Thursday 31 July 2014
 
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Oapec

Oapec unveils new oil, gas discoveries in region

The Organisations of Arab Petroleum Exporting Countries (Oapec) has unveiled that 34 new oil and 10 new natural gas discoveries were made last year, said a report.   The most prominent oil discovery was made in H

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Apicorp 'to raise $533m from local banks'

Arab Petroleum Investments Corporation (Apicorp) wants to raise at least 2 billion riyals ($533 million) from local Saudi Arabian banks, Meed said on Wednesday, citing sources familiar with the matter.       The c

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Apicorp shareholders raise capital to $1.5bn

Arab Petroleum Investments Corporation (Apicorp) on Tuesday said its shareholders agreed to nearly triple the development bank's capital base to $1.5 billion, helping it move ahead with investment plans. Apicorp is owned by the 10 memb

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Oil crisis must be avoided says expert

Effective steps to avoid a future oil crisis must be taken and the impact of sustained high oil prices should not be overlooked, says a senior Organisation of Arab Petroleum Exporting Countries (Oapec) official. Oapec director of technical

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Arab Opec ministers to meet as oil tops $90

Arab Opec ministers began arriving in Cairo on Thursday ahead of talks expected to broach how high an oil price the world economy can stand as the market hovers near two-year peaks above $90 a barrel. A full conference of the Organization

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Apicorp to exit two equity investments

Arab Petroleum Investments Corp (Apicorp) on Sunday said it was in "mature discussions" to divest two of its key equity stakes. The development bank -- owned by the 10-member states of the Organization of Arab Petroleum Exporting Countries

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Oil imports fall 50pc in 2009

Oil imports in Organisation of Arab Petroleum Exporting Countries (Oapec) member states reached $277 billion in 2009 compared to $585 billion in 2008. The 50 per cent drop resulted from decrease in oil prices due to global economic crisis,

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Saudi hails 'perfect' price at Arab oil meet

Top oil exporter Saudi Arabia on Saturday described the current oil price as stable and 'perfect' for consuming and producing nations as he led talks in Cairo with other Arab oil ministers. With oil around $75 a barrel, ministers s

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Oil price stable, volatility at minimum: Saudi

Current oil price is good and that sharp price movements were no longer a problem, said Saudi Arabia's Oil Minister Ali Al Naimi on Saturday. "The market is stable right now, volatility is at minimum," he told reporters. "Everybody is

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Most oil ministers see no Opec output change

Oil ministers from Arab producers are comfortable with current crude prices and several see no need for Opec to change its output targets when it meets in Angola this month. Oil has rallied to above $76 a barrel, around the level leading e

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