Iraq plans three gas plants

BAGHDAD: Iraq plans to build three new plants to process natural gas currently being flared at southern oil fields, and use the fuel for power generation and to increase the nation’s income from energy exports, Oil Minister Jabar Al Luaibi said.

Iraq is forced to flare some of the gas produced alongside crude oil as it lacks the facilities needed to capture and process it into usable fuel. The country has just one gas processing company, the Basrah Gas Company, a joint venture between Iraq state-run South Gas Co., Shell and Mitsubishi.

'The ministry is seeking to end the flaring of associated gas in the next few years, despite the economic and financial challenges,' Luaibi said in an emailed statement.

Punj Lloyd wins Saudi project

MUMBAI: Punj Lloyd, an engineering and construction group in India, said it has secured an engineering, procurement and construction (EPC) contract worth $47 million from Yanbu Aramco Sinopec Refining Company (Yasref) for its project in the Yanbu region of Saudi Arabia.

The ‘Clean Fuels Interfacing Facilities Project’ has been awarded to the group’s subsidiary, Dayim Punj Lloyd.

The project’s objective is to interface Yasref with the Aramco Yanbu Refinery to supply low sulphur clean transportation fuel - diesel and gasoline - for domestic distribution, said the company in a statement.

In addition, the pipeline system will also contain provision to transport Yasref refined products to the western regional pipeline hub, it stated.

Saudi oil exports drop

DUBAI: Saudi Arabia’s crude oil exports in February fell to their lowest level since mid-2015, official data showed, as the world’s largest oil exporter complied with an Opec-led agreement.

Saudi Arabia crude shipments dropped to 6.957 million barrels per day.