Kuwait to spend $51 bln on oil development
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The Gulf state of Kuwait plans to spend 51 billion dollars over the next five years to upgrade its vital energy sector which generates 95 percent of its revenue, a top oil executive said Monday.
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NEW YORK, December 27  - Saudi Arabiaâs oil reserves could increase 77% to 461 million barrels in a few years, since the oil rich country continues to maintain spare capacity of two million barrels per day to help control the global
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Tripoli sets outs transparent bidding process for foreign firms to woo investment for sanctions-hit oil sector. By Hassen Zenati - TRIPOLI.
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&quot;The kingdom has a surplus production of around two million barrels, which can be used when needed,&quot; says Saudi Arabia Oil Minister Ali al-Naimi.
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Iraq's crucial oil and electricity sectors still need roughly $50 billion to meet demand, analysts and officials say, even after the United States has poured more than $6 billion into them over more than four years.
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Saudi Arabia&#39;s Oil Minister Ali Naimi said the kingdom has raised its capacity to 11 million barrels per day. Kuwait&#39;s Oil Minister Sheikh Ahmad Fahad Al Sabah called on OPEC
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OPEC will cut back on oil production early next year in a bid to stave off a further decline in the world price, Kuwait's oil minister said yesterday.
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Saudi Arabia, Kuwait and the United Arab Emirates, which account for almost half of OPEC&#39;s oil output, said they&#39;re committed to boosting capacity to meet soaring demand that has driven prices to a record.
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Minister of Petroleum Sameh Fahmi said on Monday that there is a national plan to set up 8 giant petrochemical projects at a total investments of $6 billion including $ 3.5 million from foreign partners.
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NEW DELHI: Kuwait&#39;s foreign minister said yesterday that Middle East oil exporters are producing at maximum capacity to stabilise prices that are being driven up by speculators from outside the region.
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Rheinmetall, the German auto parts and defence technology specialist has said it had won a contract worth 40 million euros (51 million dollars) to supply the Kuwait government with naval defence weapons systems.
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Exxon Mobil Corp.  plans to spend about $20 billion annually through 2011 and start production at 25 major oil and gas projects over the next three years, the world's largest publicly traded oil company said on Wednesday.
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Malaysia&#39;s national oil company said it will expand its investments in Thailand by buying the Thai operations of Kuwaiti Petroleum International, which operates over 117 gasoline stations across the country.
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Oil producing cartel Opec will cut back on over-production early next year to prevent a further fall in prices, Kuwait&#39;s oil minister has said.
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Major Gulf producer Kuwait will back a hike of 1 million barrels per day in OPEC&#39;s output ceiling if oil prices stay at record levels, a move that
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The price for North Sea oil of Brent quality was Monday sold for US$ 50 a barrel for the first time ever, and on Tuesday it peaked at US$ 51.
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Oil fell to an eight-month low below $58 on Wednesday as a surprise build in U.S. crude stocks offset Kuwait's announcement that it may join other OPEC countries in cutting output if prices fall further.