Author: Rigs & Barge World

The Petroleum Arrows Company recorded a 27% year-on-year (YoY) increase in net profit during fiscal year (FY) 2025, driven by the transport of 4.7 billion liters of liquid petroleum products and 957,000 tons of butane gas. Mahmoud El-Kaffas, the company’s Chairman, reported these results during the General Assembly convened via videoconference to approve the year’s financial performance. El-Kaffas noted that the company maintained a dominant market position, accounting for 17.5% of liquid petroleum products transport and 65% of butane gas transport nationwide. This was achieved through a fleet of 362 transport units that covered a total operating distance of 56…

Iraq’s parliament elected a new president on 11 April, triggering a 15-day countdown for the leading Shia blocs to nominate a prime minister by 26 April. It took five months to reach this point since November’s parliamentary elections, with the fraught process of forming a government exposing deep divisions within Iraqi politics. The US-Iran conflict has only exacerbated those rifts (MEES, 3 April). The new president is Nizar Amedi, a former cabinet minister and long-standing member of the Patriotic Union of Kurdistan (PUK). He was declared the winner after two rounds of voting – 208 votes in the first round…

The infectious optimism that President Trump displayed on Friday, suggesting a deal with Iran was imminent, has since faded as both sides issue conflicting signals. On Friday, Iran claimed the Strait of Hormuz was fully open for shipping without restrictions. President Trump corroborated this but added a significant caveat: the passage remains closed to ships bound for or departing from Iranian ports.As if celebrating a premature victory, President Trump belittled the NATO, North Atlantic Treaty Organisation,  as a paper tiger, asserting that the United States is its only effective leader and criticizing the alliance for failing to support the U.S.…

Libya’s rival legislative bodies have approved a unified state budget for the first time in more than 13 years. The Central Bank of Libya (CBL) welcomed the move as “genuine progress” toward restoration of financial stability after years of division. CBL governor Naji Issa oversaw the signing of the US-brokered deal between the Tripoli-based High State Council (HSC) and the Benghazi-based House of Representatives (HoR) on 11 April. (CONTINUED – 1414 WORDS) Read this article for free Gain access to over 60-years of energy analysis and news Delve into the details backed by data Exclusive information from high-level officials Assess…

The Syrian Petroleum Company (SPC) began loading Iraqi high sulfur fuel oil (HSFO) onto an Aframax tanker at the Mediterranean port of Banias on 14 April, according to Kpler. The oil was trucked from Iraq to Syria, as Baghdad develops workarounds to maintain exports while the Strait of Hormuz is shut. The Asahi Princess tanker is slated to load 85,000 tons (540,000 barrels) of fuel oil. In total, Iraq plans to truck up to 650,000 tons per month (140,000 b/d) to Syria, with some volumes supplying Syrian power plants (MEES, 3 April). Hundreds of trucks have been crossing the border…

The US-Israel war with Iran and the subsequent closure of the Strait of Hormuz have garnered global attention for triggering the biggest energy crisis in recent history (MEES, 17 April), but the impact on the region’s role as an oil products trading hub has gone underreported. Since the outbreak of war on 28 February, activity at major storage and trading centers in Fujairah, Jebel Ali, Hamriyah, and Sohar has declined sharply. For the UAE’s Jebel Ali and Hamriyah, the issue was geography. Neither port was damaged by Iranian attacks (except for a small fire caused by debris at Jebel Ali),…

Petroleum Marine Services Company (PMS), a state-owned company, announced that it has received an assignment order to execute marine works for Phase 12 of the West Delta Deep Marine (WDDM) natural gas field development project, on behalf of Burullus Gas Company. PMS will act as the general contractor under the Engineering, Procurement, Installation, and Construction (EPIC) system, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR). According to the assignment order, PMS will install the required electrical, hydraulic, and mechanical connections in deepwater to link three new natural gas wells to production as part of Phase…

Tharwa Petroleum Company, a state-owned company, recorded strong operational and production results in 2025, achieving a 15% increase in output compared to the previous year following the successful drilling of four new wells in the Western Desert, Chairman and Managing Director Saeed Abdel Moneim reported. The wells were initially drilled to offset natural production decline, but results exceeded expectations and bolstered overall growth. Average daily production surpassed 5,000 barrels, yielding total annual crude oil output of approximately 1.9 million barrels (mmbbl). The company also added new petroleum reserves, with crude oil sales exceeding 500,000 barrels during the year. As part…

The UN Security Council (UNSC) voted unanimously in favor of a UK-drafted resolution to counter illicit oil exports and smuggling from Libya on 14 April. The vote, taken during a special session on Libya, comes after a UN report found that private Libyan company Arkenu has been diverting oil revenues away from the CBL to offshore bank accounts benefiting armed groups (MEES, 17 April). The UNSC says that Resolution 2819 of 2026 authorizes member states “to inspect on the high seas vessels designated by the 1970 Libya Sanctions Committee as being involved in the illicit export of petroleum from the…

TotalEnergies, the integrated multi-energy company, anticipated a sharp rise in first‑quarter (Q1) of 2026 earnings, driven by strong trading results, higher upstream output, and increased oil sales amid elevated prices linked to the war in Iran, even as the conflict forced the shutdown of 15% of the French company’s overall production, Reuters reported. The group reported that European refining margins averaged $11.40 per barrel in the quarter, up 192% a year earlier and unchanged from the Q4 2025 margin. TotalEnergies is scheduled to report Q1 earnings on April 29. Benchmark Brent crude futures surged to multi‑year highs near $120 a…