Mixed reactions over massive oil reshuffle A number of MPs expressed mixed reactions over the massive reshuffle on Monday in the oil sector, with some welcoming it and others strongly criticizing it as politically-motivated, while the opposition made no reaction to the changes. A number of MPs expressed mixed reactions over the massive reshuffle on Monday in the oil sector, with some welcoming it...

Aramco awards Midyan gas project to L&T Saudi Aramco has awarded India's Larsen & Toubro (L&T) a contract to build facilities including a gas processing plant for its Midyan gas field, state news agency SPA reported. Saudi Aramco has awarded India's Larsen & Toubro (L&T) a contract to build facilities including a gas processing plant for its Midyan gas field, state news agency SPA...

.. nor the oil and gas industry that is going to create real employment for Saudis. The report also notes that the Kingdom has played “a systemic role in the world economy” by providing international oil market stability, in that it increased production in 2011 and 2012 to stop output disruptions elsewhere from driving up prices, and so damaging the fragile global economic recovery....

.. top liquefied natural gas exporter, had already been questioning merits of the peg in 2008-2009. In 2008, the adviser to HH the Emir Sheikh Hamad bin Khalifa al-Thani had called for the peg to be abandoned as Qatar reeled under a record 15% inflation. But as capital flows dried up, the QCB was able to break free from tracking US interest rate cuts despite the peg, slashing inflation and...

.. of five SGT6-2000E gas turbines, which will add 388 megawatts (MW) to Saudi Arabia’s electricity grid. The turbines will be used to supply power to the Rafha, Qurayyat and Arar areas, helping to address the Kingdom’s rapidly rising power demand. The second signing is for a turnkey project to build the Al-Kharj 2 380 kV substation. Under the contract, Siemens will supply all key...

IMF sees Saudi economic slowdown, warns of inflation Saudi economic growth will slow to 4.4 percent in 2013 from 6.8 percent last year due to an expected fall in oil production, and cuts in government spending, the International Monetary Fund said Tuesday. Saudi economic growth will slow to 4.4 percent in 2013 from 6.8 percent last year due to an expected fall in oil production, and cuts in...

IMF stays upbeat on Dubai The International Monetary Fund, or IMF, said on Tuesday that it was confident of Dubai's ability to meet all financial obligations given its track record of successfully managing payment rescheduling. The International Monetary Fund, or IMF, said on Tuesday that it was confident of Dubai's ability to meet all financial obligations given its track record of successfully...

.. its natural gas reserves, the third largest globally with 25 trillion cubic meters or 13.0 percent of the world's total proven reserves. Qatar has successfully completed its 20-year investment plan to commercialize its natural gas reserves, the third largest globally with 25 trillion cubic meters or 13.0 percent of the world's total proven reserves. This has led Qatar’s economy...

.. of scarce natural gas to produce an average of 50 tons a day of steam which is fed into PDO’s Amal West EOR field in Southern Oman. “This solar EOR solution provides for an economically viable and environmentally sustainable long term resource to develop Omanís heavy oil portfolio, while saving valuable natural gas resources for use in other gas-dependent industries,” PDO...

Saudi Arabia heading for 7.6% nonoil growth in 2013 Inflationary pressure is likely to continue to remain subdued in the Kingdom this year in the absence of external shocks to food prices, says a top Riyadh-based economist. Inflationary pressure is likely to continue to remain subdued in the Kingdom this year in the absence of external shocks to food prices, says a top Riyadh-based...

.. and support weak Asian gasoil margins as Aramco imports from countries such as India and Singapore. Aramco relies heavily on imported diesel in summer when demand for electricity peaks with rising use of air conditioning as temperatures soar to a grilling 50 degrees Celsius. To cut its imports, Aramco has planned three new refineries. But the first of these which will produce 176,000 barrels...

India aims to widen basket of exports to Iran India is looking to broaden its range of exports to Iran to help balance bilateral trade under an agreement that allows the countries to bypass Western sanctions, Indian industry and government officials said. India is looking to broaden its range of exports to Iran to help balance bilateral trade under an agreement that allows the countries to bypass...

.. oil, furnace oil, or gas condensates. Refining each barrel of gas condensate will cost $4,000, and refining each barrel of crude oil will cost $8,000-10,000, he noted. Managing director of National Iranian Oil Pipeline and Telecommunication Company says the country has boosted its crude refining capacity to over 1.8 million barrels per day. Ali Ziyar said Iran has increased its oil...

.. oil and gas pipelines have repeatedly been sabotaged by insurgents or angry tribesmen, causing fuel shortages and slashing export earnings. Because of the attacks, Yemen’s oil needs were not met by its own production in the first half of 2012. There has been some improvement this year, however, and Yemen was able to channel 5.58 million barrels of its oil to the domestic...