2002
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KSA ministry urges gas use
According to Al-Watan newspaper, following the success of the Natural Gas Distributing Limited Company, which supplied natural gas to nine factories in the second Industrial Estate in Riyadh, the Saudi Ministry of Industry has decided to increase the number of local factories using natural gas as fuel.
Safer pipe for Gulf
A new pipeline set to be built by the six Arab Gulf Cooperation Council countries will ensure uninterrupted crude oil exports by bypassing the risky Strait of Hormuz, according to media reports. The inland pipeline linking all Gulf states will be less exposed to terrorism activities, and aims to ensure oil exports continue to flow in the event that warring countries block access to the Arab Gulf through the Strait of Hormuz.The AGCC comprises Saudi Arabia, Kuwait, United Arab Emirates, Qatar, Oman and Bahrain.
Oil at two year peak
Oil prices are at a two-year high, over USD33 a barrel, as traders bet on a possible military attack on Iraq early next year, and Venezuelan oil supplies remained choked by a 29-day strike. Front-month February light crude futures on the New York Mercantile Exchange jumped 1.4 percent in off-hours electronic trading to USD33.17 a barrel, marking a 45-cent gain from Friday's close and the highest since December 1, 2000.
OPEC to bolster supply
The Organisation of the Petroleum Exporting Countries, which controls two-thirds of world crude exports, has pledged to plug any supply shortage due to the strike in Venezuela, OPEC's third-biggest producer. But so far officials have said there were no signs of any real shortage. Kuwait said it expects OPEC to hold an extraordinary meeting to consider raising production if prices remained high, according to Reuters reports.
Kuwait takes emergency oil measures
Kuwait is taking emergency measures to protect its oil facilities against any Iraqi attack in retaliation to a US-led war on Baghdad, Reuters reported. Kuwaiti oil companies are also involved in the emergency measures. OPEC member Kuwait sits on almost ten percent of the world's oil reserves.
Samsung - new Qatar LNG deal
South Korean shipbuilder Samsung Heavy Industries has signed a $157 million deal with Qatar for the construction of an LNG transporter. The carrier, with the capacity to carry 138,000 cubic meters of LNG, is expected to be delivered to Qatar's Ras Laffan LNG Transport company by Mid-2005. Earlier this year, Samsung won a $122 million contract for the construction of three liquefied petroleum gas storage tanks for Qatar's state-run petroleum company.
Chiyoda's new methanol plant
Saudi Arabia's International Methanol Company (IMC) has signed a $240 million contract with Japan's engineering and construction company Chiyoda Corporation and its Saudi Arabian affiliate Chiyoda Petrostar Limited (CPL) for the construction of a methanol plant. Chiyoda and CPL were selected for the engineering, procurement, construction and commissioning (EPCC) of IMC's new methanol plant and associated utilities facility, with the capacity to produce 2,900 metric tonnes per day of methanol.
AOC signs with Kuwait
Arabian Oil Co (AOC) of Japan will sign a new oil deal with Kuwait on December 29 to replace its expiring 40-year concession. The new deal will take effect after the current concession expires on January 4, and gives AOC the right to buy oil from Kuwait over a 20-year period. AOC lost its concession on the Saudi side of the Neutral Zone in 2002.
Iran to discuss pipeline with Pakistan
Iranian president Mohammed Khatami is on a three-day visit to Pakistan and will discuss a USD4bn gas pipeline to India through Pakistan with president Pervez Musharraf. Last year India and Iran agreed to conduct a pre-feasibility study. Iran has massive gas reserves and sees India as a key market for the future.
Iraq asks for a Lukoil replacement
Iraq has formally asked Russia to choose a replacement for Lukoil on the USD3.7bn project it recently cancelled abruptly, reported AFP. Officials denied reports in MEED that the contract was cancelled because Lukoil had been in contact with the Iraqi opposition. Lukoil says the contract has been broken illegally and is seeking redress.
Oil above USD30 per barrel
The combination of hightened war fears and a strike in Venezuela sent oil prices close to a three-month high on Monday. US oil futures were up 62 cents to USD30.92 per barrel. Washington and London both indicated that an invasion of Iraq early in the New Year looked increasingly likely.
Kuwait-Oman pipeline proposed
A Qatari proposal to build an oil pipeline from Kuwait to Oman is to be studied after a presentation to the GCC summit in Doha this week. The plan would create a method of transporting oil to Oman that would avoid any possible disruption in the Gulf. Recommendations must be submitted to the Kuwait summit this time next year.
Abu Dhabi, USD1.35bn energy FDI
Abu Dhabi holds downstream oil investments abroad worth USD1.35bn, according to a report published in Oil and Gas Industry News. This includes refinery capacity for 600,000 bpd, 2,800 retail outlets and hydrocarbon exploration in 11 countries. The biggest single investment is a 19.5 per cent stake in Austrian energy group OMV.
Opec monitoring high oil price levels
Saudi Arabian oil minister Ali Al Naimi said that Opec was monitoring oil prices and would release more supplies on to the world market if prices stayed above USD28 for more than 20 days, reported agencies. He said this action was consistent with the price band mechanism currently in place. Oil futures moved above USD30 late last week.
No plans to tap emergency stockpiles
Washington and the International Energy Agency have no plans to tap emergency oil stockpiles to boost supplies during the Venezuelan general strike, reported Reuters. Officials said there was presently enough spare crude supplies in the Carribean. The strike is now in its third week and has jacked up global oil prices to their highest levels for this year.
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