2007
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Opec gearing up for meeting
Oil Ministers from member countries of Opec are to be begin gathering in Abu Dhabi from this evening for a meeting on Wednesday, December 5, which will determine whether the group will raise its output levels, reported the AFP. Saudi Arabia's Oil Minister Ali Al Naimi, who arrives in the UAE tonight, has already said the market is well supplied, while oil prices have recently dipped by 10%.
Samsung builds Saudi refinery
South Korea's Samsung Engineering Company is to build a $430m refinery for Saudi Aramco at Ras Tanura, 70 kilometres from the Jubail Industrial Complex, reported the Dow Jones newswires. The diesel hydrotreater, which reduces the discharge of sulphur dioxide from diesel, should be completed by June 2010. Samsung Engineering is involved in eight projects in Saudi Arabia worth $4bn.
Ahmadinejad to appease Gulf
Iranian President Mahmoud Ahmadinejad will attend the opening session of the 28th GCC Summit which is set to get underway today, Monday, December 3, in the Qatari capital Doha, reported Gulf News. Ahmadinejad is attending as a 'guest' but it is thought he will attempt to reassure the Gulf's leaders of his country's intentions with regard to its controversial nuclear policy and he is likely to make an address.
Oil supply 'ample' says minister
Saudi Arabia's Oil Minister Ali Al Naimi has said there is 'absolutely ample supply' in the global oil markets at the present time, reported Reuters. Al Naimi's comments will lead to strong speculation that the Opec oil cartel which meets this week in Abu Dhabi will refrain from raising its output. The minister said recent price rises towards $100 a barrel had nothing to do with supply issues.
Oman ups China Gas holding
China Gas Holdings, a piped gas distributor, has said the Oman Investment Fund has upped its stake in the firm to 5.00% from 4.7%, in a deal worth around $3.9m, reported the Dow Jones newswires. The Omani fund said it bought 8.8m additional shares at a price of HK$3.4 early last week. The Oman Oil Company also holds a 7.3% stake in China Gas.
SK wins $700m KPC contract
The Kuwait Petroleum Corporation (KPC) has handed a $700m contract to build a gas plant to South Korea's SK Engineering and Construction Company, reported Reuters. The facility, to be located at the Mina Al Ahmadi oil refinery, will process 800m cubic feet of associated gas and 106,000 barrels of natural gas condensates to produce ethane, propane and butane gas. Construction is expected to take 38 months.
Oil below $89
Oil prices slipped below $89 on Friday as concerns over the state of the US economy, the world's number one consumer, made an impact, reported Reuters. US light crude hit a one month low of $88.7 a barrel, a dip of $2.3, while London Brent fell just under $2 to reach $88.3. Oil prices have fallen around 10% in the space of a week after breaking above $99 a barrel.
Dana to deliver Iranian gas to the UAE
Dana Gas, a UAE-based natural gas producer, expects to start delivering Iranian gas to the UAE by the start of 2008, reported Bloomberg. Dana Gas is about 21 per cent owned by Sharjah-based Crescent Petroleum, which in 2001 signed an agreement for Iranian gas that Dana would distribute.
Abu Dhabi to supply more crude oil to Asia
Abu Dhabi will supply full term volumes of crude oil to its Asian customers for January and additional barrels to at least three buyers to meet their winter demand, reported Reuters.
Iran's NICOC to boost oil output
Alireza Zeighami, Managing Director of the National Iranian Central Oil Company (NICOC) announced that the company's oil output will touch 160,000 barrels per day (bpd) by the end of March 19, 2008, reported Tehran Times. He added that this hike means more 15,000 barrels when compared to the figure of last two months of 145,000 barrels. Shifting to gas output, he said that the NICOC will produce 295-300 million cubic meters of commodity by March 19.
Jordan to be supplied with Iraqi oil
Bayan Jabr Solagh , Iraqi Finance Minister has discussed plans with Jordanian officials to build an oil pipeline from Iraq's Haditha to Jordan's Aqaba port, reported Press TV. Solagh discussed the issue with Jordanian Prime Minister Nader Dahabi and Finance Minister Hamad al-Kasasbeh. Previously Baghdad made a deal with Amman in August 2006 to provide it 10 to30 per cent of its daily oil needs.
MoU signed for wind farm in Egypt
The Italcementi Group of Italy, through its subsidiary Italgen, has signed a Memorandum of Understanding (MoU) with the Egyptian Ministry for Energy and Electricity, which creates the opportunity to develop a major wind farm on the Red Sea coast, reported PEI. The MoU is part of the energy policy plan issued by the Egyptian government to support foreign investment in the development of renewable energies, with an initial focus on wind and solar. Italcementi has been closely and actively working with the Ministry for Electricity and Energy to identify a feasibility plan for international investment in the wind sector, in accordance with the Egypt's Development Plan of ensuring at least 20 per cent of electrical power is be generated from renewable sources by 2020. According Italcementi the wind farm in will be completed by mid-2008 and could reach via subsequent stages a total installed power of 400 MW, making it one of the world's largest wind power farms.
Khoory named CEO of ENOC
Dubai-based Emirates National Oil Company has named Saeed Abdullah Khoory as the firm's new chief executive officer of ENOC, effective Dec. 1, 2007. Khoory takes over from Hussain Sultan, who retires as group chief executive of ENOC, a position he has held for the last 35 years since the group's start-up. Khoory has 28 years experience with the company.
Oil market 'well supplied'
OPEC's president and the Saudi oil minister on Wednesday reiterated that oil markets are well supplied and that high prices are unjustified, reported Reuters. Neither official would give any indication about whether OPEC will raise output at the group's Dec. 5 meeting in Abu Dhabi.
Oil drops to $93
Oil prices fell for a third straight day on speculation that OPEC will agree to raise output next month. Crude oil for January delivery dropped as much as 53 cents, or 0.6%, to $93.89 a barrel in electronic after-hours trading on the New York Mercantile Exchange.
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