.. 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...

.. forecast. Oil and gas continue to dominate the Omani economy, contributing more than half of the nominal GDP and almost two-third of net fiscal revenue. However, Oman has successfully executed its diversification strategy as nonoil GDP grew 5.4 percent in 2011 from 3.1 percent in 2009, according to Gulf Investment House's review of the Oman economy. The nonoil sector’s contribution to...

SAIREC set to create real estate authority in Saudi Arabia The 3rd Saudi International Real Estate Conference (SAIREC) opened Sunday, by the Minister of Commerce and Industry Tawfeeq Al Rabiah, with the aim of creating a higher authority for real estate sector in the Kingdom, sources at the conference told Saudi Gazette today. The 3rd Saudi International Real Estate Conference (SAIREC) opened...

Saudi Arabia, Czech Republic to cooperate on common markets The Jeddah Chamber of Commerce and Industry (JCCI) was host to a high-level business delegation from the Czech Republic on Sunday morning. Adnan Mandourah, Secretary General of the JCCI warmly welcomed the delegation and expressed his pleasure at developing business with the republic in the near future. The Jeddah Chamber of Commerce and...

Kuwaiti MPs warn govt over oil appointments A number of MPs yesterday warned the government against what they called "rushed" appointments in the oil sector after the government reshuffled leading posts in the vital sector amid a bitter controversy over a $2.2 billion payment to US’ Dow Chemical A number of MPs yesterday warned the government against what they called "rushed" appointments in...

UAE growth quickens to 4.4% in 2012 Economic growth in the UAE accelerated to 4.4 per cent in inflation-adjusted terms in 2012 from a downwardly revised 3.9 per cent the previous year as activity picked up across all sectors, its statistics office said on Sunday. Economic growth in the UAE accelerated to 4.4 per cent in inflation-adjusted terms in 2012 from a downwardly revised 3.9 per cent the...

Dubai rallies to 4-year high Dubai's benchmark stock index rose to its highest close since October 2009, propelled by property and banking sectors to underscore the resounding resurgence in investor optimism. Dubai's benchmark stock index rose to its highest close since October 2009, propelled by property and banking sectors to underscore the resounding resurgence in investor optimism. The DFM...

.. water, electricity, gas, and other fuels have registered a lesser price increase. Food prices increased 3.8 percent YoY in 2012. Furthermore, similar to other GCC countries, housing and rent costs in Bahrain remained low. Housing and rent costs declined by 3.3 percent, thereby pulling down the inflation. Inflation is expected to remain at 2.0-2.6 percent in 2013-2014, supported by easing...

.. does not have enough gas to satisfy peak power demand. Saudi Arabia faces another summer of heavy crude burning for power generation, with little more gas available and demand for cooling rising each year. Export figures for April will not be publicly available until JODI is updated in...

.. Barclays. “With gas production and exports operating at full capacity, keeping hydrocarbon growth mute, planned increases in public spending in FY13/14 should keep non hydrocarbon activity buoyant, maintaining annual GDP (gross domestic product) growth in the 5-6% range in the next few years, in our view,” Barclays said. Forecasting that non-oil activity is expected to remain...

Iraq will become Obama's problem again Former US ambassador to Iraq Ryan Crocker views the current situation as a return to the conditions of 2006 and 2007, when Iraq plunged into civil war-like violence. As American troops were pulling out of Iraq in 2010, the US effort to stabilise the country resembled the task of an exhausted man who had just pushed a huge boulder up a steep hill. Momentum...