Oil & Energy

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It's all doom and gloom for the Gulfi dream as the GCC are bracing for tough times with vital oil revenues falling rapidly. (Image: Gulf man expreses grief via Shutterstock)
December 24, 2014 - 10:38 GMT
Gulf countries are bracing for tough times as vital oil revenues fall and after they missed a golden opportunity to diversify their economies in a decade of unprecedented windfalls, analysts say.

February 10, 2013

Power cuts in Beirut could soon be a thing of the past as the country readies itself for power-generating ships
07:32 GMT

Lebanon is preparing for the arrival of the the first of two power-generating ships it is leasing from Turkey in an effort to halt electrical blackouts in the Cedar country.

February 7, 2013

The Cabinet added one paragraph stating that the bidder had the right to have one or more companies
08:44 GMT

More than 40 U.S. and European countries have bought information on the country’s offshore gas blocks.

Mohammad Husain, EQUATE President & CEO
08:37 GMT
(press release)

EQUATE Petrochemical Company announced a net profit of USD 1.09 Billion for the fiscal year ending December 31st, 2012, which is a 3% increase over the USD 1.05 billion achieved in 2011.

February 6, 2013

Gas prices in Lebanon are continuing to rise, new figures show
11:30 GMT

Gasoline prices in Lebanon leaped Wednesday another LL700, ($0.50) according to the weekly update by the Energy and Water Ministry.

Jehad Al-Hajji and Adel Al-Munifi
07:39 GMT
(press release)

The Kuwait Styrene Company announced realizing a net profit of USD 59 million for the fiscal year ending December 31, 2012.

Our Desert is in Our Eyes campaign
05:35 GMT
(press release)

Dubai Electricity and Water Authority is participating in the Our Desert is in Our Eyes campaign organised by Al Bayan Newspaper in collaboration with Dubai Silicon Oasis, Watani Programme.

February 5, 2013

The Emirates national oil company, ENOC, is shunning Iranian oil in favour of Qatari crude
12:15 GMT

Emirates National Oil Company (ENOC) signed an annual contract with Qatar's International Petroleum Marketing Company, the Emirati company said, as it aims to cut imports from Iran of extra light oil.

The hostage crisis in Algeria could see Maghreb economies diversifying away from hydrocarbons
09:32 GMT

The gas field attack in Algeria and the war against terror in northern Mali are forcing the countries to take a new look at economic policies.

The Kuwait Fund for Arab Economic Development has offered Lebanon a $85 million loan for electricity development
05:58 GMT

Kuwait issued Lebanon a $85 million yesterday to finance upgrade work on two power plants.

February 4, 2013

Fuel subsidies in Egypt cost the government  $30 million daily, according to the Minister of Petroleum
12:41 GMT

Egypt's government subsidizes gas oil by around $30 million daily, Minister of Petroleum Osama Kamal said on Sunday.

Despite defaulting on an Islamic bond last year, Dana Gas, has posted a 20 per cent rise in profits
12:06 GMT

Dana Gas, the Abu Dhabi-listed energy firm which defaulted on an Islamic bond, said yesterday its full-year net profit for 2012 rose 20 per cent on the back of higher oil prices and lower costs says Reuters.

Fuel demand in Jordan is creeping up despite the government raising the prices in November last year
08:40 GMT

Jordanians’ consumption of oil derivatives in 2012 increased by 6.5 per cent compared with the previous year despite an increase in fuel prices, according to the Gas Stations Owners Association (GSOA).

February 3, 2013

During the event
04:34 GMT
(press release)

Oman Oil Marketing Company (omanoil) celebrated its outstanding employees for their commitment to first-rate customer care at the third annual CEO Award of Excellence.

January 31, 2013

Iran has asked for international help over a sunken gas rig in the South Pars gad field (file photo)
12:45 GMT

Iran has called for international help to recover a $40 million gas rig from the Gulf seabed, Mehr news agency reported.

Kuwaiti crude oil prices were up in yesterday's trading
11:16 GMT

The cost of a barrel Kuwaiti crude oil edged up on Wednesday, selling for almost $110, according to a bulletin from the national petroleum corporation.