2003
- The news you choose »
- Login to Add to Watchlist
Iraq faces more fuel shortages
Attacks on pipelines carrying Iraqi crude from the south and north to refineries have added to the chronic fuel shortages facing ordinary Iraqis. Officials said there have been 86 separate attacks on Iraq's oil infrastructure since the fall of Saddam Hussein's regime.
Oil prices to stay high in 2004
Oil prices are likely to stay at present high levels well into 2004, according to a poll of investors by Reuters. This sentiment has sent oil company stock prices higher in the past month. Low inventories, economic recovery in the US and the Chinese boom are fuelling demand for oil.
Iraq, Amptc, floating LPG store
Iraq's State Oil Marketing Organisation has inked a contract with Arab Maritime Petroleum Transport to provide floating storage for LPG, reported MEES. Amptc will anchor a 42,000 tonne vessel off Khor Al Zubair port to supply smaller ships. Iraqi demand for LPG surges in the winter months.
Opec mulls weak dollar risk
UAE Oil Minister Obeid bin Saif AL Nasiri said Opec will this week discuss the impact of the weak US dollar on oil prices and its impact on the basket of crude oils. Some Opec members, notably Saudi Arabia, have said a weaker dollar justifies higher oil prices.
Low US stocks fuel oil prices
The announcement that US oil stocks are at their lowest levels for 28 years kept oil prices above USD31 a barrel at the close of last week. This is the highest oil price level seen since the war in Iraq in March. Traders said a cold winter would push oil prices higher yet.
Enoc upgrades its petrol
Emirates National Oil Company has upgraded its petrol grades with Xtreme 95 and Xtreme Plus 98 which claim to offer higher performance and will cost the same as their predecessors. The move comes as Enoc also starts upgrading all its petrol stations across the UAE.
Japan set to forgive Iraq debts
Japan is now considering a debt waiver plan for Iraq after requests from the US and Germany, reported Nihon Keizai Shimbun. And former US Secretary of State James Baker is to visit Tokyo next week to press the plan. Japan is the biggest creditor nation to Iraq, followed by Russia.
Opec in Washington gas talks
Key Opec members arrived in Washington yesterday for talks about increasing gas exports to the US, reported agencies. Qatar stands to gain most from this initiative, while Oman is also looking for new gas customers and Saudi Arabia is to announce new plans for gas development in 2004.
Denaro, FS, USD47m JV
Dubai based FS International has inked a USD47m joint venture with Denaro International of the US to sell and implement fuel vapour recovery systems. This technology captures the vapour released at gas stations of which there are more than 400 in the UAE.
Syria, Iraq discuss oil swap
Syrian and Iraqi officials have met to discuss the idea of swapping Iraqi crude for Syrian gasoline, kerosene and diesel, said the official Syrian news agency. Iraq is presently suffering from a shortage of refined oil products.
Iraq invites 40 oil well bids
Iraq is inviting bids to drill more than 40 oil wells from international oil companies, reported Reuters. A separate tender for building three gas separation stations in Kirkuk was also issued. The oil wells are mainly in the south and are intended to replace lost production in the north.
Oil shrugs off the Saddam effect
Oil prices opened on Monday sharply lower after news of the capture of Saddam Hussein and arrest of key henchmen. But prices quickly recovered and Brent firmed above USD30 per barrel. Reports of continued violence in Baghdad underlined the feeling that not much had changed in Iraq for the moment.
BP in Egypt gas sale talks
Gail (India) Ltd is in talks with BG Group to buy part of the former UK gas monopoly's stake in an Egyptian gas company, according to the Financial Express citing local sources. The paper claimed that part of BG's 37.5 per cent stake in Nile Valley Gas Company is to be sold to Gail.
USD1.5bn Iranian refinery expansion
The National Iranian Oil Company will spend USD1.5bn to build three 120,000 bpd condensate splitters at its Bandar Abbas refinery by 2006, reported Petroleum Argus. The refinery can presently handle 300,000 bpd. Iran is looking for private investors to fund the project.
Japan, USD2bn Iran investment
The Japanese consortium led by Tomen to develop the Azadegan oilfield in Iran is still in talks to go ahead with the USD2bn project, reported Reuters, citing senior officials. This contradicted reports that the project was stalled due to the nuclear programme controversy.
It looks like you are using a Mac - check out our 
Web Feeds