Tuesday 6 December 2016
 
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oil revenue

Saudi oil revenues up 6.2pc in Sept

Saudi Arabia's oil exports in September 2016 amounted to SR43.5 billion ($11.60 billion), an increase of 6.2 per cent compared with the same month of the previous year, official data said. The General Authority of Statistics d

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Adnoc plans to cut 5,000 jobs by 2016-end

Abu Dhabi's state-owned National Oil Company (Adnoc) plans to cut 5,000 jobs by the end of the year, and 2,000 of the lay-offs have already been carried out, Middle East news service Meed reported on Sunday. Adnoc has roughly

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Oman Shura votes for corporate tax hikes

Oman's Shura Council, a top advisory body to the government, has voted for the biggest increases in corporate taxes in many years to offset a budget deficit caused by low oil prices, local media reported on Wednesday. Any tax

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Kurdistan to share oil sales revenue with producers

Iraq's Kurdistan Regional Government (KRG) said it would pay a portion of its revenue from direct crude oil sales to producers, in an apparent attempt to reassure foreign oil companies operating in the northern region.  

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Libya's official govt to deposit oil revenues in UAE

Libya's internationally recognised government said it plans to open a bank account abroad to deposit oil revenues, hoping to divert proceeds from the industry away from the country's rival administration in Tripoli. Crude

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Saudi to launch debut sovereign wealth fund

Saudi Arabia is preparing to launch its first sovereign wealth fund to manage budget surpluses from a rise in crude prices estimated at hundreds of billions of dollars, said a media report. The central bank has managed investment

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Libya lost $30bn oil revenue in protest wave

Libya has lost $30 billion due to 10 months of protests at oilfields and export terminals but has sufficient foreign currency reserves to keep the country running, a central bank official said. A wave of protests at oil facilities

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Kuwait eyes $77bn budget spending in 2014-15

Kuwait government's total spending is likely to hit KD21.7 billion ($77 billion) in its draft budget for 2014/ 15, up from KD21 billion in FY13/14, according to a report. The draft budget for fiscal year 2014/15 (April to Marc

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Diversification key to Bahrain growth, says IMF

The International Monetary Fund (IMF) has called upon Bahrain to take immediate steps to diversify its sources of income and not to rely on oil revenues, said a report. It also urged Bahrain to undertake comprehensive studies to r

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Iran ministry rejects oil revenue slump reports

  Iran's oil ministry said on Wednesday only it could comment with authority on the country's oil production, rejecting reports of a 45 percent fall in oil earnings sourced to a parliamentary budget committee.

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