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.

July 30, 2013

12:15 GMT
(press release)

Dubai Electricity and Water Authority (DEWA) is organising a series of charity and social events as part of its participation in ‘Zayed Humanitarian Work Day,’.

Subsidies of fuel products, which include natural gas and fuel oil as well as gasoline and diesel, for years have been a major drain on the finances of successive governments
11:55 GMT

The new Egyptian government will press ahead with a smart card program for distributing fuel products that its predecessor had started before it was ousted by the military.

The oil marketing companies are also expected to continue their track record of high dividend payouts as their balance sheets and cash positions stay strong
06:41 GMT

The total sales revenue of Oman's three oil marketing companies grew by just 3.1 per cent to RO510mn in the first six months of 2013 against RO494.3mn in the corresponding period last year.

July 29, 2013

Egypt has more refining laboratories than it has petrol production centres, and must therefore import crude oil
12:55 GMT

Minister of Petroleum and Mineral Resources Sherif Ismail announced an agreement to import 1m barrels of crude oil monthly from Libya that will be refined in Egypt laboratories

During the event
10:13 GMT
(press release)

In efforts to continue encouraging fitness and wellbeing among its employees, Oman Oil Marketing Company (omanoil) has launched its second annual health campaign under the title, ‘I Promise’.

It needs at least 140 days to ensure safe shutdown and not the 60 days stipulated by Khartoum last June
06:51 GMT

Sudan's oil ministry has officially informed oil companies that the deadline for stopping flow of South Sudan's oil through its territories has been delayed until August 22.

Iran plans to establish 40 gas storage facilities in the coming years
06:39 GMT

Iran has built a new natural gas storage facility with a capacity to store 4.6 billion cubic meters of gas, the National Iranian Gas Company managing director stated.

July 28, 2013

The election to pick OPEC’s secretary general is scheduled to be held in Vienna on December 4, with Iran, Iraq and Saudi Arabia vying for the post
14:55 GMT

An Iranian lawmaker says chances are high for the Islamic Republic to assume the presidency of the Organization of the Petroleum Exporting Countries.

The Islamic Republic of Iran guarantees transferring millions of barrels of oil from the Persian Gulf and the Strait of Hormuz
12:23 GMT

Iran plays an undeniably key role in global energy security.

July 25, 2013

Egypt has asked Kuwait to include Kuwaiti petroleum products, including 70,000 tonnes of diesel and jet fuel worth $60-65 million, as part of the aid
11:55 GMT

Egypt's state gas company EGAS has begun talks to try to raise natural gas prices and work out how industrial consumers can pay producers directly, two newspapers reported on Wednesday.

Iran plans to allocate some facilities to enhancing the production capacity of the country’s downstream petrochemical, polymer and plastic industries
09:55 GMT

The main objective behind the plan is to reduce the export of raw petrochemical products and to create added value and new jobs.

July 24, 2013

Currently 22 million litters of gasoline conforming to euro 4 and euro 5 standards is being produced in the country
16:55 GMT

Iran's average gasoline consumption stood at 62.7 million liters per day in the week to July 19, the IRNA News Agency reported.

Around 35,000 barrels of 45,000 barrels of oil extracted in Turkey every day come from the south-eastern provinces
14:55 GMT

Turkey intends to invest up to 2 billion lira in energy projects in the south-eastern provinces of the country in the near future.

The winner
11:15 GMT
(press release)

Emirates National Oil Company brought cheer to the lives of two UAE residents, rewarding them with a Hyundai Veloster car each, as part of the ‘Stop, Shop and Zoom’ Dubai Summer Surprises promotion.

omanoil Staff Iftar with Omar bin Ahmed Qatan and Hussain bin Jama Al Ishaqi
06:59 GMT
(press release)

Oman Oil Marketing Company hosted its annual staff Iftar, where colleagues and families gathered to share the blessings and joys of breaking fast. Commemorating the company’s 10th anniversary.