Oil & Energy

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Also with the new King continuing to back the veteran Oil Minister Ali Al-Naimi, any possibility of Naimi finally hanging his boots also disappeared
The passing of King Abdullah in the early hours of Friday led to speculation that a leadership transition could result in a change to the country’s oil policy and strategy.

December 24, 2014

Oman Oil Marketing Company's Lubricants Campaign Van
12:57 GMT
(press release)

Oman Oil Marketing Company (omanoil) has launched a nationwide campaign to reward customers in celebration of the one year anniversary of its own brand of lubricants in Oman.

Sources in the energy market believe that such a step will delay development of the Leviathan field by several years.
11:20 GMT

The State will now require the companies to sell their holdings in one of the fields.

Authority will soon replace power meters in all residential, commercial and industrial buildings in Sharjah
05:14 GMT

The power consumption reading meters in Sharjah will soon be replaced by smart meters to ensure that accurate readings are recorded.

December 23, 2014

Arab Atomic Energy premises
12:57 GMT

Energy demand in the UAE is growing at an annual rate of about 9 per cent — three times the global average — making nuclear energy a growing necessity in the country’s energy portfolio.

30 billion EGP in savings
11:16 GMT

The fall in oil prices is good news for the Egyptian government which in July slashed fuel subsidies, raising pump prices by up to 78 percent.

During the event
10:32 GMT
(press release)

Oman Oil Company (OOC), has recently renewed its partnership for the third consecutive year with Oman Society for Petroleum Services (OPAL), to offer dedicated educational workshops as part of the capacity building programme ‘My Job, My Oath’.

HE Saeed Mohammed Al Tayer, MD & CEO of DEWA
10:24 GMT
(press release)

Dubai Electricity and Water Authority (DEWA) has launched a brainstorming campaign on its social media channels.

December 22, 2014

Saudi Arabia is the only GCC state to allow private investment in the petrochemical sector (File Archive/ AFP).
20:00 GMT

Saudi Arabi plans to spend $91 billion to integrate refineries with petrochemcial units and expand plants over the next decade.

With around one third of GDP coming from oil until the recent price collapse, the non-oil sector in the UAE is just not growing fast enough to prevent a recession in 2015 (File Archive/ AFP).
14:00 GMT

The recent oil price collapse may bring on a recession for the UAE in 2015.

December 21, 2014

Group photo of EQUATE and KFAS officials
09:24 GMT
(press release)

EQUATE Petrochemical Company has further strengthened its partnership with the Kuwait Foundation for the Advancement of Sciences (KFAS) through a number of joint activities.

Economists are warning that even with the huge reserves many have built up, a prolonged drop in oil prices will hit Gulf states hard.
04:55 GMT

Gulf countries could lose at least half their oil revenues or around $350 billion a year as crude prices plunge, according to senior analysts.

December 19, 2014

No details were given in the report on how much gas Bahrain could potentially import.
00:29 GMT

Bahrain could start importing gas from Russia in 2017, Russia’s ambassador to the Gulf Arab kingdom told a local newspaper.

December 18, 2014

Kuwait Energy holds a 49.5 per cent revenue interest in the East Ras Qattara development lease
23:58 GMT

This is a very important discovery as this is the first time that the Jurassic formation is proven to be a hydrocarbon producer in the East

The kingdom is the largest economy in the Arab world, and OPEC’s biggest crude producer.
04:55 GMT

Saudi Arabia will continue massive public spending despite a 50 percent drop in the price of oil which provides the bulk of the kingdom’s revenue.

December 17, 2014

He also said OPEC would need to see how badly the market was oversupplied and for signs of demand picking up.
18:18 GMT

Core Gulf OPEC oil producers signalled this week they are prepared to wait as long as six months to a year to see the market stabilise,