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Fitch downgrades Dewa
Fitch Ratings has said that the state-owned Dubai Electricity and Water Authority (Dewa) has been placed on rating watch negative, due to uncertainty over payment of a substantial portion of privately held debt, The National has reported. Fitch also said it had placed Dewa's short-term default rating of "F3" on rating watch negative and its Dhs3.2bn ($871.2m) sukuk, maturing in 2013, which is rated "minus BBB".
Jordan, Turkey launch water project
The Turkish President Abdullah Gul and the Jordanian prime minister Nader Al-Dhahabi have launched the Al-Desei water project, which will provide the Jordanian capital with approximately 100 million cubic metres of water annually, Kuna has reported. The strategic project is scheduled for completion by 2012 and will help reduce the water shortage and raise the water amount provided for the greater Amman area.
Qatargas delivers first Canada LNG cargo
Qatar Gas Operating Co has said that its first cargo of liquefied natural gas (LNG) has been delivered to Canada. The LNG delivered was produced by the company's Train 4 and Train 5, which started production in May and September, respectively.
Enoc to keep Dragon Oil shares
Dubai-based Emirates National Oil Company (Enoc) has said that it will not sell any of its shares in explorer Dragon Oil until the end of 2011, dismissing speculations of a sale based on Dubai's need for cash to meet crushing debt obligations, Reuters has reported. The firm has also said that it remained committed to a November 2 bid for the remaining 48% of the London- and Dublin-listed firm for about $1.8bn, valuing Dragon at $3.9bn.
Iraq resumes Turkey oil exports
Iraq's oil ministry has said that oil exports through the Turkish port of Ceyhan have resumed yesterday through Kirkuk, after a five-day interruption because of sabotage to a pipeline in northern Iraq, Aswat al-Iraq news agency has reported. 'The Ministry is pumping 640,000 barrels of oil per day to compensate for the shortage caused by the interruption of oil in the past five days,' a ministry spokesman said.
Kuwait Shuaiba station comes online early
Kuwait's ministry of electricity and water has said that all four units of the North Shuaiba station have become ready before the set deadline in June 2010, Al-Watan Daily has reported. AlـShuaiba station produces 750 megawatts as part of the country's total power output.
Saudi remains biggest Japan oil supplier
The Japanese Natural Resources and Energy Agency has said that crude oil imports from Kuwait had dropped 9.2% in October from a year earlier to 7.79 million barrels, or 251,000 barrels per day (bpd), the first decline in two months, Kuna has reported. Saudi Arabia remained Japan's biggest oil supplier, with imports from the kingdom plunging 22.6% from a year earlier to 29.42 million barrels, followed by the UAE with 27.69 million barrels, up 4.1%. Qatar ranked third, with shipments jumping 36.7% to 13.77 million barrels.
Somali pirates sieze oil tanker
Somali pirates have hijacked a tanker carrying crude oil from Saudi Arabia to the US in the waters off East Africa, AFP has reproted. The Greek-owned Maran Centaurus was hijacked Sunday about 800 miles off the coast of Somalia, said Cmdr. John Harbour, a spokesman for the EU Naval Force. Harbour said there were 28 crew members on board the 300,000-tonne ship. Somali pirates have successfully hijacked dozens of vessels the last several years, but Sunday's attack appears to be only the second ever on an oil tanker.
Nacap wins $350m pipeline project in Saudi
Saudi Aramco has awarded Dutch pipeline builder Nacap a $350m engineering, procurement and construction contract to build a multi product pipeline from Ras Tanura Refinery to Riyadh, Saudi Gazette has reported. The 506-kilometres 30-inch diameter pipeline is planned to transport diesel and kerosene from the refineries in Ras Tanura on the east coast to Riyadh via Dhahran and Al-Hasa.
Iran to boost fuel imports by 27%
Iran's oil ministry has said that daily imports of gasoline and diesel fuel will be increase by 27% to 31 million litres by March, Reuters has reported. 'It is predicted that the daily imports of gasoline and diesel fuel will rise to 22 and 9 million litres per day respectively, by the end of this year,' the ministry said. The current Iranian year ends March 20.
Dubai Mercantile Exchange tops 1bn barrels mark
Cumulative trading in Dubai Mercantile Exchange's benchmark DME Oman Crude Oil Futures Contract (DME Oman) has exceeded one million contracts, representing one billion barrels of crude oil traded, since its launch on June 1, 2007, Gulf News has reported. "At the close of trading on 27 November 2009, DME Oman had traded a total of 1,000,174 contracts, which at 1,000 barrels per contract is equivalent to more than 1 billion barrels of crude oil," DME said in a statement.
Iraq to install new oil platforms
Dhiya Jaafar, chief of Iraq's South Oil Co has said the country aims to install four new floating oil terminals and three new undersea oil pipelines to boost export capacity to eight million barrels-per-day from a current 1.9 million bpd, Reuters has reported. Work is scheduled for completion on the new terminals and pipelines in the second half of 2011, he said.
Aramco, Conoco set deadline for refinery unit bids
A February 28 deadline has been set by Saudi Aramco and US-based ConocoPhillips for bids for a solids unit at their joint 400,000 barrels-per-day Yanbu refinery, Reuters has reported. The two firms have informed contractors that proposals must be submitted by January 31, for five other EPC packages that include a coking unit, a crude facility, a gasoline unit, a hydrocracker and a tank farm. All contracts will be awarded in May 2010, while building the refinery is planned to be completed by March 1, 2014.
IPIC says won't follow S. Korea ruling
Abu Dhabi-based International Petroleum Investment Co (IPIC) has said it will not abide by a recent arbitration ruling to sell its controlling stake in a South Korean refiner until local courts enforced it, Reuters has reported. Last week, the Singapore International Chamber of Commerce (ICC) had ruled that IPIC should sell its entire stake to Hyundai companies for some $2.25bn. 'The arbitral award has no legal effect unless and until Hyundai shareholders obtain a final enforcement judgment from the Korean courts,' IPIC said in a statement.
Bomb atack hits Iraq-Turkey oil pipeline
Iraq's oil ministry has said the Iraq-Turkey oil pipeline in Salahuddin province has been damaged by a bomb attack, Reuters has reported. The damage will take up to four more days to fix, the ministry said. The Kirkuk pipeline carries around a quarter of Iraq's oil exports to the Turkish port of Ceyhan, where it is pumped into tankers.
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