DUBAI: Top oil exporter Saudi Arabia and other Gulf OPEC states are ready to replace Iranian oil if further sanctions halt Iranian crude exports to Europe, industry sources said on Tuesday.
Iran's Oil Minister Rostam Qasemi had said that Saudi (...)
VIENNA: OPEC oil producers on Wednesday sealed their first new production limit in three years in a deal that settles a 6-month-old argument over output levels firmly in Saudi Arabia's favor.
The Organization of the Petroleum Exporting Countries (...)
DOHA: Saudi Arabia said on Wednesday it was pumping oil at the highest rate for decades in a signal to fellow producers and buyers just a week before an OPEC meeting that it intends to meet customer demand with more output if necessary.
The (...)
MANAMA: UAE energy firm Dana Gas said on Monday that its overdue receivables from Egypt for the gas delivered there has risen to around $200 million from $180 million previously and added that it was optimistic payments were coming.
"The payments (...)
CAIRO: A Cairo court has issued an order to freeze all assets of Egyptian steel magnate Ahmed Ezz, a close associate of ousted President Hosni Mubarak who is also being investigated for graft, state news agency MENA reported on (...)
CAIRO: Ten Kuwaiti lawyers will join the defense team for Egypt's ousted president Hosni Mubarak in his trial on charges of corruption and authorizing the killing of protesters, the state news agency MENA said on Friday.
The Kuwaitis will be (...)
DUBAI: UAE energy firm Dana Gas has not yet received payment for gas delivered in Egypt, it said in a statement on Tuesday.
In May, Dana's management reported delayed payments of $148 million for gas sales to the Egyptian government and said if (...)
RIYADH: Yemen's President Ali Abdullah Saleh was injured earlier this month by a bomb planted in a mosque within the presidential palace, but he is recovering and will return to Yemen soon, a source close to Saleh told Reuters.
Saleh's health and (...)
DUBAI: Dana Gas, the UAE energy firm, faces delayed payments of $148 million for gas from the Egyptian government which could have an impact on its future investments in the country, Dana's CEO told Reuters on Thursday.
"We have a four to five (...)
DAVOS: Reforms are needed across the Arab world to address angry citizens' demands for a better standard of living after protests in Tunisia and Egypt, Arab officials attending the Davos World Economic Forum said on Wednesday.
A Saudi royal (...)
DAVOS, Switzerland: Human Rights Watch (HRW) fears that Egypt's army may open fire on protesters during demonstrations planned for Friday, the head of the New-York based group said on Thursday.
Police in Cairo have already fought thousands of (...)
ABU DHABI: Egypt will issue a tender for its nuclear power plants in about two weeks time and bidding companies will be given six months to present their offers, its minister of electricity and energy said on Sunday.
The Arab world's most (...)
CAIRO: The global economy can withstand an oil price of $100 a barrel, Kuwait's oil minister said on Saturday, as other exporters indicated OPEC may decide against increasing output through 2011 as the market was well supplied.
Analysts have said (...)
ABU DHABI: Jenaan, an Abu Dhabi private firm, will focus on developing farmland it has already acquired in a number of developing nations until it breaks even in about five years, a company board member said on Wednesday.
"We have land in Egypt, (...)
DUBAI: UAE's Dana Gas returned to profit during the third quarter due to lower costs and increased production, but the results fell short of analysts' estimates.
Dana reported a net profit of 33 million dirhams ($8.98 million) in the third (...)
DUBAI: Retail gold sales volumes in Dubai and Abu Dhabi fell by around 10 percent on the year in October as high gold prices deterred consumers despite the Indian festive season, retailers said on Sunday.
"Ahead of Indian festival of Diwali (...)
DUBAI: A new privately-held sugar refinery in Syria with an annual capacity of 600,000 tonnes started production this week, its chairman said on Monday.
The $90 million refinery, owned by private firm T. Akhras Group, started production at its (...)
DUBAI: UAE-based Dana Gas posted a net profit of 33 million dirhams ($8.98 million) in the second quarter, as its Egypt and Kurdistan operations delivered high output, but the results fell short of analysts estimates.
Four analysts on average had (...)
DUBAI: United Arab Emirate's based Crescent Petroleum, largest shareholder in Dana Gas, said Iran did not cancel a 25-year gas supply contract it had signed with the National Iranian Oil Co (NIOC).
Last week, Iranian media reported that the (...)
DUBAI: Retail gold demand volumes in Dubai and Abu Dhabi were up around 10 percent in July on the year as gold prices dipped and consumers had more disposable income to spend on jewelry than a year ago, retailers said on Monday.
"The drop in the (...)
DUBAI: Abu Dhabi's Emirates Steel Industries (ESI) obtained loans worth $1.7 billion from banks and a $500 million loan from General Holding Corp (GHC) to finance its expansion, a company statement said on Sunday.
In July, GHC, the parent company (...)
DUBAI: Iran may seek payment for its oil exports to Europe in UAE dirhams rather than euros because tougher EU sanctions could block Iranian transactions in the single European currency, an Iranian official said on Sunday.
But the United Arab (...)
ABU DHABI/HOUSTON: BP's boss met officials from Abu Dhabi state funds on Wednesday as prospects for fresh investment and progress towards closing a leaking US oil well lifted the company's battered shares.
A United Arab Emirates official said (...)
DUBAI: Weak steel demand in the Gulf region might lead to oversupply in the market forcing prices to fall further in the coming weeks, steel traders said on Monday.
Construction had slowed down in the Gulf over the past year as economic crisis (...)
DOHA: Metalloinvest, the Russian steel and iron ore firm controlled by billionaire Alisher Usmanov, plans to invest $320 million in five years to build its second mill in the United Arab Emirates, a company executive said on Wednesday.
In 2007, (...)