Petrochemicals

Iraqs cabinet has approved a US$468.5mn preliminary contract with Saipem, Europes largest oilfield-services provider, to develop export facilities in the countrys south, State Minister Ali Al Dabbagh said.

Saudi Arabias PetroRabigh has extended bidding for building parts of an estimated US$6-8 billion expansion project at its giant petrochemical plant.

Saudi Aramco Total Refining and Petrochemical Company (SATORP) launched its first public offering of a Sukuk which will help finance part of its refinery project.

Iraqs oil output could reach up to four million barrels per day (bpd) by the end of next year and it is adding a fifth project to its planned refinery capacity expansion as it seeks to meet domestic demand, its deputy oil minister said.