The deal, valued at $2.9 million, is Hayaat Group’s first investment in East African oil exploration.
The price will rise to 120 fils ($0.32) per litre next Jan. 14, to 140 fils in Jan 2015, 160 fils in Jan 2016 and 180 fils in Jan 2017.
Qatari shipments to Europe under medium- or long-term contracts will rise 22 per cent in 2014, the biggest jump since 2009.
Al- Naimi played down any suggestion the Kingdom was ready to cut production to accommodate increased supply.
The facility, funded by Bank of Tokyo-Mitsubishi UFJ and Mizuho Financial Group, is part of a wider $2 billion finance package for the Jeddah South project.
The growing domestic demand for hydrocarbons, exacerbated by low prices, is the key long-term challenge faced by the Kingdom, said Jadwa Bank.
The Morrone field is expected to initially produce over 3,000 barrels of oil equivalent per day.
The Khazzan gas project aims to extract around one billion cubic feet (bcf) per day of gas from deep under central Oman.
The petrochemical company is a joint venture between oil giant Saudi Aramco and Sumitomo Chemical.
The Az-Zour North Power and Desalination project is Kuwait’s first public-private partnership.
The energy company hopes that the staff-cuts will result in a saving of over $20 million in 2014.
The exploration program is expected to begin with seabed coring in 2014.
The International Energy Agency estimated that oil demand will increase by 1.2 million barrels a day next year.
The IMF forecast in November Qatar’s oil GDP would grow just 0.4 per cent in 2013 and decline by 1.1 per cent next year.
OPEC expects demand for its oil in 2014 to average 29.57 million barrels per day.
Aramco has the option to reduce monthly sales volumes to term buyers.
Abu Dhabi’s Mubadala Development Co, Qatar Petroleum and Oman Oil Co have formed a consortium.
European demand for jet fuel totaled 1.2 million barrels per day last year, of which one third was imported, mostly from the Middle East.
Dubai has set itself a target to generate half the additional power needed to run the Expo from renewable resources.
The Kingdom cut production in October after pumping at record rates of around 10 million bpd for three months.
The United Arab Emirates dropped out of the coal-fired power plant project earlier this year.
The current 30 million barrel-a-day target for the 12-nation group adequately matches demand, say officials.
Almost 7.5 million barrels of crude oil per day were recorded in November this year.
Use of solar energy for the Middle East’s growing power needs will create strong localisation potential.
IPIC, which owns stakes in companies such as Spain’s Cepsa and Austria’s OMV, made a net profit of Dhs3.2 billion.
The competition will become even stronger if sanctions on Iran are lifted in coming months.
Western sanctions imposed in 2012 on Iran for its nuclear programme have cost the country its market share in OPEC.
The project will deliver 2060 megawatts of electricity to SEC under a 20-year agreement
In August 2012 Aramco suffered an attack on 30,000 computers.
The three-year contract includes engineering, procurement, construction, start-up and commissioning services at a refinery in Sohar.