Oil & Energy

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Instability and civil wars in the MENA region had a recent impart on oil supplies and demand (File/AFP)
Today
According to a report, oil supply growth will reduce over the next 18 months. This comes with many risks. Why is the Middle East's oil industry experiencing a downfall?

April 8, 2014

Mohammad Al Benali with members of KBA board
10:35 GMT
(press release)

EQUATE Petrochemical Company has continued its cooperation with Kuwait Blind Association (KBA).

The deal could help bolster the authority of the weak central Libyan government in the face of the country’s powerful militias, most of which have drawn their members from the former rebels who fought against Qaddafi.
03:55 GMT

Two other oil terminals, Ras Lanuf and Sidra, would be returned to government control in two to four weeks.

April 7, 2014

Oil minister expressed hope that oil production would return to its level in 2005, that is, 4.2 million barrels per day.
19:50 GMT

Iran’s oil minister has said Iran would exploit ‘every possibility’ to increase oil exports and would not wait for US permission.

OOC Enterprise Risk Management (ERM) seminar
11:20 GMT
(press release)

Oman Oil Company (OOC) organised the first annual OOC Enterprise Risk Management (ERM) seminar to further support implementation of its (ERM) programme.

The new liquefied petroleum gas plant is designed based on state-of-the-art technology and strict health, safety and environment principles
10:55 GMT

Oman Gas Company (OGC) on Sunday signed a memorandum of understanding (MoU) with both Salalah Free Zone (SFZ) and Port of Salalah (POS) for building a world class liquefied petroleum gas (LPG) processing plant at SFZ and the storages and export facilities at the port.

Dubai is expected to be ranked second after London in terms of gold trade
06:54 GMT

The value of gold traded through Dubai stood at $75 billion last year, representing 40 per cent of the world’s physical gold trade.

Heikal made his comment while discussing a government scheme to use coal in cement factories in order to reduce subsidies, despite criticism from campaigners and the environment ministry
03:55 GMT

Sawiris then retweeted a post saying: "Like father like son… He pretends to be a socialist after the first 50 million," a clear reference to Heikal, who is widely believed to be living in London.

April 3, 2014

The LED lighting system has revolutionised the lighting industry
12:55 GMT

The Abu Dhabi City Municipality’s initiative to replace the old lighting systems in six pedestrian underpasses with modern LED lights has helped reduce their power consumption by 33 per cent.

April 2, 2014

Pump oil from the Kirkuk oilfields to Turkey's Ceyhan is still stopped more than two weeks ago
08:53 GMT

A source in the North Oil Company said that the pumping oil from the Kirkuk oilfields to the Turkish port of Ceyhan is still stopped

The solar plant is expected to be ready and connected to the national grid in mid-2015
06:56 GMT

Jordan will sign an agreement with Spain’s Elecnor this month to build a $150 million wind-operated power plant in the southern city of Maan.

April 1, 2014

During the event
13:04 GMT
(press release)

In celebration of Earth Hour 2014, Oman Oil Marketing Company (omanoil) hosted fun-filled, eco-conscious activities in the dark at MGM to educate visitors and especially children on the value of proactive behavior for the conservation of the planet.

Deputy Assistant Secretary for Energy Diplomacy, Amos Hochstein, speaks during an interview with The Daily Star in Beirut, Monday, March 31, 2014. (Image: The Daily Star/Hasan Shaaban)
12:52 GMT

The US is urging Lebanon not to drill into disputed zones to avoid conflict.

The two companies will build power generation facilities in the southern region, each with 10-megawatt capacity
07:07 GMT

Jordan on Monday signed deals with two companies to build two solar energy-run power plants.

March 31, 2014

Earth Hour is an annual, global movement that started in 2007 that called on cities and homes to switch off their lights for one hour to limit carbon dioxide (CO2) emissions
09:55 GMT

Despite a busy Saturday night in Dubai, the joint effort of its residents to switch off lights for 60 minutes during Earth Hour resulted in energy savings of 255,000kWh - enough energy to power 16 average homes for one year - which is 22 per cent higher than last year’s savings.

Breaking down the power usage numbers between 2005 and 2012, the consumption of electricity has risen steadily over the seven-year study period
07:55 GMT

The National Center for Statistics and Information (NCSI) has said that electricity consumption in the sultanate has seen a dramatic 149.5 per cent increase.