2005
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Qatar, Mitsui lay out deal
Qatar Petroleum and Mitsui have agreed on conditions for the Japanese firm to acquire a 1.5% stake in the Qatargas 3 project, reported Reuters. A QP statement says under the deal Mitsui will buy approximately 10m barrels of condensate per year from Qatargas 3 for 13 years.
New threat to oil prices
A new hurricane threat to US oil facilities in the Gulf of Mexico has dampened hopes that Opec's offer of an extra 2m barrels of crude a day to world markets would temper prices. Oil surged to more than $67 a barrel yesterday as workers were abandoning oil rigs in the Gulf, less than a month after Hurricane Katrina devastated the same region.
Iran supplies UAE with gas
Iran will send 500m cubic metres of natural gas per day via pipeline to the UAE for the year starting 21 March 2006, reported the Tehran Times. This is Iran's second gas export agreement via pipeline after agreeing to supply gas to Turkey from March 2005 to March 2006.
EP engages Samsung for plant
Sabic subsidiary Eastern Petrochemical has entered into an agreement with Korea-based Samsung Engineering for the supply and construction of an Ethylene Glycol plant. The deal forms part of Sharq's third expansion project at Jubail Industrial City. The project is due to be completed by 2008.
Opec offers up spare crude
Opec has agreed to put up its remaining spare crude capacity, at least 2m bpd, on world markets in an attempt to help stabilise prices. The offer will run from 1 October for a period of three months, with the official output limit remaining unchanged at 28 bpd. But analysts say the problem is with refining capacity not lack of supply and doubt whether Opec's move will have any effect on prices.
Oil ministry to be replaced
Bahrain is set to scrap the Ministry of Oil and replace it with an energy commission headed by the current State Minister for Cabinet Affairs, Dr Abdul Hussain Mirza, who has 40 years experience at Bahrain Petroleum Company, reported Gulf News. Sources say the Kingdom is also likely to appoint its ambassador to Great Britain, Sheikh Khalid bin Ahmad Al Khalifa, as foreign affairs minister in a cabinet reshuffle.
$3bn GCC power grid ocntracts
The total value of contracts for the GCC power grid is estimated to be $3bn, according to Saudi Water and Electricity Minister Abdullah Al Hussein. The power grid will join Saudi Arabia, Bahrain, Qatar and Kuwait in the first phase, the UAE and Oman will link in the second phase, and all six member states will be linked together in the third phase.
NDC gets new rig
Abu Dhabi National Oil Company subsidiary, the National Drilling Company, has taken delivery of a $27.2m offshore rig built by Singapore-based Keppel Fels, reported Gulf News. NDC now has 10 offshore rigs, 16 onshore rigs and five water and well rigs.
Opec to hold onto reserves
Opec is unlikely to immediately release more crude from its 2m barrels held in reserve, only making it available in the event markets fall short of refined product, according to Reuters citing member state oil ministers. Prices had eased from record levels of $70.85 a barrel in the aftermath of Hurricane Katrina, but surged more than $3 yesterday as another tropical storm threatened the region.
QP, new refinery plan
Qatar plans to have a new 200,000 bpd oil refinery for Al Shaheen crude to be running by 2010, Oil Minister Abdullah Al Attiyah told Reuters in an interview in Vienna. This plant is to be fully owned by Qatar Petroleum.
Q-Chem, $800m cracker
Qatar Chemical Company has officially awarded an $800m contract to Technip to build a 1.3m tonne per year ethylene cracker, reported Reuters. The cracker will start up in late 2008. Technip had signed a letter of intent this April with Qatar Petroleum, ChevronPhillips Chemical Company, Qatar Petrochemical and Total Petrochemicals.
Ras Gas II, Train 4 operational
The Ras Laffan Liquefied Natural Gas Company Limited II has announced that its Train 4 and associated acid injection facilities were commissioned on August 27, five days ahead of schedule. Train 4 was built by a joint venture of Japan's Chiyoda Corporation and Mitsui, Snamprogetti and Al Mana Trading Company of Qatar.
Opec set to raise output
Under pressure from world governments, Opec producers yesterday signalled that they are prepared to raise output limits to help combat surging oil prices. Opec President Sheikh Ahmad Al Sabah told reporters that for Opec the oil price is still very high.
No more UAE petrol price rises
The Abu Dhabi National Oil Distribution Company has said it will not increase prices in the near or foreseeable future, reported Wam. This statement was intended to dismiss rumours that prices at the pumps in the UAE were set to rise again this autumn.
SPC, $32m jet fuel facility
The Sharjah Pipeline Company is to build a $32m jet fuel storage facility in Sharjah's Hamriyah Free Zone with a pipeline to the Sharjah International Airport. It will be called Anabeeb, which is Arabic for pipeline, and construction starts in November.
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