Iran Khodro and German automobile-maker Daimler will sign a deal soon for the production of cars and commercial vehicles, Iran Khodro managing director Hashem Yekezareh has said. The announcement follows reports that Peugeot, France’s largest car-maker, is seeking to revive…
Month: July 2015
IMF approves $1.24bn loan for Iraq
The executive board of the International Monetary Fund (IMF) approved SDR 891.3 million ($1.24 billion) to help Iraq address its 2015 balance of payment and budget needs in 2015 related to the campaign against ISIS and lower oil prices, the…
Higher UAE gasoline prices prompt filling station plan
Adnoc Distribution, the retail gasoline division of the Abu Dhabi National Oil Company (ADNOC), plans to open 125 new service stations across the UAE. The state news agency Wam reported Adnoc Distribution chief executive Abdulla al-Dhaheri as saying that it…
Higher UAE gasoline prices remain one quarter of UK level
The sharp rise in UAE gasoline prices effective 1 August still leaves them substantially below the level in most advanced economies and 75 per cent lower than the average in the UK. The UAE Ministry of Energy announced that the…
Fitch affirms IPIC of Abu Dhabi’s rating
Fitch Ratings has affirmed Abu Dhabi-based International Petroleum Investment Company PJSC’s (IPIC) long-term local and foreign currency Issuer Default Ratings (IDR) at AA and short-term foreign currency IDR at F1+. The ratings are aligned with those of Abu Dhabi, IPIC’s…
Iran seeks $85bn petrochemicals investment
Iran is seeking $85bn worth of investment in its under-performing petrochemicals sector, chairman of the petrochemical subcommittee of Iran’s parliament Moayed Sadr Hossein was quoted as saying by the official Fars news agency yesterday. Iran’s National Petrochemical Company (NPC) says…
Kuwait to consider further fuel price rises
The Kuwait cabinet will discuss two studies, one completed by Kuwait Petroleum Corporation (KPC), about increasing domestic fuel prices, the daily Kuwait times reported this morning. It said the studies have been sent to the cabinet to be discussed by…
Qatar on track for 3 million visitors in 2015
The number of foreign visitors to Qatar rose by 7 per cent in the first half of 2015 and is on track to grow to 3 million in the year as a whole, the Qatar Tourism Authority (QTA) said in…
Kuwait Energy output to rise to 137,000 b/d in 2017: Fitch
Kuwait Energy, the independent oil and gas producer, is on track to lift its oil production to 137,000 b/d in 2017, Fitch Ratings says in a report. “We expect the company’s Iraqi assets to start coming on-stream over the next 12…
Increases in Iranian oil production to take time: Fitch Ratings
Iranian crude oil production is likely to increase in 2016 but will take years to reach its previous peak, Fitch Ratings says in a statement issued today. Iran exports 1.1 million barrels a day (b/d) now compared with around 2.5 million…