Archive for: oil

East Africa: The New Global Energy Hot Spot

East Africa: The New Global Energy Hot Spot

East Africa pioneers in worldwide oil and gas discoveries and with accelerated growth of hydrocarbon production; Region’s attractiveness for investment transpires, yet setbacks ahead – according to a report by IHS. East Africa is undergoing a major transformation to become a new world-class player on the energy market. By 2025, […]

 
 

Fujairah to Emerge as Newest Global Energy Hub, says UAE Minister

Fujairah to Emerge as Newest Global Energy Hub, says UAE Minister

Fujairah, one of the seven Emirate of the UAE is to emerge as a leading Energy Hub. Fujairah, which has built the largest oil export terminal on the Indian Ocean and has plans for one of the largest LNG regasification plants, is positioned to emerge as a leading global energy […]

 
 

Commerce Activities in Dubai Surge: Brighter Times Await in the Horizon

Commerce Activities in Dubai Surge: Brighter Times Await in the Horizon

Dubai’s economy is bouncing back with latest trade figures revealing that Dubai’s trade grew exponentially to over 1.32 trillion dirhams (about US$ 362 million) in 2013, leading to a growth of about 7.6%. Regarded to be one of the richest regions in the oil-laden Middle East, the UAE and in […]

 
 

ADIPEC 2013 Middle East’s biggest oil and gas event opens

ADIPEC 2013 Middle East’s biggest oil and gas event opens

Third Largest Oil and Gas Event in the World convenes in Abu Dhabi, with global policy makers, industry experts, academia and media in attendance.

 
 

Can Goldman Sachs be correct again?

Can Goldman Sachs be correct again?

The recent fall in prices of gold are in line with Goldman Sachs assessment of the metal and ‘gold bugs’ are watching to see if Goldman is proven correct once more. Recent price drops are rooted in reality, while some of the loss of value is based on investor paranoia. […]

 
 

The Crux of Middle East and Arab Dilemma

The Crux of Middle East and Arab Dilemma

Mohammad S. Moussalli discusses the crux of Middle East and Arab dilemma, and makes suggestions so that to establish security and peace in the world. Whenever you get involved in a political discussion concerning the question of peace and security in this chaotic world, you will find out that Middle East […]

 
 

Rediscovering the Art of Exploration – Practical Steps to Establishing a High-Performance Exploration Organization

Rediscovering the Art of Exploration –  Practical Steps to Establishing a High-Performance Exploration Organization

Booz & Company identify the key actions that MENA National Oil Companies today need to take to further enhance their exploration capabilities In recent years, independent oil and gas companies have made major new exploration discoveries, particularly in frontier areas. Meanwhile, at the largest oil companies, a focus on short-term […]

 
 

The Biggest Energy Story of 2012

The Biggest Energy Story of 2012

The world energy industry is suddenly transforming into something very different from the industry we have grown accustomed to over the past decades. It used to be, pump and burn more oil, mine and burn more coal and build more coal-fired burners to produce electricity. More, more and more — […]

 
 

Italy’s Eni to invest $8 billion in Libya

Italy’s Eni to invest $8 billion in Libya

Italy’s Eni is all set to invest $8 billion in Libya in the next 10 years to develop its upstream business.This move is widely been seen as a routine to gain more ground in Libya as a leading international oil and gas producer.According to a press release issued by the […]

 
 

Middle East Business News Review – 14 November

Middle East Business News Review – 14 November

Today’s top business and economy news from the Middle East and North Africa: UAE invests $200 million in Azerbaijan projects The UAE Deputy Economy Minister Mohammed Ahmed Bin Abdul Aziz Al Shihhi said during a joint business forum in Baku on Wednesday his country’s investments in Azerbaijan’s economy exceeded $200 million. […]

 
 

Middle East Business News Review – 12 November

Middle East Business News Review – 12 November

Today’s top business and economy news from the Middle East and North Africa: Dubai sees no need to recapitalise support fund Dubai sees no need to recapitalise the financial support fund which provides aid to indebted state-linked companies, Sheikh Ahmed bin Saeed al-Maktoum, the head of the emirate’s Supreme Fiscal […]

 
 

US to become world’s top oil producer by 2017 – IEA

US to become world’s top oil producer by 2017 – IEA

Forecasts by the International Energy Agency (IEA) on Monday said the United States will overtake Saudi Arabia and Russia as the world’s top oil producer by 2017. The Paris-based energy organisation predicted that Washington will come very close to achieving a previously unthinkable energy self-sufficiency. The latest report comes in stark […]

 
 

Iran, Venezuela sign agreements to build oil reservoirs, refineries

Iran, Venezuela sign agreements to build oil reservoirs, refineries

Iran announced on Monday it will make investments worth $200 million in Venezuela to build four oil reservoirs and refineries for storing and refining oil products. Semi-official Fars News Agency reported that in addition to the deals, Iran will also design and construct some small refineries in the Latin American nation. […]

 
 

