2006
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ORC signs power plant deal
Oman Refinery Company signed an agreement with Iran's Hirbodan and UAE-based Hico for the construction of a power project at its Mina Al Fahal plant, according to the Oman Daily Observer. The project includes the installation of gas turbines, steam generators and a desalination unit, to supply a reliable source of steam and power to the refinery.
Iran to double refining capacity
Iran plans to lift its oil refining capacity to 3.2m bpd by 2012 from the current 1.7m bpd, the Iran Daily reported. This would need $18bn worth of investment, according to the country's deputy oil minister. Iran's motorists fill up on heavily subsidised petrol imports due to a lack of refining capacity.
Adnoc cuts naphtha premiums
Abu Dhabi National Oil Company has cut premiums by as much as 44% of naphtha destined for Asian customers in January 2007, Bloomberg reported. Saudi Aramco last week announced it would cut premiums by as much as 64% for first half year cargoes. Naphtha, from crude oil, is used in chemicals plastics and petrol.
Refinery seeks private money
The Saudi private sector will be offered a stake in a third new oil refinery in Jizan, according to news agencies. The refinery, which will have a capacity of 250,000 to 400,000 bpd, will be built with the participation of a foreign partner. An IPO is planned once the project proves viable, said a government official.
Kuwait aims at gas targets
Kuwait plans to start commercial production of gas by the end of 2007 or early 2008, AFP reported. The aim is to start with a daily output of 180m cubic feet, and increase it to 600m cf by 2011 and to 1bn cf by 2014-15, said Farouk Al Zanki, head of Kuwait Oil Company. Kuwait discovered 35 trillion cubic feet of free natural gas in March.
Oil to rise on scarce capacity
US investment bank Lehman Brothers is predicting a 9% increase in oil prices in 2007 to $73.50 a barrel, citing capacity constraints caused by under investment and continued supply risks, according to Reuters. The estimate is the third highest of 30 analysts polled by Reuters. Barclays Capital is predicting $76.60 a barrel next year.
Oil below $60 pressures Opec
Oil prices dropped 1% to around $58 a barrel Monday despite Opec signalling it may decide to take more crude off world markets when it meets on 14 December. The cartel imposed a 1.2m bpd production cut in response to falling prices, but analysts estimate only half of these may be carried out.
UAE aims to up output
The UAE is aiming to step up its oil production from its current 2.7m bpd to 3.5m bpd by the end of next year, with an ultimate target of 4m bpd by 2015 according to senior industry officials, reported Gulf News. The country is also looking to hike its natural gas production and wants to achieve 6.5bn cubic feet per day by 2008, up from the present level of 4.5bn cfpd.
Nakilat, Shell LNG deal
The Qatar Gas Transport Company has appointed the Shell International Trading and Shipping Company to manage its fleet of at least 27 new LNG carriers, currently under construction, in a 25 year deal. The agreement will involve Shell providing a range of services to Nakilat including ship management as well as the transfer of expertise to allow Nakilat to develop its own LNG ship management company in Qatar.
Sipchem, Jubail plants go-ahead
The Saudi International Petrochemical Company has said it is to continue with the construction of its acetic acid and vinyl acetate monomer plants in Jubail despite the case filed against it by the US based Celanese Corporation alleging a violation of trade secrets, reported Arab News. Celanese claims Sipchem hired its former employees and suppliers with intimate knowledge of its practices. Sipchem denies this and says it is using different technology.
Saudi set for Premium 91 fuel
Saudi Aramco is gearing up for the January release of the new low octane Premium 91 petrol, reported Arab News. The new green coloured fuel, which was first revealed last month, is set to cost 60 halalas per litre, while the higher octane Premium 95 will increase to 75 halalas per litre. A multi-media awareness campaign has been launched to inform consumers about the new fuel.
Saudi to hit 18m bpd
The International Energy Outlook 2006, published by the US Department of Energy and cited by Gulf News, predicts that Saudi Arabia will hike its crude oil production from 12 to 18m barrels per day by 2030. The report also suggests that oil prices will continue their retreat this year and reach about $47 a barrel by 2014. Demand is also expected to grow by 47% between 2003 and 2030.
ETA wins $87.6m Transco deal
The Abu Dhabi Transmission and Despatch Company has awarded an $87.6m contract involving the supply, installation, testing and commissioning of 150 km of 220 kV Cables to ETA. The work, which will take three years, involves the replacement of 220 kV overhead lines with 220kV underground cables. ETA has worked with Transco on previous projects.
Oil edges down to $55 a barrel
Oil fell towards $55 a barrel yesterday, its lowest level since mid 2005, due mainly to fund selling across commodity markets as concern of an economic slowdown in the US gathered pace, reported Reuters. High US oil inventories also dragged own prices. US light crude was trading at $55.3 a barrel, over 29% down since July when it hit a record $78.4.
Lukoil eyes Azadegan field
Russian oil firm Lukoil is keen to develop Iran's Azadegan oil field according to the AFP. The company's President Vagit Alekperov denied the fact that US firm ConocoPhillips had a major stake in Lukoil could cause a potential problem given current political tensions between Iran and the US. Alekperov said, 'We are a Russian company and we operate according to Russian legal principles'.
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