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 14, 2014

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.

In its first public announcement on the project, SABIC did not say where the complex would be located, how much it would pay for the oil or if the crude would be subsidised
12:13 GMT

Development of the Saudi petrochemical sector is part of Riyadh's strategy for diversifying the economy away from heavy dependence on crude export revenues.

Iran's crude oil exports have been rising since Tehran reached a breakthrough deal with six world powers over its nuclear energy program last November.
03:55 GMT

Iran has renewed its oil export contracts with its Asian buyers

May 13, 2014

The decline in the EU countries’ imports of Russian gas will force them to look toward Gulf countries for gas.
23:44 GMT

Egypt’s opportunities for importing liquefied natural gas have increased as a result of US sanctions on Russia

During the signing
11:53 GMT
(press release)

Emirates National Oil Company (ENOC) has signed a Technical Services Agreement (TSA) with Dubai Carbon Centre of Excellence (DCCE).

May 12, 2014

Kuwait began importing LNG in 2009 and signed deals with Shell and Swiss-based trader Vitol to supply it from April to October, the period of peak power demand, for the last four years.
04:55 GMT

Kuwait wants to burn LNG instead of resorting to diesel and crude oil, which have higher harmful emissions, KPC added.

Last year, extra supplies of liquefied natural gas from former ally Qatar helped ease the burden.
04:55 GMT

The government said last week that gifted fuel from Gulf nations including Saudi Arabia that supported Mursi’s ouster last July totalled $6bn.

May 11, 2014

Iran's vice president for legal affairs Elham Aminzadeh said "some sanctions have been lifted. But problems continue."
17:33 GMT

Iran's deputy oil minister for petrochemicals, said "nothing has changed compared with last year" in terms of petrochemical sales to the EU.

During the event
11:24 GMT
(press release)

GNL Quintero SA (GNLQ), has been awarded the ‘Safety and Health Management at Work Award’ in the medium-business category at the Tucapel González García Awards 2014.

During the event
10:41 GMT
(press release)

Emirates National Oil Company (ENOC) organised a free Hepatitis C screening programme for all staff members of ENOC and EPPCO, in partnership with Merck (known as MSD outside the United States and Canada).

May 8, 2014

Asked when Oman was going to decide on potential changes to subsidy levels, Balushi said: “It’s an exercise that is going on, it could be this year, it could be next year.”
05:20 GMT

Oman’s government is looking closely at cutting costly subsidies in the sultanate, with petrol an obvious target, the minister for financial affairs said on Wednesday.

Egypt has obtained billions of dollars in loans from other Gulf Arab states in recent months. Some of that money has been used to help Cairo fund energy costs.
04:49 GMT

Former army chief Abdel-Fattah El-Sisi, who is expected to win the presidency, has suggested he will take a cautious approach to Egypt's energy troubles, saying the government cannot get rid of costly subsidies overnight.

May 7, 2014

One of the two largest gas fields in Israel, Tamar was discovered in the eastern Mediterranean in 2009 and holds an estimated 10 Tcf of gas.
21:36 GMT

The letter of intent (LOI) contemplates a contract term of 15 years and a total gross sales quantity of up to 2.5 trillion cubic feet (Tcf) of natural gas.

Oman Oil Marketing CEO with the 'Best Interactive Award'
11:24 GMT
(press release)

Oman Oil Marketing Company’s Facebook page has been recognized by the Pan Arab Web Awards Academy for social media interactivity in the oil and gas sector.

Kuwait has boasted a budget surplus in each of the past 14 fiscal years, helping its sovereign wealth fund to increase to over $400 billion.
04:55 GMT

The International Monetary Fund (IMF) on Tuesday called on OPEC member Kuwait to contain a rapid rise in public wages and subsidies to safeguard the economy against oil price shocks.