China's Premier Li in Riyadh calls for an acceleration of Gulf trade negotiations
China's Premier Li Qiang urged Beijing on Wednesday to speed up free trade negotiations with the Gulf Cooperation Council, which includes Saudi Arabia. Li made these remarks at a meeting with GCC Secretary-General Jasem al-Budaiwi in Riyadh, reported Chinese state-run news agency Xinhua. Li will also visit the UAE later this week.
Saudi Aramco, McDermott Plan New Facility
Saudi Aramco on Tuesday signed a land lease agreement with McDermott Arabia Company to establish a facility for large scale fabrication of offshore platforms and onshore/offshore modules located within the King Salman International Complex for Maritime Industries in Ras Al-Khair, Saudi Arabia.“This facility will serve as a major engineering…
Versalis, Petrochem JV for O&G Industry in Middle East
Versalis, the Eni chemical company, Petrochem and Mazrui Energy Services have signed an agreement to establish Versalis Petrochem Mazrui (VPM), a joint venture for the commercialization of innovative chemicals for the Oil & Gas industry in the Middle East.Petrochem, a manufacturer of drilling fluids, is a Mazrui Energy Services Company.
Qatargas Asks Suppliers to Set up Local Offices amid Arab Boycott
State-run Qatargas, the world's largest producer of liquefied natural gas (LNG), has asked its suppliers to set up local operations in Qatar in an apparent bid to shield the Gulf state from further economic sanctions threatened by its neighbours. Saudi Arabia, Bahrain, the United Arab Emirates and Egypt cut diplomatic ties and severed transport links with Qatar in June…
Saudis, Allies give Qatar Two Days to Accept Demands
Trump calls Gulf Arab leaders, voices concern. Doha says four states target its sovereignty. Four Arab states which accuse Qatar of supporting terrorism agreed to extend until late on Tuesday a deadline for Doha to comply with a list of demands, as U.S. President Donald Trump voiced concern to both sides about the dispute.
Gulf States Squeeze Qatar as Solution Proves Elusive
Qatar, major gas exporter, calls for dialogue, diplomacy; evidence of economic pressure mounts, alarming markets. Gulf states cranked up the pressure on Qatar on Thursday as U.S. President Donald Trump and Kuwait's emir worked to end an Arab row that Qataris say has led to a blockade of their country, an investment powerhouse and supplier of gas to world markets.
Oil Rises on OPEC Cut, China's Demand Forecast
Saudi energy minister sees oil market tighter in 2-3 years; other key OPEC members begin cutting oil production. Oil prices rose on Thursday, supported by reports that key members of OPEC were starting to cut production as promised and by forecasts of strong demand growth in China. Brent crude was up 70 cents at $55.80 a barrel by 1135 GMT. U.S. crude was up 60 cents at $52.85.
Britain Plans to Deepen Security Cooperation with Gulf
Britain plans to deepen security cooperation with Gulf Arab countries and work with them to counter Iranian actions in the region, Prime Minister Theresa May said on Wednesday. Addressing a meeting on the sidelines of the Gulf Cooperation Summit in Bahrain, May said Britain would invest more than 3 billion pounds in defence spending in the region over the next decade.
ADNOC: Will Almost Triple Petrochemical Output by 2025
State-owned Abu Dhabi National Oil Co (ADNOC) plans to almost triple its petrochemical production to an annual 11.4 million tonnes by 2025 from 4.5 million tonnes at present, group chief executive Sultan Al Jaber said on Monday. "To achieve this we will seamlessly integrate our petrochemical and refining business, and as supplies of gas become tighter…
Kuwaiti Minister Expects Oil between $50-$60/bbl
Kuwait's finance minister and acting oil minister Anas al-Saleh sees crude oil prices at $50 to $60 a barrel within the next 15 months, state news agency Kuna reported on Sunday. Saleh made his comments in an interview that aired on Kuwait's al-Rai television late on Saturday, Kuna said. "We expect to see the level of $60…
Andy Hall: Accept it, OPEC 'back in business'
OPEC is back in charge of determining oil prices as Saudi Arabia works with Russia and archrival Iran to achieve output cuts, and only "a brave person" bets against this combination, closely followed oil bull Andy Hall says in his latest investor letter. "What is important is that Saudi Arabia and its GCC (Gulf Cooperation…
Could UAE Solar Push Lead a Trend for the Gulf?
As the Gulf states take steps to expand their use of clean energy, a bold plan by the United Arab Emirates to boost its use of renewable electricity from less than 1 percent to 24 percent in the next five years could be a game-changer for the region, experts say. Much of the world is moving away from oil for its electricity generation…
Gulf Dividend Payments May Sag as Cheap Oil Weighs
Corporate dividends in Saudi Arabia and other Gulf countries may be starting to shrink as companies find it harder to raise funds, forcing them to cut payouts. For many years, high dividend yields have lured investors to Gulf bourses, partly offsetting factors such as limited trading liquidity, erratic regulation and poor corporate disclosure of information.
Saudi Reform Efforts Wax and Wane with Oil Revenues: Kemp
"The GCC governments and peoples should realise that the boom period is over. We must all get used to a certain type of lifestyle that does not rely entirely on the state," Saudi Arabia's ruler warned. "The upcoming period needs the private sector to assume part of the responsibility which has up until now been carried by the state…
Middle East Economic Slowdown Will Cut Oil Demand Growth: Kemp
The Middle East was the fastest growing region for oil consumption except China over the last decade as young populations and booming economies simulated a surge in fuel demand. The Middle East is not only one of the world's most important producers and exporters of oil; in recent years it has become one of the most important and fast-growing consumers.
Fragile Five Economies Now Less So; Risks Rise for Gulf Six
Emerging economies not long ago deemed at risk of crisis are seeing steady balance of payments improvements, while for oil exporters in the Gulf and elsewhere once-mighty cash surpluses have all but melted away. The so-called taper tantrum of mid-2013 unleashed a wave of selling of assets from developing countries whose…
ABB to Upgrade S. Arabia’s Power Grid
ABB technology to upgrade five GIS substations to increase electricity transmission capacity ABB, the leading power and automation technology group, has won orders worth around $150 million from the Saudi Electricity Company (SEC) to expand five existing substations, helping to ready the country’s transmission system for…
ITF’s GCC Members Agree for Technology JIP Roadmap
The Industry Technology Facilitator’s (ITF) Gulf Cooperation Council (GCC) members have, for the first time, agreed to take forward three technology challenges with the aim of defining a call for proposals for collaborative joint industry projects (JIPs) later this year. ITF’s GCC Members’ Summit was hosted by Abu Dhabi National Oil Company (ADNOC) earlier this month at its Nation Towers Offices.
US Will Work to Ensure Bab-el-Mandeb Strait Remains Open
The U.S. military will work with Gulf and European partners to ensure the strategic Bab el-Mandeb Strait at the tip of the Red Sea remains open to commerce despite fighting and instability in Yemen, the head of U.S. forces in the region said on Thursday. "We would work in conjunction with our GCC (Gulf Cooperation Council) partners to ensure that those straits remain open," U.S.
Middle East Export Losses to Reach $300 billion
Losses from lower oil exports should sap up to $300 billion from economies in the Middle East and Central Asia this year, as countries in the region adjust to falling crude prices, the International Monetary Fund said on Wednesday. Economies that are particularly dependent on oil exports, including Qatar, Iraq, Libya and Saudi Arabia…
