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.
Total revenues tumbled 29 per cent to Dhs5.13 billion because of the plunge of oil prices since last June.
Abu Dhabi’s International Petroleum Investment (IPIC) owns all of Cepsa and is the biggest shareholder in Cosmo.
The oil giant has completed a massive investment programme which took its output capacity up to 12 million bpd.
The Kingdom pumped 10.308 million barrels of oil per day in April, compared to 10.29 million bpd in March.
The company did not give figures on estimated reserves or production rates for the new fields.
Oil slipped towards $65 a barrel on Monday as signs that U.S. shale oil production was recovering.
Total production from the Wafra onshore oilfield is around 190,000 barrels per day.
China’s crude oil imports hit a record of almost 7.4 million barrels a day last month.
Subscription for the initial public offering, which is open to both local and international investors, will run until June 8.
With the new structure, the company said it will be focusing more on Duqm and managing its international assets.