream gas production, transportation and processing facilities.



Saudi’s Yasreef Refinery get $4.7bn international loan

yasreef refinery saudi

The Yasreef refinery, which is jointly owned by Saudi Aramco (62.5%) and Sinopec (37.5%), began working at full capacity in July 2015 and has now received a USD 4.7bn international loan. The new loan, said to refinance shareholder funds invested by Aramco for its construction, is split in the form of a seven-year term facility where USD 3.1bn is from 17 international banks and USD 1.6bn from 9 local financial institutions.









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