The total oil and gas export earnings of the six-member GCC countries collectively increased to US$737.5bn in 2012 from US$695.9bn the previous year, according to the Institute for International Finance (IIF)

China Petroleum and Chemical Corporation (Sinopec) has announced that it would borrow more than US$500mn to build an oil storage facility at Fujairah Port, outside the Strait of Hormuz

Flotek Industries Inc and Gulf Energy LLC plan to build facilities in Oman to address the growing need for advanced oilfield chemistry and analysis in the MENA region

Abu Dhabi has signed an agreement worth US$6.75bn for a petroleum storage facility in Malaysia

Royal Dutch Shell has announced that it has been in talks to secure one million cubic metres of crude oil storage at the UAE port of Fujairah