News

Bloomberg Oil bulls are charging ahead with unprecedented vigor, and the credit goes to OPEC. The signs that the group is winning its tug of war with shale are compelling, and money managers have taken note: Their combined bets on rising prices for West Texas Intermediate and Brent crude reached record levels in December. “At least through the first half ...

Bloomberg Justin Trudeau wants to make reviews of pipeline and other major projects run on time as Canadian producers struggle to get oil to market. The federal government will propose new rules for regulatory vetting of all major development projects in 2018, shortly after parliament reconvenes on January 29, Natural Resources Minister Jim Carr said. Trudeau instructed his ministers two ...

Bloomberg The North Sea’s Forties Pipeline System — one of the world’s most important crude oil conduits — is fully back in business after being shut earlier this month due to the discovery of a hairline crack. “Ineos confirms the Forties Pipeline System is fully operational,” operator Ineos AG said in a statement. “All restrictions on the flow of oil ...

ALGIERS / Reuters Algeria needs to exploit its shale gas resources to offset a surge in local energy consumption that is eating into vital exports, but developing the industry will take time and require far-reaching reforms at the state energy firm. The North African country is a key gas supplier to Europe, but exports have suffered from delays to several ...

DUBAI / WAM The Board of Directors of the Sheikh Zayed Housing Programme on Wednesday approved housing support for 449 eligible Emiratis with a total value AED322 million. The housing support is part of the directives of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, and Vice President and Prime Minister of the UAE and Ruler of Dubai, His ...

CASABLANCA / WAM The Abu Dhabi National Oil Company (ADNOC) and the OCP Group of Morocco (OCP) announced on Wednesday the signing of a long-term sales agreement whereby ADNOC will supply OCP with granulated Sulphur. Under the agreement, ADNOC, one of the world’s largest exporters of Sulphur, will steadily supply OCP, the largest worldwide Sulphur importer, until 2025. The two ...

DUBAI / WAM Seventeen new judges including five Emiratis at the Dubai first instance courts have sworn-in before His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, at Zabeel Palace. HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, and ...

DUBAI / Emirates Business Travel is expected to peak once again at the end of the year for Emirates, as the airline expects yet another busy period with visitors flocking into Dubai for New Year’s celebrations. Over 250,000 people are expected to arrive into Dubai from December 28 until just after New Year’s Day, while 200,000 travellers will be departing ...

Fujairah / WAM Total refined product stocks at the Port of Fujairah stood at 16.952 million barrels in the week to December 25, edging up 2% or 326,000 barrels from the previous week, according to data from the Fujairah Energy Data Committee, FEDCom. The rise was largely on the back of a significant increase in middle distillates, rising by almost ...

DUBAI / Emirates Business Emirates Post Group (EPG), encouraged customers to renew their Post Office Box subscriptions before January 31, 2018, to avoid late renewal penalties. Obaid Mohammed Al Qatami, Acting Chief Commercial Officer of EPG, said, “We urge all our customers to renew their P.O. Box subscriptions before the above mentioned date by visiting any of EPG’s post offices ...