Oil has fallen from $115 in June, pressured by concern about slowing global demand and higher supplies, raising concern among some oil exporters of lower revenues.
The total value of oil aid to Egypt from Saudi Arabia since July 2013 through September of this year amounted to $5 billion.
The deal for two million barrels a month of Kuwaiti crude was signed with the Arab Petroleum Pipeline Co.
The firm, part of the Al Ghurair Group and one of the largest aluminium product makers in the Gulf, will lift annual output to 100,000 tonnes in the next three to four years.
Masdar bought the stake in a $2.5 billion 402 MW offshore wind project from Norway’s Statoil.
The Dubai entity currently produces 1.1 million tonnes of aluminium per year, with the planned upgrade set to enhance output by 100,000 tonnes when completed.
Brent crude prices have fallen below OPEC’s preferred level of $100 a barrel.
Oil prices in Europe have declined since June as geopolitical concerns wane and key producers pump large amounts into the market.
Sohar Aluminium plans to spend $35 million over the next five years.
The Al Sejeel petrochemical project, one of the world’s largest mixed-feed steam crackers, was scheduled for completion in 2018.
SWCC, also Saudi Arabia’s second largest power producer, now produces 3.6 million cubic meters per day of desalinated water.
Qatari ruler Sheikh Tamim bin Hamad Al Thani is currently visiting Berlin.
The first nuclear reactor is scheduled to enter commercial operations by 2017, the UAE’s nuclear agency said.
ENEC is expected to apply for a separate operating license before it can operate the reactors as the current approval only covers the construction of the units.
State-controlled PTT and Aramco will each own 40 per cent of the project at Binh Dinh’s Nhon Hoi economic zone, with the Vietnamese government holding the remaining 20 per cent.
The turnover of Mina al-Fahal refinery will be carried out to upgrade certain equipments, the company said.
The North American shale boom has not only cut crude imports into the United States but also turned it into a net products exporter.
Dubai-based Topaz Energy and Marine dropped its $500 million London listing plans in March 2011, citing market volatility as the reason.
Brent crude hit an intraday low of $97.60 on Wednesday, its weakest level since April 18, 2013.
The reduction comes as oil prices have come under downward pressure from ample supply and concerns about slower global demand.
The governor attributed the dip in oil prices to a rise in supply and slower demand over summer.
They were able to flow around 2,000 barrels of oil per day from the Faihaa-1 well in the Mishrif formation, they said.
Stephen Kersley has resigned and Ryan Wong will take over as acting head of finance effective October 1, the company said.
Tenders to build Kuwait’s fourth refinery, al-Zour, have been extended after delays and political opposition in the past.
The UAE, specifically Dubai, has been exemplary in diversifying revenue streams, stated a report by Alkhabeer Capital.
The firm will hold a general meeting on Sept. 15, it said without specifying the possible size of the issue.
GDI, a subsidiary of Gulf International Services, will provide two new offshore rigs and two new land rigs, and extend four other contracts.
Oman’s State General Reserve Fund, Royal Dutch Shell and existing investors in GlassPoint will inject the money, which will be used to accelerate the deployment of solar steam generators.
The cost of the Hassyan power plant, which is expected to come online by 2021, is anticipated to be more than $2 billion.
Al Khodari’s new activities will include supplying and installing solar energy equipment and systems, it said in a statement to the Saudi bourse.