Sunday 29 May 2016
 
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Oil prices ease from seven-month high to below $49

Oil futures fell below $49 on Friday, easing from a seven-month high hit this week, with analysts predicting range-bound markets for the next few months as supply outages slowly help to clear a global glut of crude. Prices also came under pressure from a strong US dollar, buoyed

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Saudi Aramco discovers new oil and gas fields

Saudi Arabia's state oil giant Aramco discovered new oil and gas fields last year and the kingdom is committed to continue investing in its energy sector to meet future demand, its new energy minister said. Khalid al-Falih, who was appointed energy, industry and mineral resou

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ENEC completes major work at nuclear energy plant

The UAE’s Emirates Nuclear Energy Corporation (Enec) has completed major electrical installation work at Unit 1 of its Barakah Nuclear Energy Plant. This was revealed during the visit of Eng Suhail Mohamed Faraj Al Mazrouei, UAE minister of Energy, to the plant this week. T

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Aramco boosts market share as it prepares for listing: CEO

Saudi oil giant Aramco is gaining market share and pushing for greater efficiency, chief executive Amin Nasser said in an interview, as it acts as a "bridge" to a future when the nation relies less on energy exports. Nasser also told Reuters that the state-owned group w

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Dewa kicks off consumer competition with $16,300 in prizes

The Dubai Electricity and Water Authority (Dewa) has kicked off the competition for the 12th Best Consumer Award, which encourages residential customers to use energy sensibly. The Award reflects Dewa’s efforts to encourage customers to reduce their daily use of electricity and w

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Brent breaks above $50 for first time in 7 months

Brent oil futures climbed above $50 a barrel on Thursday for the first time in nearly seven months as a global supply glut that plagued the market for nearly two years showed signs of easing. Oil prices have rallied in recent weeks after a string of outages, due mainly to wildfir

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Sadara and Saudi-Korean JV sign supply agreement

Sadara Chemical Company (Sadara) has entered into a supply agreement with Surfactants’ Detergent Company (SDC), a joint venture being developed by a Saudi-South Korean consortium which plans to build a chemical production facility in PlasChem Park, located in Jubail Industrial City II.&

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Opec panel sees improving oil market

Opec officials were more positive about oil market conditions at talks in Vienna ahead of next week's gathering of oil ministers, two sources said on Thursday, in a sign the exporter group is unlikely to change output policy on June 2. Oil has recovered to $50 a barrel from a

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Egypt energy subsidy bill down 27pc

Egypt's energy subsidy bill reached 41 billion Egyptian pounds ($4.62 billion) during the first nine months of the 2015-16 financial year, down 27 per cent from 56 billion in 2014-2015, an oil ministry official told Reuters on Thursday. Oil Minister Tarek El Molla said on Tue

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Dow unveils key CSP solutions at Dubai solar expo

The Dow Chemical Company is showcasing its range of concentrated solar power (CSP) solutions at the ongoing Middle East & North Africa Solar Conference and Expo (Menasol) in Dubai, UAE. A major highlight is the industry-leading Dowtherm, a heat transfer fluid which enables th

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