Gulf Petrochem Group has signed an investment agreement with the Government of Fujairahs subsidiary Fujairah Petroleum Company (FPC) which sees FPC buy a 12 per cent stake in its upcoming storage terminal project in Fujairah.

Lukoil has awarded Piling Tech, a unit of UAE-based Tech Group, its first oil contract in Iraq valued at US$10mn.

Libya will supply four major European trading houses with crude oil in 2012 according to a National Oil Corporation (NOC) official.

Oil exploration and production activity is growing fast in southern Iraq.

Iraq awarded a three-year contract valued at US$640mn to Baker Hughes to drill 60 wells in Iraqs southern Zubair oilfield, government spokesman Al Al-Dabbagh said.