2007
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China signs $2bn oil deal with Iran
Sinopec, one of China's biggest energy companies has signed a $2bn deal to develop a huge oil field in Iran, defying US calls for a trade boycott with Tehran, reported Al Jazeera. Under the deal the company will eventually help pump out 185,000 barrels of oil a day from the Yadavar field in southwest Iran.
Hill planning joint oil venture with Egypt
International construction manager Hill International announced on 10 December that it has plans to launch a joint venture with the Egyptian Ministry of Petroleum to provide project management on oil and gas projects in the MENA region reported the Philadelphia Business Journal.
Indian Oil plans $9bn Egypt refinery
The Indian Oil Corporation (IOC) is to work with the Egyptian General Petroleum Corporation to build a refinery and petrochemical complex in Egypt, reported Reuters citing the Economic Times. The IOC's Director for Planning and Business Development, B.M. Bansal, said the plant's location, size and cost had still to be finalised. But un-named sources said the venture will be located at either Gamasa or Port Said and will cost $9bn.
Arcapita in $401m Varel deal
Bahrain's Arcapita Bank and its affiliates have completed the acquisition of Varel International, a manufacturer of drill bits for the oil and gas industry, for $401.4m. Varel manufactures high-performance polycrystalline diamond compact and roller cone drill bits and is headquartered in Texas. With the recent acquisition of Profine in Germany, Arcapita has now completed over $1.4bn of investments within the last two months.
Oman plans $2bn Kish investment
Oman has proposed making a $2bn investment in Iran's Kish Island gas field, reported the Mehr News Agency. Mahmud Zirakchianzadeh, the MD of the Iranian Offshore Oil Company, said the two countries would form a joint investment company and the Gulf Arab state would also receive 1bn cubic feet of gas per day via a 500 kilometre long pipeline.
Abu Dhabi to invest $27bn
Abu Dhabi is likely to invest around $27bn in its oil industry over the next five years according to estimates from the Abu Dhabi Chamber of Commerce and Industry (ADCCI) and cited by Emirates Business 24/7. The ADCCI said the emirate invested almost $15bn between 2001 and 2007, with almost $3bn forked out this year. The investment has helped the sector grow by 11.7% per annum over the past seven years.
Sinopec close to Yadavaran deal
Iran's Oil Minister Gholamhossein Nozari has revealed the Islamic Republic is close to announcing a multi billion dollar deal with China's Sinopec for the development of the Yadavaran oil field, reported the AFP. Iran first inked a deal with Sinopec regarding the field, which contains around 3bn barrels of crude, in 2004. The deal may well involve China buying 10m tonnes of natural gas per annum for a 25 year period.
Oil sector set for spending hike
Major energy firms like Saudi Aramco and ExxonMobil are likely to hike their spending by 11% next year to $369bn, on the back of record oil prices and mushrooming drilling costs, reported Bloomberg citing a Lehman Brothers Holdings survey. The sum represents a sixth straight year of increases. Much of the investment will go on new oil and gas ventures in Africa, Russia and Latin America.
Opec to up spare capacity
Abdullah Al Badri, Opec's Secretary General, has said the oil cartel has plans to crank up its spare capacity in the coming years, from its current level of 3.5m barrels per day (bpd), reported Gulf News. Opec's spare capacity should hit around 5m bpd by 2012, thanks in part to new production coming on stream in main producer Saudi Arabia. Al Badri said the aim is to eventually hit 9m bpd.
Saudi Electricity $1bn deals
Saudi Electricity has handed out deals worth just over $1bn to three local firms to expand a power plant, reported Reuters citing the Saudi Press Agency. The companies have been contracted to develop the Rabigh power plant and connect it to the grid supplying the kingdom's Western Province. Saudi Electricity intends to spend more than $50bn ramping up its capacity by 60% in the next eight years.
MB Holding buys Century
Australian engineering firm Downer EDI is to sell its oil, gas and geothermal drilling division Century Resources to the Oman based MB Holding, reported Reuters. The transaction will occur in two phases with 51% of Century transferring over to MB in the first instance with Downer retaining the balance of shares. The deal values Century at around $137m; MB could pick up the remaining 49% stake in the next few years.
Iran drops dollar
Iran's Oil Minister Gholamhossein Nozari has been quoted as saying the Islamic Republic has now 'completely halted' the sale of its crude oil in US dollars, reported the AFP citing the local ISNA. Nozari described the dollar as 'unreliable' in the wake of its deprecation but the minister did not specify in which currency Iran was now being paid for its oil. Japan has been paying for its oil in yen.
Bleak future for Iraqi oil law
Iraq's Oil Minister Hussain Al Shahristani has said 'irreconcilable' differences between various groups in the country's parliament will scupper any chance of the much delayed oil law being passed in the near future, reported Reuters. The law is seen as critical to attracting significant foreign investment into the country and a draft was drawn up in February. Al Shahristani also said Iraq was now exporting 2m barrels of oil per day.
Bapco inaugurates LSDP plant
The Bahrain Petroleum Company (Bapco) has inaugurated its $700m low sulphur diesel production (LSDP) plant. The facility aims at reducing the sulphur content in the diesel produced by Bapco, from 0.7% to less than 0.001%, or less than 10 parts per million. It is hoped the new LSDP plant will generate revenue of around $300m for the government.
Iran cuts petrol imports
Iran has seen a 54% drop in its petrol imports over the first eight months of the Iranian year which began on March 21, reported the Tehran Times citing figures from the Islamic Republic of Iran Customs Administration. The country has imported 2.3m tonnes of the fuel, valued at around $1.5bn, during the period under review. Iran's policy of rationing fuel, which started in June, has helped save around $1.8bn.
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