ADVERTISEMENT

Oil


  • Filter by

Petronas-Saudi RAPID refinery to offload first oil cargo on Monday

SINGAPORE: A supertanker carrying the first crude oil cargo for a refinery joint-venture project between Petronas and Saudi Aramco is expected to be unloaded on Monday, according to two industry sources and shipping data on Thomson Reuters Eikon.

The project, Refinery and Petrochemical Integrated Development (RAPID), is a $27 billion complex located between the Malacca Strait and the South China Sea, conduits for Middle East oil and gas bound for China, Japan and South Korea.

OPEC, Russia rebuff Trump's call for immediate boost to oil output

ALGIERS: OPEC's leader Saudi Arabia and its biggest oil-producer ally outside the group, Russia, ruled out on Sunday any immediate, additional increase in crude output, effectively rebuffing U.S. President Donald Trump's calls for action to cool the market.

Saudi Arabian Energy Minister Khalid al-Falih talks to reporters at the OPEC Ministerial Monitoring Committee in Algiers, Algeria September 23, 2018. - Reuters

S. Korea has bought no Iranian crude oil for 3 months

DUBAI: South Korea has bought no Iranian crude oil for about three months after the reimposition of U.S. sanctions on Tehran, a spokesman for the Iranian oil ministry was quoted as saying on Sunday by the ministry news website SHANA.

Three sources familiar with the matter told Reuters in early July that South Korea would not lift any Iranian crude and condensate that month, halting all shipments for the first time in six years amid U.S. pressure to cut all imports of Iranian oil from November.

A brilliant rebound

AROUND 12 years ago, Datuk Joseph Lim Heng Ee had the biggest setback in his career as an entrepreneur. Due to a lack of trust over how the company’s funds were managed, Lim was forced out from a biomass business he co-founded with two other partners.

New revenue stream: GGS has obtained four licences for biomass-to-energy and biogas-to-energy projects.

Green energy source going to waste

BEING a major agricultural commodity producer in the region, Malaysia produces at least 168 million tonnes of biomass, including timber and oil palm waste, rice husks, coconut trunk fibres, municipal waste and sugarcane waste annually.

Untapped opportunity: With more than five million hectares of land under oil palm plantation, oil palm waste constitutes the largest share of agro waste in the country. — Bloomberg

Palm oil seen to be in range bound trade next week

KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives will likely remain in range-bound trading at between RM2,130 and RM2,170 next week, as traders may adopt a wait-and-see attitude, amid the ongoing trade tensions between the United States (US) and China, a dealer said.

With the escalating tariff conflict, we may see China turning to Argentina as an alternative to purchase soybean oil instead of from the US, says a trader.

ADVERTISEMENT