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  • CAIRO/ BENGHAZI, April 21- Libya's official government has so far failed to sell oil on its own via an account and middlemen in Dubai, as customers continue to buy crude directly from a state oil firm under the control of a rival government, oil sources said. Libya's internationally recognised Prime Minister Abdullah al-Thinni said this month that oil sales would...

  • SEOUL, April 20- South Korean oil refiners are taking more crude from Latin America and Europe and buying more spot volumes to put pressure on Middle Eastern suppliers to lower their official prices. And with South Korea expanding such trade deals, including one already signed with oil producer Colombia and one sought with Ecuador, the purchases from other...

  • RIYADH, April 19- Saudi Basic Industries Corp faces heavy pressure on its profits due to cheap oil but will keep investing globally to boost capacity in key areas, its acting chief executive said on Sunday after the company reported a 39 plunge in first-quarter profit. SABIC, one of the world's largest petrochemicals groups and Saudi Arabia's biggest listed...

  • *Exxon Mobil front-runner for Mozambique LNG stake-sources. MILAN/ LONDON/ SINGAPORE, April 16- Anadarko Petroleum is considering selling its multi-billion dollar stake in Mozambique's giant gas reserves, with Exxon Mobil and Qatar Petroleum both showing interest, banking and industry sources said. The world's largest oil firm has been expected to follow...

  • PARIS, April 17- Airbus sees continued strength in the aircraft market and may be able to increase production of its most popular jets beyond their planned rates if that trend continues, the head of the European planemaker said on Friday. Fabrice Bregier, chief executive of the plane making unit of Airbus Group, said he believed Airbus would eventually recapture...

  • LONDON, April 17- Rolls-Royce has won a $9.2 billion deal to supply engines for 50 A380 aircraft for Dubai's Emirates airline, the largest order in its history and giving it a boost after a torrid year of profit warnings. It is the first time the Gulf carrier has ordered Rolls-Royce engines for its superjumbo fleet, the rest of which is powered by Engine Alliance, a...

  • LONDON, April 17- Emirates president Tim Clark said on Friday the airline is still waiting for a decision from Airbus over whether the planemaker will proceed with a revamp of the A380 superjumbo. Emirates, which is the leading buyer of the existing A380 jet with 140 orders, has said it would look at placing an order for up to 200 of the so-called A380neo jets should...

  • LONDON, April 17- Rolls-Royce said it had won a $9.2 billion order to supply engines for 50 A380 aircraft for Dubai's Emirates airline, providing a boost for the British company after a torrid year of profit warnings. It is the first time the Gulf carrier has ordered Rolls-Royce engines for its superjumbo fleet, the rest of which is powered by Engine Alliance, a...

  • LONDON, April 17- Rolls-Royce said it had won a $9.2 billion order to supply engines for 50 A380 aircraft for Dubai's Emirates airline, providing a boost for the British company after a torrid year of profit warnings. It is the first time the Gulf carrier has ordered Rolls-Royce engines for its superjumbo fleet, the rest of which is powered by Engine Alliance, a...

  • LONDON, April 16- Cheap oil has pushed motorists back to their old gas guzzling habits, unexpectedly helping extend record profits and crude processing for refiners around the world. But the rush to cash in led to fears of a storage glut in oil products, and the industry has been bracing for a profitability crash for months due to massive new state-of-the-art...

  • SYDNEY/ DUBAI, April 16- Dubai's drive to develop its Islamic finance sector is fueling growth of sharia-compliant banking but the benefits are unevenly distributed, with some lenders struggling to compete against burgeoning competition. In 2013, Dubai's government announced plans to turn the emirate into a center for an "Islamic economy" with...

  • Seattle/ Paris April 16- The jumbo jet, for many years the workhorse of modern air travel, could be close to running out of runway. Sales forces at Airbus Group NV and Boeing Co are fighting for potential orders plane by plane as they seek to keep production going beyond the end of the decade, said other aviation market sources. Airbus has said it is also considering a...

  • ABU DHABI, April 15- The boss of Abu Dhabi's Etihad Airways has warned Europe that it will suffer if it restricts the access of foreign carriers to its market, in a fresh effort by fast-growing Gulf airlines to head off what they see as Western protectionism. "Etihad Airways is committed to Europe. State-owned Etihad is making increasing inroads into Europe, partly...

  • This pressured Asian stocks, taking the MSCI emerging equities index further off recent six-month highs. But crude prices approached $60 a barrel on signs of falling U.S. production, benefiting Gulf markets such as Dubai and Saudi Arabia that rose as much as 1.9 percent. "The Chinese slowdown is real and permanent and that's a fundamental headwind for countries...

  • *India's urban population to rise to 814 million by 2050. GANDHINAGAR, India, April 15- India's push to accommodate a booming urban population and attract investment rests in large part with dozens of "smart" cities like the one being built on the dusty banks of the Sabarmati river in western India. With an urban population set to rise by more than 400 million people...

  • *Oil revenues at heart of struggle for Libya. CAIRO/ BENGHAZI, April 14- Libya's official government, holed up in the east after being forced to flee the capital, is struggling to sell crude oil under a new system it has devised in an attempt to bypass a rival administration in Tripoli. Foreign buyers had always paid through the NOC and the central bank in Tripoli.

  • DOHA, April 14- Qatar opened the Middle East's first centre for clearing transactions in the Chinese yuan on Tuesday, saying it would boost trade and investment between China and Gulf Arab economies. "The launch of the region's first renminbi clearing center in Doha creates the necessary platform to realise the full potential of Qatar and the region's trade...

  • *Lukoil involved in Empty Quarter gas search. KHOBAR, Saudi Arabia/ MOSCOW, April 13- Lukoil will likely pull out from Saudi Arabia where the economics of its search for gas have been crushed by the collapse of the oil price, three industry sources said. Lukoil was the last company left active in the consortia of international oil firms Saudi Arabia invited in...

  • COLOMBO, April 13-- Position: Central Bank. -Mahendran, an Oxford- educated graduate, has nearly 30 years of experience in the financial services industry across Asia, having served in both private companies and public sector organisations. -He holds an MA in Philosophy, Politics, and Economics from Oxford and his most recent position was chief investment officer at...

  • Dubai counting on security, money, international links. Dubai is launching a drive to become one of the Arab world's top centres for art, design, film and fashion- areas that have traditionally been dominated by old Arab cities outside the Gulf. But Dubai has advantages which the old cities can find it hard to provide: security, cosmopolitan lifestyles and...