Qatar Petroleum and Shell RDSa.l said they had decided not to proceed with their $6.4 billion Al Karaana petrochemical project in the Gulf state, the region's second big energy project to be shelved since oil prices began to plunge late last year.
Qatar
Al Jazeera to Cut 500 Jobs Worldwide as Qatar Continues to Suffer From Slumping Oil Prices
Qatari media network Al Jazeera is announcing its plan to cut 50 jobs as a part of an optimization initiative. As a partly state-funded company, Al Jazeera is impacted by the slump in oil prices, which is the country’s main sector.
Cheap oil benefits consumers, hits governments
The lower oil price for about 19 months is benefiting the consumers, but creating a lot of problems for the global governments and business firms. Many banks and the US government forecast oil price above $40 a barrel this year. The oil price fell to below $30 during the past 19 months from $107 a barrel.
Oil price may rebound 50% in 2016
The latest forecast indicates 50 percent rebound in oil prices by the end of 2016. The oil price could be higher by $15 per barrel this year taking the New York crude to $46 a barrel by fourth quarter and Brent to $48 during the same period. The drop in US shale output is likely to drive oil price up in the second half of 2016.
Oil rises on production cut speculation, pares losses in January
Oil prices rebounded on news that there may be production cut by OPEC. US Brent futures recouped losses by 6.8 percent and US crude pared 9.3 percent losses during the week. In overall, oil prices rebounded by over 25 percent after hitting 12-month low in January. Oil price hit $27.10 on 20 January 2016.
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Complicated bureaucracy is delaying the launch of Qatar Airways' domestic operations in Saudi Arabia, and they are now expected to start in six to 18 months, the airline's chief executive was quoted as saying.
Vodafone Qatar VQFS.QA has scrapped its bid to buy state-owned wholesale Internet provider Qatar National Broadband Network (QNBN), the country's No.2 mobile operator by subscribers said on Sunday.
Qatar-based oil and gas drilling company Gulf Drilling International (GDI) is poised to become a wholly-owned subsidiary of Gulf International Services (GIS) with the latter acquiring the entire 30% stake held by Japan Drilling Corp (JDC), according to a GIS spokesman.
Petroleum firm Total SA has put up for sale a 15% stake in its Congo oil exploration and production unit Total E&P Congo. The said holding was sold to Qatar Petroleum International for $1.6 billion.
Qatar Investment Authority, the sovereign wealth fund of the gas-rich, Middle Eastern country, is in talks with Mumbai-based Kotak Realty Fund to invest $200 million in a residential property in India.
Qatar's Al Jazeera is mulling over a bid for a controlling stake Turkish pay-TV company Digiturk. Digiturk is an Istanbul-based satellite TV provider with an enterprise value of $1.5 billion.
Fondo Strategio Italiano, one of the bidders for a 20% stake in Versace, is willing to put in a bid valuing the Italian fashion house at EUR1.1 billion. Versace earlier said that it seeks a valuation of at least EUR1 billion.
An article published by the New York Times said that the Versace deal may not please investors. Versace valued itself at over EUR1 billion (USD1.36 billion), which is 14 times its current-year EBITDA at EUR70 million.
Lulu Hypermarkets chief executive officer Yusuffali M.A. said his company would be entering in expanding in emerging markets and create new ones in the Middle East and Asia.
