2006
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Oil to $63 on Iran sanctions
Oil prices went to $63 a barrel after Iran condemned UN Security Council sanctions on its trade in nuclear goods, Reuters reported. News that Abu Dhabi had become the first Opec member to make a fresh round of supply cuts also added to gains.
Refinery faces cost overrun
Kuwait National Petroleum Company has received bids to build an oil refinery up to two-and-a-half times the original budget, Middle East Economic Digest reported. KHPC's original budget for the 615,000 bpd Al Zour refinery had been revised up from $6.3bn to $10bn, while the combined size of the lowest bids is more than $15bn. There were four main packages on offer.
Iran, Opec basket to hit $60
Opec's basket price should hit $60 a barrel once Opec's latest round of production cuts take effect, alongside cold weather in consuming countries, according to a senior official at Iran's Oil Ministry and cited by Reuters. Hojjaollah Ghanimifard, the ministry's Director of International Affairs, confirmed Iran cut its output by 176,000 bpd in November and will scale back its production by a total of 249,000 bpd in February.
Saudi scraps petrol hike
Saudi Arabia has scrapped a proposed 25% increase in petrol prices following a ruling by King Abdullah, according to Reuters citing the state news agency SPA. In April, the king issued a decree cutting petrol and diesel prices by around 30%. The price of 95 octane petrol will therefore remain at SR0.6 per litre.
Iran, UAE gas deal concerns
Iran's Oil Minister Kazem Vaziri Hamaneh said last week that the country will be unwilling to export gas to the UAE unless the price suggested for its deal with Sharjah's Crescent Petroleum is revised upwards, reported the IRNA. Hamaneh said the MD of Crescent was prepared to hold face to face talks to resolve the issue.
Iran wants euros for oil
Iran is looking to receive payment for oil exports in euros as it moves its currency reserves away from the US dollar, reported Reuters. Around 57% of Iran's income on nearly 2.4m bpd of oil is now in euros according to Gholamhossein Nozari, the MD of the National Iranian Oil Company. But he added oil contracts were still based on the US dollar to fit in with accepted international practice.
Iran, CNOOC $16bn gas deal
China National Offshore Oil Corp has signed $16bn deal to develop Iran's giant North Pars gas field, news agencies reported. The upstream-downstream project will be built over four phases, and includes the construction of plants to liquefy gas. The development will take eight years to complete.
Suez gets $3.36bn IWPP deal
Saudi Arabia has signed a $3.36bn build-operate-transfer contract with a consortium headed by French-Belgian utility company Suez to establish an independent water and power plant in Jubail, Arab news reported. The plant will start production in H2 2009. It will supply 800,000 cubic metres of water and 2,700 megawatts of electricity daily.
Hyundai, $1.6bn Umm Shaif deal
South Korea's Hyundai Heavy Industries has signed a $1.6bn engineering, procurement and construction agreement for Abu Dhabi's Umm Shaif gas injection project, the local WAM news agency reported. Abu Dhabi Marine Operating Company is the client. The project had been awarded to Hyundai in September 2006. The new facilities will increase oil output by 50,000 bpd.
Total Iran investigation
French energy group Total is being investigated over alleged $2bn bribes paid to Iran, MSNBC report. The bribes relate to the South Pars gas contract, which Total won in 1997. Christophe de Margerie, Total's head of exploration and production who is due to take over as chief executive in February, faces separate charges of corruption during the UN oil-for-food programme.
ABB wins $450m Kahramaa deal
Switzerland-based ABB has won a $450m contract to expand Qatar's power grid, Reuters reported. ABB's Power Systems unit will execute the project, which takes in three substations and a telecommunication package. Qatar General Electricity and Water Corporation is the client.
Iran, 17 block tenders
Iran will put out tenders for exploration and development of 17 oil blocks next week, Reuters reported, citing an Oil Ministry statement. Of the 17 blocks, 12 are located on land and five are in the Gulf, the report said.
Water consultancy agreements
Saudi's electricity and water ministry has signed consultancy agreements worth more than $5.3m to help it process public-private participation contracts for water and wastewater services in Jeddah, Arab News reported. They are with Charles River Associates, Prima Law Consultants and Ernst and Young.
JIFF $30m Dubai airport expansion
The Joint Industry Fuel Farm has completed a $30m expansion at Dubai International Airport, Gulf News reported. The facility has added four jet fuel storage tanks of 70,000 barrels each, bringing total storage capacity at the airport to 440,000 barrels. JIFF is owned by a consortium of Air BP, Chevron, Emojet, Enoc and Shell Aviation.
Kuwait, Bangladesh renew fuel deal
Kuwait has agreed to supply fuel to Bangladesh for another year, Reuters reported. The current deal expires at the end of this year. Bangladesh Petroleum Corporation, the country's sole fuel importer and distributor, annually imports around 2.3m tonnes of refined fuel from Kuwait Petroleum Company. BPC's total demand is around 3.8m tonnes.
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