2007
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Iran-Turkey pipeline to cost $5bn
Seyyed Reza Kassaeizadeh, Iran's Deputy Petroleum Minister for Gas Affairs, has revealed that a proposed pipeline to Turkey will cost around $5bn to construct, reported the Tehran Times. The pipeline will transport Iranian gas to Turkey as part of a $30bn 25 year deal signed in 1996 and which came into effect in 2001. So far, Iran has exported more than 20bn cubic metres of natural gas to Turkey.
Saudi Electricity earns $454.3m
Utility provider Saudi Electricity posted Q3 income of $454.3m, a 5.8% lift on the same period in the previous year, reported Reuters. The firm's operating profit over the first nine months of the year amounted to $500.5m, an increase of 6%. CEO Ali bin Saleh Al Barrak has said the firm hopes to post a profit this year following a loss in 2006.
Syria in refinery deal
Syria has agreed a $2.6bn contract with Iran, Venezuela and Malaysia for the construction of an oil refinery at Furoqlos, near the city of Homs in central Syria, reported the AP. The facility will have a refining capacity of 140,000 barrels per day with Venezuela receiving 33% of the revenues, Iran and Malaysia getting 26% each and Syria the remaining 15%. Venezuela, Iran and Syria will provide the crude.
Eight refineries for Iran
The National Iranian Oil Refining and Distribution Company has said that the Islamic Republic's private sector is to construct eight oil refineries in the country, reported the Iran Daily. The plants will be located in Shiraz, Kermanshah, Khuzestan, Tabriz and Neka as well as two in Hormuzgan and the second phase of the Arak refinery. The decision is in line with Iran's Vision 2025.
Qatar Petroleum in Japan tie-up
Qatar Petroleum International (QPI) and Japan's Mitsui have a penned an agreement which will lead to joint venture (JV) investment opportunities in Japan and other east Asian nations, reported The Peninsula. QPI's CEO Nasser Al Jaidah said the tie-up would enable the firm to become more involved in both upstream and downstream ventures in Asia. It is hoped the JV will lead to a 'long-term strategic co-operation' between Qatar and Japan.
Essar scraps Iran plans
The Governor of the US state of Minnesota Tim Pawlenty has said India's Essar Group has backed out of its proposed $10bn refinery deal in Iran, which was revealed late last month, reported Reuters. Essar is keen not to violate US sanctions on Iran imposed due to its controversial nuclear policy. Essar has just bought a steel firm in Minnesota and does not want to risk compromising its US interests.
Dewa needs $16bn by 2012
The Dubai Electricity and Water Authority (Dewa) requires around $16bn over the next five years to help fund its various mega utility projects including a $12bn electricity and water desalination plant in Jebel Ali, reported Gulf News. The company is launching its debut bonds sale tomorrow, Sunday, and is thought to be seeking $2.5bn. Dewa will need around $30bn over the next decade.
US crude at $95.9 a barrel
Oil prices hit new highs yesterday, Friday, on the back of supply concerns and the weak US dollar, reported the AP. New York's main oil futures contract, light sweet crude for December delivery, hit a record closing high of $95.9 a barrel, while London Brent for December delivery broke through $92 for the first time, settling at $92.1. Some analysts believe prices will hit $100 a barrel this year.
Abu Dhabi transformer plant
Brush Transformers Gulf, a joint venture between Al Nasser Industrial Enterprises (ANIE) and the UK's Brush Transformers, has revealed the start-up of a dedicated power transformer plant in Abu Dhabi. The 200,000 sqft plant, located at the Industrial City of Abu Dhabi in Mussafah, is allegedly the first of its kind in the Middle East. The range of units the factory will build will be between 33 kilovolts and 132 kilovolts.
Taqa profit up 172%
The Abu Dhabi National Energy Company (Taqa) has reported that profits for the first nine months of the year were Dhs215.7m ($59m), up 172% compared to the same period last year. Total revenue reached Dhs2.45bn compared with Dhs874.9m for the same period in 2006, an increase of 181%.
Oil hits $95
U.S. oil hit a record over $95 a barrel on Wednesday, after a steep drop in U.S. inventories fueled winter supply worries and the U.S. Federal Reserve cut interest rates, reported Reuters. U.S. oil rose $4.90, more than 5%, to $95.28 a barrel in late electronic trading after settling at $94.53 earlier.
Adnoc receives second vessel
Abu Dhabi National Oil Company has received the second of four twin-screw Azymuth Stern Drive type mooring work and oil recovery boats from Dubai-based shipbuilding and repair specialist Grandweld, a GMMOS Group company, in a deal worth $15.1m signed last year. The vessels, which took less than 14 monts to build, measure 20 metres long and capable reaching a top speed of 11.2 knots.
Saudi power plant to cost $4bn
Construction of the Ras Azzour power and water desalination plant in Saudi Arabia is likely to cost around 25% more than the initial estimate of $3bn, reported Reuters citing bankers financing the project. Construction costs are climbing across the Gulf, driven by increases in global prices for materials such as steel and competition among regional contractors working on $2.4tn worth of projects, which is pushing up wages.
Taqa plans $6bn bond sale
Abu Dhabi National Energy (Taqa) may sell up to $6bn worth of bonds early next year to pay for acquisitions if credit markets improve, reported Reuters. Group Vice President for Acquisitions Manu Mehra said the company has has already paid $4.5bn for acquisitions totalling $10.5bn that have been announced in the last year. The bond sale would be used to pay for the remaining acquisitions, subject to third party approvals and market conditions.
Oil market is 'out of control'
Opec ministers said the group has no control over many of the factors affecting oil markets and it is worried that high prices are threatening the world economy, reported Reuters. Opec President and UAE Energy Minister Mohammad bin Dha'en Al Hamili said the market is increasingly being driven by geopolitical events and the growing influence of financial investors, both of which are out of Opec's control.
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