2006
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Qatar meeting for Opec
Opec is to meet in Qatar on October 19 to sort out the details on the group's 1m bpd cut in oil output, reported Reuters. It is thought the meeting will be problematic as, although all members agree on a cut to halt a slide in oil prices, each country is keen to protect its production quotas. Iran and Venezuela in particular are not keen to give up market share.
Iberdrola, $144m UAE plant
Spanish utility Iberdrola has won a $144m contract to construct a 225 megawatt natural gas power plant in the UAE, according to TradeArabia. The deal, awarded to Iberdrola's engineering arm and Arabian Bemco, is the Bilbao based company's first deal in the Gulf. The contract was awarded by Sembcorp Utilities.
Saudi supports oil exchange
An official at Saudi Arabia's Ministry of Petroleum and Resources has said that the kingdom would support the setting up of an oil exchange in Dubai, reported Arab News. Ibrahim Al Muhanna, an adviser at the ministry, said the exchange would be beneficial considering the increase in demand from Asia, which has no meaningful dedicated oil exchange. He added that an exchange would also improve transparency.
Iraq, 1m barrels from Kirkuk
Iraq has pumped over 1m barrels of oil from its Kirkuk oil fields along its northern pipeline to Turkey since last Wednesday, according to agency reports. The pipeline has been repeatedly vulnerable to sabotage attacks and last week's resumption marked the first time the pipeline has been used since early September. Oil in storage at Turkey's Ceyhan terminal reached 1.4m barrels yesterday, up from 300,000 on Wednesday.
Statoil accepts $21m bribery fine
Norway's Statoil has agreed to a $21m fine for the payment of bribes in 2002-3 to an Iranian oil official in order to win development contracts at the country's South Pars gas field, reported Bloomberg. Investigations into the payments led to the resignation of several senior Statoil officials, including the CEO in 2003. The fine has been dished out by the US for violations of the Foreign Corrupt Practices Act.
UAE oil rig boom
The UAE is set to cash in on a construction boom in the oil rig industry due to a worldwide shortage of facilities, reported Gulf News. Tony Bromham, a partner and Technical Director at the QGM Group, said major rig contractors are booked up until 2010 meaning that emerging markets such as the UAE will be able to land major international deals worth up to $600m.
Bahrain oil products up 3.8%
Bahrain's export of oil by-products rose by 3.8% to top 7.87m metric tonnes for the last nine months, Gulf Daily News reported. Gas oil made up 41% of exports with 3.22m metric tonnes, while fuel oil exports of 2.21m metric tonnes accounted for 28%.
Saudi goes lower octane
Saudi Arabia starts selling a cheaper, lower octane grade of petrol from January 2007, which according to one industry source will be used by 60%-70% of drivers, Reuters reported. The 91-octane fuel will sell for 20% less than the commonly used 95-RON.
Shell hostages taken
Armed militants invaded a Royal Dutch Shell oil facility on Tuesday, taking 60 Shell employees and contractors hostage and forcing the shutdown of 12,000 bpd of output, the Financial Times reported. Security sources say the action appeared to be a dispute between members of a local community in the southern state of Bayelsa.
$3bn Fujairah II attracts bids
Prospective bidders for Abu Dhabi's $3bn independent water and power project, Fujairah II, are forming consortiums in the lead up to the last date for expressions of interest on 25 October, Gulf News reported. The project will have a capacity of 2000MW of power and 100m gallons of water. A developer will be selected by March next year, said an Abu Dhabi Water and Electricity Authority official.
Saudi spares Asia from cuts
Saudi Aramco will keep crude supplies to Asian customers steady in November, despite telling global oil majors it would lower supplies by around 5% from this month, news agencies reported. Asia accounts for nearly half the kingdom's 7m bpd in exports.
Oman oil buys power stake
State-owned Oman Oil Company has acquired a 49% stake in Pakistan's Orient Power Company, according to the Times of Oman. The 450MW power plant will be constructed in two phases at Balloki, just outside the city of Lahore. Finacial details were not disclosed. A first phase will cost around $181m, said official sources.
Sohar refinery starts soon
Oman's new oil refinery in Sohar is expected start operations at the end of October, Reuters reported. Oman Trading International, a joint venture between Ooman oil co and energy trader Vitol, last year signed a five-year deal with Oman Refinery Co to take output from the 116,400 bpd refinery. Production will be used to satisfy domestic demand before exports, according to an Oman Oil statement.
Opec members to cut output
Oil prices climbed over $60 a barrel Monday as Opec's president called on members to cut output by 1m barrels a day, according to AFP. While Saudi Arabia, Iran and Venezuela are pushing for an emergency meeting to formalise an agreement, there will be will be no formal production cut at this stage, said a spokesman.
New oil refinery at Najaf
Iraq has opened a new oil refinery close to the city of Najaf which will produce 10,000 bpd, reported the AFP. The plant, which took nine months to construct, will provide for the needs of local inhabitants and factories in the province. Iraq has limited refining capability and the country's biggest refinery at Baiji, north of Baghdad, is often vulnerable to sabotage and attacks.
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