Massar Solutions postpones IPO

Updated 03 February 2015
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Massar Solutions postpones IPO

ABU DHABI: Massar Solutions, a UAE vehicle rental and fleet management firm, on Tuesday said it is postponing its initial share offering on the Abu Dhabi bourse, citing poor demand due to market volatility.
Massar will postpone the initial public offering (IPO) until oil prices are more stable, it said in a statement.
A report in local newspaper The National on Sunday said that less than half the shares had been subscribed to during the offer period, which ran from Jan. 11 and Jan. 25.


Kuwait says overnight fire at onshore oil rig now contained

Updated 23 April 2018
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Kuwait says overnight fire at onshore oil rig now contained

  • Kuwait’s state-run oil company says it has contained a fire at an onshore oil rig in the country’s southwestern oilfields
  • The company acknowledged another spill at the field earlier this month, without elaborating

KUWAIT CITY: Kuwait’s state-run oil company says it has contained a fire at an onshore oil rig in the country’s southwestern oilfields.
The Kuwait Oil Co. said early on Monday that a fire broke out while an emergency team responded to what it described as a “minor” leak at the Al-Maqwa field.
The company said the fire caused no injuries and production continued at the field. It did not offer an estimate for the number of barrels of oil spilled in the leak.
The company acknowledged another spill at the field earlier this month, without elaborating.
OPEC member Kuwait, a tiny emirate on the Arabian Gulf, is a major oil producer. Kuwait produces some 2.9 million barrels of crude oil a day and holds the world’s sixth-largest oil reserves.