2005
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China petrochems, Oman stake
Oman Oil Company has bought a 30% stake in GS Group to invest in Qingdao Lidong Chemical Company, an aromatics petrochemical plant in China, reported The Times of Oman. Officials said this was the second investment for OOC in China, and was in line with its strategic objectives.
Oman to build huge gas plant
Petroleum Development Oman and Petrofac, the international oil and gas services group, have signed a contract to construct a 20m cubic metres of gas per day plant at Kauther. The plant will be built by Petrofac's engineering and construction division based in Sharjah, with Oman's Galfar Engineering & Contracting.
Oil ministers meet tomorrow
Opec oil ministers assemble in Vienna tomorrow with a call from the Opec president to keep pumping oil. Remarks from Sheikh Ahmad Al Fahd Al Sabah helped to lower oil prices to $59 a barrel at the end of last week. Opec is presently pumping oil at its full capacity of 30m bpd.
Opec mulls 2m bpd increase
Opec is considering a 2m bpd increase in oil supplies in the three months ahead, UAE Oil Minister Mohammad bin Dha'en Al Hamili told WAM. He said that a fair price range for oil was between $40 and $50 a barrel, and did not expect Opec to lower its present production ceiling.
Sabic awards Yansab contracts
Saudi Basic Industries has awarded a contract to Technip Italy for the engineering, procurement and construction of an ethylene and propylene plant at the Yansab complex in Yanbu Industrial City. Japan-based Toyo Engineering won a contract for EPC of an ethylene glycol plant at the same site.
Opec's production rises
Opec crude production rose an average 30,000 barrels to 30.25m bpd in November, according to Bloomberg survey of oil companies, producers and analysts. Saudi upped output by 120,000 barrels to 9.62m bpd, the highest level since November 2004. Members operated without their quotas for the second consecutive month to make up for lost production in the Gulf of Mexico.
Major Iran oil find
Norway's Norsk Hydro has made a major oil discovery in western Iran, near the border with Iraq. The company has described it as one of the biggest finds in recent years, with possible yields of 100,000 bpd or more. Norsk has exclusive rights to negotiate a development plan with Iran.
Oil climbs over $60
Oil climbed back over $60 a barrel today as investors anticipate news of lower US crude stocks and higher demand for heating fuel in the US. US light crude was up 43 cents to $60.87 a barrel in early trading, while London Brent rose 46 cents to $58.07 a barrel.
Iraq looks to raise output
Iraq plans to lift crude production by 25% to pre-war levels of 2.6m bpd in 2006, according to Oil Minister Ebrahim Bahr Al Uloum quoted by Reuters. Production in 2005 has been held back by repeated attacks on pipelines and lack of investment in southern fields and facilities.
Japan, Iraq oil loans
Japan will grant Iraq low-interest loans as part of to rebuild its oil infrastructure, saying that restoring the energy industry was the key to bringing stability to the country. The loans, which will be a portion of the $3.5bn already pledged, will cover projects such as LPG and reconstructing crude oil export facilities and a refinery in the southern port city of Basra.
Kuwait, China $5bn refinery
Kuwait and China have agreed on the construction of a refining and petrochemicals complex in China at an estimated cost of $5bn, reported The Peninsula. The complex which will refine Kuwaiti crude oil is expected to be operating by 2010.
Shell production drop in Oman
Shell expects production from its venture in Oman to drop 5% to about 600,000 bpd in 2006 as it cuts costs and drills fewer wells to prolong the life of its fields, reported Bloomberg. Shell is cutting back drilling in preference for boosting production from existing wells through water and steam flushing.
Iran nuclear plant
The Iranian government has approved plans to build a second nuclear power plant, in the south-western Khuzestan province. Iran has previously said it wants to build twenty nuclear power stations in twenty years. Talks between Iran and EU negotiators over Tehran's nuclear ambitions restart within days.
Iran's new oil minister nomination
Iran's president has nominated veteran Oil Ministry official and acting Oil Minister Kazem Vaziri-Hamaneh as oil minister, hoping to end months of deadlock and three rejected nominations. Iran's parliament will vote next week on the nomination, reported Reuters.
VLCC charter rates softer
The regional market for Very Large Crude Carriers has softened a little, reported Gulf News. However, in a rush to get what remains of tonnage before Christmas in the Persian Gulf, charters may yet decide to pay over the odds, and demand from China is still very strong.
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