The talks follow OPEC’s meeting on June 5 in which the group kept its output policy unchanged
The oil cartel’s revenues fell from $1.112 trillion in 2013 to reach $993.3 bn in 2014, a new report shows
The facility will support its expansion plans and provide the energy firm with long term funding
Independent Petroleum Group bought 60,000 tonnes of the aviation fuel from Kuwait Petroleum Corp in July
Dubai-based ENOC’s offer values Dragon Oil at around $5.75bn
Suhail bin Mohammed al-Mazroui said that the government had requested a report after there were questions over why domestic fuel prices didn’t drop after global oil prices fell
The company officials said while Chinese oil demand was stabilizing, the highest growth was likely to come from India in the second half of this year.
The move, which would see around 250 support positions eliminated, is aimed at creating a leaner entity and increasing competitiveness.
RWE’s CEO Peter Terium had said earlier that the company was in talks with an Abu Dhabi investor regarding joint renewable energy projects, but declined to reveal its identity.
The project is part of the company’s plans to develop electricity projects in 17 African countries, mainly based on renewable energy
Power Assets said it sold a 16.53 per cent stake in HK Electric but will remain as the controlling shareholder of the power supplier
OPEC agreed on Friday to stick to its policy of not limiting its output, which currently stands above 30 million barrels per day.
One offshore and one onshore rig will be manufactured in the UAE as part of the deals.
The decision defers discussion of several tricky questions set to arise as members such as Iran and Libya prepare to reopen the taps after years of diminished production.
The minister was upbeat as he noted that the supply glut in the market has reduced significantly.
A source within the group said the outlook for the oil market is positive, especially in the second half of this year.
The comment indicates Saudi Arabia will likely propose not to change output policy at producer group OPEC’s meeting on Friday.
The refinery would be built in Indonesia’s Riau province, with the oil products being purchased by state-owned Pertamina.
The company has 212 rigs of both types in operation and that could rise to between 220 and 250 if conditions permit, sources familiar with the plans said.
The oilfield will not be reopened until difficulties to operate there are resolved, the US firm said.
The $3.2 billion plant at Umm Al Houl, 20 kms south of Doha, will provide 2,520MW of electricity and 136.5 million gallons per day of water.
The 2.4 GW plant, located 20km south of Doha, is scheduled to begin operations in 2017.
Research found Saudi Arabia’s share of Chinese crude imports dropped to just over 30 per cent in May from 36.5 per cent in April.
The country shipped 7.898 million barrels per day (bpd) of crude in March, up from 7.350 million bpd in February and 7.474 million bpd in January.
OPEC production had not risen by more than 200,000 to 400,000 bpd above its 30 million bpd cap since 2011, an official said.
Prices were supported by concerns that conflict in Iraq and Yemen could disrupt production or supply routes.
Earlier this year, QP said it would absorb its international unit, QPI, into its structure.
The maintenance will cost the company around SAR100 million, which will be reflected in second-quarter results.
Volatile fuel prices could be a good thing for the GCC, writes Abhay Bhargava, associate director and regional head – ME, Energy & Environment Practice, Frost & Sullivan.
The refinery will also undergo a second round of maintenance for 45 days starting March 1 next year.