DUBAI / Reuters Saudi Arabia’s government has made payments of 40 billion riyals ($10.7 billion) that it owed to private sector companies, the kingdom’s Arab News newspaper quoted a senior construction industry executive as saying. With its oil revenues slashed by low crude prices, the government of the world’s largest oil exporter has cut spending sharply this year and …

  Riyadh / Emirates Business The Kingdom of Saudi Arabia is realizing Saudi Vision 2030 energy goals with advanced offshore construction technology, experts announced on Sunday in the build-up to ADIPEC 2016. Saudi Vision 2030 aims to increase oil and gas localization from 40 percent to 75 percent. Supporting these energy goals, leading Middle East’s leading firms are driving investment …

  DUBAI / Reuters Iranian Oil Minister Bijan Zanganeh expressed optimism on Saturday about an upcoming OPEC meeting and said crude prices could jump to $55 a barrel if an agreement is reached and non-OPEC producers cooperate. “We are receiving positive signals that increase the likelihood of agreement at the meeting … and I’m optimistic about the situation,” Zanganeh told …