2007
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UAE desludgers face threat
UAE based firms that clear out the oily sludge from the holds of oil tankers are facing a major threat from China, reported Gulf News. Local firms charge between $50 and $200 per tonne to clear out the sludge depending upon its consistency, but Chinese firms are offering to remove sludge for free. The sludge is a mix of oil, water and sediment and can be separated using industrial boilers.
Essar eyes Iran refinery
The National Iranian Oil Refining and Distribution Company is in talks with India's Essar Group about the construction of a refinery in Bandar Abbas in southern Iran, reported Reuters. The proposed 300,000 barrels per day plant would involve an investment of more than $2bn and would support Iran's $18bn plan to meet burgeoning domestic fuel demands. Essar is already discussing the setting up of a steel plant in the country.
Militants seize oil ransom
An attempt to free kidnapped oil workers in Nigeria has failed, with a Nigerian militant group claiming it has seized more than $500,000 in cash sent to secure their release, the BBC reports. Four employees of Italy's Agip oil firm were seized a month ago by the Movement for the Emancipation of the Niger Delta. The group is demanding the release from jail of a regional separatist leader.
BP wins ORC petrol supply
BP has won a deal to supply petrol to Oman Refining Company during a shutdown of its 85,000 bpd Mina Al Fahal refinery, according to Dubai-based traders cited by the Bahrain Tribune. BP will sell 300,000 cubic metres of 95 RON petrol and 40,000 cubic metres of 90 RON petrol.
$5.33bn Saudi water bank plan
Saudi government officials will study a plan to set up a $5.33bn water bank that would meet the kingdom's water needs for 21 years, according to the Saudi Gazette. The northern Tihama region is being considered as a suitable site for the project because of its high rainfall.
Iran predicts $52bn in oil exports
Iran's crude oil export revenues will reach $52bn by the end of the current Iranian year, which falls on 20 March 2007, the Tehran Times quoted an official as saying. The projection is based on Iran getting an average $56 a barrel for its oil.
Opec confident on cuts
Opec members should not have to convene again before the scheduled March 2007 meet because production cuts introduced so far should balance world markets, the group's chief Edmund Daukoru told Reuters. Prices are still volatile despite Opec plans to cut supplies by 500,000 bpd as of 1 February 2007, on top of a 1.2m cut in November 2006. Oil was trading below $59 on Wednesday.
Iran turns off gas to Turkey
Iran has cut off gas supplies to Turkey after cold weather left it short of reserves at home, AFP reported, citing the IRNA news agency. Iran has an agreement with Turkey to supply several billion cubic metres of gas a year. Supplies have been previously affected by disputes over price and quality, and sporadic attacks on the Tabriz-Ankara pipeline, blamed on Kurdish militants.
Oil goes below $59
Oil prices plunged more than $2 a barrel to below $59 on Wednesday, Reuters reports. Unseasonably mild weather in the US cut demand for fuel there, while investors looked for more value in equity markets rather than commodities.
L&T, $94m Abu Dhabi deal
India's Larsen & Toubro has won a contract worth $94.33m to build six electrical substations in Al Ain, the company said in statement. Abu Dhabi Water & Electricity Authority is the client. The project calls for the design and construction of a civil works building and putting in over 120km of 33 kV cabling. It is due to be completed within 18 months.
Oil rises as funds buy
Oil futures rose to around $61.50 a barrel on speculation of hedge fund buying at the start of the year, Bloomberg reported. Oil could rise this week on the expectation US inventories will fall for a sixth week, a Bloomberg survey showed. The Department of Energy will publish its weekly inventory report on 4 January.
Iran, Nigeria joint oil venture
Iranian Offshore Engineering and Construction Company plans to establish a joint oil venture with Nigerian National Petroleum Corporation pursuant to earlier agreements, Tehran Times reported. The joint oil firm would design, construct and install offshore platforms, an official said.
Oil could go lower in 2007
Increased global crude production could push oil prices lower in 2007 from current levels of around $60 a barrel, AFP reports. New York oil futures finished the year 1.5% lower, despite hitting record highs above $78 a barrel in July. Geopolitical instability helped support prices during the year, according to Global Insight oil analyst Simon Wardell.
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