Oil & Energy

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For the MENA region, economic dynamics are increasingly diverging between the GCC countries and the rest of the region.
October 20, 2014 - 04:55 GMT
The decline in oil prices will provide significant boost to the oil importing countries in the Middle East.


HE Saeed Mohammed Al Tayer, MD & CEO of DEWA
08:53 GMT
(press release)

Since the beginning of this year, Dubai Electricity and Water Authority (DEWA) has completed four 132kV transmission substations in Dubai and extended 32km of ground cables at a total cost of AED 529 million.

October 20, 2014

 North America's shale boom has started to squeeze Saudi oil out of the US market,
23:21 GMT

Saudi crude exports fell in August for the fourth month in a row to their lowest levels in three years.

Dr. Rahma bin Mohamed Al Shamsi, Retail Sales Director at Emarat
07:26 GMT

Emirates General Petroleum Corporation "Emarat" seeks, through its participation in the Franchising Middle East 2014 Exhibition, which will be held on 21 and 22 of October 2104 at the Jumeirah Beach Hotel.

During the event
05:26 GMT
(press release)

Dubai Electricity and Water Authority (DEWA) has launched its dedicated Partnership Portal at its Sustainable Building in Al Qouz.

The two governments signed the neutral zone agreement almost 50 years ago.
04:55 GMT

A Kuwaiti oil trade union on Sunday condemned the unilateral closure by Saudi Arabia of an offshore oilfield jointly operated by the Arab neighbours

October 19, 2014

On receipt of the funds from refiners, the RBI would buy dollars from authorized dealers.
13:01 GMT

Indian refiners together owe about $6 billion to Iran.

Kuwait has boasted a budget surplus in each of the past 15 fiscal years, helping to increase its sovereign wealth fund to more than $500 billion, according to unofficial estimates.
04:55 GMT

Oil-rich Kuwait tripled the prices of diesel and kerosene on Wednesday, ending decades of heavy subsidies, while putting off a similar decision on electricity and water charges.

October 16, 2014

"Nevertheless, further oil price drops would likely be needed for supply to take a hit — or for demand growth to get a lift," the agency said in its October report.
04:55 GMT

The IEA again cut its forecasts for growth of global oil demand for the third month in a row.

October 15, 2014

Phase 3 will include an additional 24 new gates attached to the terminal (Image: Aasarchitecture)
09:15 GMT

Qatar is due to enter phase 3 of the newly opened $15.5-billion Hamad international airport with plans to accommodate over 50 million passengers by 2020.

October 14, 2014

09:14 GMT

Oilwell7.com has launched its new initiative to target all job seekers in Saudi market regardless of their years of experience especially after more than 5 years of prosperity in Saudi graduates employment from Saudi universities and scholarship countries.

October 13, 2014

Saudi Arabia has privately told oil market participants it can accept oil prices between $80 and $90 a barrel, sources briefed by OPEC’s biggest producer have told Reuters.
12:59 GMT

“$100 is no longer the ideal market price,” he said. “It’s good for producers but too high for consumers, leading to oversupply.”

During the event
06:04 GMT
(press release)

Dubai Electricity and Water Authority (DEWA) is participating at GITEX Technology Week 2014, which is being held from 12–16 October at the Dubai International Convention and Exhibition Centre.

October 12, 2014

The consortium is led by Faiz Al-Abideen, a prominent Saudi businessman and adviser to members of the royal family, whose group has built 17 power plants in Saudi Arabia and abroad.
23:44 GMT

The proposed power plant, which would cost anywhere between $3 billion and $4.5 billion, will generate between 2,500 and 3,500 megawatts (MW) of power.

October 9, 2014

Saeed Khoory, Chief Executive Officer of ENOC, signs the five-year contract with Mohamed Abdullah Al Jarmen, General Manager of Emirates Transport, for staff transportation
09:44 GMT
(press release)

Emirates National Oil Company has awarded a five-year staff transportation contract valued at AED 50 million to Emirates Transport Company, a UAE Government entity focused on providing the best-in-class transport services.

October 8, 2014

Crude oil prices fell as signs of weak demand for petroleum and ample supply continued to push prices toward multi-month lows.US crude oil output has jumped more than 3 million bpd since 2010 at a time when sluggish global economic growth and improving efficiency have depressed the growth in demand for oil.
13:59 GMT

What is happening in oil markets represents “the impact of this tremendous surge in US oil production”