2003
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Opec calls on Russia to help
Opec president Abdullah Al Attiyah has called on Russia to support output cuts to shore up prices. He warned of a future price collapse on increased Iraqi and Russian supplies. Without help, mainly from Russia, we expect oil markets to face a lot of difficulties in future, said Al Attiyah.
Arab minerals meet opens in Sanaa
The 8th Arab Conference on Mineral Resources opens on October 13 in the Yemeni capital of Sanaa. The four-day meet will discuss issues such as the current situation of the sector, its development, its projects and investment opportunities.
200 firms at Oil and Gas Show
Some 200 companies from 32 countries are participating at this year's Arab Oil and Gas Show that is taking place at Airport Expo Dubai. Organised by International Conferences and Exhibitions, the show will run until October 15.
BP Sharjah sets new record
BP Sharjah claims to have broken a world record in LPG recovery, when it achieved 99.75 recovery of propane and essentially 100 per cent recovery of butane and condensate at its plant in Sajaa, which it operates under a joint venture with Sharjah Government. The plant was designed with propane recovery level of only 92.5 per cent.
IEA head criticises Opec strategy
Echoing Russia, the International Energy Agency head criticised Opec for keeping oil prices too high and for not managing the market too well. Claude Mandill said prices were not sustainable and would encourage demand for non-Opec oil. Prices have surged more than 20 per cent in the last two weeks since the surprise Opec cut.
Oil show opens on Oct 12
Opec's efforts to support oil prices at higher levels against the backdrop of rising spplies with gowing Iraqi exports, is likely to dominate deliberations at the Arab Oil and Gas Show which runs from October 12-15 at Airport Expo Dubai. It featurs the latest technologies in the sector.
Blasts at two Iraq pipelines
Two explosions have caused large fires at two parallel pipelines in northern Iraq. The first pipeline to be affected was the Kirkuk to Al Debs oil fields. A second blast occured on a parallel pipeline. Iraq's plans to export oil via Turkey have been hampered by a series of attacks on its northern pipelines.
Chad joins oil producers' club
Impoverished African state of Chad has joined the elite club of oil producing nations with the turn of the tap at Doba oil fields that are estimated to produce 900m barrels of oil over the next 25 years. Oil revenues are projected at USD80m a year. Current production is at 100,000 bpd and will reach 225,000 bpd by early next year.
Qatar to boost LNG output by 2006
Despite increasing competition, Qatar is confident of boosting LNG sales across powerhouse Asia in the next decade. It hopes to expand export volumes to Japan, South Korea, Taiwan, China and India, building on existing ties and infrastructure. Qatar plans to boost LNG output to 25m tonnes a year by 2006.
Kuwait plans refining cuts
Opec member Kuwait plans cuts of up to 15 per cent to its 915,000 bpd refining capacity during the winter. This would reduce sales of cheaper fuel oil and free boost exports of the more lucrative crude oil. The cuts at its three refineries are expected to free up to 150,000 bpd of crude for international markets.
Opec call to all to support prices
Opec president expects markets to see oversupply next year and asked non-Opec producers to lend a hand in keeping prices stable. He called for serious talks between the two camps. But non-Opec Russia, the world's second largest producer said Opec was wrong to keep oil prces as high as USD28 a barrel and insisted that Moscow would continue to boost output.
Pakistan may export fuel oil
Pakistan refiners coud emerge as exporters of fuel oil in a couple of years if the country's power plants switch to cheaper natural gas goes smoothly. Reuters quoted industry sources as saying Pakistan could export up to 40,000t a month in two years and 100,000t a mont in five years. Pakistan is a net importer of fuel oil with an annual demand of 8.5m tonnes.
Oman to hold 20pc in Thai venture
Oman Oil will hold a 20 per cent stake in a petrochemicals joint venture in Thailand. Thai Olefins would hold the majority 60 per cent stake while South Korean giant LG would take 20 per cent equity. The plant would produce 300,000t a year of ethylene oxide and ethylene glycol. Output is scheduled in 2006.
Statoil may bid for Azadegan
Norwegian firm Statoil may bid for developing Iran's huge Azadegan field in western Iran after a Japanese consortium lost exclusive rights. Iran confirmed that Norwegian firms were among those invited to bid for the field. Statoil is the development phase operator of Iran's huge South Pars gas field in the Gulf.
Iraq oil exports at 1.5m bpd in Oct
Iraq's light oil crude from Basra are set to cross 1.5m bpd, rising by more than a thid over September exports. Two tankers, delayed from September will sail this month adding their cargo to the official sale estimate of 1.25-1.3m bpd. Iraq's pre-war export capacity was for 2.2m bpd includng 800,000 bpd from northern Kirkuk oilfields. This is out of commission due to repeated pipeline bombings.
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