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)
July 23, 2014 - 12:12 GMT
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?

August 14, 2013

Brent crude oil rose toward $110 per barrel Tuesday after oil exports from Libya fell to their lowest for two years, heightening supply worries ahead of scheduled cuts in output from fellow OPEC member Iraq.
09:23 GMT

Striking security guards shut Libya’s two biggest crude export terminals Monday, hours after they had reopened, and more oil fields have closed in a wave of protest that has swept the North African oil producer.

The country earned $7.3 billion from its exports this month.
08:06 GMT

Iraqi crude sales hit a 16-month low in July as exports along a northern pipeline stalled even as production rose, the oil ministry said on Wednesday.

August 13, 2013

Baghdad claims sole authority over oil exploration and export. It has already accused the Kurds in the past of smuggling crude via Iran and keeping the revenue for itself
11:34 GMT

In a dispute largely over revenue sharing, Kurdistan’s crude exports through a pipeline controlled by the Iraqi central government dried up last year. Now, Kurdistan has found a new "alternative".

Empower specializes in providing cooling services that reduce energy consumption in one of the most energy consuming areas in the world.
07:42 GMT

The loan is part of a syndicated loan facility comprising a consortium of international and local banks and financial institutions with Emirates NBD being the facility agent.

August 12, 2013

Desalination is the main source of water in Saudi. Even though this requires high amounts of energy to convert sea water into drinking water, it is still the most viable solution for the country.
13:07 GMT

The Saudi Government has set aside around $7 billion to spend on water sector related projects this year, and this is expected to go up as more projects are in pipeline, specially desalination and wastewater treatment projects.

DEWA head office
06:30 GMT

DEWA has replaced 5,200 lighting units with new cutting-edge and highly-efficient lighting systems across its premises, including power stations, substations and offices, at a total cost of AED 5 million.

August 6, 2013

The extra charge will be used to offset the operational expenditure incurred by the merchant and the acquirer.
08:11 GMT

The surcharge that UAE cardholders are now paying to petrol stations will be shared between the merchants and the acquirers or banks that process the transaction,

August 5, 2013

The Sharjah-based energy producer reported net income for the second quarter of Dh100 million, a decline of 44.7 per cent compared with the corresponding period last year.
11:31 GMT

Income at Dana Gas fell by almost half during the second quarter after lost production in the Kurdish region of Iraq and difficulties collecting debts from Egypt. Read more: http://www.thenational.ae/business/industry-insights/energy/income-at-dana-gas-tumbles-by-almost-half#ixzz2b5Qg1pGa Follow us: @TheNationalUAE on Twitter | thenational.ae on Facebook

Emirates National Oil Company
10:49 GMT
(press release)

Emirates National Oil Company and 19 of their family members, took part in the Dubai Chamber’s ‘Ramadan Care Packages ‘13’ charity initiative, Dubai’s largest community-involved event.

August 4, 2013

During the meeting
12:21 GMT
(press release)

Dubai Electricity and Water Authority (DEWA) received a delegation from Abu Dhabi Distribution Company (ADDC) to view the Electricity Distribution Control in the Distribution Control Centre at Al Qusais.

Credit card payments at service stations
06:03 GMT
(press release)

Emirates General Petroleum Corporation and Emirates National Oil Company will start accepting Visa and MasterCard credit/debit cards for all transactions including fuel sales, from August 4, 2013.

August 1, 2013

Syria would repay the Islamic Republic for the oil supplied by allowing Iranian investments in various fields in Syria
12:55 GMT

Syria and Iran inked a banking agreement to arrange for a $3.6 billion oil credit line, the Syrian Arab National News Agency reported Tuesday.

Saudi Arabia and the United Arab Emirates had earlier pledged a total of $8 billion in aid to Egypt
10:55 GMT

Kuwait has sent two oil tankers carrying crude and diesel worth $200 million to Egypt.

Daily consumption by power plants rose to 89 million cubic meters of gas and 17,000 tons of fuel oil
10:11 GMT

Egypt’s state gas company EGAS will cut back on the amount of gas it supplies to factories to keep electricity plants running instead during the peak summer months, Al-Borsa newspaper reported Wednesday.

July 31, 2013

The South Pars gas field holds 8 percent of total gas reserves of the world and half of the country's proven gas reserves
10:55 GMT

Gas production will start in two phases of the South Pars gas field in the near future.