2006
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Yemen eyes GCC nuclear plan
Yemen is keen to join a nuclear energy programme currently being considered by neighbouring GCC countries according to President Ali Abdullah Saleh and cited by Reuters. The GCC is to look at a peaceful nuclear option amid geopolitical concerns over Iran's objectives with its nuclear activities.
Dana eyes Sabic deals
Dana Gas has held meetings with officials from the Saudi Basic Industries Corporation in order to discuss possible avenues for co-operation. The Sabic delegation visited Dana's facilities at Sajaa in Sharjah and Rashid Saif Al Jarwan, Dana's GM, said he hoped future joint agreements would follow which would boost the firm's position in the regional gas sector.
Iran, refining capacity boost
Iran is to crank up its oil refining capacity in the next few years to meet burgeoning local and international demand, reported Bloomberg citing the IRNA news agency. The country is aiming to hit a refining capacity of 2m barrels per day by 2011 once an assortment of upgrading programmes is completed. It is hoped Iran will be able to process 3.2m bpd by 2021; it can currently refine just over 1.3m bpd.
Iraq to tempt Russian firms
Iraqi Foreign Minister Hoshyar Zibari has held talks with the Russian Ambassador Vladmir Gamov about the possible return of Russian oil companies, including Lukoil, to the troubled nation, reported the KUNA. The talks also touched upon the issue of bilateral trade and the future operation of Russian firms in Iraq. It is hoped Lukoil will send a delegation to Iraq to discuss possibilities.
DME to delay futures launch
The Dubai Mercantile Exchange has put back the launch of its Oman crude oil futures contract until at least March as it irons out various details, according to un-named industry sources cited by Reuters. The DME hasn't officially given a launch date but the contract was widely expected to be traded from mid February. One Singapore based source said concerns over the physical delivery process could delay the launch.
DNO ups northern Iraq share
Norway's DNO has increased its stake in oil fields in northern Iraq from 40% to 55% after agreeing with the Kurdistan regional authorities to bear all the costs of production sharing agreements, reported Reuters. DNO is the first western company to begin oil exploration work in the war-torn nation since the US led invasion. The firm signed a deal back in 2004.
Adnoc to enter Saudi
Adnoc Distribution, Abu Dhabi National Oil Company's retail arm, is to enter the Saudi Arabian market after signing a deal in Riyadh this week with Saudi's Al Olaibi Company, reported Gulf News. Adnoc and Al Olaibi will build a number of petrol stations along the kingdom's main roads and on highways linking GCC countries.
MoE power cut
A power outage at the Mall of the Emirates on Thursday caused panic among shoppers as many believed a fire had started in Ski Dubai, reported Gulf News. The MoE management said the cut, which occurred at about 2pm, lasted for fifteen minutes before emergency lighting kicked in. Dewa blamed a fault in the main generator at Al Barsha.
Qatar's energy exchange gears up
Qatar's International Mercantile Exchange, which opens in March 2007, is looking to hire senior staff including a chief executive, Gulf News reported. The energy futures exchange will avoid competing directly with the commodities exchanges in Dubai, and in its initial phase will focus on energy commodities, Qatar Energy City CEO Bob Moore told the daily.
$1.34bn Fujairah IWWP deal
Abu Dhabi Water and Electricity Authority has signed a $1.34bn deal with Singapore-based Sembcorp Utilities for Fujairah's independent water and power project, Gulf News reported. Barclays bank led a consortium of banks for the finance. The project is expected to raise the plant's power generation from 650MW to 850MW and daily water capacity to 100m gallons.
OMV pumps Yemeni crude
OMV has started pumping oil from block S2 in Yemen. Output of 11,000 bpd is expected by 2008, with a planned second phase designed to increase that to 32,000 bpd by 2010. The field has proven reserves of 50m barrels, OMV said in statement. Full field development will need $250-$300m investment. OMV and 50:50 joint venture partner Pakistan Petroleum recently won an exploration concession licence for block 29 in the Jeza-Qamar Basin.
GE to supply gas turbines
GE Oil & Gas has agreed to supply gas turbines to Saudi Aramco's oil field expansion projects at the Ghawar and Khurais fields. GE will deliver 12 mechanical drive packages, including seven driven by MS5002C gas turbines and five by MS5002D gas turbines. Saudi Aramco wants to increase crude output from the fields.
Indian oil firms eye Iraq field
India's state-run Oil and Natural Gas Corporation and privately-owned Reliance Industries are holding talks with Iraqi authorities on a joint development of the Tuba oilfield in the south of the country, according to The Financial Times. ONGC and Reliance are expected to hold 30% each in the venture and Algeria's Sonatrach would hold a 40% stake. India is looking to secure energy supplies to maintain its economic growth.
Pipeline explosion kills hundreds
As many as 260 people have been killed in an oil pipeline explosion in Nigeria, news agencies reported. The explosion happened as hundreds of people were taking fuel from a pipeline in Lagos that had been broken by thieves. Thousands have previously died in similar circumstances.
Adnoc to cut crude in Feb
State oil firm Abu Dhabi National Oil Company said it will cut supplies of crude in February 2007, Reuters reported. The cuts to three of its grades by around 3-5% below contracted volumes equates to approximately 40,500 bpd. Adnoc would maintain supplies of Murban crude at full contracted volumes for February, according to cited industry sources.
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