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.

May 11, 2014

During the event
11:24 GMT
(press release)

GNL Quintero SA (GNLQ), has been awarded the ‘Safety and Health Management at Work Award’ in the medium-business category at the Tucapel González García Awards 2014.

During the event
10:41 GMT
(press release)

Emirates National Oil Company (ENOC) organised a free Hepatitis C screening programme for all staff members of ENOC and EPPCO, in partnership with Merck (known as MSD outside the United States and Canada).

May 8, 2014

Asked when Oman was going to decide on potential changes to subsidy levels, Balushi said: “It’s an exercise that is going on, it could be this year, it could be next year.”
05:20 GMT

Oman’s government is looking closely at cutting costly subsidies in the sultanate, with petrol an obvious target, the minister for financial affairs said on Wednesday.

Egypt has obtained billions of dollars in loans from other Gulf Arab states in recent months. Some of that money has been used to help Cairo fund energy costs.
04:49 GMT

Former army chief Abdel-Fattah El-Sisi, who is expected to win the presidency, has suggested he will take a cautious approach to Egypt's energy troubles, saying the government cannot get rid of costly subsidies overnight.

May 7, 2014

One of the two largest gas fields in Israel, Tamar was discovered in the eastern Mediterranean in 2009 and holds an estimated 10 Tcf of gas.
21:36 GMT

The letter of intent (LOI) contemplates a contract term of 15 years and a total gross sales quantity of up to 2.5 trillion cubic feet (Tcf) of natural gas.

Oman Oil Marketing CEO with the 'Best Interactive Award'
11:24 GMT
(press release)

Oman Oil Marketing Company’s Facebook page has been recognized by the Pan Arab Web Awards Academy for social media interactivity in the oil and gas sector.

Kuwait has boasted a budget surplus in each of the past 14 fiscal years, helping its sovereign wealth fund to increase to over $400 billion.
04:55 GMT

The International Monetary Fund (IMF) on Tuesday called on OPEC member Kuwait to contain a rapid rise in public wages and subsidies to safeguard the economy against oil price shocks.

May 6, 2014

Trainees after passing the training course successfully
07:42 GMT

The “Fasttrack” centers for vehicles’ maintenance and repair, an affiliate of Emirates General Petroleum Corporation, and in cooperation with Michelin AIM FZE, has organized tire safety training for its staff, for four days.

May 5, 2014

OCTAL
12:45 GMT
(press release)

OCTAL, the world’s leading clear rigid packaging material supplier, will showcase Oman’s research and development prowess at the Interpack trade fair, in Düsseldorf, Germany, from 8-14 May 2014.

The capacity of South Pars gas and oil fields could hit 100 million cubic meters daily in the current Iranian year
11:55 GMT

Iran's South Pars field, located in southern part of the country, exported gas and oil to 29 countries during the last Iranian calendar year (started on 20 March 2013).

Forty-nine percent of the tenders for the drilling will be reserved for Lebanese investors (File Archive)
10:00 GMT

Lebanese officials are calling for new policies that will allow the country's wealthy diaspora abroad to invest in teh country's up and coming offshore oil sector.

Emiratis have been at the forefront of green energy exploration and construction in the Middle East (File Archive)
08:06 GMT

The UAE submitted its bid this week to host the World Energy Congress 2019 in Abu Dhabi.

Abdulraoof Abdul Aziz honors one of the distinguished employees in the presence of Abdulla Hassan Al Noman
06:31 GMT

The retail sales department at Emirates General Petroleum Corporation "Emarat", has elevated its recognition program for honoring distinctive employees working at its service stations, to a higher level.

May 4, 2014

During the event
10:31 GMT
(press release)

Emirates National Oil Company (ENOC) is supporting the Holy Quran Memorisation Competition 2014 organised by the Sheikh Mohammed Centre for Cultural Understanding (SMCCU).

Iran has the second largest natural gas reserves after Russia (File Archive)
08:39 GMT

Iran announced this weekend that they are ready to supply the EU with natural gas to meet the continent's growing energy needs.