Saudi Arabia’s peak power demand during summer is approaching the total installed capacity of around 60,000 MW, a senior official said.
Officials had previously said that they would gradually raise the domestic selling price for diesel fuel, almost doubling it by 2017.
The industrial complex is expected to help provide around 100,000 direct and indirect jobs for Saudis.
Kuwait Petroleum Corp (KPC) signed a $12 billion LNG supply deal with Royal Dutch Shell on Sunday.
Saudi Arabia’s oil minister also said that total global oil demand was steady.
The expansion is planned to more than double the capacity of Ruwais refinery from 415,000 barrels a day (bpd).
Russia’s military intervention on Ukraine’s Crimean peninsula and its aftermath in eastern Ukraine have rattled oil markets for the last few months.
Kuwait Petroleum Corp (KPC) also plans to sign a $3 billion deal LNG supply deal with BP, a senior executive said.
The two firms’ owners aim to raise a combined $163 million through the sale of 35 per cent of each company.
Egypt’s government said last week that gifted fuel from Gulf nations, including Saudi Arabia, totalled $6 billion.
The project includes the expansion of a QP-owned gas processing plant at Mesaieed to help collect about 900 million cubic feet of sour gas per day.
Saudi Arabia supplied 9.650 million bpd in April to the market, up from 9.533 million bpd in March, an industry source said.
Alkhair, which has been operating in the Saudi market since 2009, opened an office in the Dubai last month.
BPCL operates a 240,000 bpd Mumbai refinery in western India and a 190,000 bpd Kochi refinery in the south of the country.
The aid helps reduce the heavy costs of government fuel subsidies and the drain on foreign exchange reserves.
The Omani contractor will construct phase two of the Al Ghurair plant expansion in Abu Dhabi’s ICAD – I Mussafah.
The refinery has capacity to process around 116,000 barrels per day of Omani crude.
The move apparently aims to curb smuggling of fuel in the Gulf country, a local newspaper reported.
Its total assets grew to Dhs251.2 billion at the end of 2013, up from Dhs239.3 billion on December 31, 2012.
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?