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Riyadh to reopen embassy in Baghdad
Diplomatic relations between Saudi Arabia and Iraq were severed in 1990 after Iraqi troops invaded Kuwait. In November, Saudi Arabia’s Foreign Minister Prince Saud Al Faisal, following a visit by Iraqi President Fouad Maasoom, told the media in Riyadh that the Saudi embassy in Baghdad would reopen “sooner than you imagine” and that he was keen on making a visit to Iraq.
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After Qaboos, who will be Oman’s next sultan?
The death of King Abdullah bin Abdulaziz of Saudi Arabia turns the focus of succession speculation in Arabia to the Sultanate of Oman. Sultan Qaboos, the longest-serving ruler in the Middle East, has been in Germany for unspecified health reasons since last summer. While the Saudi succession was transparent, Oman’s is opaque.
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Saudi’s Sahara Petrochemical Says Unit Signs $522m Loan Refinancing
Saudi Arabia’s Sahara Petrochemical Co said on Wednesday its subsidiary Al Waha Petrochemicals Co had secured SAR1.96 billion ($522 million) from two local lenders to refinance an existing Islamic loan.
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Hezbollah commanders killed in suspected Israeli airstrike
Hezbollah announced the death of six of its commanders and fighters, including the son of its slain former military chief Imad Mughniyah, in what is believed to be an Israeli airstrike in southern Syria.
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BP sees $50 oil for three years
The reason BP expects the oil price to stay in the range of $50 to $60 for some years is for reasons you have read about here - it is persuaded that the Saudis, Emiratis and Kuwaitis are determined to recapture market share from US shale gas. This means keeping the volume of oil production high enough such that the oil price remains low enough to wipe out the so-called froth from the shale industry - to bankrupt those high-cost frackers who have borrowed colossal sums to finance their investment.
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Libya’s factions agree to new talks in Geneva next week
Libya's factions have agreed to a new round of U.N.-backed negotiations to attempt to end the conflict destabilizing the North African country three years after Muammar Gaddafi was toppled in a civil war.
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Sipchem, Hanwha open solar film plant in Saudi Arabia
The facility, in the special economic zone of Hail, will have an annual capacity of 4,000 metric tons of ethylene-vinyl acetate film when it’s fully commercialized. The operation is part the Saudi company’s efforts to bring more plastics processing and downstream operations to the Kingdom to complement its resin manufacturing.
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Exclusive: U.S. Drone Fleet at ‘Breaking Point,’ Air Force Says
The Air Force has enough MQ-1 Predator and MQ-9 Reaper drones. It just doesn’t have the manpower to operate those machines. The Air Force’s situation is so dire that Air Combat Command (ACC), which trains and equips the service’s combat forces, is balking at filling the Pentagon’s ever increasing demands for more drone flights.
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Saudi Arabia’s Takween to Buy Savola Unit for $242 Million; Example of Growing M&A Activity
Saudi Arabia’s Takween Advanced Industries Co. (TAKWEEN) agreed to buy Savola Group (SAVOLA)’s packaging unit for 910 million riyals ($242 million) in a rare example of a deal between two listed companies in the country.
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A Not-So-Happy Hanukkah for Israel’s Natural Gas Industry
Earlier this week, in a surprise move, Israeli antitrust authorities essentially slammed the brakes on the country’s gas development, expressing concern that the handful of companies that are investing billions of dollars in offshore rigs and pipelines to tap the tricky gas fields are just too few. That creates, they say, the specter of a commercial cartel that would have a permanent stranglehold on Israel’s energy future.
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