Industry

Iraqi cabinet approves draft of oil and gas law

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Iraq's cabinet has approved a long-awaited draft oil law and sent it to parliament for final passage, a measure seen as key for foreign investors seeking more solid legal guarantees.

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Libya-Italy pipeline to re-open soon

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A pipeline pumping Libyan natural gas to Italy should re-open by October 15, the head of Italian energy giant ENI SpA said, adding that he was concerned about supplies for the winter.

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Saudi oil income set to surge

 

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Strong oil prices will ally with increasing crude output by Saudi Arabia to boost its net foreign assets by more than US$94 billion through 2011 to reach their highest ever level at the end of the year, according to the IMF.

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Shell to continue exporting Syrian oil

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Royal Dutch Shell is planning to continue exporting Syrian oil in September despite fresh US sanctions and a looming EU embargo.

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Libya will honour oil contracts

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Libya's rebel government will honor all energy contracts granted legally under Muammar Qaddafi's 42-year rule and work to restore oil output to prewar levels within a year, said rebel reconstruction leader Ahmed Jehani.

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