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)
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?

May 28, 2013

Rahma bin Mohamed Al Shamsi, Retail Sales Manager at Emarat
08:48 GMT

Mehdi Commercial Enterprises has opened its first chain of Freshplus stores, the trademark owned by Emirates General Petroleum Corporation.

Taqa has completed the feasibility study for the power plant
06:19 GMT

Abu Dhabi-based global energy company, Taqa, is working on plans to build a 100 megawatt, $850 million utility scale waste-to-energy plant in Abu Dhabi to generate power for 20,000 households.

In the Middle East, gas is forecast to overtake oil in demand after 2025
05:30 GMT

GCC states, particularly the UAE, Qatar and Saudi Arabia, plan to award contracts worth nearly Dh250 billion ($68 billion) during the next five years to raise gas production, despite the focus on renewable and nuclear energy.

The conference will cover an extensive range of topics, including satisfying global demand by showcasing key underground mining projects
05:00 GMT

The Oman Mining and Quarrying Summit, organised by IQPC Middle East in coordination with Global Exhibitions and Conferences, opened on Monday at the Golden Tulip Muscat.

May 27, 2013

IPIC has a $659 million facility maturing in June and $2 billion denominated debt maturing in September.
13:48 GMT

Abu Dhabi’s International Petroleum Investment Co (IPIC) expects to receive $4 billion in cash for a crude pipeline it built in the Gulf state, enabling it to repay some upcoming debt maturities, as US crude oil futures fell below $94 per barrel on Monday on growing concerns over economic slow down in China

16th International Trade Exhibition for Electricity Power Generation, Alternative Energy, Water Technology, Lighting and HVAC
13:26 GMT

Saleh Al-Awaji, deputy minister of water and electricity, inaugurated the 16th International Trade Exhibition for Electricity Power Generation, Alternative Energy, Water Technology, Lighting and HVAC.

To cut its imports, Aramco has planned three new refineries
10:52 GMT

Saudi Arabia will import near record high diesel volumes this summer, as it gears up to beat the sweltering heat and meet rising travel needs during the Muslim fasting month of Ramadan, trade sources said.

PDO signs $30mn deal to boost Omani manufacturing
06:00 GMT

Petroleum Development Oman (PDO) has signed a US$30mn contract with Schlumberger, a leading international oilfield services company, which will increase the amount of Omani-made materials used in the oil and gas sector.

Photo courtesy of Masdar
05:00 GMT

The UAE’s April oil output stood at 2.70 million barrels per day (bpd), unchanged from March, according to latest figures from the Paris-based International Energy Agency (IEA).

May 26, 2013

Central Bank of Oman
05:00 GMT

Total lending by Oman's commercial banks grew 8.7 per cent in the first quarter of this year to RO14.28bn as compared to RO13.14bn a year ago.

May 23, 2013

Juba accused Khartoum of instructing oil companies to stop production from some oil fields
12:02 GMT

South Sudan's oil minister said late on Wednesday that it had resumed oil production and flow to the international markets through the territory of neigbouring Sudan after a temporary blockage at Jebellen.

West Texas Intermediate (WTI) fared a little better
11:00 GMT

Crude oil prices fell below $100 for the first time since mid-2012 in April on seasonal factors and softening market fundamentals. This was followed by a small rebound in early May, according to NBK’s latest Economic Update.

Mr. Abdulla Hassan Al Noman, Manager, Retail Sales Operations at Emarat
06:06 GMT

Emarat has launched a new promotional offer, giving its customers a chance to get a discount of AED 20 on the steam Wash for their vehicles, at any service station that provides this service.

May 22, 2013

Chevron is the second largest oil company in US
13:23 GMT

Chevron Corp is in advanced talks to sell most of its downstream assets in Egypt and Pakistan, three sources said, with the planned disposals seen raising around $300 million for the U.S. oil major.

Kuwaiti Parliament
11:19 GMT

A number of MPs expressed mixed reactions over the massive reshuffle on Monday in the oil sector, with some welcoming it and others strongly criticizing it as politically-motivated, while the opposition made no reaction to the changes.