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FINANCIAL NEWS
ConocoPhilips abandons Abu Dhabi project
29 Apr 2010
(MENAFN) American oil giant ConocoPhillips announced that it has decided to back out of plans to develop a $10 billion gas field project in the United Arab Emirates, Khaleej Times reported.
The Houston-based company was planned to have a 40 percent stake in the development project for the Shah gas field about 110 miles (180 kilometers) southwest of the city of Abu Dhabi. The site aims to process one billion cubic feet of gas per day.
ConocoPhillips, which announced plans in October to sell $10 billion in assets to cut debt, said April 21 that it would drop out of the Yanbu refinery development with Saudi Arabia?s state oil company.
Oil-exporting nations such as the UAE are seeking to boost production of natural gas to fuel domestic power generation and factories. It imports gas from Qatar and is developing nuclear power plants.
More News
20 Jul 2025
CBB approves the transfer of the retail banking operations of HSBC Bank Middle East, Bahrain Branch to BBK
02 Jul 2025
BBK launches the largest-ever Al Hayrat Prizes, offering BD 5 million to over 2,000 winners
12 May 2025
Alsharifi: “Proud of our strategic partnership with the Royal Humanitarian Foundation”
04 May 2025
BBK offers exclusive Mortgage Loans for luxury villas and apartments on Reef Island
30 Apr 2025
BBK discloses its financial results for the first quarter ended 31st March 2025
25 Mar 2025
BBK’s General Assembly Approves 35% Cash Dividend Distribution to Shareholders
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