2007
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UAE seeks private investors
The UAE is seeking power and water industry investors for its smaller emirates to meet rising demand, reported Reuters. Abu Dhabi, the largest UAE emirate, opened its utilities to private investment in 1997, and many international companies have profited from investing in the emirate. Now the federal government, which operates plants in the UAE's five smallest emirates, is doing the same as it seeks to address its power and water needs.
Dodsal expands in Tanzania
Dubai-based Dodsal Hydrocarbons and Power (Tanzania), a wholly owned subsidiary of Dodsal Resources, has signed a production sharing agreement with Tanzania's ministry of energy and minerals and Tanzania Petroleum Development Corporation for exploration of oil and gas for the RUVU block in Tanzania. Dodsal Resources has also secured a mining concession in Tanzania of more than a 100 square kilometre area for exploration of gold and multi-metals.
Taqa to borrow $3bn
William Reynolds, Chief Financial Officer of Abu Dhabi National Energy Company (Taqa), said the firm plans to issue bonds worth up to $3bn by the end of the year, reported Emirates Today. He said Taqa, which is majority-owned by the Abu Dhabi government, plans to issue the $2.5-$3bn worth of bonds to help fund acquisitions made in Canada earlier this year. Taqa in September bought PrimeWest Energy Trust of Canada for C$5bn.
BP profit down 45%
BP has reported a 45% fall in third-quarter replacement-cost profit to $3.867bn due to oil and gas production shortfalls, problems at its refining division and fewer asset sales which had boosted the year-earlier result, reported Reuters. Although BP's underlying profits were also lower than last year, they were near the top end of analysts' forecasts, helped by a lower tax rate.
OPEC already raising supply
Opec is already raising oil supply in response to record prices and ahead of its deal to increase output from November, reported Reuters citing a consultant who tracks tanker movements. Opec's 10 members subject to output limits are set to pump 27.5m barrels per day in October, up from a revised 27.2m bpd in September, said Conrad Gerber of Petrologistics.
OPEC hike will ease prices
Kuwait's acting oil minister Mohammad Al-Olaim said oil prices will dip when OPEC raises output to 500,000 barrels a day on Nov 1, but he reaffirmed that the recent surge in oil prices has been due to geopolitics and lack of US refining capacity, reported Kuwait Times. Soaring prices were not the result of imbalanced market fundamentals, he said, adding that OPEC was monitoring the market closely.
New solar power station for Egypt
Orascom Construction Industries, Egypt's largest construction firm by market value, has announced plans to build the region's largest solar power station for $109m, reported Reuters. The 140 megawatt station will be built over 30 months in Kuraymat, south of Cairo.
Makamin ventures with Shengly
Newly established SR1.2bn oil and gas service company Makamin has concluded a strategic alliance agreement with Shengly Oilfield Co. as partners in the operations at Makamin, reported Arab News. The report cited that the company will also go into the manufacture of equipment and spare parts required by the oil exploration and drilling sector.
Iran's nuke chief resigns
Iran's chief nuclear negotiator Ali Larijani has resigned, reported Reuters.President Mahmoud Ahmadinejad has accepted Larijani's resignation, keeping an uncompromising approach in the nuclear standoff. The former secretary of Iran's Supreme National Security Council had been set to meet EU foreign policy chief Javier Solana for more discussions about Iran's nuclear ambitions.
Naftoil to drill in Mauritania
Naftoil Saudi Arabia has signed multi billion dollar oil exploration contract with Mauritanian Government and Hani Salaam of Gulf Regal Corporation. The MoU outlines drilling, exploration, and development rights in two high-prospect blocks in Mauritania, with initial investments exceeding $3bn.
Oil slips from $90
Oil price has slipped to 96 cents to $88.51 a barrel after hitting a record high above $90 a barrel earlier yesterday, reported Reuters. Jump in oil prices has been attributed to the continued weakness in the dollar.
Kuwait awards $313m contract
Kuwait Oil Co. has awarded Autralia-based WorleyParsons a five-year $313m contract for management services, reported AFP. KOC deputy managing director Fahd Al Ajmi said the contract, which is to provide management, engineering, and other services, will support the firm's goal of raising oil production capacity to four million barrels per day by 2020.
Saudi revamps petrol council
Saudi Arabia has revamped the Supreme Council for Petroleum and Minerals, reported Gulf News. The council will be headed by King Abdullah Bin Abdul Aziz, while Prince Sultan Bin Abdul Aziz, the Crown Prince and minister of defence, will be deputy chairman. Most of the previous members retained their positions.
Oil hits $89
Oil prices hit $89 a barrel Wednesday before ending the day lower following a U.S. government report showing larger-than-expected gas and oil supplies, reported AFP. Tim Evans, an analyst at Citigroup Inc. in New York, said a report by the U.S. Energy Department shows that 'inventories are rising, not falling.'
Iran plans gas investments
Iran plans to invest $130bn over the next 20 years to help address growing domestic demand for natural gas, reported Dow Jones. The National Iranian Gas Co said it will allocate $90bn to gas transmission projects and add to its existing pipeline network with 53,000 new kilometres of pipelines and 140 gas booster stations.
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