Middle East

EU Annulls Sanctions on 40 Shipping Firms

The European Union's second highest court on Thursday annulled EU sanctions on an Iranian bank and 40 shipping companies hit with asset freezes as part of pressure

Iraqi PM Calls Oil Price Drop 'Disastrous'

Iraqi Prime Minister Haider al-Abadi said on Thursday the drop in the global oil price was disastrous for his country's finances and could hurt its ability to fight Islamic State militants.

Oman Drydocks Handls 300th Vessel

 The Oman Drydock Company has celebrated the handing over of the 300th vessel since starting its operations in 2011, under the auspices of Said bin Hamdoon al Harthy,

N-KOM Sees Increased Tanker Business

Nakilat-Keppel Offshore & Marine (N-KOM), which recently celebrated its fourth year in operation, has seen an increasing number of tankers dry docking at its facility in Qatar.

US Official: Low Oil Prices Add to Iran Woes

David Cohen, the U.S. Under Secretary for Terrorism and Financial Intelligence, said on Wednesday that low oil prices mean Iran will lose billions of dollars more

Iran to Hold Joint Naval Drill with Oman

The naval forces of Iran and Oman plan to hold a joint rescue and relief drill in the waters south of Iran in the coming months.  According to Press TV, Iranian

Cargo of UK Rapeseed to Ship to Turkey

A cargo of 25,000 tonnes of British rapeseed will be shipped to Turkey next month, farmer-owned grain merchant Openfield said on Tuesday.   Openfield said it

China Eyes Africa for its Maritime Silk Road

 Chinese Foreign Minister Wang Yi, who is visiting Africa, has accelerated its drive to draw the continent into the Maritime Silk Road — Beijing’s ambitious transcontinental initiative,

Egypt: Oil Price Drop Will Not Hit Gulf Investments

Egypt does not expect Gulf Arab countries to reduce their investment in the country despite the fall in oil prices, as Cairo is of particular strategic importance for the region,

Oil Slips on Chinese Concerns, Record Iraq Output

Brent crude oil prices fell below $49 a barrel and U.S. crude also fell more than $1 on Monday after the global economic outlook darkened and Iraq announced record oil production.

First Satorp Diesel Cargos to US Will Land This Week

The first United States-bound cargoes of diesel from Saudi Arabia's 400,000 barrel per day Satorp refinery will land in New York early this week, traders said on Monday.

Saudi Arabia Nuclear, Renewable Energy Plans Delayed

Saudi Arabia's plans to build nuclear and solar energy projects will take about eight years longer to complete than originally intended, the head of the government

Iranian Naval Fleet in Rescue Mission

In a bid to protect cargo ships and oil tankers in international waters, the Iranian Navy’s 33rd fleet of warships departed for the Indian Ocean and the South China Sea on Sunday,

Obama, Cameron Reject Calls for More Iran Sanctions Now

U.S. President Barack Obama and British Prime Minister David Cameron on Friday pushed back against calls for further sanctions on Iran now over its nuclear program,

Schlumberger Revenue Rises 6%

Schlumberger Ltd, the world's No.1 oilfield services provider, reported a 6 percent rise in quarterly revenue, helped by efficiency improvements in North America

Lower Oil Price Effect on GCC Economies in 2015

The Brent oil price per barrel lost more than 50% of its value from $114 in June 2014 to the current price of about $50. Coface expects it to average at $75 on average in 2015.

OPEC Market Share Drop Even as Shale Slows

The collapse in oil prices is starting to slow growth in U.S. output, OPEC said on Thursday, although the slowdown will not prevent demand for the exporter group's

Iran Slashes Budget Oil Estimate to $40/bbl

Iran is cutting the oil price on which it bases its next budget to $40 a barrel, the semi-official Fars news agency quoted Finance and Economy Minister Ali Tayyebnia as saying on Thursday.

Libya Warplane Attacks Benghazi Bound Trawler

A Libyan warplane attacked a fishing trawler carrying gasoline to the port of Benghazi this week after the internationally recognised government suspected it of supplying Islamist militants,

AVEVA Opens Office in Saudi Arabia

AVEVA has announced the opening of its new office in the Kingdom of Saudi Arabia.The office will offer sales and support for all of AVEVA’s solutions and services,

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