The Arab Petroleum Investments Corporation (APICORP) has launched a US$500mn countercyclical support package aimed at supporting its clients in the energy sector to mitigate the COVID-19 impact
Industry
Saudi tanker Armada set to join US congestion and strain oil storage
A Rystad Energy analysis has revealed that 28 tankers with Saudi oil, including 14 VLCCs and carrying a total of 43 mmbbl, will arrive on the US Gulf and West coasts between 24 April and 24 May
Abu Dhabi’s ADQ acquires ownership of NPCC
ADQ has assumed full ownership of National Petroleum Construction Company (NPCC) after acquiring the 30 per cent shares previously held by Consolidated Contractors International Company (ICC)
Energy sector drives GCC construction in Q1 2020, says BNC journal
Around US$12.9bn worth of energy projects were awarded in the GCC in the Q1 2020 registering a 53 per cent QoQ hike, according to the 17th edition of the BNC projects journal Code Blue
‘Asian crude oil importers are likely to gain after Saudi Arabia slashes oil prices’
Asian crude oil importers are likely to be at an advantageous position, as Saudi Arabia slashed oil prices to around US$4.2 per barrel of Arab light crude for the Asian markets for the months of April and May 2020 in a bid to boost its market share
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