Middle East

Royal Dutch Shell

Shell signs $11 billion deal to build petrochemicals plant in Iraq

Royal Dutch Shell (RDSa.L) has signed a deal with Iraq worth $11 billion (7 billion pounds) to build a petrochemicals plant in the southern oil hub of Basra, Industry Minister Nasser al-Esawi said on Wednesday.

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Dubai Shopping Festival

Retreat of Russian shoppers fails to dent Dubai retailers

Russian shoppers caught in a currency crunch are staying away from the Dubai Shopping Festival (DSF) this year, but visitors from elsewhere look set to make up the numbers at the annual retail bonanza.

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Dubai.jpg

Dubai's Drake & Scull wins $49 million contract

A subsidiary of Dubai’s Drake & Scull International DSI.DU (DSI) has won a 180 million dirham ($49 million) engineering contract in the emirate, the parent firm said on Sunday.

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Libya

Volatile Libya resumes commercial flights to Europe

Commercial flights from Libya to mainland Europe resumed after more than six months on Saturday with a Libyan carrier taking off to Germany, the airline said.

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Amazon

Amazon in talks to buy Israeli start-up Annapurna Labs: newspaper

U.S. tech giant Amazon is in talks to buy Israeli chipmaker Annapurna Labs for up to $370 million, financial newspaper Calcalist reported on Thursday.

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Dropbox

Dropbox buys U.S.-Israeli mobile document firm CloudOn

Online document-sharing company Dropbox has acquired U.S.-Israeli CloudOn, a developer of tools to simplify creating and editing documents on mobile devices, the companies said on Wednesday.

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Iraq Oilfield

Oil slips $1 on China economy worries, record Iraq output

Brent crude oil prices fell below $49 a barrel and U.S. crude also fell more than $1 on Monday after the global economic outlook darkened and Iraq announced record oil production.

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Bijan Zanganeh

Iran sees no OPEC shift toward a cut, says oil industry could withstand $25 crude

Iran sees no sign of a shift within OPEC toward action to support oil prices, its oil minister said, adding its oil industry could ride out a further price slump to $25 a barrel.

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Venezuela's President Nicolas Maduro (R) and Iran's President Hassan Rouhani

Venezuela, Iran plea for oil cut hits Gulf OPEC brick wall

A diplomatic push by Venezuela and Iran for an OPEC oil output cut has failed to soften the refusal of the group's Gulf members to do so for now, delegates said on Monday.

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Ayatollah Ali Khamenei

Iran vows to help Venezuela to stem oil price fall

Iran's supreme leader Ayatollah Ali Khamenei told Venezuela's president on Saturday he backed coordinated action between Tehran and Caracas to reverse a rapid fall in global oil prices which he described as a "political ploy hatched by common enemies".

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Akbar Al Baker

Bureaucracy delaying Qatar Airways launch in Saudi: CEO quoted

Complicated bureaucracy is delaying the launch of Qatar Airways' domestic operations in Saudi Arabia, and they are now expected to start in six to 18 months, the airline's chief executive was quoted as saying.

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Libya

Libya pays heavy economic price as fighting takes toll

The central bank is burning through its foreign reserves and many government services are being cut as Libya reels under the effects of a collapse in oil revenues caused by factional fighting that threatens to tear the country apart.

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Gas price

Iran says Saudi Arabia should move to curb oil price fall

Falling world oil prices will hurt countries across the Middle East unless Saudi Arabia, the world's biggest crude exporter, takes action to reverse the slump, Iran's deputy foreign minister told Reuters.

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Storage oil tank on fire

Fire at Libyan oil port destroys up to 1.8 million barrels of crude

A fire raging for almost a week at Libya's biggest oil port of Es Sider has destroyed up to 1.8 million barrels of crude and damaged seven storage tanks, causing total damage of $213 million, a top oil official said on Tuesday.

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Iran's President Hassan Rouhani

Budget pressure unlikely to deflect Iran from nuclear goals

A big oil price slide will hurt Iran's attempts to rescue battered living standards, but economic pain is unlikely to soften its stance in nuclear talks or end aid to allies such as Syria, matters seen by its ruling clerics as strategic priorities.

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