2005
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QP, Honan $2.6bn JV
Qatar Petroleum said it would develop a $2.6bn petrochemical plant in Qatar in a joint venture with South Korea-based Honam Petrochemical, reported Reuters. Honan will invest 30% in the plant, which will have a production capacity of 900,000 tpy. It is expected to be completed by 2009.
Mild weather softens oil
Oil prices fell as low as $58 a barrel on Wednesday, as mild US weather curbed heating fuel demand. Prices are up 33% since January and have averaged $56.66 a barrel, almost 37% more than the 2004 average. Analysts are forecasting a price of $57.34 for 2006, according to Reuters.
Siemens $2.1bn Saudi contract
A consortium led by Siemens AG has won a $2.1bn deal to build a power plant and desalination facility in Saudi Arabia. The oil-fired plant will be built 110km south of Jeddah. It will go into service in 2009, providing around 900 megawatts of power to the Saudi grid.
Iraq oil needs foreign investment
Iraq hopes to produce 2.5m bpd by the end of 2006, but needs significant foreign investment to reach that target, according to finance minister Ali Allawi. The aim is to turno out 3.5m bpd by December 2007, compared with 2m bpd currently.
Oil revenues on a high
The UAE will post oil export revenues of at least $39bn in 2005, which will go above $42.7bn in 2006, according to a report by the US Energy Information Authority cited in Emirates Today. Saudi Arabia is expected to earn $150.1bn in 2005, and $154.3bn next year. Record high oil prices this year are mainly a result of strong global demand, particularly in China and the US.
Syria in $2.7bn Russian deal
Syria has signed a $2.7bn agreement with Russian company Stroytransgaz for construction of an oil refinery and petrochemical plant in northeast Syria, according to the official Syrian news agency. The petrochem plant will have an annual capacity of 430m gallons, and the refinery will produce close to 140,000 bpd of fuel.
Opec, Russia oil cooperation
Russia's plans to lift crude output over the next 10 years to meet rising global demand will not affect Opec's market share, the cartel's president Ahmad Fahd Al Sabah told AFP. The two sides held a series of talks aimed at tightening cooperation in world oil markets.
Iran, India discuss $7bn pipeline
Iran and India are meeting this week to discuss the progress of a proposed $7bn pipeline between the countries and Pakistan, and a liquefied natural gas deal. An Indian oil ministry official told Reuters that the three countries had set a 4-6 month target to reach agreement on the pipeline project.
Project Kuwait stalls again
Project Kuwait, the $8.5bn oil investment plan involving help from foreign oil companies, has again been delayed as Kuwaiti MPs voted to withdraw a financial report which had approved the project. The project has been blocked by a group of MPs for more than 10 years because of fears it would give foreign companies control of Kuwait's oil wealth.
Mubadala in $900m power project
Abu Dhabi-based Mubadala Development has entered into a joint bidding agreement with SNC-Lavalin, the winning bidder for a $900m project to build, own and operate a 1,200 MW power generation plant in western Algeria. Mubadala and SNC-Lavalin will equally own a 51% stake in the project, with the balance held by Algerian government entities.
Opec possible production cuts
Opec expects demand on its crude to drop by 2m bpd in 2006, and will meet in January to consider production cuts from Q2, according to president Sheikh Ahmad Al Fahd Al Sabah quoted in Reuters. Sheikh Ahmad said Opec would be generally satisfied if prices remained around $45-50 a barrel.
Qatar energy investments hit $60bn
Investments in the oil and gas sector in Qatar are skyrocketing and are currently worth more than $60bn across all industries. A conference focusing on new developments in the country's energy sector will be discussed at a conference hosted by Middle East Economic Digest in Doha from 6-7 February 2006.
Shell reopens Nigerian pipeline
Shell says it has resumed limited operations in southern Nigeria after a pipeline explosion in the oil-rich Niger Delta region. The damaged pipeline has reportedly cost the company 180,000 bpd in lost production, amounting to more than 7% of the daily output of Nigeria, Africa's biggest crude producer.
MPs oppose $8.5bn Project Kuwait
Twenty Kuwaiti MPs have declared decisive opposition to the $8.5bn Project Kuwait to open up the northern oilfields to foreign development, unless each deal is approved by parliament, reported AFP. A statement said that they would confront all attempts to surrender oil wealth to foreign hands.
$4bn Qatargas 3 and 4 contract
Shell, Qatar Petroleum, ConocoPhillips have won a $4bn contract for the engineering, procurement and construction of Qatargas 3 and 4, two big LNG trains. The liquefaction trains are part of a huge project that will deliver LNG by special tankers, mainly to the USA.
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