.. with cheap natural gas. In Saudi Arabia, where a lack of gas forces it to burn up to 800,000 barrels a day of oil in summer, solar remains attractive even at well below $ 100. “Falling oil prices reduce the incentive, but don’t kill it until oil hits $ 50/barrel,” Parker said. According to a study by European engineering giant ABB, Saudi oil fired power plants have an average...

Journalists abducted in Yemen At least three journalists have been held hostage by armed tribesmen for a week in Yemen, according to news reports. At least three journalists have been held hostage by armed tribesmen for a week in Yemen, according to news reports. The journalists —Yassin Alzikri, editor-in-chief for Economic Media magazine; Ibrahim Al-Ashmori, president of the reports...

.. HR Strategies in Oil, Gas ....

.. for a 1,500 megawatt gas-fired power and seawater treatment plant. But there has been little movement on infrastructure projects...

SAMA's net foreign assets surge to SR 2.506 trillion The Kingdom's M3 money supply growth accelerated to 14.1 percent year-on-year at the end of April, the fastest rate since October 2011, from 12.3 percent in the previous month, data from the Saudi Arabian Monetary Agency showed. The Kingdom's M3 money supply growth accelerated to 14.1 percent year-on-year at the end of April, the fastest rate...

Kuwaiti speaker insists no political crisis National Assembly Speaker Ali Al-Rashed said yesterday that there is no "political crisis" in the country and only "the use of constitutional tools" in the form of filing to grill ministers. "Things are moving in the right direction and there is no political crisis in the country. National Assembly Speaker Ali Al-Rashed said yesterday that there is no...

.. for a 1,500 megawatt gas-fired power and seawater treatment plant. But there has been little movement on infrastructure projects since. “The biggest risk in Kuwait was political tension but now things have changed,” said Ali Adou, portfolio manager at The National Investor. “It’s a government that’s backed by the parliament. As investors, now we have to see implementation of...

.. in oil and gas sector’, being organised by The Energy Exchange. The conference opened by Shaikh Nahyan bin Mubarak Al Nahayan, Minister for Culture, Youth and Community Development, was largely attended by the senior executives of the UAE-based oil and gas companies. Dr Ali Al Mashat, a member of an advisory commission to Iraqi Prime Minister, said the country is targeting...

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...