Middle East downstream news

McDermott has been selected by Aramco as one of the 11 selected contractors for a Project Management Consultancy Long-Term Agreement to support delivery of large-scale energy, downstream, petrochemical, and low carbon projects across the Kingdom of Saudi Arabia.

Emerson have announced it will co-develop next-generation corrosion management solutions for the Saudi Arabian Oil Co. (Aramco).

Oil prices could reach US$200/bbl in worst-case scenario as more than 11 million bpd of Gulf crude and condensate supply remains curtailed, Wood Mackenzie has reported.

ADNOC has announced the exchange of two strategic collaboration agreements with Indian partners, reinforcing the strong and expanding UAE-India energy partnership.

The US Energy Information Administration has published its May Short-Term Energy Outlook, reflecting a continued disruption to Middle Eastern oil flows.

TA’ZIZ has announced that the TA’ZIZ Methanol Co. has achieved financial close on US$2 billion (AED7.34 billion) financing for the UAE’s first world scale methanol plant in Al Ruwais Industrial City.

Borouge Plc is set to deliver the first batch of Cross-Linkable Polyethylene (XLPE) materials from its Borouge 4 expansion project this quarter, further supporting the development of the UAE’s energy sector.

Edison has announced that it has received an update from QatarEnergy of ongoing force majeure affecting LNG supplies delivered to the Adriatic LNG terminal.

Even if a deal is struck, Rystad Energy cautions that the consequences for physical oil markets will be slower and more conditional than futures prices are currently pricing in.

TA’ZIZ and Alpha Dhabi Holding have announced a strategic collaboration agreement for ~$10 billion (AED36.7 billion) in capital investment in new industrial chemicals in the TA’ZIZ industrial chemicals ecosystem in the UAE.