Oil & Energy

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For now, however, the US-led surge in supply and weak demand have seen traders start to store additional barrels as they wait for prices to recover.
September 14, 2014 - 04:55 GMT
The drop in oil prices to their lowest in two years has caught many observers off guard, coming against a backdrop of the worst violence in Iraq this decade, heightened tensions between the West and Russia, and sanctions against Iran.

September 7, 2014

 The RCF is fully committed, unsecured and is available as a $1 billion three year facility and as an $850 million five year facility.
23:18 GMT

Oman Oil Company S.A.O.C. (OOC), the Sultanate’s energy investment arm, has signed a Revolving Credit Facility (RCF) Agreement worth $1.85 billion with 16 local, regional and international banks.

The recent flare-up of violence in Iraq is past its worst and Kuwait Energy is keen to invest more in the country because of its potential, Chief Executive Sara Akbar said.
04:55 GMT

Several oil companies in Iraq's Kurdistan region withdrew staff last month after Islamic State militants approached Erbil, the region's capital, threatening its vast oil infrastructure.

September 4, 2014

According to a letter of intent signed by the Israeli side, Jordan will buy 45bn cubic metres of natural gas over a period of 15 years.
04:55 GMT

In August 2014 Jordan’s Energy Minister Mohammed Hamid complained that Egypt’s decision to halt its exports of natural gas to Jordan in April had exacerbated the country’s energy crisis.

September 3, 2014

 Iran has agreed to export 20 million cubic meters per day (mcm/d) of gas to Oman, Iranian Oil Minister Bijan Namdar Zanganeh said.
20:26 GMT

Oman began importing Qatari gas in 2007, but its demand has risen rapidly since then, threatening its LNG exports and pushing Muscat back to the negotiating table with Tehran.

September 1, 2014

During the event
14:23 GMT
(press release)

Oman Oil Company (OOC), the Sultanate’s energy investment arm, has partnered with Schleupen AG to provide sophisticated risk management services to its member companies.

August 31, 2014

As of yet, says Emirates NBD, there are few details on which projects will be included in the new investment plan, or which sectors Algiers intends to target.
15:18 GMT

The Algerian government announced a new five-year investment programme last week, and is aiming to spend $262 billion between 2015-2019 in an effort to diversify its economy.

Saeed Khoory, Chief Executive Officer of ENOC
13:50 GMT
(press release)

Emirates National Oil Company has joined hands with governmental stakeholders to implement the UAE Federal Cabinet decision no. 37 of 2013, on making the use of the environment-friendly ‘Green Diesel’ mandatory across the UAE.

The wind farm will save up to $475,000 annually in the tiny islands (File/AFP)
09:58 GMT

One of the UAE's biggest clean energy companies, Masdar, has developed Samoa's first wind farm on the island of Upolu.

Located on the Samoan island of Upolu – home to nearly 75 percent of the population – the wind farm will supply 1,500 MWh of power per year.
04:55 GMT
(press release)

Grant financing from UAE-Pacific Partnership Fund

August 28, 2014

The Kingdom’s annual rate of energy consumption exceeded 5 percent while the economic growth rate reached 4 percent
07:13 GMT

Although the Kingdom has the largest oil reserves in the world and occupies the fifth place in terms of natural gas reserves, yet according to a report by oil specialist the Kingdom faces many challenges as a result of a number of different factors, including its need to meet the requirements of development.

MPs criticised the government approach in dealing with several large-scale investments in renewable energy
06:19 GMT

The Lower House on Wednesday referred the draft renewable energy law to its Energy Committee giving it urgency status, after dozens of MPs took part in the “first reading” of the bill.

August 26, 2014

Adnoc will take over 75 service stations in agreement with Emirates General Petroleum Corporation (Image: Znews)
11:42 GMT

Abu Dhabi's Adnoc Distribution has bought 34 Emarat service stations and a fuel depot in Sharjah.

Samsung Galaxy Gear 2 watches
08:37 GMT
(press release)

Dubai Electricity and Water Authority (DEWA) has added a bill-payment feature to its smart app on Samsung Galaxy Gear 2 watches, shortly after launching the app in the Galaxy Gear Manager.

Oman uses two different contracts to sell its crude
06:58 GMT

Oman's crude oil exports to China have continued to soar amid the economic giant’s rising demand for energy and its increasing reliance on Middle Eastern oil supplies.

August 25, 2014

The tour also included a discussion of Masdar City’s role in advancing renewable energy adoption globally
06:23 GMT

The UAE and India are expected to enhance their co-operation in the field of renewable energy and sustainability.