Saudi, the world’s biggest oil exporter, is trying to expand its market share in China this year
Oil prices fell on Friday to their lowest since the third quarter of 2017
The company joins Italy’s Eni and Germany’s Wintershall as a partner on the concession
The agreement covers the rights to explore for oil and natural gas in concessions 51 and 65
The company also opened its first locations in Saudi Arabia earlier this month
The new refinery is planned in the south of the country
Spark is hoped to build on the kingdom’s role as an energy hub
Uncertainty over the global economy stemming from US-China trade tensions could undermine oil consumption next year
Production has been halted in the zone for years due to political differences and environmental concerns
OPEC and its allies including Russia last week agreed to return to oil supply cuts next year
The Nghi Son Refinery and Petrochemical Complex has the capacity to process 200,000 barrels of oil a day
The emirates’ energy minister said Qatar’s exit from OPEC “is not going to affect us or the production moving forward”
OPEC and Russia agreed on Friday to reduce production
CEFC is being restructured after facing debt troubles
“We hope to conclude something by the end of the day tomorrow,” Saudi’s energy minister said
Oil prices have fallen by almost a third since October to around $62 per barrel
OPEC will hold policy talks on Thursday in Vienna
The two will also liquefied natural gas bunkering opportunities in the UAE and abroad
OPEC will meet on Thursday in Vienna, followed by talks with allies such as Russia on Friday
OPEC and its allies meet in Vienna next week amid concerns over a slowing global economy and rising oil supplies from the US
Saudi agreed to raise supply steeply in June to help cool oil prices and address a supply shortage after the US imposed sanctions on Iran
The Public Investment Fund, the kingdom’s sovereign wealth fund, owns a 74 per cent stake in Saudi Electricity
The agreement marks the first time a German oil and gas company has been awarded a stake in an Abu Dhabi concession area
OPEC and non-OPEC producers will work together, the Iraqi deputy oil minister said
The $24.4bn Barakah power plant is the world’s largest nuclear project under construction
A further investment of over $600m is planned in the region over the coming few years
A project to construct two nuclear plants is proceeding at an excellent pace, says energy minister