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Dana Gas revenue up 15%
Dana Gas, the Middle East's first and largest regional private sector natural gas company, has reported a 15% increase in its quarterly revenue to Dhs276 million ($75m) for the third quarter of 2007, with a gross quarterly profit of Dhs72m. The company posted a net profit of Dhs22m for the quarter after adjusting for non-cash depreciation and depletion of Dhs56m and finance costs of Dhs30m.
Saudi Kayan to raise $4bn
Saudi Kayan Petrochemical will soon be meeting with investors in the Middle East, Europe and Aisa to raise $4bn in loans, including as much as $2 billion through debt that complies with Islamic law, reported Reuters. Saudi Kayan is a $10bn project 35% owned by Saudi Basic Industries Corp, 20% by Al Kayan Petrochemical Co and 45% by Saudi citizens.
Saudi to reduce diesel exports in 2008
Saudi Arabia's Aramco will cut its diesel exports to 880,000 tonnes in 2008 from 2.2 million tonnes in 2007, and will not renew any of its annual term deals as domestic demand is on the rise, Reuters reported.
Oil falls $2
Crude oil fell more than $2 a barrel yesterday, Tuesday, after the International Energy Agency cut its forecast for global demand through 2008, reported Bloomberg. Crude oil for December delivery fell $2.34, or 2.5%, to $92.28 a barrel at 10.13am on the New York Mercantile Exchange.
Iran denies output hike talk
Iran's Opec Governor Hossein Kazempour-Ardebili has denied that the oil cartel will discuss a possible hike in output at an upcoming meeting this weekend in Riyadh, reported Reuters. Kazempour-Ardebili was replying to comments made by Saudi Arabia's Oil Minister Ali Al Naimi who said the issue would be raised. The Governor added that any increase would be debated at a formal meeting scheduled for early December in the UAE.
Oil trading at $94.2
A slight strengthening of the dollar against the euro and talk of a possible hike in output by Opec helped cool oil prices in early trading today, reported Reuters. US light crude for December delivery was trading at $94.2 a barrel, while London Brent was at $91.5. US oil has declined by more than $4 a barrel since last Wednesday when it touched $98.6.
ExxonMobil, Aramco sell JV
Mobil Investments, an affiliate of US oil firm ExxonMobil, and Saudi Aramco have sold their joint venture (JV) lubricant manufacturer for an undisclosed price. Petromin has been sold to a consortium consisting of Saudi's Dabbagh Group and Gulf Oil International, owned by India's Hinduja Group. Aramco held 71% of Petromin's shares, with ExxonMobil possessing the rest.
Saudi seeks Opec hike
Saudi Arabia is keen to see Opec increase its daily output by 500,000 barrels to help bring down oil prices according to an un-named official familiar with Opec policy and cited by the Dow Jones newswires. It is possible the kingdom will move to have such a hike implemented at talks in Riyadh at the end of the week if prices once again move towards $100 a barrel.
Opec to discuss output hike
Saudi Arabia's Oil Minister Ali Al Naimi has said the member countries of the Opec oil cartel will discuss a possible hike in output at an upcoming meeting in Riyadh on November 17-18, reported Reuters. Oil prices have recently rocketed towards $100 a barrel and consumer nations are keen to see an increase in supply to cool the market. Opec's next formal meeting is in Abu Dhabi on December 5.
$5bn Pakistan deal for AD
Abu Dhabi is to spend $5bn setting up the Khalifa Coastal Refinery in Pakistan, reported Gulf News citing Bilal Pasha, the Commercial Counsellor at the Pakistan Embassy in the capital. The deal will be signed this week in Islamabad and a delegation from Abu Dhabi's International Petroleum Investment Company will be in attendance. The refinery, to be located in Balochistan, will represent the biggest single foreign direct investment in Pakistan.
12 killed in Yemen
12 people were killed on Thursday during clashes between security personnel representing an un-named Ukrainian oil firm and Yemeni tribesmen, reported Reuters. The incident occurred in the eastern province of Shabwa and it is believed six tribesmen from the Bel-Harath tribe and six security officers were killed. An oil pipeline was blown up by tribesmen last Monday. Sources claim the tribe has been seeking jobs and contracts for its members.
Enel into Saudi Arabia
Italian energy firm Enel has signed a deal with the Saudi Arabian General Investment Authority and will launch a number of projects in the kingdom, reported Arab News. Enel will set up digital electricity meters and develop electricity transport and distribution grids according to its CEO Fulvio Conti. The firm will also participate in renewable energy initiatives including thermodynamic solar plants.
Lebanon power plants
Lebanon is to build a privately owned electricity plant in Zahle and its first wind-powered plant in the Bekaa Valley, reported the Daily Star. The 50 megawatt electricity plant will be developed by the Zahle Electricity Company, while Lebanon Wind Power will build the wind-powered facility. Zahle, a privately run firm, is not beset by many of the problems affecting Electricite du Liban such as poor management and low bill collection.
BJ PPS pipeline operation
BJ Process and Pipeline Services (BJ PPS) has completed a pipeline pre-commissioning operation for Subtec Middle East at the Atlantis development in the UAE. BJ PPS provided services including flooding, dewatering, hydrotesting, air-drying and nitrogen purging to minus 20 degrees Celsius on the 14 inch diameter pipeline which extends 75 kilometres from the Atlantis platform to the shore at Ras Al Khaimah.
Adgas awards $613m contract
The Abu Dhabi Gas Liquefaction Company (Adgas) has awarded a $613m engineering, procurement and construction contract to Middle East Projects International, a wholly-owned subsidiary of French outfit Technip, for its offshore associated gas project on Das Island, reported Gulf News. The plant will compress, dehydrate and deliver offshore gas to the onshore Habshan processing facility. The project should be operational by late 2009.
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