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.

May 22, 2014

Estimation of the uranium resources in the central region are expected to increase as more exploration is carried out by JUMCO in the 350sq.km area.
03:29 GMT

The plant, he said, will have a capacity of 300-400 metric tonnes per year and can be expanded to 1,500 metric tonnes per year at a later stage.

According to the Central Bank of Egypt, tourism is ranked second in terms of most important sources of income for Egypt after remittances from Egyptians abroa
02:17 GMT

Average of 663 cubic metres of water allocated per person; amount expected to drop below 582 cubic metres by 2025

May 21, 2014

Subsidies also rose more than fourfold, from $4.1 billion to $18 billion during the same period, an annual growth rate of 23 percent, Hamada said.
03:55 GMT

Kuwait has boasted a budget surplus in each of the past 14 fiscal years, helping to increase its sovereign wealth fund to over $500 billion

“The peaceful nuclear energy plays an important role in the future of our nation; these stations will provide us the electricity we need to meet our requirements.”
02:32 GMT

The new simulators are among the world’s most advanced nuclear training devices and the first of their kind in the Middle East.

May 20, 2014

ENOC
08:36 GMT
(press release)

Emirates National Oil Company (ENOC), which was recently awarded the CSR Label Award by Dubai Chamber of Commerce for its Corporate Social Responsibility initiatives.

May 19, 2014

Iran has tried to bring more foreign companies into its energy sector since securing sanctions relief from a November interim agreement to temporarily curb its nuclear activities.
03:55 GMT

A couple of Swedish and Russian companies have voiced readiness to cooperate with Iran in oil exploration projects in the Caspian Sea.

By the end of the current fiscal year the amount spent on subsidies will reach approximately EGP 135bn ($19 billion).
00:53 GMT

Subsidies for petroleum products have been sapping Egypt’s economy and should be addressed as soon as possible,

May 18, 2014

The project will bring on stream 26 wells from four fields in the Reggane basin, the company said.
12:31 GMT

UK-based oil and gas services group Petrofac, which slashed its 2014 profit forecast by 11 percent this month, said on Friday it was awarded a contract worth $970 million in Algeria.

During the event
09:57 GMT
(press release)

Inspiring young people to explore their full potential through outdoor adventure, Oman Oil Company (OOC) is supporting the 2014 Outward Bound Oman Challenge ‘Tahaddi Oman’ for the second consecutive year.

May 16, 2014

The Iraqi government has repeatedly said oil sales by-passing Baghdad are illegal and has threatened to sue any company involved in the trade
01:36 GMT

"If these reports are correct, then dire consequences will be inevitable," the Iraqi oil official said. "This is a seriously dangerous development. ...and now if this is proved true then they are going too far."

May 15, 2014

On March 1, Iranian Oil Minister Bijan Namdar Zanganeh said that Iran's oil industry would head forward, with or without sanctions.
16:47 GMT

Iran has tried to bring more foreign companies into its energy sector since securing sanctions relief from a November interim agreement to temporarily curb its nuclear activities.

Locals said large sections of the sea had been covered in an unidentified black substance, initially thought to be an oil spill, last Sunday.
15:23 GMT

Locals interviewed near the power plant Wednesday said they first noticed the pollution Sunday, likening it to oil spills that once frequently plagued the coast in the area.

ENOC expands ZOOM network
11:13 GMT
(press release)

Emirates National Oil Company (ENOC) has expanded its ZOOM convenience store network with the opening of three new outlets across Dubai.

May 14, 2014

Al-Awaji noted that the Kingdom has electric links with the Gulf Cooperation Council countries while Egypt is linked with eight eastern Arab countries
19:09 GMT

" The Kingdom can import electricity from Egypt during the day time and re-export it in the evening," he said.

ENOC hosts 5th ME Bitumen Conference
12:28 GMT
(press release)

The 5th annual Middle East Bitumen Conference, hosted by ENOC Industrial Products Marketing (EIPM), a specialised business division of Emirates National Oil Company.