Minister Sees No Failure of Algiers Meeting
26/09/2016 09:04 GMT

Minister of Energy Noureddine Boutarfa said Sunday, that there will be no failure of the informal OPEC meeting scheduled on Wednesday, in Algiers, adding that all the OPEC countries agree to... More

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Bahrain's Investcorp Buys New US Properties
26/09/2016 08:31 GMT

Investcorp, a leading provider and manager of alternative investment products based in Bahrain, has announced that its US-based real estate arm has acquired five multifamily apartment properties and... More

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Egypt Fuel Subsidy Bill Sinks in 2015-16
26/09/2016 05:11 GMT

Egypt's spending on petroleum subsidies dropped by 28.7% in the 2015-16 financial year to compared to one year earlier, Petroleum Minister Tarek El Molla said on Sunday, a greater decline than... More

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Iranian, Indian Firms to Form JV to Construct Urea Plant
26/09/2016 11:12 GMT

Rashtriya Chemicals & Fertilizers (RCF) has formed a venture with Gujarat State Fertilizer Corporation (GSFC) and Faradast Energy Falat Company (FALAT) for the development of a 1.3-million-ton urea... More

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IOCs Trim Iraq Investments in
26/09/2016 11:04 GMT

Major oil companies including BP, Shell, and Lukoil are reported to be cutting investment in Iraq. “You’re going through difficult months,” said Ariel Flores, general manager of the BP-led Rumaila... More

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Kuwait Projects Co. Launches Work on Real Estate Development
26/09/2016 05:18 GMT

Kuwait Projects Company (Kipco), the country's largest investment company, said on Sunday that the company had begun construction on its ambitious US$2.5 billion real estate project in Kuwait. Banks... More

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Production Ups as Libyan Oil Fields Restart, Ports Reopen
22/09/2016 05:54 GMT

Libya boosted crude production by more than 70% since August as some oil fields resumed output and export terminals in the OPEC country reopened for their first overseas loadings in two years. The... More

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Oman's NFC Launches Second Service to Iran
26/09/2016 06:41 GMT

National Ferries Company (NFC) will start operating from 24 September 2016 its second regional service to Iran. The service will run from Khasab Port in Governorate of Musandam to Bahonar Port in... More

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Qatar-Indonesia Joint Investment Fund in Final Stages
26/09/2016 10:37 GMT

The US$1 billion joint investment fund (JIF) by Qatar and Indonesia, which was reactivated by state leaders in 2015, is nearing its final stages, and is expected to fund major infrastructure and... More

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Saudi Arabia

Saudi Central Bank to Inject Billions into Banking System
26/09/2016 08:25 GMT

Saudi Arabia's central bank said on Sunday it has decided to inject around SR20 billion (US$5.33 billion) in time deposits into the banking system to boost financial stability. It has introduced two... More

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Dubai's Topaz Secures Kazakhstan Deals
26/09/2016 11:00 GMT

Topaz Energy and Marine, a Dubai-based offshore support vessel company, has secured substantial contracts in connection with the development of the Tengiz oilfield in Kazakhstan during 2016. The two... More

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New Governor: Central Bank Needs to Move from Sanaa
20/09/2016 09:51 GMT

Yemen’s central bank has to move from the capital Sanaa because the armed Houthi movement that controls the city has been pillaging it to finance its war against the exiled government, the bank’s... More

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General News

Oil Rebounds after Algeria Says All Options Open
26/09/2016 08:27 GMT

Crude prices rebounded on Monday after Algeria's energy minister said the day before that all options were possible for an oil output cut or freeze at this week's informal meeting of OPEC producers.... More

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