Washington: Proving the sceptics wrong again, Apple nearly doubled its profit last quarter thanks to much stronger-than-expected iPhone sales to raise the cash hoard of world’s most valuable company to an astounding $110.2 billion. Apple said Tuesday it sold 35.1 million iPhones during the first three months of 2012, soundly [...]

Cairo: Egypt has terminated a long-term gas deal with Israel because of violations of contractual obligations, Egypt’s daily al-Ahram reported. The Egyptian Natural Gas Holding Company’s decision Sunday comes after a string of cross-border pipeline attacks in the 14 months since Egyptian president Hosni Mubarak’s ouster last February. The move [...]

Tehran: Iran’s oil ministry announced Sunday that it has stopped oil exports to Britain and France. The announcement comes after the oil minister said earlier that Iran might halt its oil exports to some European Union (EU) countries. “We have our own oil customers and the replacements for these companies [...]

Quito: Ecuador has signed contracts for $1.7 billion in investment – the biggest to date in the country’s oil sector – to boost output at a pair of mature Amazon fields. Non-Renewable Natural Resources Minister Wilson Pastor, speaking at a signing ceremony at the presidential palace in Quito, described the [...]

Kuwait City: Investment in the petrochemical sector in the Gulf region would go up to $160 billion in the next five years, an energy report has revealed. The report issued by the Diplomatic Centre for Strategic Studies said the new investments would increase the petrochemicals output of member-states of the [...]

La Paz; Repsol CEO Antonio Brufau told Bolivian President Evo Morales that the Spanish energy giant plans to invest $640 million in operations in this Andean nation for the 2010-14 period, the company said in a statement. Brufau and Morales visited the Margarita natural gas field in the southern province [...]