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Technip wins Asab contract
Abu Dhabi Gas Industries has awarded Technip France a Dhs1.5bn ($415m) contract for the engineering, procurement, construction and commissioning works for the Asab 3 (A3) project. The Asab 3 project will be developed to process an additional 150 million standard cubic feet per day of associated gas from the existing Asab, Shah and Sahil oil fields. The project facilities are scheduled for completion by Q3 2012 and removal of the redundant facilities by Q2 2013.
Adnoc 2010 naphta supply deals agreed
Abu Dhabi National Oil Co (Adnoc) has sealed deals with at least four Asian buyers for 2010 supplies of three naphtha grades at $14.50-$16.50 a ton above its own price formula, Reuters has reported. The price, on a free-on-board basis, was agreed at the initial levels offered by Adnoc, despite some resistance, traders told the news service.
Kuwait: Opec will not change targets
Sheikh Ahmed Al-Sabah, Kuwait's oil minister has said the Opec will not change its crude production target at a December meeting, but will ask members for better adherence to quotas, Bloomberg has reported. The group's average compliance with its goal of cutting output should be more than 65%, he said.
Dhofar Power plans $500m expansion
Oman's Dhofar Power Co. has unveiled plans for a OR200m ($519.6m) expansion starting in 2010, Reuters has reported. The company will look for the funding from its majority shareholder, state-run Electricity Holding Co. 'The expansion is about our transmission and distribution operations starting from next year to 2014,' G. Loganathan, CEO of Dhofar Power told the news service.
Hyundai Heavy claims IPIC ruling win
According to a ruling by the International Chamber of Commerce in Singapore, Abu Dhabi's International Petroleum Investment Co (IPIC) must sell its 70% stake in Hyundai Oilbank at $12.97 a share to Hyundai Heavy Industries Co, Bloomberg has reported. The November 12 ruling has said that IPIC had breached a shareholder agreement with Hyundai Heavy. IPIC is reviewing a decision of the arbitrators with lawyers and, on the basis of that review, will decide what further action is required, the firm said in a statement.
IPIC to build Pakistan refinery
Abu Dhabi state-owned International Petroleum Investment Co. (IPIC) and Pak-Arab Refinery (PARCO), a joint venture between Pakistan and Abu Dhabi, will build a $5bn oil refinery in Pakistan's south-western Balochistan province. The Khalifa Coastal Refinery project, which will have an output capacity of 250,000 barrels per day, was postponed in January due to the global recession. PARCO will hold 24% of shares and IPIC the other 76% in the refinery.
Jordan inks $11m nuclear consultancy deal
Jordan's Atomic Energy Commission (JAEC) and Australian consulting firm WorleyParsons have signed an $11.3m two- to three-year agreement to conduct the pre-construction consultancy services for the kingdom's first nuclear power plant, state news agency Petra has reported. The Australian firm will carry out technology selection and assist in fuel cycle engineering and waste management for the plant, which is expected to be built in Aqaba, as well as preparing the tender and aid in evaluating bidders for the plant's construction. The firm will also assist in establishing a utility company, expected to be a public-private entity, to own and operate the plant.
Qatar to up China LNG exports
State-run Qatargas has said that it will boost supplies of liquefied natural gas to China by at least five million tons a year from early next decade, Reuters has reported. The company will supply China National Offshore Oil Company with an additional three million tons of LNG a year from 2013, and increase sales to Petrochina, a subsidiary of the Chinese National Petroleum Corporation, by two million tons in the first half of the next decade.
Syria opens Hayyan plant
Syria has inaugurated its new Hayyan oil and gas processing station near the city of Palmyra, state news agency Sana has reported. The €30m station will process the oil and gas produced by the Hayyan Company fields with a capacity of 600 oil barrels per day and 650,000 cubic meters of clean gas that is ready for use.
Aramco to shut Ras Tanura for maintenance
Saudi Aramco's Ras Tanura refinery will be shut down for a 45-day maintenance period starting December 16, Bloomberg has reported. The refinery's scheduled maintenance, called a turn-around and inspection, is set to last through the end of January. Ras Tanura has a total oil processing capacity of 550,000 barrels per day.
Saudi to invest SR300bn in electricity production
Saudi Arabia's water and electricity minister, Abdullah al-Husayen has said that the kingdom would need to invest SR300bn in electricity generation and distribution over the next ten years to cater for the growing domestic demand, Reuters has reported. The kingdom currently produces 40,000 megawatts of electricity, and by 2015, 5,200 megawatts in new capacity will be added, of which 3,200 megawatts to be operational in 2013, he said. Demand is predicted to grow at 8% per year.
Saudi to tap Asia demand in oil, gas expansion
Saudi Arabia Oil Minister Ali al-Naimi, the kingdom is tapping the rising demand in Asia and has begun expanding started and upgrading its oil and gas production and refining business at a cost of $100bn, Bloomberg has reported. Al-Naimi added that Saudi Arabia is doubling its domestic and international oil refining capacity by 2015 while kingdom's current share of refining capacity in China, Japan and South Korea amounts to 1.32 million barrels a day.
Taqa Q3 profits fall 88%
State-controlled Abu Dhabi National Energy Co. (Taqa) has reported an 88% fall in third-quarter profit, as income from oil and gas sales fell, Bloomberg has reported. Net income had dropped to Dhs90m ($24.5m), from Dhs723m a year earlier, the energy producer said. Sales also dropped to Dhs3.9bn from Dhs4.5bn.
Dragon Oil Enoc takeover to be rejected
Baillie Gifford & Co, Dragon Oil's largest minority investor has said that it would reject a takeover bid from controlling shareholder Emirates National Oil Co. (Enoc) that values Dragon at $3.9bn, Reuters has reported. The 455 pence-a-share offer 'materially understates the fundamental and strategic value' of Turkmenistan-focused Dragon, the firm said. Clients' holdings under the management of Baillie Gifford & Co. amount to 4.2% of the issued share capital of Dragon Oil.
Abu Dhabi to tender power project
Abdulla Al Nuaimi, director of privatization at Abu Dhabi Water and Electricity Authority (Adwea) has said the authority will launch the tender for a giant power and desalination project aimed at helping meet soaring domestic electricity and water demand in Q1 2010, Dow Jones News has reported. The new complex, to be built and run by the private sector, will have capacity to produce 1,500 megawatts of electricity and between 60 million and 100 million gallons a day of desalinated water, he said. Adwea is mulling using natural gas, diesel or crude oil as feedstock for the independent water and power project, he added.
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