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Qatar-Turkey gas pipeline discussed
Qatar has proposed a gas pipeline from the Gulf to Turkey. According to reports in the Turkish press, the two countries are looking into if Qatar can supply gas to the Nabucco pipeline project, which would transport Central Asian and Middle Eastern gas to Europe, bypassing Russia. A Qatar-to-Turkey pipeline might hook up with Nabucco at its proposed starting point in eastern Turkey, the reports said.
Oman to privatise power stations
Oman plans to privatise its existing power stations and invest RO3bn ($7.8bn) in new projects over the next six years, in a bid to boost the economy and reduce the budget deficit as electricity demand grows, Reuters has reported. "The aim is to eventually sell, partly or wholly, government owned power stations to attract more international investors to the country," Sheikh Abdulmalik al Hinai, Undersecretary at the Ministry of National Economy said. The private sector's participation will help reduce the government's deficit in the annual budget, he added.
Lamprell posts declining profit
UAE-based oil and gas engineering services firm Lamprell has reported a 34% drop in first-half profits compared to the same period last year, following lower demand for offshore construction and repair services, MEED has reported. Net profit fell to $31.6m, down from the $47.8m in H1 2008 and revenues were down 18.2% to $259.9m. Booked orders for the company's services totalled $417m in June 2009, down 49% from $818m in 2008, although prospective orders were at their highest level in Lamprell's history, Nigel McCue, Lamprell's CEO said.
Sasref refinery to be upgraded
Saudi Aramco and Royal Dutch Shell have said they plan to upgrade their joint venture Sasref refinery in Saudi Arabia. Plans include the addition of new units to clean exhaust gases from sulphur to protect the environment, Reuters reported. The 305,000bpd refinery will upgrade its Super Claus units, build a new off-gas treating unit, a sour water stripper and other support utilities.
Iraq reduces fees to stimulate oil auction
Iraq has reduced signature bonuses in the hope that a second oil auction, to be held later this year, will prove more successful than the first. However, foreign oil firms may still be put off by the fact that they have to pay non-recoverable fees ion order to take part in the auction, Reuters has reported. Global oil companies were unhappy with the initial auction in June - the first since 2003 - after it became clear that Iraq was unwilling to pay anticipated fees to develop the country's oil fields. 'We expect a better matching between our expectations with what the companies are going to bid in the second round," Iraq's Oil Minister, Hussain al-Shahristani said.
Six consultancies to bid for nuclear contract
Six international companies have been chosen to bid for a contract to provide service-related and technical-related consultancy for the nuclear safety department in Egypt. Part of the Egyptian nuclear program, companies from France, UK, Germany, Canada, USA and South Korea were chosen from 17 initial bids presented in April, the Ministry of Electricity and Energy said. The consultancy finally chosen will be expected to improve employer efficiency through practical and academic training, provide training on the use of nuclear safety codes used in assessment and monitoring, as well as the ability to carry out quality control programs.
GE wins Kuwait power station bid
Kuwait's Central Tendering Committee (CTC) has awarded General Electric (GE) a KD770m contract for building the new AlـSabiya power station, Al Watan Daily has reported. GE was the preferred supplier and will start operations by summer 2011. The contract is expected to be signed once legalities have been completed. The power station is expected to produce more than 2,000 megawatts of electricity, the newspaper said.
Abu Dhabi gets LNG via stake in Oil Search
Abu Dhabi's International Petroleum Investment Company (IPIC) has taken a 17.6% stake in Australian company Oil Search, paying $1.07bn, Reuters has reported. It will be paid for via a five-year exchangeable bond issue and gives IPIC 'material exposure to a significant near-term LNG project in Asia-Pacific, the PNG LNG Project operated by ExxonMobil', the company said in a statement. Oil Search has a 34% interest in the project. IPIC has signed the agreement along with the Papua New Guinea government, through its nominee, Independent Public Business (IPBC).
Iraq: Opec to leave September oil output unchanged
Hussain al-Shahristani, Iraq's Oil Minister, does not believe Opec needs to raise oil production in September. Speaking to Reuters, he said he saw "absolutely no need" to increase output. While signs of a global economic recovery would lead to increased oil demand in the near future, current crude reserves are higher than they have been in the previous five years, he said.
Kuwaiti crude exports to China rise
According to figures by the Chinese government, Kuwait's crude oil exports to China rose 11.8% in July from a year earlier, to 609,500 tonnes. It is equivalent to around 144,000 barrels per day (bpd). Kuwait had provided 3.1% of China's total crude oil imports, compared with 4% in the same month of last year and 3.2% in June, the figures showed. Kuwait's exports in the first seven months of 2009 had totalled 4.67 million tonnes (161,000bpd), up 77.8% from the same period last year.
Saudi gasoline imports remain high
Saudi Arabia has imported 51,114 barrels per day (bpd) of gasoline this month, more than expected by traders, due to stockpiling ahead of Ramadan, Reuters has reported. It was expected to reduce its gasoline imports to 15,000 barrels a day, but bought spot barrels because of start-up problems at the new residual fluid catalytic cracking (RFCC) unit at Rabigh Refining and Petrochemical (PetroRabigh), industry sources said.
Industrial and energy project values fall
The value of energy and industrial investments in the UAE has dropped by 17% in the first seven months of this year due to continuous liquidity problem and investors low-risk appetite. Emirates Business analysis of data from ProLeads reveals that the value of projects plummeted from $213bn (Dhs781.7bn) for 245 projects in January to $175bn for 193 projects in July. The 19 industrial projects, which mostly involve district cooling, are now down to nine, pushing the value to $4bn from $5bn. Oil and petrochemical projects were down 12% and 9% respectively, while power and water saw bigger drop of 43% to 25% respectively. Oil projects, which were valued at $50bn, are now $44bn, while petrochemical projects that were valued at $33bn are down at $30bn. Gas was the only sector that saw an increase, which was primarily due to Abu Dhabi's gas expansion program. (Mac Capital Advisors)
Major Sharjah gas cylinders deal sealed
The Sharjah Economic Development Department (Sedd) has signed a contract with an industrial services company for large supply of liquid gas cylinders that comply with its standards in order to meet market demand. According to the contract Haifa Industrial is to provide Sedd with 7,086 48-litre liquid gas cylinders with an overall value of Dhs900,000. All gas cylinders must be delivered before the end of this year. (Mac Capital Advisors)
Dolphin constructs Taweelah-Fujairah gas pipeline
Dolphin Energy, part of Mubadala Development, said that works on the cross-country gas pipeline to pump gas from Qatar to the east coast of the UAE would be finished by Q3 2010. The project is part of Abu Dhabi's strategic plan, "Plan Abu Dhabi 2030", aimed at providing all necessary infrastructures needed for economic development, decreasing dependency on oil revenues and diversification of the income resources. (Mac Capital Advisors)
Iraq crude exports hit summer high
Iraq's Oil Ministry has said the country's oil exports last month reached 63.1 million barrels, up from 57.7m in June. It is the highest level since the 2003 US-led invasion. Revenues from oil in July reached almost $4.7bn, at an average price of $64.42 a barrel, the ministry said.
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