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.
Oil prices have collapsed about 60 per cent in the last six months.
The current price fall affects Kuwait and other oil-producing countries, KUNA said, citing Ali al-Omair as telling parliament.
Prices quoted by companies to build the huge complex showed the project was “commercially unfeasible, a joint statement said.
Last September, Dana said it had signed a deal with Egypt that would help it recover most of the money it was owed.
Oil tumbled five per cent on Tuesday, with global benchmark Brent briefly trading at par to U.S. prices for the first time in three months.
They discussed global oil markets and cooperation on energy and environmental issues, climate change and solar energy use.
The minister did not specify how the new laws would work, but said details would be released soon.
The price of natural gas sold to industrial users will be unified and raised gradually from April 1, BNA said.
Iranian president said that oil producers such as Saudi Arabia and Kuwait will suffer more than Iran from the falling oil prices.
UAE Oil Minister Suhail bin Mohammed al-Mazroui said on Tuesday that OPEC’s decision in November not to cut output had been right.
Brent crude dropped four per cent to below $46 a barrel following a five per cent plunge on Monday.
Emirates Nuclear Energy Corporation (ENEC) completes the concrete dome for the Unit 1 Reactor Containment Building.
Under the deal, both companies will implement a development plan to create a portfolio of power assets in Africa worth over $500 million.
Both Brent and U.S. crude are at their weakest since April 2009 and have fallen for seven straight weeks.
The project will process around one billion cubic feet a day (bcf/d) of sour gas into 0.5 bcf/d of usable gas.
Saudi Arabia is unwilling to shoulder any output cut unilaterally and any cut has to be a collective one by all OPEC members, sources say.
SAFCO did not provide a reason for the profit drop in the Enlgish results statement.
Analysts at Goldman Sachs lowered their three-month price forecast for Brent to $42 a barrel from $80.
Venezuela’s international reserves have deteriorated sharply due to the tumbling oil prices which hit new lows last week below $50 per barrel.
ORPIC runs oil refineries at Sohar and Muscat as well as aromatics and polypropylene production plants at Sohar.
The two plants are the second phase of the 500 MW Ouarzazate project, which is part of a government plan to produce two gigawatts of solar power by 2020.
The crude unit was back online on January 2 with 80 per cent capacity and is expected to return to full capacity by January 21.
Saudi Arabia is offering crude at discounted prices in an attempt to defend its remaining share of the regional market, which has shrunk by more than half in recent months.
The transaction was signed at the very end of 2014, sources said.
The company recommended a a cash dividend of 7 riyals ($1.92) per share for 2014.