The Kurdistan Regional Government (KRG) has halted oil exports from April 1 after claiming that the central government in Baghdad had not made payments to companies working in Northern Iraq since May 2011

Lamprell posted record revenues in 2011 which increased by 127.8 per cent to US$1.14 billion as high oil prices boosted demand.

Iranian oil exports have fallen significantly this month as some buyers stop or scale back purchases to abide by Western sanctions, Reuters reported

Oman Oil Company (OOC) has signed an MoU with Sri Lankas Ceylon Petroleum Corporation (CPC) to promote investment opportunities in oil and gas exploration and refining between both countries.

The first phase of Gulf Petrochem Group’s oil storage terminal project in Fujairah is on track for completion in September 2012, according to the companys CEO.