2005
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GE, Qatar power plant project
GE Energy has signed a deal with Qatar Electricity & Water for the expansion of the Ras Abu Fontas B-2 power plant. The $500m project, being developed by a consortium including GE and FISIA Italimpianti, will produce 597 megawatts of power and 30m gallons of desalinated water a day.
AD to introduce sewerage tariff
Abu Dhabi residents may soon be hit with sewerage charges on top of existing water and electricity bills to offset government subsidies, according to Abu Dhabi Sewerage Services MD Bob Taylor quoted by Gulf News. He says ADSSC, a subsidiary of Abu Dhabi Water and Electricity Authority, is looking to privatise and will soon embark on a $250m expansion of treatment plants in Abu Dhabi and Al Ain.
Total, Chevron, $5bn refinery bid
France-based Total and US-based Chevron have been short-listed as possible investors by Saudi Aramco in a $5bn refinery planned for Jubail, according to report in the Middle East Economic Digest magazine. The refinery, which will have a capacity of 400,000 bpd of petroleum products, is expected to begin operations by the end of 2007.
Oil sufficient for winter
Oil prices are expected to hover around $59 a barrel this week as there are sufficient stockpiles to meet rising winter demand for heating fuel, a Bloomberg survey of analysts showed. Thirteen of 35 analysts surveyed say prices will be little changed, 12 predict a rise, and 10 say prices will fall.
NITC, $2bn tanker deals
National Iranian Tanker Company, Iran's supertanker operator, will invest over $2bn over the next four years to become the world's fourth-largest operator by 2009. Chairman Mohammad Souri said there were plans for 10 LNG carriers and 10 chemical tankers by 2009.
Al Naimi blames oil taxes
Opec is not considering a cut in production during its meeting in Kuwait on December 12, Saudi Arabia's Oil Minister Ali Al Naimi told reporters after attending a meeting of GCC oil ministers. He called on leading oil consuming states to stop blaming the Opec for high crude prices, which he said were due to the taxes that they impose on end-users.
Oil price firms at $59
Oil prices held steady at $59-a-barrel last week with the arrival of colder weather in the northern hemisphere supporting prices. Traders expect prices to edge higher in the week ahead as the winter closes in, and heating oil stocks are drawn down.
Saudi's $4.8bn refinery
Saudi Aramco will invest $4.8bn to set up an oil refinery in the western region of the country, according to a statement by the Royal Commission for Jubail and Yanbu. The refinery will have a capacity of 400,000 bpd of petroleum products. It is expected to begin operation by the end of 2007.
Iran, three oil strikes
Iranian President Mahmoud Ahmadinejad's third nominee for oil minister has been rejected by parliament. Iran is Opec's second largest oil exporter, and analysts say the inability of the country to select a minister will begin to hurt the economy.
Innovation key for oil
Innovative technologies are the key to maximising oil and gas production according to Shell. Shell Exploration VP John Darley told delegates at the International Petroleum Technology conference in Doha that sophisticated solutions are needed as fields mature and new resources become harder to locate and extract. He said a skilled and adaptable workforce is needed.
Iraq's grand oil plans
Iraq plans to lift crude capacity to 6m bpd by 2011 on the back of new legislation and foreign investment incentives, according to oil minister Ebrahim Bahr Al Uloum. Iraq holds the third largest proven oil reserves in the world, but currently produces only 1.8m bpd of crude due to infrastructure deterioration over years of conflict.
Opec may cut output
Opec is expected to cut crude production in 2006 to prevent a drop in oil prices, according to a report by the Centre for Global Energy Studies. The report says a cut in production may open up divisions in the cartel on oil price levels, with Venezuela and Iran likely to seek a defence of prices at a $50 a barrel, and Saudi preferring $45 a barrel.
Oil lifts on cold weather
Oil surged more than $1 a barrel yesterday on the expectation of a lift in US heating fuel demand as the northern winter begins to bite. US light crude was up $1.01 to $58.71 a barrel, while London Brent rose $1.09 to $56.43.
RasGas Train 4 open
RasGas has brought on stream Train 4 of its LNG processing facility at Ras Laffan Industrial City. Train 4 has a production capacity of 4.7m tpy, and will serve the company's European customers, according to MD Alexander Dodds quoted in Gulf News.
Opec extended offer redundant
Qatar's Oil Minister Abdullah al-Attiyah told reporters in Doha that Opec should not extend the offer to sell its remaining 2m bpd of reserve crude capacity due to large amounts of oil now in transit. Opec agreed in September to offer refiners its remaining spare capacity through the end of 2005, but says there have been no takers.
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