Oil Prices | Egypt Oil & Gas - Part 26
IPIC Profits Gyrate Due to Low Oil Prices
Abu Dhabi’s state-owned International Petroleum Investment Co (IPIC) reported on Wednesday a 37% drop in net attributable profit for 2014 as low oil prices hurt earnings. IPIC, whose board was revamped this year...
Kuwait’s 5-Year Plan to Sustain Non-Oil Growth
Kuwait’s non-oil growth will maintain a steady 5% in 2015 and 2016 as project implementation improves, a report said. Kuwait’s economic growth is set to maintain a healthy pace despite last year’s collapse in oil pric...
Qatar Petroleum Lays Off Workers, Scraps Insurance, Catering, Service Companies
Qatar Petroleum, the state-owned oil and gas giant, has reduced its staff numbers in a restructuring and decided to exit all non-core businesses, chief executive Saad Sherida al-Kaabi said on Tuesday. He was speaking ...
Low Oil Prices Prompt Iraqi Bond Issues
Iraq hopes to meet investors by the end of July to present plans for a $5 billion bond issue, the country’s finance minister Hoshiyar Zebari told Reuters on Monday. The government has hired JP Morgan, Citibank a...
Jobs and GDP Rising in Saudi, UAE Despite Oil Prices
The UAE and Saudi Arabia continue to witness growth despite lower oil prices, a report said, noting that the UAE even recorded high levels of job creation during May, while Saudi Arabia’s output and new orders expande...
Update: Coal and Declining Oil Prices Help Reduce Fuel Subsidies, says El-Molla
Egypt has allocated 61 billion EGP ($8 billion) for fuel subsidies in the draft of 2015/2016 fiscal year budget, EGPC Chairman Tarek el-Molla said in a Saturday statement. On Thursday, Egypt’s cabinet approved an init...
Local Borrowing to Fund Saudi Deficit Prompted by Oil Prices, Experts Say
Saudi Arabia is likely to bridge its widening fiscal gap by resorting to domestic borrowing in the near future, according to economists and the International Monetary Fund (IMF). The country is expected to face a larg...
Iran Poised to Retake Market Share with Super-Tanker Storehouse
Iran is storing as much as 40 million barrels of oil on supertankers at sea as it prepares for a sales drive if a nuclear deal can be sealed. Iran and six world powers are seeking to overcome remaining differences wit...
