The kingdom fell behind Nigeria for Indian supplies and lost out to Russia and Angola for crude supplies to China
The authority is also planning to build three substations, especially to deal with rising power demand during Expo 2020
Luksar is a joint venture between Aramco and Russia’s Lukoil
Before the restructuring, industry sources said QP had around 14,000 employees
Ali Saleh al-Omair predicts gains in the final quarter of 2015 on the back of global growth
The refinery, which started operating in 1967, serves much of the country’s western region
The 615,000 barrel per day oil refinery has been repeatedly delayed by bureaucratic and political issues
Both countries have recorded growth in new business orders and have seen a rise in output, a report says
The King Abdullah City for Atomic and Renewable Energy announced the cooperation deal on its website
Exports fell to 7.737 million bpd from 7.898 million in March when they hit their highest levels in almost a decade
Dubai’s ENOC, which owns 54 per cent of Dragon Oil, raised its offer this week to buy out the minority shareholders
The talks follow OPEC’s meeting on June 5 in which the group kept its output policy unchanged
The oil cartel’s revenues fell from $1.112 trillion in 2013 to reach $993.3 bn in 2014, a new report shows
The facility will support its expansion plans and provide the energy firm with long term funding
Independent Petroleum Group bought 60,000 tonnes of the aviation fuel from Kuwait Petroleum Corp in July
Dubai-based ENOC’s offer values Dragon Oil at around $5.75bn
Suhail bin Mohammed al-Mazroui said that the government had requested a report after there were questions over why domestic fuel prices didn’t drop after global oil prices fell
The company officials said while Chinese oil demand was stabilizing, the highest growth was likely to come from India in the second half of this year.
The move, which would see around 250 support positions eliminated, is aimed at creating a leaner entity and increasing competitiveness.
RWE’s CEO Peter Terium had said earlier that the company was in talks with an Abu Dhabi investor regarding joint renewable energy projects, but declined to reveal its identity.
The project is part of the company’s plans to develop electricity projects in 17 African countries, mainly based on renewable energy
Power Assets said it sold a 16.53 per cent stake in HK Electric but will remain as the controlling shareholder of the power supplier
OPEC agreed on Friday to stick to its policy of not limiting its output, which currently stands above 30 million barrels per day.
One offshore and one onshore rig will be manufactured in the UAE as part of the deals.
The decision defers discussion of several tricky questions set to arise as members such as Iran and Libya prepare to reopen the taps after years of diminished production.
The minister was upbeat as he noted that the supply glut in the market has reduced significantly.
A source within the group said the outlook for the oil market is positive, especially in the second half of this year.
The comment indicates Saudi Arabia will likely propose not to change output policy at producer group OPEC’s meeting on Friday.
The refinery would be built in Indonesia’s Riau province, with the oil products being purchased by state-owned Pertamina.
The company has 212 rigs of both types in operation and that could rise to between 220 and 250 if conditions permit, sources familiar with the plans said.