Aramco has appointed Nasir K. Al-Naimi as president of its Upstream business, and Mohammed Y. Al Qahtani as president of its Downstream business, Aramco announced in a press release today. Both presidents will report along with Aramco’s executive vice presidents to the Company’s President & CEO Amin Nasser. The newly-created positions and appointments, approved by the […]
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Saipem secures $850 million offshore contracts
Saipem has been awarded two new offshore contracts worth $850 million, one for Engineering, Procurement, Construction and Installation (EPCI) project in the Black Sea and the other for decommissioning activities in the North Sea. The first contract has been awarded by Turkish Petroleum OTC for the second phase of Sakarya FEED and EPCI Project and […]
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UAE announces major tax update for residents
The UAE has announced a new ministerial decision outlining rules on who should and should not pay Corporate Tax in the country. The new rules, announced on Wednesday, 17 May 2023 confirm that business owners in the UAE will only be liable to pay Corporate Tax if the turnover from the business activity is more than AED1m […]
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Iran to launch $15 billion oil and gas projects this year
Iran will launch about $15 billion worth of oil and gas projects in 2023, according to the country’s oil minister Jawad Owji. All of the launched projects have had a direct impact on increasing the production capacity of the country, he added. In the last Iranian year (March 2022-23), $12 billion worth of oil, gas […]
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Saudi Aramco’s $21 billion Marjan field project: Everything you need to know
The Marjan oil and gas field is located in the Arabian Gulf, off the eastern coast of Saudi Arabia. Owned and operated by Saudi Arabia’s state-owned oil and gas company Saudi Aramco, the offshore field is being expanded as part of the Marjan Crude Increment project. With a total budget of $21 billion, the project […]
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Dubai-based oil services company to build new technology hub in Abu Dhabi
TGT Diagnostics has signed an agreement to build a new technology hub in Abu Dhabi and said it will make a “significant investment” for a new state-of-the-art facility under an agreement with Khalifa Economic Zones Abu Dhabi KEZAD Group. The new UAE facility is a major investment for TGT as it moves to strengthen its […]
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Kuwait eyes plan to allow expat investment
A ministerial committee in Kuwait has put forward a proposal to the Cabinet suggesting that non-Kuwaitis be allowed to own investment residential properties, as reported by the Kuwait Times. The proposal seeks to revitalise the economy and draw capital to Kuwait by creating liquidity to release mortgages and “inject these amounts into the national economy.” […]
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