DUBAI / WAM The number of Chinese tourists travelling to the GCC is expected to increase 81 percent from 1.6 million in 2018 to 2.9 million in 2022, according to data published ahead of Arabian Travel Market (ATM) 2019, which takes place at Dubai World Trade Centre from April 28 to May 1, 2019. The latest research from Colliers International, …
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Bloomberg Recent pledges of $2 billion in investment for South Sudan’s oil may be just the start, with the war-torn nation expecting further agreements in early 2019, its petroleum minister said. Ezekiel Lul Gatkuoth’s prediction comes as the African nation’s warring sides prepare to form a power-sharing government in the latest bid to end five years of conflict. The country, …
Read More »Bloomberg China bought huge amounts of Middle East and West African crude as oil prices were collapsing in November. Oil tankers loaded 6.5 million barrels a day from ports in the two regions for Chinese buyers in November, a 26 percent increase compared with the average over prior 10 months, ship tracking compiled by Bloomberg shows. With deliveries taking between …
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Bloomberg Jagged Peak Energy Inc is considering expanding its footprint in the oil-rich Permian Basin of West Texas and New Mexico, according to people with knowledge of the matter. The oil and gas company, with a market value of $2.2 billion, is working with an adviser to pursue bolt-on acquisitions, said the people, who asked not to be identified because …
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RIYADH / WAM The Saudi Council of Ministers, chaired by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, has approved the largest budget in the Kingdom’s history with SAR1.106 trillion spending in 2019, approximately 7 percent higher than the projected expenditure by the end of the fiscal year 2018. This came in a session held …
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ABU DHABI / WAM The Abu Dhabi National Oil Company (Adnoc) and its project partner Cepsa have announced the awarding of a key contract, as both companies move forward with plans to develop a world-scale linear alkyl benzene (LAB) plant in the Ruwais Derivatives Park. The LAB project is the first of the derivative units to be advanced under Adnoc’s …
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ABU DHABI / WAM Emirates Global Aluminium (EGA), Mubadala and Dubal Holding will sign an agreement worth over AED1 billion to develop a state-of-the-art power block and a water desalination plant at EGA’s smelter at Jebel Ali in Dubai. The new facilities will improve efficiency of power for EGA’s aluminium smelting, reducing environmental emissions and natural gas consum- ption. Mubadala …
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Bloomberg SSE Plc and Innogy SE terminated plans to create the UK’s second-biggest utility, the latest sign of pressure on the industry from increasing regulation. SSE’s board decided it wasn’t in the best interest of the company to proceed with the deal to combine its retail business with Innogy’s Npower unit after it emerged last month that more cash would …
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DUBAI / WAM The UAE reiterated its position on the issue of global warming and climate change at the closing meetings of the 24th Conference of the Parties (COP24) to the United Nations Framework Convention on Climate Change (UNFCCC) calling for quick enforc- ement of the procedures and global standards adopted by the nearly 200 nations and territories to implement …
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Dubai / WAM Borouge, Khalifa Industrial Zone Abu Dhabi (Kizad), National Industrialisation Company (Tasnee) and Oman Oil Refineries and Petroleum Industries Company (Orpic) have announced their association with ArabPlast 2019, which is set to take place from January 5 to 8, at Dubai International Convention and Exhibition Centre. In a press conference, it was announced that Borouge will serve as …
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