2006
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South Pars progress
Iran's Oil Minister Kazem Vaziri-Hamaneh has said that the sixth phase of the South Pars gas field will come on stream by early December, according to the Mehr News Agency. Vaziri-Hamaneh also confirmed that phases nine and ten are progressing well and should be operational by November of next year. He added that development projects at North Pars would start once those at South Pars are about to finish.
Dana, $1.1bn Centurion deal
Dana Gas has entered into an agreement with Canada's Centurion Energy International to acquire all of Centurion's outstanding common shares in a deal worth around $1.1bn. Centurion is engaged in oil and gas exploration and production with properties in Egypt, Tunisia and offshore West Africa. The deal, which is subject to approval by Centurion's shareholders, fits Dana's strategy of acquiring exploration and production operations in the Mena region.
Woqod, Asian Games tie-up
Qatar Fuel has signed an agreement with the Doha Asian Games Organising Committee to be the official fuel supplier for the 15th Asian Games in Doha next month. Woqod will supply retail fuel services and motor vehicle cleaning services to Dagoc. Woqod plans to integrate the Dagoc emblem into its advertising material and has designed its fuel tankers with the Doha Asian Games logo.
GIC in Saudi utilities deal
A consortium consisting of Japan's Mitsubishi Corporation, Kuwait's Gulf Investment Corporation and ACWA Power Projects has won the tender to build, own and operate a water and power plant in south western Saudi Arabia, reported Reuters. The Shuqaiq Independent Water and Power Project will generate 850 megawatts of power and 47m gallons of water per day. The complex will provide power and water supplies to the Abha and Jizan regions.
Aramco, more to Asia
Saudi Aramco is likely to increase its crude oil exports to Asia by around 2% next year according to agency reports. The Dhahran based firm ships about half of its exports to Asia and economic expansion in China is likely to drive up demand even further. Last year, Saudi Aramco sold about 3.5m bpd of crude to Asian customers.
KPC cuts naphtha premiums
The Kuwait Petroleum Corporation has agreed to cut its premiums on naphtha it intends to sell to Asian customers for the year starting December to $6.75 a metric tonne, according to agency reports. The premium represents a 53% cut on the $14.5 achieved for naphtha supplies in December last year.
Egyptian oil tanker firm set up
The Egypt Kuwait Holding Company has teamed up with partners including the National Bank of Egypt and Banque Misr to set up an oil tanker company, according to the Middle East Economic Survey. The company will be called the Egyptian Company for Oil Tankers and will have a capital of $50m. Egypt Kuwait Holding will have a 30% stake in the firm.
Saudi Aramco, new KL office
Saudi Aramco has opened its new Aramco Overseas Company office in Kuala Lumpur. The office will focus on the strategic sourcing of new companies involved in the manufacturing and contracting of material for Saudi Aramco. The AOC office is located at the Petronas Twin Towers, in the heart of Kuala Lumpur's city centre and commercial hub.
KPC doubles output upgrade
The Kuwait Petroleum Corporation is to crank up its crude processing capacity at its existing refineries by up to 150,000 barrels per day by 2012, reported Reuters. The increase is potentially more than double the company's initial plan to upgrade its capacity by 70,000 bpd. The hike is in addition to a new $6bn 615,000 bpd refinery in Al Zour which is scheduled to open at around the same time.
China-Egypt nuclear pact
China says it has reached an agreement with Egypt to cooperate on the peaceful use of nuclear energy, the BBC reported citing China's official news agency. An agreement between presidents Hu Jintao and Hosni Mubarak was confirmed at a meeting on Tuesday in Beijing, according to the report. No further details were released.
Opec committed to cuts
GCC oil producers have dismissed a US government report that Opec will only implement 60% of its planned supply cuts, claiming that all members are committed, according to Reuters. Saudi Arabia and other Gulf Opec members have also said that further cuts are possible when the cartel next meets on 14 December, noting high US fuel stocks as a sign of oversupply.
DME Oman crude futures
The Dubai Mercantile Exchange will offer its Oman crude oil futures contract in Q1 2007, according to Oman's oil minister quoted by Reuters. Oman says it may use the new DME futures instead of its retroactive oil price mechanism. Oman crude is one half of the benchmark for Middle East exports to Asia.
ADFEC cleaner emissions
Abu Dhabi Future Energy Company has signed an agreement with Shell to develop projects to reduce greenhouse-gas emissions, as well as monetise the resulting emission reduction credits under the Kyoto Protocol's Clean Development Mechanism. ADFEC CEO Sultan Al Jaber, said the global CDM market was projected to grow to $25bn over the next five years, with 15% made in the Middle East.
GCC drops pipeline plan
The GCC has dropped plans to build an oil pipeline bypassing the Straight of Hormuz between Iran and Oman, Reuters reported. A study concluded that it was not feasible. Gulf oil producers wanted to find a way to transport crude out of the Gulf in case the strait closed.
Opec could cut further
Opec could increase crude oil production cuts at its December meet if the oil market stays unbalanced, Reuters quoted the Saudi oil minister as saying. Ali Al Naimi said current inventories are very high, meaning the market is not in balance. He told an Islamic economic forum that very low prices lead to volatility and subsequently higher prices.
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