Dubai’s Drake & Scull Gets Shareholder Nod For Strategic Investor Plan

The company said that its shareholders had approved issuing a bond that would allow a strategic investor to buy into the company.

Saudi’s Yansab Misses Forecast As Q2 Net Profit Slips 8.6%

The firm made a net profit of SAR613 million ($163.5 million) in the second quarter compared with SAR670.5 million in the same period of 2013.

Saudi’s SAFCO Posts 7.8% Q2 Net Profit Fall

The company said it made SAR639 million ($170.4 million) in the second quarter, compared to SAR693 million in the same period a year ago.

UAE’s Dana Gas Says Wins Right To Some Payments From Iraqi Kurdistan

The firm had filed an arbitration case in London last October against the Kurdistan Regional Government (KRG), to obtain payments for products which it had delivered.

Saudi Sipchem Q2 Net Profit Jumps 41%; Sales, Margins Rise

Sipchem made a profit of SAR244.6 million ($65.3 million) in the three months to June 30, up from SAR174.0 million in the prior-year period.

Egypt Tries Crude Swaps To Import Crucial Foreign Oil

Egypt has been largely unable to buy crude oil in the international market for more than a year due to a domestic subsidy scheme.

World Has Ample Oil Now But Risks “Extraordinarily High”-IEA

Global oil demand is expected to grow by 1.4 million barrels per day (bpd) next year, up from 1.2 million this year.

Saudi June Oil Production Rises To 9.78m bpd

The Kingdom typically increases production during the hot summer months to meet a surge in electricity demand.

IFC To Inject Up to $100m In Saudi’s ACWA Power For Renewable Energy

The investment will focus on expanding the amount of power generated in the Middle East and North Africa through green methods.

India, UAE Discuss Strategic Oil Storage Lease – Sources

ADNOC is reportedly planning to take up to two million tonnes capacity in India.

Shell Shelves Saudi Gas Development Project

Shell did not give a reason for the decision to end investments in the project, which is located in the Kidan area.

Dubai’s ENOC Receives Nod For 40 Fuel Stations In Saudi Arabia

ENOC is one of the three companies that won the qualification certification to open more outlets in Saudi Arabia.

Etihad Rail signs MoU With Western Bainoona Group

WBG will utilise the rail network’s operations for the distribution of materials from its crusher location at Tawyeet.

Saudi Electricity To Be Paid SAR2.7bn In Debt Owed

The payment will have a significant impact on earnings, the company said.

GDF Suez Signs Agreement For $1.5bn Mirfa Project In Abu Dhabi

The french utility company signed a 25-year power and water purchase agreement with the Abu Dhabi Water and Electricity Company.

Iraq Oil Shock To Lift Safe-Haven Currencies Before Those Of Crude Exporters

Any setback to the government in Southern Iraq could lead to greater demand for the more liquid currencies like the yen, the dollar and the Swiss franc.

Dubai’s Shelf Drilling Cancels London IPO

The company said that it cancelled the IPO due to challenging public market conditions.

GE Oil & Gas Opens New Facility In Dubai’s Jebel Ali Free Zone

The new facility will further expand the company’s presence in the UAE.

Dubai’s DEWA Awards Dhs76m Contract For New Substation In Jumeirah

The 132/11kV substation is one of the projects that DEWA has launched to build the emirate’s power capacity.

Saudi Aramco Unit Ups Stake In S-Oil In $1.95bn Deal

The purchase will increase AOC’s ownership of S-Oil to 63.4 per cent from 34.99 per cent, AOC said in a statement.

Bahrain, Oman Most Vulnerable To Fall In Oil Prices

Increasing dependence of the GCC states on oil revenues poses a rising credit risk, a new survey by S&P says.

Abraaj To Consider Options For Pakistan K-Electric Stake

Abraaj bought a controlling stake in KES Power, the majority shareholder in K-Electric, in 2009.

Abu Dhabi To Provide Dhs33m Loan For Sierra Leone’s Solar Project

Abu Dhabi Fund for Development will provide finance to construct a 6 MW solar power plant in the city of Freetown in Sierra Leone.

Egypt’s EGAS Expects Delay In Gas Import Terminal

The terminal, slated to arrive in September, is now expected in October or November, according to sources.

Abu Dhabi’s Waha Capital Buys Into Dubai’s National Petroleum Services

Waha Capital bought a 20.56 per cent stake in National Petroleum Services for $76 million.

Saudi’s SABIC, Mitsubishi Rayon JV Signs Build Contract For $1.2bn Plants

Construction has begun and should be completed in the first quarter of 2017, with commercial operations beginning later in that year, a statement said.

Emirates Global Aluminium Project Clears Guinea Hurdle

The adoption of the amendments clears the path for the project, which was initially delayed due to lack of funds following the financial crisis.

OPEC Secretary General Says No Shortage Of Oil

Currently, the market is well-supplied and prices above $114 a barrel are the result of market nervousness, OPEC Secretary General Abdullah al-Badri said.

Saudi Remains Committed To Supplying Market With Extra Oil If Needed -Official

Saudi Arabia has the ability to pump to its full capacity of 12.5 million barrels per day, an official said.

Abu Dhabi’s Mubadala Petroleum Says Makes Malaysian Gas Discovery

Mubadala Petroleum said it found substantial gas in the Pegaga well in its operating block SK320.