The maintenance will cost the company around SAR100 million, which will be reflected in second-quarter results.
Volatile fuel prices could be a good thing for the GCC, writes Abhay Bhargava, associate director and regional head – ME, Energy & Environment Practice, Frost & Sullivan.
The refinery will also undergo a second round of maintenance for 45 days starting March 1 next year.
Total revenues tumbled 29 per cent to Dhs5.13 billion because of the plunge of oil prices since last June.
Abu Dhabi’s International Petroleum Investment (IPIC) owns all of Cepsa and is the biggest shareholder in Cosmo.
The oil giant has completed a massive investment programme which took its output capacity up to 12 million bpd.
The Kingdom pumped 10.308 million barrels of oil per day in April, compared to 10.29 million bpd in March.
The company did not give figures on estimated reserves or production rates for the new fields.
Oil slipped towards $65 a barrel on Monday as signs that U.S. shale oil production was recovering.
Total production from the Wafra onshore oilfield is around 190,000 barrels per day.
China’s crude oil imports hit a record of almost 7.4 million barrels a day last month.
Subscription for the initial public offering, which is open to both local and international investors, will run until June 8.
With the new structure, the company said it will be focusing more on Duqm and managing its international assets.
The new oil paradigm and what it means for GCC’s power generation sector.
Qatar’s existing 25-year exploration and production-sharing agreement with Maersk Oil of Denmark expires in 2017.
Last month, the state-owned firm said that its net loss for the first quarter of the year more than doubled, to 1.94 billion riyals ($517 million).
The Trans Anatolian Pipeline (TANAP) will carry carrying 16 billion cubic metres (bcm) of gas a year from Azerbaijan’s Shah Deniz II field in the Caspian Sea to European markets.
The OPEC producer began storing the medium-sour crude onboard Aframax tanker Abu Dhabi III in mid-April, the sources said.
Brent crude jumped 76 cents to $68.28 a barrel by 0603 GMT, after earlier hitting a 2015 peak of $68.53.
The minister said that he saw a bright future for education, training, development and manufacturing in the Kingdom.
While the June meeting in Vienna is likely to hear demands from some members for a reduction in the amount of oil pumped, a curb is largely unlikely.
India and Iran agreed in 2003 to develop a port at Chabahar on the Gulf of Oman, but the venture has made little progress because of Western sanctions on Iran.
The spot requirement comes even after the country added 800,000 barrels per day (bpd) of capacity in two new refineries over the last two years.
The firm made a net profit of $12 million in the three months to March 31, down from $45 million in the prior-year period.
A stronger US dollar also weighed on the dollar-denominated commodity.
Jet fuel prices will be cut by 15 halalas per litre at Riyadh and Jeddah airports and by 20 halalas per litre at other airports.
The company said the delay would not increase the cost of the plant.
The firm is looking for what bankers termed “incremental finance”, sources said.
Al Waha Petrochemical had closed its propylene and polypropylene plant in Jubail for 30 days from April 1.
On Wednesday, Saudi King Salman appointed Saudi Aramco’s CEO as chairman of the state oil firm and health minister.