DUBAI/KHOBAR: Saudi Arabia is likely to burn less crude in its power plants this summer thanks to rising output from dedicated gas fields and gas that would be associated with any increase in oil output to make up for lower Iranian (...)
KHOBAR: State oil giant Saudi Aramco will sign a final deal next week to build a new 400,000 barrels per day (bpd) oil refinery in Yanbu with China's Sinopec Group, the company said on Sunday.
Aramco said the formal signing would take place on (...)
KHOBAR: State oil giant Saudi Aramco plans to raise the number of drilling rigs it operates to pre-crisis levels of at least 130 by the second quarter of 2012 as it strives to maintain production capacity levels, industry sources said.
Aramco had (...)
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 (...)
RIYADH: Dubai-based Abraaj Capital expects to invest $2 billion in 2011 and 2012, and the private equity firm is eyeing a number of deals this year, its top executive said, signalling a revival for the battered industry.
"We have a fund which is (...)
RIYADH: This year could mark a turning point for oil demand as use in emerging countries catches up with the developed world, top exporter Saudi Arabia said on Monday, while voicing concern speculation could push prices higher.
"Global oil demand (...)
KHOBAR: A phosphate joint venture between Saudi Arabia Mining Co (Maaden) and Saudi Basic Industries Corp (SABIC) will start production in the third quarter of 2011, Maaden said on Wednesday.
Maaden said in a statement on the Saudi bourse website (...)
KHOBAR: There are no projects in hand to extend Saudi Arabian oil capacity, which stands at 12 million barrels per day (bpd), Saudi-owned al-Hayat newspaper reported on Wednesday, citing an unnamed high level source.
The capacity figure places (...)
KHOBAR: Saudi Arabia has granted additional time to one of the consortia hunting for gas in the vast desert in the country's southeast, an industry source said on Monday.
In a rare opening for international firms, state-run Saudi Aramco set up (...)
JEDDAH: Top oil exporter Saudi Arabia expects to see growth in power demand drop by half after 2015 as the kingdom boosts its capacity, the chief executive of state-controlled Saudi Electricity Co (SEC) said.
"We don't expect it [demand growth] (...)
KHOBAR, Saudi Arabia: Saudi Aramco has signed contracts with international firms to build a multi-billion dollar refinery at Yanbu on Saudi Arabia's Red Sea coast, the state-run company said on Wednesday.
South Korean firms Daelim and SK (...)
KHOBAR, Saudi Arabia: State oil giant Saudi Aramco plans to award deals to build a 400,000 barrels per day (bpd) oil refinery in Yanbu in the coming few days, industry sources said on Wednesday.
Yanbu accounts for just under a quarter of Saudi (...)
KHOBAR, Saudi Arabia: The Middle East naphtha market remained weak due to plentiful spot supply from the region and lower petrochemical margins in Asia.
"There is a lot of spot selling... premiums are now at low single digits," a trader (...)
MANAMA: Top oil exporter Saudi Arabia believes renewable sources could account for up to 10 percent of its power output by 2020 with prices coming down and a regulatory framework in place, an executive from state oil giant Saudi Aramco said.
"The (...)
MANAMA: Non-OPEC oil producer Bahrain has recently made its first shipment of ultra-low sulphur diesel of less than 10 parts per million (ppm), the country's Minister of Oil and Gas Affairs said on Tuesday.
"We celebrated the first shipment of (...)