Saudi King and Crown Prince Condole Kuwait
In a heartfelt gesture of solidarity, Saudi Arabia’s King Salman and Crown Prince Mohammed bin Salman expressed their deepest condolences to the Emir of Kuwait on Monday following the passing of Sheikh More »
Putin and Abbas Discuss Gaza Crisis
Russian President Vladimir Putin is set to meet with Palestinian President Mahmoud Abbas on Tuesday during Abbas’ visit to Russia. Arriving on Monday, Abbas aims to discuss the ongoing Gaza conflict with More »
Saudi Arabia Voices Strong Support for Gaza Peace Initiatives
Saudi Arabia has firmly aligned itself with the recent joint statement made by President Joe Biden of the United States, President Abdel Fattah El-Sisi of Egypt, and Sheikh Tamim bin Hamad Al-Thani, More »
Saudi Crown Prince, US Secretary of Defense discuss troop deployment
:: Saudi Arabia’s Crown Prince Mohammed bin Salman received a phone call on Wednesday from the US Secretary of Defense during which they discussed ongoing arrangements to send US troops of a More »
Saudi Energy Minister confirms restoration of Kingdom’s gas production capacity
:: Saudi Arabia’s Minister of Energy confirmed on Wednesday the restoration of production capacity, affirming the Kingdom’s position as a reliable energy supplier in the global market. The energy minister, Prince Abdulaziz More »
Category Archives: Energy
Saudi Arabia approves launching an ‘Industrial Energy City’ in the Eastern Province
:: The Saudi Council of Ministers approved the taking of necessary measures to establish an industrial city in the Eastern Region called “the Industrial Energy City”, in addition to allocating of 50 square kilometers of the reserved lands of Aramco
Oil falls as banks cut price forecasts
:: Oil prices fell on Tuesday as global oversupply encouraged several banks to cut their forecasts for crude for this year and 2018. Brent crude was down 50 cents at $46.38 a barrel in mid-morning trade on Tuesday. US crude
Saudi Aramco signs deal with foreign, local firms to build huge shipyard
:: Saudi Aramco said on Wednesday it had signed a joint venture agreement with three firms to build a shipyard on the kingdom’s east coast, part of the government’s drive to diversify the economy beyond oil. A shareholder agreement was
Saudi Aramco takes ownership of the largest US oil refinery
:: Saudi Aramco now officially owns the largest oil refinery in America and the 600,000 barrels processed per day in Texas, a news report has revealed. According to a report in the Washington Times, Royal Dutch Shell (RDSA) released a
Saudi Aramco CEO says oil market rebalancing after OPEC-led cuts
The oil market is moving towards a balance between supply and demand with the help of an agreement reached between OPEC and other producers to cut production, the chief executive of Saudi Aramco said on Thursday. The Organization of the
Iran boosts gas production from underwater field
Iran’s President Hassan Rouhani inaugurated five new phases of the South Pars gas field on Sunday, the result of some $20 billion in investment, local media reported. The ribbon-cutting of phases 17-21 pave the way for Iran to surpass the
Saudi Arabia, UAE to look for joint strategic partnerships: Falih
Saudi Minister of Energy, Industry and Mineral Resources Khalid Al Falih said Saudi Arabia and the UAE have agreed to look for joint strategic partnerships at a joint retreat held here on Thursday. “This blessed journey will achieve its goals,”
To enhance transparency, OPEC and UAE to launch oil and gas database
OPEC and the United Arab Emirates’ ministry of energy will next week launch the first phase of a new global oil and gas database project aiming to develop an easy-to-use tool to analyse energy information and allow for more transparency.
Iran struggles to expand oil exports as sea storage cleared
Iran has sold all the oil it had stored for years at sea and Tehran is now struggling to keep exports growing as it grapples with production constraints, shipping and oil sources say. Since the easing of international sanctions in
Saudi Aramco raises $3 bln with debut sukuk – sources
Saudi Aramco has raised $3 billion (11.25 billion riyals) in its debut sukuk issuance, sources familiar with the matter said on Wednesday. The Islamic bond, part of a program to raise 37.5 billion riyals, is the oil giant’s first fundraising
World Bank urges more investment for developing global electricity
Global efforts to provide universal access to electricity, develop more renewable energy sources and increase efficiency are not on track to meet a target date of 2030, the World Bank said Monday. With fewer people receiving electricity for the first
Saudi Aramco formally appoints banks to advise on share sale
Saudi Aramco has formally appointed JPMorgan Chase & Co, Morgan Stanley and HSBC as international financial advisers for its initial public offering, sources familiar with the matter told Reuters. The trio join Moelis & Co and Evercore, which have been
Mitsubishi UFJ optimistic on Saudi project finance, Aramco IPO role
Mitsubishi UFJ Financial Group (MUFG) expects double-digit growth in its project finance business in the Middle East in 2017, driven partly by Saudi Arabia’s efforts to reduce its dependence on oil, the bank’s co-head in the region Elyas Algaseer said.
S. Africa’s Gordhan ordered home from London
Finance Minister Pravin Gordhan is set to return to South Africa early on Tuesday after being ordered home from London by President Jacob Zuma, hours before a court hearing over the closure of accounts belonging to friends of the president.
Canada eyes Asia for oil exports
Canada’s natural resource minister said Saturday despite the approval of Keystone XL pipeline, his government remains determined to diversify its oil exports beyond the US. The minister, Jim Carr, told The Associated Press that President Donald Trump’s approval of the
India tries to fix Iran trade payments as Trump hardens line
India is exploring setting up a new payments mechanism for trade with Iran, after its old sanctions workaround broke down, as state banks remain fearful of handling payments from Tehran in case the US imposes a fresh financial embargo. President
Dubai harvests desert sun at vast solar plant
Dubai on Monday completed a solar plant big enough to power 50,000 homes as part of a plan to generate three-quarters of its energy from renewables by 2050. The 200 megawatt plant sprawls over 4.5 square kilometers (1.73 square miles)
Scots weigh economic uncertainty of independent future
The prospects for Scotland’s economy after Brexit are at the heart of the battle between its pro-independence first minister and British Prime Minister Theresa May, who wants Britain to stay united as it leaves the EU. Nicola Sturgeon has warned
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