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  • WASHINGTON, Sept 2- Saudi Arabia is in advanced discussions with the U.S. government about buying two frigates based on a coastal warship that Lockheed Martin Corp is building for the U.S. Navy, and could reach agreement by the end of the year, according to sources familiar with the talks. President Barack Obama in Washington this week, as Washington and Riyadh seek...

  • DOHA, Qatar— Companies in energy-rich Qatar will have a few more months to comply with a system designed to ensure workers get paid on time. The official Qatar News Agency on Wednesday quoted Labor and Social Affairs Ministry official Khalid Abdullah al-Ghanim as saying the deadline for employers to meet requirements of the "wage protection system" is now Nov. 2.

  • CAIRO, Sept 2- The discovery of the Zohr natural gas field off Egypt will not undermine private-sector negotiations about buying gas from Israel, Egypt's petroleum minister said, playing down fears that potential deals could be under threat. The find raised concerns in Israel's gas industry that its Leviathan field would lose a deal to supply gas to a liquefied...

  • CAIRO, Sept 2- Libya's official government is struggling to woo oil majors in a bid to control oil revenue and force a rival Tripoli government into a U.N. peace deal because foreign clients are wary of breaking with the established state energy firm in the capital. By appointing its own NOC management and inviting firms to a conference in Dubai, the east has...

  • PYONGYANG, North Korea— If an Air Koryo passenger ignores its no-photography rule, a flight attendant might take the camera and delete the pictures herself. Crumpling up a newspaper bearing the image of North Korean leader Kim Jong Un can earn travelers a stern lecture, or worse. They are clearly not the world's worst airline, "said Simon Cockerell, of the Koryo...

  • JERUSALEM— Egypt's new natural gas bonanza is causing an uproar in Israel, with energy stocks plummeting and recriminations over indecisiveness and infighting that have delayed production from the country's own gas fields. The government is currently struggling to get parliament to approve its natural gas business plan, but observers fear Israel may need...

  • DUBAI, Sept 1- Iranians are likely to become major buyers of Dubai property again if sanctions against the Islamic Republic are lifted, providing a much-needed fillip to the emirate's real estate sector, consultants Cluttons said. Dubai property prices have fallen slightly this year, ending a sustained rebound from 2008-9 crash after tougher regulations to...

  • POLL-Oil prices to recover into 2016 - Reuters poll Tuesday, 1 Sep 2015 | 6:00 AM ET

    *In 2016, Brent seen averaging $62.30, U.S. crude $57.00. Benchmark North Sea Brent crude is likely to average $62.30 a barrel in 2016, up from an average so far this year of around $57.60, the monthly survey of 30 analysts said. But analysts say much lower oil prices over the last few months have stimulated more demand for fuel in many parts of the world, particularly...

  • German factory activity hits 16-month high - PMI Tuesday, 1 Sep 2015 | 3:55 AM ET

    BERLIN, Sept 1- Rising output and orders helped Germany's manufacturing sector expand at its fastest pace in sixteen months in August, adding to signs that exports may help fuel growth in Europe's largest economy in the third quarter. Markit's purchasing managers' index for manufacturing, which makes up about one fifth of the German economy, rose to 53.3 from...

  • Massive gas find promises to ease Egypt's fuel crisis Monday, 31 Aug 2015 | 12:36 PM ET

    The new "supergiant" offshore Zohr field, revealed a day earlier by Italy's Eni SpA and billed as the "largest-ever" found in the Mediterranean Sea, could alleviate Egypt's need for gas imports in the coming years, when a booming population will lead to a spike in domestic demand. "It's a very useful positive economic factor in Egypt," he said. Last March, authorities...

  • Egypt's Zohr gas re-writes Israel's happy ending Monday, 31 Aug 2015 | 11:42 AM ET

    JERUSALEM/ CAIRO, Aug 31- Egypt's historic gas discovery threatens to sink Israel's fledgling gas export bonanza, which was counting on deals with Cairo to get it off the ground. "It's a bit early to assess the quality of the data and their significance, but if they are accurate, the discovery off Egypt's coast is bad news for the Israeli economy and the companies...

  • *Israeli energy stocks plunge on Egypt find. MILAN, Aug 31- Eni's "supergiant" gas find off the coast of Egypt bolsters its top-flight exploration credentials and gives the Italian energy group access to easy reserves that fit its strategy of seeking growth without sacrificing dividends. It is looking to reduce its stake in its Mozambique gas discovery and does...

  • *Discovery comes as Egypt struggles to meet energy needs. "Zohr is the largest gas discovery ever made in Egypt and in the Mediterranean Sea and could become one of the world's largest natural-gas finds," it said, adding that it had full concession rights to the area. It also represents a major boost for Egypt, where power cuts caused by gas and oil shortages have often...

  • MILAN, Aug 31- Italy's Eni is open to selling a stake in its "supergiant" Zohr gas field discovery off of Egypt, its chief executive said, as the state-controlled energy company looks for funds to bankroll development without sacrificing dividends. Eni said on Sunday it had discovered the largest known gas field in the Mediterranean off Egypt, covering an area of...

  • A natural gas production platform.

    Italian energy group Eni said it had discovered potentially one of the world's largest natural-gas fields off the Egyptian coast.

  • Asian imports of Iran oil fall slightly in July Monday, 31 Aug 2015 | 1:10 AM ET

    Imports by Iran's four biggest buyers- China, India, Japan and South Korea- totalled just over 1 million barrels per day last month, down 1.3 percent from a year earlier, government and tanker-tracking data showed. Under the accord reached in Vienna on July 14, Iran will be subject to longer-term restrictions on its nuclear programme in return for the removal of U.S.,...

  • LONDON, Aug 30- Libya's National Oil Company and Central Bank chairmen engaged in another round of blitz meetings with oil majors in London in a renewed effort to stop its rival wooing its clients. The head of the Tripoli- based NOC, Mustafa Sanallah, said he and Tripoli- based Central Bank Chairman Saddek El-Kaber held meetings with 26 oil firms over the course of...

  • ROME/ MILAN, Aug 30- Italian energy group Eni said on Sunday it had discovered potentially one of the world's largest natural-gas fields off the Egyptian coast, predicting the find could help meet Egypt's gas needs for decades to come. The find follows other significant gas discoveries in the Mediterranean in recent years, including by Egypt's neighbour Israel,...

  • ROME— The Italian energy company Eni SpA announced Sunday it has discovered a "supergiant" natural gas field off Egypt, describing it as the "largest-ever" found in the Mediterranean Sea. Eni said the discovery— made in its Zohr prospect "in the deep waters of Egypt"— could hold a potential 30 trillion cubic feet of gas over an area of 100 square kilometers.

  • Fire at Saudi oil company residence kills 11 Sunday, 30 Aug 2015 | 2:53 AM ET

    DUBAI, United Arab Emirates— A large fire broke out Sunday in the basement of a sprawling residential complex in Saudi Arabia's oil-rich east, killing at least 11 people and injuring more than 200, officials in the kingdom said. The Interior Ministry's General Directorate of Civil Defense said victims were of various nationalities, without elaborating.