Wednesday 22 April 2015

Saudi Electricity Company Q1 loss hits new high

Saudi Electricity Company (SEC), the Gulf's largest utility firm, reported its net loss for the first quarter more than doubled on Tuesday. It lost 1.94 billion riyals ($517.4 million) during the three months to March 31, compared to a loss of 913 million riyals during the co


DI unveils energy-efficient products at Wetex

Dubai Investments (DI), a leading investment company, is showcasing a wide-ranging portfolio of energy-efficient products and solutions at the ongoing Water, Energy, Technology and Environment Exhibition (Wetex) in Dubai, UAE. Wetex 2015 will run until April 23 at Dubai World Tra


Iran wants Opec to pave way for its extra oil production when sanctions lifted

Members of the Organization of the Petroleum Exporting Countries (Opec) should prepare for extra Iranian crude production when Western sanctions on Tehran are lifted, Iran's oil minister was quoted by state news agency IRNA as saying.   "We expect the m


Libyan oil port Hariga shuts down due to strike by security guards

Libya's eastern oil port of Hariga has closed due to a strike by security guards over salary payments, an oil official said.   A tanker docked at the port has been forced to stop loading crude, the official said.   The eastern


Oman electricity co to meet investors for potential debut dollar bond issue

State-owned Oman Electricity Transmission Co (OETC) plans to meet fixed income investors for a potential debut US dollar bond issue, a document from lead arrangers showed.   The firm, which develops, operates and maintains power transmission grids in Oman, has c


Abu Dhabi to invest $25bn in offshore oilfields

Abu Dhabi plans to invest over $25 billion in the next five years on boosting its oil production capacity from offshore fields, a senior official of Abu Dhabi National Oil Co (Adnoc) said on Tuesday. The plan is part of the United Arab Emirates' strategy of increasing its cru


Siemens showcases energy efficiency technologies at Wetex

Siemens is showcasing a range of technologies for the efficient and reliable generation, transmission, distribution, storage and use of electricity at the ongoing Water, Energy, Technology and Environment Exhibition (Wetex) 2015 in Dubai, UAE. A key focus will be the company&rsqu


GPIC completes universal periodic maintenance

All procedures to carry out the universal periodic maintenance at Gulf Petrochemical Industries Company (GPIC) have been completed, it was announced yesterday (April 20). GPIC president Dr Abdulrahman Jawahery said this was done successfully while maintaining the continuity of op


Oil eases as Saudi keeps output near record high

Oil prices eased on Tuesday on expectations of another rise in US stockpiles and as Saudi Arabia keeps output near record highs, but prices remained near a 2015-peak reached last week. Crude prices have climbed around 18 per cent since the start of April on speculation about fall


Tasnee to cut costs, revise contracts after Q1 loss

Saudi Arabia's National Industrialization Company (Tasnee) said on Monday it would cut costs and revise foreign exchange and derivatives contracts at a subsidiary after swinging to a first-quarter loss. The diversified industrial firm has interests in petrochemicals, metals a

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