Solar Energy News  
OIL AND GAS
Oil-rich Saudis tilts toward more openness
by Daniel J. Graeber
Riyadh, Saudi Arabia (UPI) Jan 26, 2016


disclaimer: image is for illustration purposes only

With the privatization of its state-owned oil company on the agenda, a Saudi competition director called for more government support for market newcomers.

The Saudi Arabian Oil Co., announced in early January it was reviewing the potential to list its shares on the public market for the first time in the company's history. Once a study on the possibility is completed, the state-run company said it would present results to the board of directors, which would then make its recommendation to the government.

Shankar Selgam, a competition director, said the government was becoming more competitive when weighed against other regional economies.

"Government agencies should provide support for market newcomers and not depend on giant renowned companies through offering them developmental or infrastructure projects of the country," a statement carried by the official Saudi Press Agency read.

A December report from consulting firm McKinsey & Co. finds the oil-rich kingdom may need to embrace an economic diversity scheme amid the sustained slump in crude oil prices. Crude oil prices are down 70 percent from mid-2014 and off about 10 percent since the start of 2016, even with a rally of 9 percent last week.

The Saudi Finance Ministry reported total oil revenues for last year were expected around $118 billion, a decline of 23 percent from 2014, when oil was priced at more than $100 per barrel. Riyadh said it was embracing a set of policies and structural reforms meant to reduce the economic dependency on oil. Part of the five-year reform policy includes the privatization of some sectors of the Saudi economy.

Nevertheless, the oil company, known also as Saudi Aramco, and the National Shipping Co. of Saudi Arabia signed a deal to extend a memorandum of understanding to service offshore oil installations in the country with Emirati rig services company Lamprell and South Korean shipbuilder Hyundai Heavy Industries.

"Through the development of the maritime complex, Saudi Aramco and the participating parties look forward to leveraging their know-how, current and future business needs, to actively pursue such an investment and promote economic development and job creation in the Kingdom of Saudi Arabia," the Saudi Press Agency reported.


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
All About Oil and Gas News at OilGasDaily.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

Previous Report
OIL AND GAS
Oil services company Halliburton posts deep loss
Houston (UPI) Jan 25, 2016
Steep declines in the North American market were in part behind the 9 percent decline in revenue, oil field services company Halliburton said. Halliburton, which provides services to the drilling and production side of the energy sector, reported a $28 million loss for the fourth quarter, against a profit from the previous year's quarter of $901 million. Total revenue was down 9 percent ... read more


OIL AND GAS
Assessment aims to maximize greenhouse gas reductions from bioenergy

One-stop shop for biofuels

Automakers' green push lifts use of hemp, citrus peel

BESC study seeks nature's best biocatalysts for biofuel production

OIL AND GAS
Microbots individually controlled using 'mini force fields'

Russian Scientists Developing Avatar Robot for Extraterrestrial Exploration

NASA Marshall Center to Host FIRST Robotics Kick-Off at USSRC

Will computers ever truly understand what we're saying

OIL AND GAS
OX2 sells 42 MW wind farm to IKEA in Finland

E.ON readies wind farm for English Channel

Strong winds help Denmark set wind energy world record

Moventas Exceed receives DNV GL gearbox certification

OIL AND GAS
GM debuts car-sharing, 'personal mobility' brand

Head of Apple electric car team to leave: report

Conductive concrete could keep roads safer in winter weather

Renault hasn't used trickery, CEO says after failed emissions tests

OIL AND GAS
Corvus Energy announces new performance specifications for lithium ion battery systems

Many clean-tech subsidies should be greater

Non-platinum catalysts for fuel cells remain a mystery

Researchers prove surprising chemistry inside a potential breakthrough battery

OIL AND GAS
Denmark, Greenland sign agreement on uranium

92,000 petition Canada not to store nuclear waste near Great Lakes

Japan's 'rigid' atomic inspections need freedom: IAEA

Moscow, Amman to Discuss Building Jordan's First Power Plant Next Month

OIL AND GAS
Australian farmers to benefit from renewables boost

War Between Saudi Arabia And Iran Could Send Oil Prices To $250

China 2015 electricity output down 0.2 percent

Clean energy to conquer new markets in 2016

OIL AND GAS
NUS study shows the causes of mangrove deforestation in Southeast Asia

The Amazon's future

Tens of millions of trees in danger from California drought

Modeling Amazonian transitional forest micrometeorology









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.