Turkey looking to diversify gas import supplies

Monday, 20 November 2017

Turkey is working on possible gas imports from the Middle East, Central Asia, the East Mediterranean and Africa, according to the text of a speech, which Energy Minister Berat Albayrak was making on Monday. In the text of the speech, which he was making to a parliamentary budget commission, Albayrak said Turkey was looking to diversify the resources and routes for natural gas imports to increase competition.

Oil eases as traders, investors grow edgy ahead of OPEC meeting

Monday, 20 November 2017

Oil eased on Monday, as traders were reluctant to take on big new positions ahead of an OPEC meeting next week, when the exporter group is expected to decide whether to continue output cuts aimed at propping up prices. Brent crude futures were at $62.37 per barrel by 1002 GMT, down 35 cents on the day, while U.S. West Texas Intermediate (WTI) crude futures were down 7 cents at $56.48 a barrel. The Organization of the Petroleum Exporting Countries (OPEC), together with a group of non-OPEC ...

Saudi Electricity Company ranks 14th largest power company globally

Saturday, 18 November 2017

The Saudi Electricity Company has ranked 14th among the electricity companies in the world after it topped the list of electric power companies in the Arab countries by market value which reached at the end of September 2017 at about $26.5 bln.“This rank is a result of the company success during the past few years in developing its policies and strategic plans, and seeking to compete on the global performance indicators through the resettlement of modern technology, and training of ...

Lebanon minister: Political crisis wont delay oil, gas licensing

Tuesday, 14 November 2017

Lebanon’s energy minister said on Tuesday he does not expect any delays to its first oil and gas offshore licensing round because of the political crisis sparked by the prime minister’s resignation.Energy and Water Minister Cesar Abi Khalil told reporters on the sidelines of an energy conference in Abu Dhabi he expects to submit his report on the bids to the council of ministers for final approval before the year-end.Prime Minister Saad al-Hariri resigned in a speech from Saudi ...

Riyadh-Moscow: Toward a strategic relationship

Thursday, 9 November 2017

Being the first visit of its kind for a Saudi king, the historic visit of King Salman to Moscow represented a quantum leap in Riyadh-Moscow relations. In fact, it is a new phase in the desired strategic partnership, which hopes to achieve common interests and enhance regional and global security and stability.In recent decades, starting from 1990, the diplomatic activity between Riyadh and Moscow has followed various twists and turns. The path of Riyadh-Moscow relations has relied heavily on ...

Dr. Ibrahim Al-Othaimin

As 2018 nears, Saudi Aramco potential IPO grabs global attention

Saturday, 14 October 2017

A Saudi Aramco spokesman, according to Reuters news agency, has said that a series of options are being actively being considered for the IPO and that a decision has not yet been made yet while the IPO option “is still on track”.Aramco's dual listing on the Saudi stock market, Tadawul, and an international exchange had been earmarked for 2018 by the Saudi authorities - with stock markets in New York, London and Asia all vying for the offering. A decision on which ...

Saudi Arabia issues 2,000 mining licences worth $66 bln

Friday, 6 October 2017

The Minister of Energy, Industry and Mineral Resources, Khalid bin Abdul Aziz al-Falih said that 2,000 mining licenses have been provided to the private sector with a total value on of $66 billion in Saudi Arabia.. "The number of mining licenses granted by the ministry to the private sector is approximately 2000 mining licenses covering about 70 thousand square kilometers,” he said during a meeting with the Russian Minister of Natural Resources and Environment Sergey Donskoy. Donskoy ...

UAE Energy Minister: First nuclear reactor to be operational next year

Monday, 25 September 2017

UAE energy minister Suhail al-Mazroui said on Monday the country's first nuclear reactor would "definitely" be operational by next year. Speaking at an event in Abu Dhabi, al-Mazroui said the first nuclear reactor was 96 percent complete. The UAE is looking to nuclear energy to contribute around 25 percent to its clean energy mix by 2021 and 50 percent by 2050. Nawah, the joint venture between Emirates Nuclear Energy Corporation (ENEC) and Korea ...

ANALYSIS: Can GCC Islamic banks escape the oil-price cycle?

Monday, 3 July 2017

What was unthinkable, or at least not admitted, just years ago is beginning to happen in Islamic finance. More and more stakeholders now concede that the Shari’ah-authorized way of banking has hit a glass ceiling. They acknowledge that Islamic banking and financial services have largely failed to innovate at the speed they were expected to, and are got caught in the image warp of not being much different from conventional banking. It is also admitted that, just like several other ...

UAE energy minister sees no need for extraordinary OPEC talks

Monday, 19 June 2017

The United Arab Emirates energy minister said on Saturday he saw no need for an extraordinary meeting of the Organization of the Petroleum Exporting Countries ahead of regular talks in November.OPEC holds its next regular meeting in Vienna on Nov. 30.“No one is talking about extraordinary. We are at the beginning of the agreement, I think we need to give it a little bit of time,” Suhail bin Mohammed al-Mazrouei told reporters in Dubai.OPEC and non-members led by Russia decided on May ...

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