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ABB wins $60m Saudi Electricity deal
Swiss engineering group ABB has said that it has won orders worth $60m from the Saudi Electricity Company, Saudi Arabia's national power transmission and distribution utility, to improve the power efficiency of 28 distribution substations. ABB will responsible for the design, engineering, supply, installation and commissioning of the projects, which are expected to be completed by 2010, according to the Wall Street Journal. Furthermore, ABB will provide power factor correction for 19 substations rated 33/13.8 kilovolts in the central, southern and northwestern provinces, and for nine, 132/33 kV substations in and around Riyadh.
Iraq allocates $2.4bn for electricity deals
The Iraqi minister of finance has said that $2.4bn has been allocated to pay for electricity contracts with General Electric (GE) and Siemens, Aswat al-Iraq has reported. The ministry has called for coordination with the Central Bank of Iraq (CBI) to send the money orders in an attempt to improve electricity production in the country. In December 2008 the ministry signed a $3bn contract with GE to import power stations with a capacity of 7,000 megawatts. The ministry had signed a further contract with Siemens to build new electricity generating stations with a capacity of 3,300 megawatts.
Iraq oil proceeds hit $20bn
The Iraqi Ministry of Oil has said that the country's oil export proceeds until the beginning of this month stood at $20bn, Aswat al-Iraq has reported. The annual oil revenues have jumped from $5bn in 2003 to $60bn in 2008, the ministry has noted. The director general of oil marketing in the ministry, Falah Jassem al-Aamery, called on the Ministry of Finance to assume an oil price of $30-$40 a barrel for the 2010 budget.
Saudi tops 2007 butane export list
According to a report by Al Sharqia Chamber's Information centre, Saudi Arabia topped the list of global butane exporters in 2007 with a total value of exports of this type of gas amounting to nearly SR9.3bn ($2.5bn). The volume of butane exported from the Kingdom during the same year accounted for approximately 3,990 tons, representing about 15.7% of the total quantity of butane exported around the world, estimated to be 25,369 tons in the same year, the report has said.
Syria power shortfall of 1,000 megawatts
Syria has a daily shortfall of up to 1,000 megawatts (MW) in its electricity supplies and this has led to power cuts sometimes lasting several hours, the official daily Al Thawra has reported. The deficit is forecast to remain around 1,000 MW next year, rising to 1,400 MW in 2011 and 1,800 MW in 2012, the newspaper has said. Syria's power generating capacity is officially 7,188 MW, while peak demand from the country's 22 million people is around 6,500 MW. 'But power stations have a lower output (by as much as 20%) because of the age of some production units and heat waves,' Al Thawra has said.
Price of crude 'to hit $95 by 2010'
Auerbach Grayson, a US-based stock broker, has said that crude oil may reach $95 a barrel by early next year after rising to a seven-week high this week, Bloomberg has reported. 'The oil market is in a strong position for a further move to the upside,' Richard Ross, a technical analyst at Auerbach Grayson, has said. 'There was a 70% pullback from the peak last summer to the trough. A 50% retracement brings you right to $95,' he added.
Kuwait Oil tenders booster station
Kuwait Oil Company (KOC) has tendered a major new construction contract to build a new booster station 171 (BS-171) in West Kuwait, worth an estimated $800m, Meed magazine has reported. BS-171 comprises three high and low-pressure gas trains, each capable of processing 125 million cubic feet a day (cf/d) of sour gas. The gas will come from the existing gathering centres 17, 27, 28 and the new gathering centre 16.
BG Egypt begins production
BG Egypt, a subsidiary of UK-based BG Group, has said it has started gas production from its Sequoia subsea development, Reuters has reported. BG Egypt's production accounts for over 40% of the country's gas output. Sequoia is a unitised development which straddles both the West Delta Deep Marine and Rosetta concessions and lies 90 kilometres offshore from Egypt in the Mediterranean.
Iraq readies new oil licensing round
Iraq's oil ministry has said that preparations are underway for the launch of the second round of licences during a promotion conference in Istanbul, Turkey, Aswat al-Iraq news agency has reported. "The one-day Istanbul conference will be attended by 45 qualified companies, including 35 that participated in last year's round," the ministry said.
BlackGold starts Iraq oil exploration
BlackGold, a wholly owned subsidiary of Al Zarooni Enterprises, has entered the energy exploration and production market in northern Iraq, Khaleej Times has reported. Oil exploration is scheduled to start in 2010, with production likely commencing in early 2011, the company has said.
Dammam Energy Park to create 2,000 jobs
Saudi Aramco has signed a memorandum of understanding with Oilfields Service Contracting (OSCC) to help set up an Energy Park in Dammam in Saudi Arabia. The project, which is expected to cost around $250m, will be built on 1.5 million square meters of land at Dammam's Second Industrial City. OSCC will plan, build, own and operate the Energy Park, which aims to get over 120 companies from around the world to build and run facilities on the site. Once operational in mid 2011, it is expected to create around 2,000 jobs.
Gulf crude prices down
Middle East crude oil prices have fallen, amidst concerns that lower refinery profits will limit demand from processors, Bloomberg has reported. Oman for immediate loading fell $1.68, or 2.3% to $72.18 a barrel. Meanwhile, Dubai oil for loading in October declined by 2.4% to $71.60 a barrel.
KBR wins Saudi/Conoco refinery contract
Saudi Aramco and ConocoPhillips have awarded KBR an engineering and procurement contract for utilities and interconnecting systems and pipe racks at the Yanbu refinery in Saudi Arabia, Reuters has reported. The 400,000 barrel a day refinery, which has been delayed due to the financial downturn, is expected to start operations in the third quarter of 2014 and cost about $12bn to build.
Qatar Fuel net profits soar
Qatar Fuel (WOQOOD) has posted a 16% increase in net profit to QR407m in the first half of the fiscal year 2009, an increase of QR56m compared to the same period of 2008. Total assets increased by 20% to QR4.2bn, compared to QR3.5bn for the same period of 2008. Shareholders equity increased by 56% to QR2.5bn, compared to QR1.6bn for the same period of 2008.
Over 400 wells prepped at Khurais
Saudi Aramco has said that its Southern Area Production Engineering and Production Services Departments prepared more than 400 wells for completion in preparation for the giant Khurais oil field to come on stream in June. The departments managed 232 oil-producer, 119 water-injection, and 58 observation wells, as well as stimulation work and the installation and testing of electrical submersible pumps. The stimulation work covered 118 power-water injectors and 14 oil producers, reported Yourindustrynews. It included the pumping of 12 million gallons of fluid. Aramco added that the use of rigless coiled-tubing technology tripled injection rates in comparison with conventional methods using drill pipe in a rig.
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