Saudi oil income set to surge



Strong oil prices will ally with increasing crude output by Saudi Arabia to boost its net foreign assets by more than US$94 billion through 2011 to reach their highest ever level at the end of the year, according to the IMF.

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Shell to continue exporting Syrian oil


Royal Dutch Shell is planning to continue exporting Syrian oil in September despite fresh US sanctions and a looming EU embargo.

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Libya will honour oil contracts


Libya's rebel government will honor all energy contracts granted legally under Muammar Qaddafi's 42-year rule and work to restore oil output to prewar levels within a year, said rebel reconstruction leader Ahmed Jehani.

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Citadel awarded Iraq oil refinery contract


Citadel Capital, an Egyptian private equity firm, has won a contract from Iraq's government to build an oil refinery in the country with capacity of 150,000 bpd.

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Frost & Sullivan snapshot of oil market in Libya


According to Frost & Sullivan, the approaching end to the Libyan struggle for change is unlikely to result in sustained peace with forces loyal to the old regime still remaining active.

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