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Huawei3M has announced the establishment of its new 3M mining, oil and gas solutions division in Saudi Arabia.
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Oil prices dipped in European electronic trade on Monday as investors held off taking positions amid rising tensions over Syria. London was closed for a bank holiday on Monday, but in electronic trading on the Intercontinental Exchange (ICE) Brent North Sea crude for October slid to $110.94 approaching midday from $111.04 at the close on Friday.
Oil prices fell in Asian hours on Tuesday as traders await fresh stockpiles data, while keeping an eye on the release of US Federal Reserve minutes from its most recent meeting.
Oil prices dipped in thin Asian trade Monday, but remain supported by fears that the unrest in Egypt could spread across the Middle East and block off supplies, analysts said.
South Korea ordered sweltering government offices to turn off their air conditioning as two power plants stopped operations on Monday, a day after a minister warned of an imminent national energy crisis.
Standard & Poor’s Ratings Services on Tuesday said that it had assigned its ‘A-’ long-term rating to the $825 million bonds maturing in 2036 issued by Ruwais Power Co (Shuweihat 2), a project company that manages the development, ownership, insurance, operation, and maintenance of the S2 power generation and seawater desalination plant in Abu Dhabi.
Strong economic and demographic growth associated with rapid urbanisation has led to an increase in energy demand to meet rising electricity and desalinated water needs in the Middle East and North Africa (Mena) region, according to a recent report.
The International Energy Agency, or IEA, trimmed forecasts for global oil demand growth in 2014 amid slowing expansion in China and a struggle to secure a recovery in the US and Europe.
Qatar’s new leadership is expected to accelerate plans to spin off its prized asset, Qatar Petroleum, from the energy ministry to allow the world’s biggest liquefied gas producer to grow more quickly abroad at a time of rising rivalry from new producers.
Saudi Arabia’s decade-long search for natural gas is ending with only two companies finding fields, and those drillers need higher prices to move forward.