2006
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NGSCO, 1000th shipment
The National Gas Shipping Company, Adnoc's LNG shipping division, has clocked up its 1,000th shipment of liquefied natural gas to Tokyo Bay, Japan, reported Gulf News. Since the company's inception, it has shipped around 65m tonnes of LNG, worth more than $20bn. Each year NGSCO delivers 85 LNG cargoes to Tepco terminals at Tokyo Bay.
UAE Minister hints at more cuts
The UAE's energy minister, Mohammed Bin Dh'aen Al Hamili, has said he feels oil markets are oversupplied and that Opec could make further production cuts when it meets later this month in Abuja, Nigeria, reported Reuters. The main area of concern remains the healthy stockpiles in the US, the world's biggest consumer.
Coal-burning plants for UAE
The UAE is considering building coal-burning power plants in order to meet escalating energy demands, reported Gulf News citing Bloomberg. Peter Barker-Homek, the CEO of Abu Dhabi National Energy, confirmed alternative power sources were being analysed. This is despite the fact Abu Dhabi produces 4.5bn cubic feet of natural gas per day and intends to increase this to 6bn; from 2007, 2bn additional cubic feet will be pumped in from Qatar.
Oil hits two-month high
Oil struck a two-month high above $62 a barrel Wednesday as colder weather hit the US and inventory data showed a decline in stocks of its winter fuel, Reuters reported. US government data showed US distillate stocks were down by 1m barrels. Forecasters had predicted a 400,000-barrel increase.
Saudi power usuage up 5%
Energy consumption in Saudi has increased 5% in 2006, according to a Ministry of Economy and Planning report cited by Gulf News. Daily usage is projected to reach 2.733m bpd by 2009. Consumption of refined petroleum products rose 3.3% and heavy fuel by 14.8%.
Samsung, $214.3m petro plant deal
Korea's Samsung Engineering and Construction says it won a $214.3m contract with Sabic unit Saudi European Petrochemical Company to build a polypropylene plant in Jubail, news agencies reported. The plant will have a capacity of 500,000 tons per year. It is due to come on line by September 2008.
Oman refinery merger plan
Oman might merge the operations of two of its refineries, Reuters reported. A merger of the Muscat plant and a new refinery coming up in Sohar would help bring down overhead costs, an official at Oman Refinery Company said. The Muscat refinery will have a capacity of 106,000 bpd after a planned expansion, and Sohar will have a capacity of 116,400 bpd when completed in early December.
Fund takes Dhofar Power stake
A consortium led by the Dubai-based GCC Energy Fund has acquired a controlling interest in Oman's Dhofar Power Company. The consortium, which includes Darbat Power of Oman and Malaysian power company Malakoff Berhad, bought a 46% interest from US-based PSEG Global, GCC Energy Fund said in a statement. Private utility DPC provides power to the south of Oman.
Syria to buy Iranian gas
Syria wants to buy 2-3 million cubic metres of gas from Iran annually, a senior ministry official told Reuters. Syria could receive the gas through a planned pipeline in Turkey, according to an official from Botas, which runs Turkey's gas pipelines.
Sinopec to buy more Oman crude
China's Sinopec, Asia's top oil refiner, might increase term purchases of Oman crude for 2007 to at least 190,000 bpd, a 20% increase from 2006, news agencies reported. This accounts for nearly 30% of total Oman crude production.
Taqa to buy BP business
The Abu Dhabi National Energy Company is taking over BP's Netherlands-based exploration and production business, the company said in a statement. It comprises onshore and offshore production assets, including the Piek Gas Installatie facility in Alkmaar. Taqa says the purchase will be completed by the end of January 2007. No figures were announced.
Bourage awards $1.3bn cracker deal
Abu Dhabi's Borouge has awarded a contract worth $1.3bn to Linde Engineering to build its new ethylene cracker. The cracker will have a capacity of approximately 1.5m tons per annum, which Borouge claims will make it the world's largest gas cracker. Work is expected to begin in the December 2006, and is scheduled for completion in around April 2010.
Laffan Refinery new stakeholders
Qatar Petroleum has signed on four new shareholders to its Laffan Refinery Company under an amended joint venture agreement. They are Japanese firms Idemitsu Kosan, Cosmo Oil - each taking a 10% stake - and Mitsui and Marubeni Corporation with a 4.5% stake each. Japan is a principal market for the refinery's products.
Shell eyes Iran stake
Royal Dutch Shell may take a stake in Iran's 3bn barrel Yadavan oilfield as part of a development deal between China's Sinopec and Iran that it helped prepare, Reuters reported. The deal gives Shell an option to participate in the project, a spokesman is quoted as saying.
Oil supported by potential cuts
Oil prices hovered around $60 a barrel Monday after Saudi's oil minister said OPEC is likely to take more oil off world markets, news agencies reported. The cartel agreed in October to cut production by 1.2m bpd, its first reduction in two years. Some officials have said they would defend prices at $50-$55 a barrel.
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