Tag: oil

UAE economy: More oil coming

The onshore arm of the Abu Dhabi National Oil Company (ADNOC) has awarded contracts worth US$3.6bn in total for the expansion of production capacity in three fields. The decision to go ahead with the project indicates that Abu Dhabi remains…

Will OPEC remain relevant?

FROM THE ECONOMIST INTELLIGENCE UNIT OPEC marked its 50th anniversary on September 14th—an occasion that invites assessment of what the future holds for the organisation’s unique position in the global oil market. Often maligned in the Western press as a…

Al-Qaeda linked group claims attack on Japanese tanker

Media reported that a terrorist group linked to Al-Qaeda claimed on Wednesday that a suicide bomber from its organisation was responsible for the explosion on a Japanese super tanker in the Strait of Hormuz, last Wednesday.

Libya politics: Much ado about BP

FROM THE ECONOMIST INTELLIGENCE UNIT The sudden revival of interest from US legislators in the Lockerbie case is mainly about finding another stick with which to beat BP, but it also arises from the resentment at the circumstances of the…

Chinese Firm Pressing Ahead With Oil Projects in Iran

China’s biggest oil company is pressing ahead with oil-and-gas projects in Iran valued at billions of dollars, its top executive said, highlighting Beijing’s strong economic ties to Tehran.

Gulf security not affected by Iranian spies: Saudi

RIYADH (AFP)— Saudi Interior Minister Prince Nayef bin Abdul Aziz late on Wednesday rejected claims by a Kuwaiti member of parliament that a suspected Iranian spy cell held in the emirate had compromised Gulf security.

Iran business: Oil shake-out

FROM THE ECONOMIST INTELLIGENCE UNIT The oil minister, appointed last September after the controversial re-election of Mahmoud Ahmadinejad as president, has made several changes at senior levels of the industry, the most recent and potentially significant of which has been…

Venezuela/China industry: Oil for money

FROM THE ECONOMIST INTELLIGENCE UNIT Venezuela’s cosy relations with China are paying off. In exchange for a long-term oil-supply contract, China’s development bank will lend Venezuela US$20bn, to be repaid over ten years. In addition, the Chinese oil company China…