Middle East Business News Review – 11 November

Middle East Business News Review – 11 November

Today’s top business and economy news from the Middle East and North Africa: ADNOC to retain current UAE oil concession structure Abu Dhabi National Oil Co (ADNOC) director general announced on Sunday the company will present the current structure of its oil and gas concessions in the United Arab Emirates […]

 
 

Iran GDP shrinking due to currency crisis – IMF

Iran GDP shrinking due to currency crisis – IMF

The International Monetary Fund’s Middle East chief said on Sunday Iran’s economy may contract more than expected earlier this year because of weakness in the exchange rate. “The most recent round of currency depreciation and the associated uncertainty will likely have a further negative impact on economic outcomes in the coming […]

 
 

ADNOC to retain current UAE oil concession structure

ADNOC to retain current UAE oil concession structure

Abu Dhabi National Oil Co (ADNOC) director general announced on Sunday the company will present the current structure of its oil and gas concessions in the United Arab Emirates to the Supreme Petroleum Council of Abu Dhabi by early next year at the latest. “It is our recommendation to have […]

 
 

Middle East Business News Review – 8 November

Middle East Business News Review – 8 November

Today’s top business and economy news from the Middle East and North Africa: Emirates to buy 100 777s if Boeing builds new model Emirates, the world’s largest airline by international passenger traffic, is likely to order 100 planes or more from Boeing if the plane manufacturer upgrades the design of […]

 
 

Iran restricts import of ‘luxury goods’ to address forex shortage

Iran restricts import of ‘luxury goods’ to address forex shortage

Iranian media quoted trade officials as saying on Thursday the government has frozen the import of more than 2,000 “luxury goods” in its bid to stem the shortage of foreign currency caused by Western sanctions. According to partial lists published by various media outlets, the prohibited products include various brands […]

 
 

Egypt awards post-revolution exploration licences to oil giants

Egypt awards post-revolution exploration licences to oil giants

Egypt has granted its first post-revolution exploration licences to Royal Dutch Shell, RWE and TransGlobe Energy, a Reuters report said on Thursday. The country’s government is struggling to make payments to its foreign energy producers to which it owes at least $3 billion in September. Canada’s TransGlobe emerged as the biggest […]

 
 

Iran might reduce oil exports in response to tightening Western sanctions

Iran might reduce oil exports in response to tightening Western sanctions

The Iranian parliament’s Energy Commission is set to announce new measures that will reduce the country’s crude exports to deflect Western sanctions on the oil sector, Fars news agency reported Thursday. The directives of the bill are part of Iran’s initiatives to slash crude exports to almost 77% in the […]

 
 

Middle East Business News Review – 7 November

Middle East Business News Review – 7 November

Today’s top business and economy news from the Middle East and North Africa: Emirates inks deal for 2014 Glasgow Games Emirates Airline was unveiled on Wednesday as an Official Partner of the Glasgow 2014 Commonwealth Games and the Official Airline of the Queen’s Baton Relay. The partnership strengthens the Dubai-based […]

 
 

Middle East Business News Review – 6 November

Middle East Business News Review – 6 November

Today’s top business and economy news from the Middle East and North Africa: Britain, UAE enter defence partnership, discuss other deals Britain and the United Arab Emirates announced on Tuesday they have agreed a defence deal which will see boosting of the British military presence in the Gulf state. The […]

 
 

Protests at key Libya oil refinery costing millions

Protests at key Libya oil refinery costing millions

A senior Libyan official said protests held by former rebels demanding medical treatment and jobs has costed Libya around $30 million so far. “The demonstration has cost the country at least $30 million until now,” outgoing deputy oil minister Omar al-Shakmak told AFP when asked about the demonstrations in the […]

 
 

Middle East Business News Review – 5 November

Middle East Business News Review – 5 November

Today’s top business and economy news from the Middle East and North Africa: British PM in the UAE to secure arms deal British Prime Minister David Cameron is in the United Arab Emirates to kickoff a three-day trade visit to the Middle East aimed at securing major UK arms deals […]

 
 

Iraq signs gas exploration contract with Pakistan Petroleum

Iraq signs gas exploration contract with Pakistan Petroleum

Iraq announced on Monday it has signed a final gas exploration contract with Pakistan Petroleum to explore gas block 8, covering an area of 6,000 square km in Diyala and Wasit provinces in eastern Iraq. Iraq, holder of the world’s 10th-largest gas reserves, said the gas will be used in the […]

 
 

Middle East Business News Review – 4 November

Middle East Business News Review – 4 November

Today’s top business and economy news from the Middle East and North Africa: Guinea, UAE seal bauxite deal Compagnie des Bauxites de Guinee (CBG) and Mubadala Development Company have signed a long-term supply agreement to supply bauxite, the main raw material in aluminium, the UAE’s state news agency reported on […]

 
 

Sonatrach to invest $80 billion in Algeria energy projects

Sonatrach to invest $80 billion in Algeria energy projects

Algeria’s state-run energy group Sonatrach boss on Sunday announced plans to invest $80 billion in oil and natural gas projects during the next four years. Addressing a news conference in Algiers, chief executive officer Abdelhamid Zerguine said the company will spend $14 billion on building four refineries and has budgeted $15 billion for […]

