Kuwaits Supreme Petroleum Council approved the upgrading of two of three existing refineries to raise output and produce cleaner products. The projects are estimated to cost US$29 billion.
Industry
Oil prices fall after IEA move
The International Energy Agencys (IEA) unexpected announcement to release 60mn barrels of crude from strategic oil stocks over the next month have negatively impacted oil prices.
Hitachi to provide compressors to Aramco
Hitachi Ltd has signed a deal with Saudi Aramco to supply compressors to the state-owned companys oil and gas plants.
Weatherford reaches indemnity agreement with BP
Weatherford International Ltd announced that its US subsidiary has reached agreement with BP to settle any claims that may have arisen between the companies relating to the Deepwater Horizon incident and oil spill.
Shell and CNPC to develop Well Manufacturing System
Shell and China National Petroleum Company (CNPC) signed a Global Alliance Agreement emphasising their shared intent to pursue mutually beneficial cooperation opportunities internationally as well as in China.
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