DOHA (AFP) - Arab oil producers in the Gulf appeared unfazed on Sunday about a week-long slump in crude prices, insisting at an energy conference that there was no need for an extraordinary OPEC meeting.
"I am never worried," Ali al-Naimi, oil minister of OPEC kingpin Saudi Arabia, told reporters when asked if he was concerned about the sharp dip in oil prices last week.
"OPEC is not standing [...]
CAIRO (AFP) - Four Egyptians and a Saudi national are to stand trial in Egypt on June 14 on charges of money laundering and funding the banned Muslim Brotherhood, a judicial source told AFP on Sunday.
"Their trial will start on June 14 at the emergency High State Security Court. They are accused of funding a banned organisation through donations collected abroad," the source said.
The five wil [...]
DOHA (AFP) - Qatari Energy Minister Abdullah al-Attiyah said on Sunday there was no proposal to hold an extraordinary meeting of the oil cartel OPEC in light of falling prices.
"There is no proposal to hold an extraordinary OPEC meeting," he told reporters at the ninth Arab Energy Conference in Doha.
His statement followed a call on Saturday by his Kuwaiti counterpart for OPEC to meet ahead of [...]
LONDON (AFP) - Egyptian billionaire Mohamed Al Fayed has sold luxury London department store Harrods to the investment arm of Qatar's sovereign wealth fund, his financial advisors Lazard said Saturday.
"The Al Fayed family trust, owners of Harrods, announce that they have today sold the Harrods Group to Qatar Holding," Lazard said in a statement.
No figure was given, but media reports suggeste [...]
DOHA (AFP) - Kuwait Oil Minister Sheikh Ahmad Abdullah al-Sabah said on Saturday that OPEC should meet ahead of its scheduled conference in October if the price of oil falls below 65 dollars a barrel.
Asked when OPEC should act and at what price level, the Kuwaiti minister said "when oil price falls below 65" dollars a barrel.
His Emirati counterpart Mohammad bin Dhaen al-Hamli attributed a sl [...]
DUBAI (AFP) - Low-cost carrier Air Arabia posted net profits of 50 million dirhams (14 million dollars) in the first quarter of 2010, down 51 percent from the same period last year, the airline said on Thursday.
"Air Arabia's net profit for the three months ending March 31, 2010 stood at 50 million dirhams, a decline of 51 percent compared to 103 million dirhams (28 million dollars) in the [...]
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BAGHDAD (AFP) - Iraq on Thursday invited international energy firms to submit bids for a September 1 auction of three of its gas fields, in the war-torn country's third major attempt to develop its oil and gas sector.
"We expect to receive the offers and we will open them on September 1," Oil Minister Hussein al-Shahristani told reporters in Baghdad.
Since November, Baghdad has signed contract [...]
DUBAI (AFP) - Qatar inaugurated on Tuesday an ethylene plant at with an annual production capacity of 1.3 million tonnes in the northern city of Ras Laffan.
"The total cost of the project ... has reached 1.37 billion dollars (1.05 billion euros)," Energy Minister Abdullah bin Hamad al-Attiya told reporters during the inauguration ceremony.
Ras Laffan Olefins Company Limited (RLOC), the o [...]
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TEHRAN (AFP) - An Iranian state firm offered on Monday to avert an "ecological disaster" by helping to curb the massive oil spill in the Gulf of Mexico which is moving towards the shores of the United States.
"The oil drilling specialists of our country can act to contain the Gulf of Mexico oil rig and prevent the ecological disaster in that region of the world," said Haidar Bahmani, managi [...]
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DUBAI (AFP) - DIFC Investments (DIFCI), an arm of Dubai International Financial Centre (DIFC), posted a net loss of 562 million dollars for 2009, primarily due to a fall in property prices.
"As of 31 December, 2009, the net equity position of DIFCI stands at 820 million dollars with a resultant loss of 562 million dollars," chairman Ahmed Humaid al-Tayer said in the statement dated Sunday.
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Passengers jump out of plane in India after bad landing
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