The minister said that OPEC’s policy might temporarily force high-cost producers out of the market but they would eventually come back.
Ali al-Omair also said the Kuwait’s budget for the next fiscal year was expected to be based on an average oil price of $40 to $45.
Abengoa will jointly develop the project with AWT, the commercial arm of King Abdulaziz City of Science & Technology.
Renewable energy targets have been revised to 2.3 per cent by 2017 and 15 per cent by 2030.
Lower oil prices are not affecting Oman’s upstream strategy, and there is no change in its 2015 energy plans, the minister said.
Oil minister Ali al-Omair said that Kuwait would nevertheless continue developing its production and refining capacity.
Analysts said they expected low prices to continue for the next half-year.
The company reported a net profit of SAR376 million for the last quarter of 2014.
Global growth is projected at 3.5 per cent for 2015, the IMF said, reducing its forecast by 0.3 percentage points.
Aramco deployed 210 oil and gas rigs in 2014.
The countries are looking to announce their first project this year and are currently reviewing project proposals in the Middle East, a joint statement said.
Oil prices have dropped almost 60 per cent since June 2014, when they stood at $115 per barrel.
The country was initially looking to install 17 gigawatts of nuclear power and 41 gigawatts of solar capacity by 2032.
The company said that the loan was for general corporate purposes.
Oil prices have dropped by more than half since last June as output around the world has soared while demand growth has slowed.
Sipchem made a profit of 132.4 million riyals ($35.28 million) in the last quarter of 2014.
The specified amount is slightly higher than the usual volumes that the company buys, a Singapore-based trader said.
Access Infra Africa plans to invest over $500 million in renewable power assets in Africa over the next three years.
SABIC’s chief executive Mohamed al-Mady told reporters that the outlook for 2015 was unpredictable and contingent on oil prices.
The company earned SAR4.36 billion ($1.16 billion) in the last quarter, a statement said.
The Emirates will fund solar-powered projects in the Marshall Islands, Nauru, Palau, and the Solomon Islands through its $50m renewable energy fund.
For the whole of 2015, the IEA raised its estimate of the demand for OPEC crude by 300,000 bpd to 29.2 million bpd.
The proposed expansion would boost the capacity of the Sitra refinery by 100,000 barrels per day, BAPCO’s CEO said.
There were no casualties and limited damage was caused, state news agency KUNA said.
Industry sources in Qatar said that the country was still studying the possibility of investing in Venezuela’s energy, real estate and tourism sectors.
OPEC forecast demand for the group’s oil will drop to 28.78 million barrels per day (bpd) in 2015.
The project has a net power capacity of 200 MW and is the largest utility scale solar plant in the world to be tendered in a single phase
The company did not specify where the shipment was headed to.
A consortium of Saudi Arabia’s ACWA Power and Spain’s TSK had been selected as the preferred bidder to build the 200MW solar power plant.
Solar projects having capacity to produce up to 1,800 megawatts of power are to be awarded over the next 12 months in the region.