Energy, Oil and Gas

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2002

Iran to invest $70bn in gas
Iran is planning to invest around $70bn in two major offshore natural gas fields by 2015, Reuters has reported. An official from the National Iranian Oil Company has said $40bn would be needed to complete remaining projects in the South Pars field in a five-year economic plan, which runs until 2015. Another official has mentioned Iran plans to take a Euro1bn bond with Asian banks to finance the development of South Pars.
Iran: 9 hours, 59 minutes ago

International Petroleum to borrow $5bn
Abu Dhabi's International Petroleum Investment Co. (IPIC) plans to borrow $5bn to help pay for its purchase of Canada's Nova Chemicals Corp. and an increased stake in Spain's Cia Espanola de Petroleos SA, Bloomberg has reported. The loan comprises two portions of $2.5bn, maturing in one and two years. Bank of Tokyo-Mitsubishi UFJ, HSBC Holdings Plc and Banco Santander SA are arranging the transaction.
United Arab Emirates: Thursday, July 02 - 2009 at 11:41

Taqa cuts Standard and Poor's link
Abu Dhabi National Energy Co. (Taqa) has ended its relationship with Standard & Poor's, after reviewing new ratings criteria S&P adopted for government-related companies. Peter Barker-Homek, the firm's CEO has said that Taqa does not believe these criteria will result in a rating that will accurately reflect the credit worthiness of Taqa, and that the government's support is unchanged and has consistently been confirmed.
United Arab Emirates: Thursday, July 02 - 2009 at 10:38

Financing arranged for Bahrain Al Dur project
Dubai-based Mashreq bank, Standard Chartered Bank, and Calyon have arranged $1.7bn financing for Bahrain's Al Dur independent water and power project, according to Emirates Business. The financing includes a $1.2bn international facility, which is structured as an eight-year, non-recourse club term loan.
Bahrain: Thursday, July 02 - 2009 at 10:18

Saudi electricity to spend $28bn to meet rising demand
The head of Saudi Electricity said the state- controlled power producer plans to spend $28bn in the next three years to meet rising demand in the kingdom. Ali al-Barrak, chief executive officer of the Riyadh-based utility, told Bloomberf the firm also plans to invest $70bn by 2018 to add 25,000 megawatts and match demand spurred by a $400bn, five-year government-spending program and a growing population.
Saudi Arabia: Wednesday, July 01 - 2009 at 16:00

RasGas bonds get Fitch A+ rating affirmation
Fitch, the credit rating agency, has affirmed 'A+' rating with a 'stable' outlook to Qatar's RasGas 2 Series A bond and RasGas 3 Series B, C and D bonds. 'The stable outlook is supported by a geographically diverse portfolio of long-term offtake agreements, full chain integration with long-term shipping capacity and investments in re-gasification terminals by sponsors' affiliates,' said Fitch.
Qatar: Wednesday, July 01 - 2009 at 10:11

Conoco relaunches Yanbu refinery bidding
Saudi Aramco and ConocoPhillips have said they will resume the bidding process, halted last year, for contracts to build an export-oriented refinery in Saudi Arabia. The two companies had initially planned to start the refinery in 2011 but they stopped the process due to uncertainties in global financial markets, reported Reuters. Cost estimates for the Yanbu refinery on the Red Sea coast doubled last year to $12bn from an initial $6bn when the project was announced in 2006.
Saudi Arabia: Wednesday, July 01 - 2009 at 10:10

BP-led consortium wins Iraq contract
A consortium led by BP has won the contract for Iraq's Rumaila oil field after an alliance led by Exxon Mobil withdrew a rival bid, Iraqi Oil Minister Hussain al-Shahristani has announced. The consortium, which includes China's CNPC, was seeking $3.99 remuneration for each extra barrel of oil produced, but on Tuesday accepted the oil ministry's terms of $2 a barrel. Rumaila is the largest oil field in Iraq and one of the largest in the world.
Iraq: Tuesday, June 30 - 2009 at 15:14

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