The company plans to invest in a new refinery and a clean fuels project, its chief executive said.
WAM also cited Mazroui as saying that lower oil prices “will not constitute a disaster for the UAE”, noting that the UAE has managed to diversify its economy away from oil.
The Fadhili gas plant is due to be in operation by the third quarter of 2018.
Petrochemical revenues from the region grew by $6 billion between 2012 and 2013, increasing 7.3 per cent, a new report shows.
Iran’s oil minister will meet his Saudi counterpart in Vienna to persuade the oil giant for cuts in oil production and supply, state news agency said.
Oil prices have fallen by 30 per cent since June to around $80 a barrel, alarming some OPEC members.
In the past two weeks, Zanganeh has visited Gulf Arab states Qatar, Kuwait and the UAE in a bid to win support for action to stabilise oil markets.
The funds will be used by Kayan to fund an increase in working capital and complete factories under construction.
Kufpec is responsible for exploration, development and production of crude oil and natural gas outside Kuwait.
Aramco produces almost 9.5 million barrels a day.
Saudi Arabia shipped 6.722 million bpd of crude in September, up from 6.663 million in August but lower than July’s 6.989 million, data showed.
Suhail bin Mohammed al-Mazroui also said that the country did not have a target for oil prices.
The five-year offering received investor orders worth SAR2.43 billion.
The project will be connected to DEWA’s grid through a low-voltage distribution board while also being used as a learning tool for the deployment of solar PV rooftop installations in Dubai.
With the price of Brent crude oil now below $80 a barrel, down from around $115 in June, the Saudi government may post a budget deficit next year.
Benchmark brent crude dipped to a four-year low of under $80 per barrel last week, compared with a June high above $115.
Dow Chemical announced last week that as part of a $7-$8.5 billion divestiture plan, it would reduce its equity positions in all of its Kuwaiti ventures.
Zanganeh did not name the countries but he may have been referring to Saudi Arabia, a dominant force within the Organization of the Petroleum Exporting Countries.
Saudi Arabian Finance Minister Ibrahim Alassaf was replying to a question on whether the recent plunge in oil prices was on the G20 agenda.
The comments come ahead of a pivotal OPEC meeting on Nov. 27, where producers will consider whether to cut output in order to shore up prices that have dived more than 30 per cent.
Representatives from both Saudi Arabia and Mexico agreed that all efforts should be made to stabilize international oil markets.
Saudi’s oil minister Ali al Naimi said the Kingdom’s policy of seeking stable global markets had not changed.
The reduction to 650,000 was decided because of market oversupply, with the second to 500,000 made necessary by refinery maintenance, the source said.
Moroccan solar energy agency Masen said consortiums led by Spain’s Abengoa, GDF’s International Power and ACWA Power had been pre-selected for the 200 MW (Noor II) tender.
Kuwait is planning to lift its capacity to four million barrels per day by 2020 and maintain that figure by 2030.
The emirate, which provided water for free to UAE citizens, will charge a fee of Dhs1.7 per 1,000 litres for Emiratis from next year.
Saudi Arabia will use the extra output to meet its own rising energy demands, including both power generation and water desalination.
Saudi Arabia’s oil minister said that the Kingdom wanted to work “with other producers to ensure price stability for the interest of producers, consumers and the industry at large”.
Once complete, the terminal will be capable of supplying an average of 1.2 billion standard cubic feet (bcf) of natural gas per day to the UAE.
In a monthly report , OPEC forecasted that demand for the group’s oil will drop to 29.20 million barrels per day (bpd) next year — almost one million bpd less than its current levels.