Russia sold a 10.2-billion euro ($11 billion, Dh40.2 billion) stake in its largest oil producer to commodity trader Glencore Plc and Qatar’s sovereign wealth fund in a triumph for President Vladimir Putin, who announced the deal on state television personally. In a surprise deal that comes despite US and European Union sanctions against Russia, the … Continue reading Qatar and Glencore buy 19.5% of Russia’s Rosneft.
Kuwait witnessed a very large reception for the Saudi Kings visit to the country on Thursday after a Gulf summit in Bahrain, as a sign of the strength of relations between the two neighbouring countries. Before the Kings arrival to Kuwait (which is planned to last for three days) many news agencies speculated that a … Continue reading Saudi King Salman Bin Abdulaziz Vists Kuwait, Al-Khafji Field comes upfront.
Dhahran - The Custodian of the Two Holy Mosques King Salman bin Abdulaziz launched five Saudi Aramco expansion projects with an estimated worth of $43.5 billion (equivalent to some SAR163 billion.) The projects encompass production-oriented expansion for the national oil and gas giant, Aramco. The projects are expected to produce a daily 3 million barrels … Continue reading Saudi Arabian King Salman Bin Abdulaziz Al-Saud Launches projects worth 43.5 Billion Dollars.
OPEC plans to reduce its production by 1,200,000 barrels per day.