UAE's official news agency WAM announced on Monday Abu Dhabi National Oil Company (ADNOC) has taken over 74 Emarat's service stations spread across the northern Emirates. According to WAM, Abu Dhabi owned ADNOC Distribution and the UAE Federal government-owned Emirates...
The International Energy Agency said on Wednesday that global oil demand is likely to be muted over the next year and supply and inventory levels look comfortable, implying there is no need to release emergency stocks to curb oil...
The UAE government has setup a top-level body to review state fuel subsidies amid calls by national retailers not to further cut oil prices as their losses soar. Members of the Federal National Council (FNC), a consultative body, unanimously approved plans this month...
Following Libya?s crude oil disruption, Saudi Arabia?s expected increase in oil production is set to sharply boost the Gulf Kingdom?s revenue and allow it to record massive surpluses, as stated by the country?s largest bank. National Commercial Bank (NCB) is...
UAE Needs to Curtail Domestic Energy Consumption Habits, Minister of Energy Says The United Arab Emirates, with the second largest Arab economy, will develop a diversified and efficient energy portfolio that will sustain future economic growth and extend the country’s...
Gulf States Likely to Curtail Record Spending Programs in 2015 Gulf States losing about $1 billion dollars a day over the last 6 months due to decline in oil price Top MENA Officials to Discuss Implications of Oil Market Turmoil on...
The Emirate of Fujairah, home to the Middle East’s biggest ship-refuelling centre, will be paying a high cost due to the sanctions imposed on Iran, Barclays' analysts wrote in a research report. Miswin Mahesh and Amrita Sen disclosed in their findings...
Russia would be beaten by Saudi Arabia as the world?s largest crude oil producer by 2015, according to a report published by International Energy Agency (IEA). The agency suggested it is the result of the output at new Russian...
Renewable power costs plummet, many sources now cheaper than fossil fuels worldwide, reveals latest report from IRENA   The cost of generating power from renewable energy sources has reached parity or dropped below the cost of fossil fuels for many technologies...
Russia’s Gazprom Neft announced on Thursday its Middle Eastern subsidiary has inked two oil deals with Iraq’s autonomous Kurdish region, becoming the fourth major oil company to enter into agreements with Kurdistan. The St. Petersburg-based company said it has acquired...
A consortium consisting of Finnish giant Wärtsilä and Lotte Engineering & Construction of South Korea, has been awarded a contract by Amman Asia Electric Power Company to supply a 573 MW power plant to Jordan. The total value of...
After the completion of Ruwais plant expansion, the UAE is expected to achieve self sufficiency in gasoline by the end of 2014. According to an official of the Abu Dhabi National Oil Company (ADNOC), "we’re trying to increase our capacity...
Iraqi deputy minister for energy affairs said the government is studying plans to diversify into petrochemicals, expand its pipelines and explore sea for energy. The announcement came amid reports the country is pumping oil at the highest rate since Saddam...
Saudi Arabia, the largest crude oil exporter in the world, is seeking investors for a $109 billion plan of establishing solar power industry that will increase the country's electricity production capacity, according to the planning and development agency officials. The report said...
Iraq’s September oil exports peaked the highest in three decades with about 2.6 million barrels per day, earning the exchequer $8.4 billion, figures disclosed by the oil ministry said on Sunday. According to the figures compiled earlier this week, oil...
Three Qatari government-owned companies have decided to set up a USD 1 billion fund to invest in overseas energy infrastructure projects. An official announcement by Qatar Electricity and Water Company (QEWC) reveals that it would establish the fund in collaboration...
New Delhi allowed its state-run insurers to provide limited cover to Indian ships transporting Iranian oil, paving way for refiners to receive uninterrupted supplies from Tehran. India's Insurance and Regulatory and Development Authority (IIRDA) announced state-run insurers can replace their...
Iran announced the launching of the first domestically-produced aframax oil tanker on Tuesday, part of its programme to counter US-led Western sanctions which aim to target oil exports and restrict its maritime trade. The Fars news agency reported that the oil...
Emirati firm RAK Petroleum and Norway?s DNO are set to seek additional Middle East partnerships after agreeing to merge their oil operations under the DNO banner in a deal that has sent shares up by 16 percent. "There may be...
Saudi Arabia overtook Russia as the world's largest oil producer as it boosted its crude oil production to record levels in March. According to the Joint Organization Data Initiative (JODI), Saudi crude exports rose 3% in March, reaching the highest...
Across the UAE, where the average daily temperature in the summer can soar to over 40-degrees celsius (104-degree Fahrenheit) for weeks at a time, it might seem the weather is to blame for the country's huge per capita carbon...
Abu Dhabi National Oil Co (ADNOC) director general announced on Sunday the company will present the current structure of its oil and gas concessions in the United Arab Emirates to the Supreme Petroleum Council of Abu Dhabi by early...
Iranian Energy Minister Majid Namjou announced on Thursday the cancellation of a $2 billion deal with a Chinese contractor to construct a hydroelectric dam and ceded it to its Revolutionary Guard Corps, official news agency Mehr reported. Iranian President Mahmoud Ahmadinejad is due...
A new report by countries by the World Economic Forum has criticized the OPEC-member countries of failing to adjust to the changing energy architectures and renewable energy sources. None of the member countries have made it to the top 50...
Despite facing challenges of a weak global economy and volatile domestic politics, the MENA region is showing robust economic performance. According to the QNB Group, the region’s economy will grow by 3.5 to 4 percent this year. Further improvements are...
For decades, we have measured fuel economy and miles traveled by car or truck in the familiar miles traveled per gallon of gasoline, or MPG. Some nations don’t use miles as they use the metric system and distance is measured...
The world energy industry is suddenly transforming into something very different from the industry we have grown accustomed to over the past decades. It used to be, pump and burn more oil, mine and burn more coal and build...
Moody's Investors Service welcomed a recent decision by state-owned entities in the UAE to build a new liquefied natural gas import terminal that bypasses the strategic Strait of Hormuz and termed it as 'credit-positive'. Mubadala Development Company and the International Petroleum Investment...
Egypt has granted its first post-revolution exploration licences to Royal Dutch Shell, RWE and TransGlobe Energy, a Reuters report said on Thursday. The country's government is struggling to make payments to its foreign energy producers to which it owes at...
Masdar, an Abu Dhabi-based energy company has announced a new partnership with the Norwegian energy companies Statoil and Statkraft for a 402 MW offshore wind farm. Masdar acquired a 35% stake in the 402 MW Dudgeon wind farm, which is...