2007
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Sohar power plant inaugurated
The Sohar independent power and desalination plant has been formally inaugurated. The $550m facility has been in commercial operation since May and it is able to deliver 585 megawatts of power to the main Oman interconnected system. The plant also provides around 33m gallons of drinking water per day.
Qalhat $130m repayment
Oman's Qalhat LNG has signed a loan repayment acceleration agreement with Calyon Paris which will see it repay $130m of a $600m loan previously set up with a group of banks, reported the Oman Daily Observer. The transaction will cut Qalhat's overall repayment period by five and a half years and comes about after the firm managed to complete an unspecified international project ahead of time.
Gasco, Dodsal $152m deal
Abu Dhabi Gas Industries (Gasco) has awarded the $152.3m contract for the engineering, procurement, construction and commissioning work for its new natural gas liquid pipeline network to Dodsal Engineering and Construction, reported the local WAM news agency. Work got underway on November 11 and the network should be completed within 23 months, including commissioning and testing. The old pipeline network will be demolished once the new one is in place.
Iran nuclear plant on track
Russia and Iran have established a timeframe for the completion of the Islamic Republic's first nuclear power station at Bushehr, reported Reuters. Sergei Shmatko, the President of Russian contractor Atomstroiexport, which is building the facility, said an announcement would be made at the end of December. Construction work has previously been delayed over accusations that Iran was behind in its payments, but Shmatko said all 'problems' had been resolved.
Aramco may up Showa stake
Saudi Aramco could increase its stake in Japan's Showa Shell Sekiyu, reported Reuters citing remarks made by VP Adil Al Tubayyeb in Japan's Nikkei business daily. Saudi Aramco presently holds a 15% stake in the firm, making it the second largest shareholder after Royal Dutch Shell. Al Tubayyeb would not provide a time frame but suggested a deal might be more likely if Showa looked like it might diversity its operations.
Sinopec ups Iranian imports
Chinese refiner, the Sinopec Group, is to nearly triple its imports of Iranian crude next year, reported Reuters. The firm will receive 160,000 barrels per day (bpd) rather than the current level of 60,000 bpd. If an additional agreement between China's Zhuhai Zhenrong Corporation and the National Iranian Oil Company is considered, China will import 400,000 bpd from the Islamic Republic in total, representing about 6% of its daily needs.
Taqa targets $60bn
The Abu Dhabi National Energy Company (Taqa) hopes to have assets of $60bn within the next five years, reported Gulf News. CEO Peter Barker-Homek said the firm presently had assets of $21bn, with six transactions worth $11bn being wrapped up in 2007 thus far. Barker-Homek said Taqa was producing 165,000 barrels of oil per day, with reserves of 600m; each barrel cost $12 to produce.
Oman Oil seeks India deals
The Oman Oil Company is in negotiation with India's Reliance Industries and the Tata Group concerning possible join ventures, reported Bloomberg citing a senior official. The firm's CEO Ahmad Al Wahaibi also revealed Oman Oil may increase its stake in a project it is developing with the state-owned Bharat Petroleum. The $2.6bn Bharat Oman Refineries, in Madhya Pradesh, will be capable of processing 120,000 barrels per day of crude.
Saudi helps cover UAE drop
A drop in oil production in the UAE last month due to oil field maintenance was partly covered by a hike in output in Saudi Arabia and Angola, reported Bloomberg citing an Opec monthly release. The UAE scaled back production by 481,000 barrels per day (bpd), but Saudi cranked up its output by 125,000 bpd while the African state upped its capacity by 84,000 bpd.
Oil at $91.3 a barrel
A 0.8% rise in consumer prices in the US helped push the price of US light crude down almost a dollar to $91.3 a barrel, reported Reuters. Meanwhile, London Brent for January delivery was up 55 cents at $92.7. Opec's latest report suggests demand for the fuel will ease in 2008 as the US economy slows down; oil prices have fallen off highs of nearly $100 a barrel just last month.
Saudi to secure steady oil supply to Asia
Ali Naimi, Saudi Arabia's Oil Minister has recently said in Singapore that his country is willing to supply its customers in Asian nations with oil, both in times of abundance and in times of scarcity, reported ANI. Last year Saudi Arabia supplied Asia with more than 4.5 million barrels of oil a day, approximately one half of the kingdom's daily output and one quarter of total Asian imports.
Egypt in talks with India for $9bn refinery
Egypt is in talks with India's top state-run refiner Indian Oil Corp to jointly build a $9 billion refinery and petrochemical complex in Egypt, Oil Minister Sameh Fahmy said, as reported by Reuters. The estimated value of the project is $9bn, the minister said. A senior Egyptian oil ministry official said that EGPC is expected to form the initial joint venture with IOC in the first quarter of 2008.
Saudi Electricity plans $7.4bn budget
Saudi Electricity has said it plans to spend 27.6 billion riyals ($7.4 bn) on projects in 2008, its largest ever budget projection, reported Reuters. The budget includes 331 new projects in electricity generation, transport and distribution as well as some support services. The firm is the Gulf's largest utility by market value.
Oil prices to rise in 2008
U.S. Energy Information Administrator Guy Caruso said oil prices will jump more than 18% per barrel in 2008 due to tighter supplies and increased demand, reported AP. Caruso said the average price of crude oil was $66 in 2006, is expected to rise to $72 this year, and will reach $85 a barrel in 2008.
Conoco in project agreement with Qatar
ConocoPhillips, the US's third-largest oil company has signed an agreement with state owned Qatar Petroleum International to start up and develop international energy projects outside Qatar, reported FT. It is still unclear what ConocoPhillips will get by helping Qatar develop outside its borders.
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