 
 

Foreign grants cover just 12% of fuel subsidy deficit – Jordan

Foreign grants cover just 12% of fuel subsidy deficit – Jordan

Minister of Planning and International Cooperation said signed or projected foreign grants pledged to the Jordanian government this year, amounting to $365.2 million, would help offset just 12% of the three billion dollars government subsidy on oil. In a statement posted on the Prime Ministry’s Media and Communications Directorate website, […]

 
 

Middle East Business News Review – 1 November

Middle East Business News Review – 1 November

Today’s top business and economy news from the Middle East and North Africa: Dubai’s bullish economic growth bears new risks: Citigroup report Citigroup’s chief economist for the Middle East said in a study published on Wednesday Dubai’s exposure to world economy bears downwards risks despite outperforming Abu Dhabi and other major […]

 
 

BP kickstarts Libya oil exploration activities

BP kickstarts Libya oil exploration activities

  A senior British Petroleum official on Thursday announced the resumption of oil exploration activities in Libya and said the oil giant will drill 17 new exploration wells in the North African nation. Exploration activities were suspended in Libya last year due to the uprising against former Libyan leader Muammar […]

 
 

Paris Gallery to open stores across Iraq

Paris Gallery to open stores across Iraq

Paris Gallery, a Dubai-based perfume, cosmetics and jewelry chain announced on Thursday it has plans to open a shop in Iraq and intends to start its operations early next year. The firm also has plans to open five stores across major cities across Iraq over the next three years. Mohamed […]

 
 

Middle East Business News Review – 31 October

Middle East Business News Review – 31 October

Today’s top business and economy news from the Middle East and North Africa: Dubai posts strong visitor numbers Dubai has once again emerged as one of the most popular holiday destinations on the planet as new figures suggesting that tourists continued to flock to the emirate in September. According to Dubai Airports statistics, […]

 
 

Japan’s Iran crude imports in Sept fall more than a third

Japan’s Iran crude imports in Sept fall more than a third

Japan’s crude oil imports from Iran in September dropped more than a third from a year earlier amid deepening Western sanctions, data released by the trade ministry showed on Wednesday. Tehran is under intense financial pressure from US and the EU which accuse the Islamic Republic of working on developing […]

 
 

Middle East Business News Review – 30 October

Middle East Business News Review – 30 October

Today’s top business and economy news from the Middle East and North Africa: UAE govt approves deficit-less 2013 federal budget The United Arab Emirates Prime Minister Sheikh Mohammed bin Rashid Al Maktoum announced on Tuesday the government has approved a deficit-less 2013 federal budget with an expenditure of AED44.6 billion ($12.1 […]

 
 

Middle East Business News Review – 29 October

Middle East Business News Review – 29 October

Today’s top business and economy news from the Middle East and North Africa: Top UAE banker says Islamic finance ethical model for global banking A top UAE banker said on Sunday Islamic finance can be an ethical and sustainable business model in the global financial landscape in order to avoid a […]

 
 

Iran sanctions to exacerbate global fuel shortage – US

Iran sanctions to exacerbate global fuel shortage – US

A US Energy Department official said on Sunday that excluding Iran from the global oil market would increase the shortfall between worldwide supply and demand based on September and October production and consumption estimates. According to the department’s Energy Information Administration report released on Saturday, global fuel use averaged 2.4 million barrels a […]

 
 

Clean Energy: How to Get There From Here

Clean Energy: How to Get There From Here

Everyone knows that more electricity is needed in developed nations and electrical needs in developing nations are skyrocketing. No problem there — everyone deserves to live a good lifestyle and enjoy our modern technology to the fullest. The problem occurs in the means used to generate that electricity. Some kinds of electrical power […]

 
 

Iran oil exports to China drop due to tanker delays, sanctions

Iran oil exports to China drop due to tanker delays, sanctions

Data emerging on Wednesday showed Iran’s crude oil exports to China dropped around a quarter in September from a year earlier due to delivery delays by Iranian tankers because of Western sanctions and a cut in condensate imports. According to data from the General Administration of Customs, China, which is Iran’s top […]

 
 

Middle East Business News Review – 23 October

Middle East Business News Review – 23 October

Today’s top business and economy news from the Middle East and North Africa: Fujairah oil port to become fully operational by year end The Abu-Dhabi – Fujairah pipeline, bypassing the Strait of Hormuz, is expected to be fully operational by the end of the year and will carry Abu Dhabi’s […]

 
 

Private oil firms exported 20m barrels – Iran

Private oil firms exported 20m barrels – Iran

An Iranian official claimed on Tuesday Tehran has exported some 20 million barrels of oil in the last four months through private companies despite tightening sanctions on its energy sector. Sanctions imposed by the EU and US are aimed at stopping Iran’s nuclear programme. The blanket ban applies to imports of Iranian […]