ME crude: Formosa buys Oman fuel from Trafigura Formosa bought Oman crude for August loading from Trafigura in its latest tender, traders said on Tuesday, at levels that were slightly lower than what the Taiwanese company had paid for its previous purchase of the same grade last month. Formosa bought Oman crude for August loading from Trafigura in its latest tender, traders said on Tuesday, at...

Saudi role in Syria driven by fear of Shi'ite 'full moon' Saudi Arabia's former intelligence chief, Prince Muqrin, once told American diplomats the Middle East's so-called Shi'ite Crescent where the Muslim sect holds sway was "becoming a full moon" as Iranian influence spread. Saudi Arabia's former intelligence chief, Prince Muqrin, once told American diplomats the Middle East's so-called Shi'ite...

NBK, VIVA sign USD 270 mln financing agreement National Bank of Kuwait Group (NBK Group) and Kuwait Telecommunication Co. (VIVA) have signed a multi-currency financing agreement of USD 270 million to finance VIVA's plans to upgrade its network and expand in Kuwait. National Bank of Kuwait Group (NBK Group) and Kuwait Telecommunication Co. (VIVA) have signed a multi-currency financing agreement of...

Oman central bank or fiscal reforms Oman should consider fiscal reforms as a priority because continued growth in public spending may be unsustainable in the long run, its central bank said yesterday. Oman should consider fiscal reforms as a priority because continued growth in public spending may be unsustainable in the long run, its central bank said yesterday. “Fiscal policy reforms aimed...

Saudi Arabia spends 5.6% of GDP on education Kuwait Financial Centre (Markaz) recently published the executive summary of its report on GCC education sector. Kuwait Financial Centre (Markaz) recently published the executive summary of its report on GCC education sector. In this research note, Markaz analyzes status of the GCC education sector and highlights its current and expected enrollment...

.. in a Saudi oil and gas services company and expects to complete up to three more deals via its $1 billion Gulf fund in 2013, an executive at the firm said Monday. Bahrain-based Investcorp has bought a 38 percent stake in a Saudi oil and gas services company and expects to complete up to three more deals via its $1 billion Gulf fund in 2013, an executive at the firm said...

Don't underestimate Rowhani Iran's presidential election presents a paradox. The vote was free enough for Hassan Rowhani to score a shocking win and for the favored conservative candidate to finish a dismal third. Iran's presidential election presents a paradox. The vote was free enough for Hassan Rowhani to score a shocking win and for the favored conservative candidate to finish a dismal third....

Saudi food ....

Saudi Arabia produces 67% of GCC's petrochem output Petrochemicals production in Saudi Arabia hit 86.4 million tons in 2012, up from 80.5 million tons of capacity in the previous year, the Gulf Petrochemicals & Chemicals Association (GPCA) Annual Report 2012 said. Petrochemicals production in Saudi Arabia hit 86.4 million tons in 2012, up from 80.5 million tons of capacity in the previous year,...

India cuts Iran oil imports by more than 40pc India cut its Iranian oil imports by more than 40 percent in the first five months of the year, replacing the crude with shipments from Venezuela, Iraq and Oman, and pushing Iran down four places to seventh among its suppliers. India cut its Iranian oil imports by more than 40 percent in the first five months of the year, replacing the crude with...

Aramco signs Midyan gas project contract Saudi Aramco has launched its first project in the industrial Tabuk region, where procurement and construction work for a gas plant in the Midyan gas field in the Kingdom's north is now underway. Saudi Aramco has launched its first project in the industrial Tabuk region, where procurement and construction work for a gas plant in the Midyan gas field in the...

.. for Girls, detonating a gas cylinder at its vicinity. A group of saboteurs have targeted Bilad Al Qadeem Primary School for Girls, detonating a gas cylinder at its vicinity. The boundary wall of the school was damaged due to the impact of the explosion. The incident was reported to the security authorities for investigation. In a statement on Saturday, the Ministry of Education announced that...

Petrochemicals production in Saudi Arabia hit 86.4 m tons in 2012 At 86.4 million tons, Saudi Arabia accounted for more than 60 percent of the region’s total petrochemicals capacity in 2012. At 86.4 million tons, Saudi Arabia accounted for more than 60 percent of the region’s total petrochemicals capacity in 2012. Petrochemicals production in Saudi Arabia hit 86.4 million tons in 2012, up...

Qatari exports to UK decline by 23 percent The value of Qatari exports to the UK has declined by 23 percent from QR27.45bn (£4.8bn) in 2011 to QR21.16bn (£3.7bn) in 2012, statistics provided by the British Embassy in Qatar said. The value of Qatari exports to the UK has declined by 23 percent from QR27.45bn (£4.8bn) in 2011 to QR21.16bn (£3.7bn) in 2012, statistics provided by the British...

.. of vessels were oil and gas tankers amounting to 2636 vessels with a tonnage of 238.7m, an increase of 3.7 percent compared to 2011 figures. Main vessels’ country of registration was Panama with 961 vessels, followed by Marshal Islands with 626 vessels and Bahamas with 402...

Port authorities plan to spend SR 3.43 billion on development With traffic continuing to rise at all of the Kingdom's major seaports, the Saudi Ports Authority (SPA) and King Abdul Aziz Port plan to spend SR 3.43 billion ($ 914 million) on port development in the Saudi Arabia. With traffic continuing to rise at all of the Kingdom's major seaports, the Saudi Ports Authority (SPA) and King Abdul...

.. that weaker oil and gas prices and flat production levels are likely to drive down the contribution to growth of the hydrocarbon sector in GCC countries, while the non-oil sector will continue to expand at a brisk pace driven by strong private sector demand and higher public investment. The rest of the MENA region is expected to strengthen its economic performance over the next two years,...

.. by higher oil and gas prices. Meanwhile, oil importing countries maintained relatively loose fiscal policies, which weakened their balance of payments position and increased their public debt vulnerabilities. This divergence between oil exporters and importers is likely to narrow in 2013-14. According to QNB Group, weaker oil and gas prices and flat production levels are likely to...