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Middle East & Africa


UAE channels oil money into alternative energy ABU DHABI: Rising from the desert outside Abu Dhabi, Masdar city is laying the groundwork for when the United Arab Emirates' oil wells run dry.Driverless electric cars shuttle between energy-saving buildings topped with arrays of solar panels.Traditional Arabic architecture mixes with modern technology, as narrow shaded alleys run between brick-coloured buildings, focusing the wind and keeping temperatures low.On the edge of the complex, a 10-megawatt solar farm lined with photovoltaic panels provides clean energy.First announced in 2007, Masdar city in the suburbs of Abu Dhabi has not yet become the city of 40,000 authorities promised, with only a few hundred people, mainly students, in residence. But the complex -- which hosts the International Renewable Energy Association Agency (IRENA) and the Masdar Institute for Science and Technology -- is at the forefront of the UAE's efforts to focus on renewables.The company that bears its name has invested huge sums on green ...

Dana Gas says wins UK court ruling for $100mn Kurdistan payment DUBAI: United Arab Emirates energy firm Dana Gas, one of the largest investors in Iraq's Kurdistan region, on Sunday said the British High Court had ordered the Kurdish regional government to pay Dana's consortium $100 million within 14 days. The decision reinforces a December 2014 ruling by a London arbitration court which made the same demand of the Kurdistan Regional Government (KRG) with a 30-day deadline, Dana said in a bourse statement. Its consortium, which ...
Kuwait's KNPC says to shut Shuaiba refinery by April 2017 KUWAIT: Kuwait National Petroleum Co will shut its Shuaiba refinery permanently by April 2017, before its clean fuels project starts operating by mid-2018, its spokesman said at a news conference on Sunday. The clean fuels project is an upgrade and expansion of the country's two largest existing refineries, with a focus on producing higher-value products such as diesel and kerosene for export. Work on the clean fuels project is 36.7 percent complete, and it is ...
Saudi Arabian crude exports rise to 7.111mn bpd in Sept DUBAI: Saudi Arabia raised its oil exports in September by 113,000 barrels per day (bpd) to 7.111 million bpd from 6.998 million bpd in the previous month, official data showed on Wednesday.The OPEC heavyweight pumped 10.226 million bpd in September, slightly lower than August's 10.265 million but it still maintained high output in line with its strategy of defending market share.Saudi Arabia burns higher crude volumes to generate power for air conditioning during the hot ...
Iran says increase in oil exports won't cause big fall in prices DUBAI: Iran's plans to ramp up crude oil production yet exports will not cause global prices to fall sharply because markets have anticipated the extra supply, Oil Minister Bijan Zanganeh was quoted as saying on Tuesday. "The global oil market has taken account of the increase in Iranian production in the coming months, and the arrival of Iranian oil will not cause a strong fall in prices," state news agency IRNA quoted Zanganeh as saying. ...
Venezuela oil minister says Saudi sees oil price recovery RIYADH: Venezuela's oil minister, who has been campaigning for measures to support crude prices, said Saudi Arabia sees the oil price recovering soon."We met just a few moments ago...they are optimistic that very soon the price will recover but we consider that we need to do something," Eulogio del Pino told Reuters after talking to his Saudi counterpart Ali al-Naimi on the sidelines of a summit between Arab and Latin American countries in Riyadh.OPEC price ...
BP suspends Chirag platform for planned maintenance for 25 days BAKU: British oil major BP has suspended operations at Chirag, one of its platforms in the Caspian Sea, for planned maintenance, the company said on Tuesday. "Operations at Chirag have been suspended today for planned maintenance for 25 days," BP-Azerbaijan said in a press release. Copyright Reuters, 2015 ...


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Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.197 bln
Exports $1.729 bln
Imports $3.926 bln
WeeklyNovember 23, 2015
Reserves $19.713 bln