United Arab Emirates Archives

Former senior Petrofac boss pleads guilty to further bribery charges

14/01/2021

A former senior boss at Petrofac has pleaded guilty to further charges of bribery in a Serious Fraud Office (SFO) investigation related to contract wins worth billions of dollars.

Oil demand is on an upward trajectory this year, although the UAE has expressed concerns around incentivising long-term production.

Oil & Gas

Sieminski tips record demand growth for 2021

13/01/2021

by Ed Reed

Oil demand will grow at “a little over 4 million barrels per day” in 2021, King Abdullah Petroleum Studies and Research Centre (KAPSARC) president Adam Sieminski has predicted.

The US has imposed sanctions on a number of Iranian interests, including Minister of Petroleum Bijan Zanganeh who has rejected the move.

Middle East

US launches new Iran sanctions as election looms

27/10/2020

by Ed Reed

The US Department of the Treasury has imposed new financial sanctions on Iran’s oil industry.

Israel and the United Arab Emirates have opened talks over an oil pipeline linking the Red Sea with the Mediterranean, whose operations Israeli officials treat as top secret.

Pipelines

Israel and UAE open talks over top-secret oil pipeline

21/10/2020

by Bloomberg

Israel and the United Arab Emirates have opened talks over an oil pipeline linking the Red Sea with the Mediterranean, whose operations Israeli officials treat as top secret.

Turkish President Recep Tayyip Erdoğan welcomed the head of the GNA Fayez al-Serraj in the Dolmabahçe Palace

Africa

Turkey issues warning to Haftar in Libya

21/05/2020

by Ed Reed

Turkey’s Ministry of Foreign Affairs has warned that any attempts by General Khalifa Haftar to target its interests in Libya would have “severe consequences”.

The new raft of deals includes a five-year agreement with a major exploration and production business and two drilling equipment support contracts.

Middle East

Sparrows creates 150 positions in UAE after sealing deals worth £55m-plus

05/11/2019

by Mark Lammey

Energy service firm Sparrows Group has created more than 150 new positions in the United Arab Emirates (UAE) after winning contracts worth more than £55 million over the past three months.

An offshore drilling platform stands in shallow waters at the Manifa offshore oilfield, operated by Saudi Aramco, in Manifa, Saudi Arabia, on Wednesday, Oct. 3, 2018. Saudi Aramco aims to become a global refiner and chemical maker, seeking to profit from parts of the oil industry where demand is growing the fastest while also underpinning the kingdoms economic diversification. Photographer: Simon Dawson/Bloomberg

Middle East

Aramco starts fuel trading from UAE with ex-BP, Pemex hires

23/05/2019

by Bloomberg

Saudi Aramco hired two Singapore-based traders and began dealing in fuel at the Middle East’s main bunkering port as the world’s biggest oil exporter expands further into the trading business.

Middle East

United Arab Emirates: We are not trying to force regime change in Qatar

25/06/2017

by Reporter

The Arab countries isolating Qatar do not seek to force out the country’s leadership but are willing to cut ties if it does not agree to their demands, a top United Arab Emirates official has said.

People

Globalscot to help North Sea oil firms make splash abroad

18/05/2017

by Erikka Askeland

Lawyer and Middle East business expert Hugh Fraser has been inducted into a global networking initiative set up to help Scottish firms break international markets.