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Al Toukhi inks Ozdil JV
Saudi Arabia-based Al-Toukhi Company for Industry, Trading & Contracting, and Turkey-based Ozdil Energy, Contracting, Trade, and Industry, have signed an agreement to form a 50-50 joint venture to construct overhead transmission line projects in the Saudi Arabia, Arab News has reported. The new JV aims to implement contracts for Extra High Voltage (EHV) transmission line projects in the kingdom, which has a list of such projects with 3,355 km expected to be tendered by 2014.
Qatargas starts new LNG unit
QatarGas has started a 7.8 million-tonne-year LNG production unit, its third this year, Bloomberg has reported. Unit 5, which is a venture between state-owned Qatar Petroleum, Exxon Mobil and Total, would increase the country's annual LNG output capacity to 54 million tonnes or about 75 billion cubic meters of natural gas, the company said.
Japanese firms to develop Iraqi field
A Japanese consortium comprising Nippon Oil and Inpex is negotiating with the Iraqi Ministry of Oil to develop the Nassiriya oilfield, Aswat al-Iraq news agency has reported. 'Negotiations have reached an advanced stage. Technical issues will soon be solved,' the ministry said.
UAE says nuclear contract award not imminent
A UAE government official has denied a report that the country is just days away from awarding the largest ever energy contract in the Middle East for the development of a nuclear power plant. The denial came in response to a Reuters report which said that the UAE was on the verge of naming a winner for the contract worth up to $40bn to build at least four reactors. 'The process is still ongoing,' the official said.
'Everyone likes' current oil price, says Saudi Arabia
Saudi Oil Minister Ali al-Naimi said he believes the global crude oil market is in 'good shape' and 'everybody likes' the current price, Bloomberg has reported. 'The price is good for everybody, consumers, and producers. Everything is in good shape,' he said ahead of the OPEC meeting in Vienna.
OPEC not likely to cut oil output quotas, says Kuwait
Kuwait's oil minister Sheikh Ahmed Al-Sabah said he expects no further reduction in oil output quotas at this week's OPEC meeting in Vienna, Bloomberg has reported. OPEC needs only compliance with the quota and not more production cuts, he said. Oil prices will probably range from $60 to $75 a barrel for the rest of this year, the minister said, adding that $80 is possible.
UAE exports of refined petroleum products to grow
US-based PFC Energy has said that slow demand and increasing production will help the UAE raise exports of refined petroleum products by 26% in 2010, Emirates Business has reported. The country and Abu Dhabi in particular, which is exporting more jet fuel and to a lesser extent fuel oil, has benefited from stagnant diesel consumption, which now stands flat year-on-year, the energy research firm said. 'While the emirate's tight balance forced a near-complete halt of exports in 2008, this year's sales has seen a relative bounty which have so far averaged 12,000 barrels per day in seven months to July,' the report said.
Qatar hikes crude oil prices for August
State-owned Qatar Petroleum has raised its official August selling prices for crude grade 9.6% from July to $71.82 a barrel, Bloomberg has reported. The August price of Qatar Marine grade was increased 10% to $71.27 a barrel.
Yemen LNG to begin production soon
Yemen LNG expects to start production from its new gas liquefaction plant in the 'coming weeks', Joel Fort, the company's chief executive, told Reuters. The first cargo was originally scheduled to be exported in August, but start-up problems, including leaking valves and minor glitches, had delayed first production, he said. 'We are not yet producing LNG but we are flowing gas through the first LNG train at the moment,' he told the news service.
Elections could delay Iraq Shell deal
Iraq's deputy Oil Minister Ahmed al-Shamma believes political opposition to a gas joint venture between Iraq, Royal Dutch Shell and Mitsubishi may delay its finalisation until after national elections in January, Reuters has reported. The gas venture, once in place, will head Iraq's plans to modernise its aging oil and gas facilities, update technology and boost oil output.
Crude price slips ahead of Opec meeting
The belief that Opec will not change crude oil output at its meeting this week has pushed prices down, on the expectation of weaker demand as summer draws to a close. The group is expected to keep output at 24.5845 million barrels a day. Bloomberg reported that crude is poised for its biggest decline in eight weeks, with analysts stating that Opec doesn't mind where the price is, as long as it is higher than $60, but not so high that it curbs demand.
Crude oil on 'slippery slope' to $60
According to technical analysis by New York-based brokerage, Auerbach Grayson, crude oil is on a "slippery slope", after failing to break through resistance and is set to test support at $60.43 a barrel, Bloomberg has reported. The failure of October oil futures to rise above $75.27 - the June 11 high - has made crude vulnerable to "significant decline," the report said.
IFC plans power projects in Yemen
World Bank's International Finance Corporation (IFC) has proposed three independent power projects (IPPs) in Yemen with a combined capacity of 375MW, MEED has reported. Three coal-fired plants will be located in Aden, Al-Hudaida and Mukalla. Tenders are expected in September and will be managed by IFC.
Taqa buys oil blocks from Shell, Exxon
The Abu Dhabi National Energy Co (Taqa) has bought four exploration blocks in Britain's North Sea from Royal Dutch Shell and Exxon Mobil, Taqa's UK subsidiary has said in a statement. The blocks were near North Sea assets that Taqa had previously acquired for $631m in 2008 from Shell and Exxon.
Aramco and Dow cut Ras Tanura JV costs
Saudi Aramco and Dow Chemical expect to save some $4bn on their joint petrochemical complex, as slowing economic activity cuts project costs, Reuters has reported. The project at the Saudi energy hub of Ras Tanura is two years behind the initial schedule. The two firms are expected to make an investment decision on the project next year in the third quarter of 2010.
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