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The 26,500-square km business and industrial zone, named NEOM, will extend into Jordan and Egypt LATEST NEWS :  The $500 billion mega-city planned by Saudi Arabia will be floated on financial markets alongside oil giant Saudi Aramco as part of the kingdom's drive to diversify away from oil, the crown prince told Reuters in an interview late on Wednesday. The 26,500-square km (10,230-square mile) business and industrial zone, named NEOM, will extend into Jordan and Egypt. It was unveiled on Tuesday at a three-day international investment conference. The surprise announcement is the latest - and most extraordinary - in a slate of privatisation programmes led by the floating of oil giant Saudi Aramco. The sales are designed to boost the Saudi economy and create jobs for millions of young people. "The first capitalist city in the world ... this is the unique thing that will be revolutionary," Crown Prince Mohammed bin Salman said. "Without a do...

Petronet says no impact on Qatar LNG  OIL PRICES :  Saudi Arabia and key allies on Monday cut ties with Qatar, accusing it of supporting extremism, sending shockwaves through the energy industry as the countries involved include the world's top oil and liquefied natural gas (LNG) exporters. Saudi Arabia, the world's biggest crude oil exporter, along with the United Arab Emirates, Egypt, and Bahrain said they would sever all ties including transport links with Qatar, the top LNG exporter in the world. The three Gulf countries said they will give Qatari visitors and residents two weeks to leave. "(Qatar) embraces multiple terrorist and sectarian groups aimed at disturbing stability in the region, including the Muslim Brotherhood, ISIS (Islamic State) and al-Qaeda, and promotes the message and schemes of these groups through their media constantly," Saudi state news agency SPA said . While the announcements did not immediately affect oil shipments, ...

Daily price change will remove big leaps in rates that need to be effected at end of fortnight Come May 1, petrol and diesel prices will change every day in sync with international rates, much like what happens in most advanced markets. State-owned fuel retailers Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), which own over 95 per cent of nearly 58,000 petrol pumps in the country, will launch a pilot for daily price revision in five select cities from May 1 and gradually extend it to all over the country. "Ultimately, we will be driving towards market linked rates on a daily basis at all pumps across the country," IOC Chairman B Ashok told PTI. ALSO READ: Petrol, diesel prices to be revised daily in 5 cities from May 1: Sources A pilot for daily revision of petrol and diesel price will be first implemented in Puducherry, Vizag in Andhra Pradesh, Udaipur in Rajasthan, Jamshedpur in Jharkhand and Chandigarh, he said...

This will help India move to an international standard of fuel pricing India's state-run   oil  marketing companies, which control over 90 per cent of the retail fuel market in the country, are mulling a plan that would allow daily changes in the price of automotive fuels, Economic Times reported on Friday. State-owned and India's biggest oil marketing company Indian Oil Corp Ltd and its two smaller peers Bharat Petroleum and Hindustan Petroleum are considering ways to roll out the plan to review petrol and diesel prices daily, executives from the firms told the daily. The state-run companies declined to immediately comment. The daily price change — also called dynamic fuel pricing - essentially means the companies will not wait for a fortnight to adjust the price of petrol and diesel in tandem with crude price as they do now. Instead, they will change the price every day based on crude price movements. This will help India move to an international standard of f...