DUBAI (AFP) — The economies of Middle East oil exporters are likely to suffer from a possible prolonged global recession as demand for the region’s main export wanes, the International Monetary Fund said on Sunday.
Government expenditure, however, should mitigate the slowdown, the IMF said in a report released in Dubai.
Arab states in the Gulf and [...]
DUBAI: A new industry is swiftly taking shape around what is expected to be the Arab world’s first independent civil nuclear power programme, according to an engineering, safety and risk management consultancy.
“Several GCC countries have shown interest in nuclear energy but it is in the UAE where moves to establish a legal and regulatory [...]
MANAMA, Feb 2 (Reuters) - Bahrain and Royal Dutch Shell (RDSa.L) on Monday signed an agreement to study gas imports to meet the kingdom’s growing demand.
Bahrain, like its Gulf Arab neighbours, saw demand for natural gas rise rapidly as its economy grew on the back of a petrodollar-fuelled boom in the region. Bahrain aims [...]
By Maher Chmaytelli and Ayesha Daya
Nov. 30 (Bloomberg) — OPEC deferred a decision on reducing production this year by two weeks to gauge the impact of earlier cuts, as it seeks to push oil prices back up to $75 a barrel.
Crude has dropped 62 percent from July’s record of $147.27 a barrel as the global [...]
DUBAI, UAE, Nov 19, 2008 (MARKET WIRE via COMTEX) — Petrolium Oil Alliance Inc. announced it has opened new offices for the company and its U.S. subsidiary PetrOil Inc. formerly CybeRecord, Inc. (PINKSHEETS: CYRD), at King Fahad Road, Oroba Center Suite 4042, Riyadh, Kingdom of Saudi Arabia, Telephone: +966553020240. The action was taken as [...]
By MOHAMED SHEIKH NOR and BARBARA SURK, Associated Press
MOGADISHU, Somalia – Pirates who seized a Saudi supertanker loaded with $100 million in crude oil anchored the ship within sight of impoverished Somali fishing villages Tuesday, while the U.S. and other naval forces decided — for now — against intervention.
Saudi Arabia said Tuesday that it [...]
DUBAI, United Arab Emirates – The U.S. Navy says Somali pirates have hijacked a Saudi-owned oil tanker off the Kenyan coast.
Lt. Nathan Christensen, a spokesman for the U.S. Navy’s 5th Fleet, says the pirates hijacked the vessel Saturday. The tanker is owned by Saudi oil company Aramco and was sailing under a Liberian flag.
Christensen says [...]
LONDON, Nov 12 - Dubai-based traders Coastal Energy, a wholly-owned subsidiary of the C&O Group, said on Wednesday its coal trading business was robust despite the slide in coal prices due to strong demand from buyers.
“Despite the global slowdown, Indian demand for coal remains robust. The Indian government has asked utilities to import as much [...]
Emirates Airline has reported a 88% drop in its net profit for the half year to 30 September, out largely down to higher oil prices.
The biggest Middle East carrier’s net profit was 284m dirhams ($77m, £48.8m), from 2.36bn dirhams a year earlier.
The Dubai government-owned airline said its fuel costs were $469m higher than it had [...]
The Associated Press
DUBAI, United Arab Emirates: Abu Dhabi’s Mubadala Development Co. and U.S. oil giant ConocoPhillips said Sunday they have signed a deal with Kazakhstan’s national oil company to drill in a potentially lucrative oil and gas region in the Caspian Sea.
The memorandum of understanding with Kazakhstan’s KazMunayGas tentatively gives Houston-based ConocoPhillips and Mubadala, one [...]
