Middle East

Middle East

In Saudi Aramco IPO talk, some see age of oil coming to end

15/01/2016

For all the talk of Saudi Arabia’s oil company becoming the first trillion-dollar business if it goes public, some see the chatter as a sign of oil’s weakness. The Saudis, they say, know it’s time to start hedging their bet on fossil fuels. While the Saudi Arabian Oil Co. sits on a preposterously large reserve of 260 billion barrels of oil, the kingdom’s discussion of a share sale amid a global collapse in crude prices suggests another motive to those who preach about the financial risks of climate change: The Saudis may want to capitalize on an asset that’s only going to lose value if the world gets serious about global warming.

Middle East

Fight against IS is bleeding us dry, Iraqi Kurds warn

15/01/2016

Iraqi Kurds, who field one of the most effective ground forces fighting Islamic State (IS) militants, are urgently asking America to help ease their budget crisis made worse by slumping oil prices and 1.8 million people who have fled fighting in Iraq and Syria. Representatives from the Kurds’ semi-autonomous region of northern Iraq said without help from the US or its allies the Kurds’ fighting force, known as the peshmerga, would be hampered in their fight against IS.

Middle East

A new Saudi Arabia is suddenly in a hurry in era of cheap oil

08/01/2016

Saudi Arabia, one of the most tradition- bound societies on the planet, where family structure and tribal patriarchy differ little from a century ago, is suddenly in a hurry. It has done more in the past week than in most years. Over eight days, it has executed dozens of militants, severed ties with Iran and announced numerous steps for a radical rollback of the state that may include privatizing oil giant Saudi Aramco, among the world’s largest companies.

Middle East

Shell, Iran reach deal on $2.3billion outstanding debt

06/01/2016

Oil major Shell and the National Iranian Oil Company (NIOC) have reached a final deal on how the Anglo-Dutch company must clear its debt of $2.3billion outstanding since 2011. The head of the NIOCs international affairs, Mohsen Qamsari, said the two sides had reached an agreement on a mechanism after several round of negotiations.