The UAE concession system allows oil producers to acquire equity in hydrocarbon resources from the country, with ADNOC usually holding a 60 per cent stake in each joint venture.
Rising air conditioning demand during summer and a lack of domestic supply means Kuwait needs to import more gas each year to run its power plants.
Revenue for the quarter was 1.32 billion riyals against 1.67 billion riyals in the prior-year period, it said in a statement.
Work on the unit, which lasted a month from March 27, was originally due to finish on April 19 but was extended by a week.
Head of Oman’s Central Bank says infrastructure projects are generating economic activity.
No information was given as to the stake size being acquired, but some current shareholders will remain as minority shareholders, Fajr Capital said.
State-run utility’s net profit rises by nearly half in the three months to March 31.
The company lost 913 million riyals during the three months to March 31, compared to 657 million riyals during the same period of the previous year.
SABIC chief said that increased competition among sectors and a shortage of gas have made internal expansion hard.
SABIC made a net profit of 6.44 billion riyals ($1.72 billion) between January and March compared to 6.56 billion riyals a year earlier.
As the UAE and Saudi race to build nuclear reactors to meet mounting energy needs, the inevitable question arises – is nuclear a viable option?
The firm estimated financial loss due to the outage to amount to around SAR214 million.
TAQA has invested in Bergermeer storage facility alongside Dutch energy company EBN.
Sahara blamed the decline on lower sales, citing a planned shutdown of Al Waha plant as well as lower income from associates.
The deadline for bids for the engineering, procurement and construction (EPC) contract is May 11, a senior executive said.
The refinery, which will become the biggest in the Middle East, will begin operations by late 2018 or early 2019.
The total volume of super-cooled gas to be delivered between the two companies would be around 2.5 million tonnes a year, a senior official said.
ExxonMobil, Royal Dutch Shell, Total and BP have each held 9.5 per cent equity stakes in the ADCO concession since the 1970s.
Is the rise of shale gas and oil a threat or an opportunity for GCC nations?
Sipchem made a profit of 68.7 million Saudi riyals ($18.3 million) in the three months to March 31.
Saudi Arabia has supplied full contractual volumes to most Asian buyers since late 2009.
The world’s largest oil exporter and OPEC heavyweight supplied 9.899 million bpd in February.
Kuwait Petroleum Corporation will provide Egypt with 85,000 barrels of crude oil per day.
In July 2013 Kuwait pledged $4 billion to Egypt, including $1 billion in oil products.
Kuwait’s oil production is expected to reach 3.5 million barrels per day by 2015, a senior official said.
The joint venture, operated by France’s Total and Saudi Aramco, began a gradual startup of operations last year.
TAQA’s chief executive told media that the firm’s capex will be “a little less than in 2013”.
TAQA said that the impairment did not affect the company’s ability to continue operations or service its debt.
The offering is likely to take place before the end of the year or in the early part of 2015, sources say.
Oil and gas firms in the Middle East have an above-average approach to risk management compared to their global counterparts, a study says.