Energy, Oil and Gas

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Middle East Oil and Gas

Costs to affect Gulf energy expansions
The cost of expanding energy capacity in the Middle East has risen as interbank lending rates have risen across the Gulf Arab region, agencies have reported. If credit conditions fail to improve, companies may choose to wait for their projects to be implemented. Joint venture projects between Saudi Arabia's Aramco and France's Total, as well as Aramco and Conoco-Phillips are seen to seek finances by year-end.
Middle East: Saturday, September 27 - 2008 at 09:25 |

Iran eyes $4bn gas pipeline to Europe
Iran is seeking to build a $4bn natural-gas pipeline to the European Union, reported Bloomberg. Deputy Oil Minister Akbar Torkan said Iran is in talks with a 'renowned European company' that may operate the so-called Pars Pipeline.
Iran: Thursday, September 25 - 2008 at 11:18 |

MENAdrill to buy new oil rigs
MENAdrill, an oil and gas drilling services company launched by Bahrain-based First Energy Bank this year, plans to spend $1bn on new rig orders in the next few months, reported Gulf News. Ramzi Al Suwaidi, First Energy Bank's head of investments, said the contracts are likely to be signed within three months and will include a deep-sea drilling ship and an onshore drilling rig. In its first investment, the bank has signed a $400m agreement for two offshore jack-up drilling rigs to be constructed at the Maritime Industrial Services Company yard in Sharjah.
Bahrain: Thursday, September 25 - 2008 at 07:53 |

Shell inks deal for gas venture in Iraq
Iraq signed a multi-billion dollar natural gas deal with Royal Dutch Shell on Monday, reported Reuters. The agreement is between the energy giant and the state-run Southern Gas Company for a joint venture in Basra province in the south. Under the terms of the deal, Iraq will hold 51% in the venture and Shell 49%. The agreement is Iraq's second major energy deal with a foreign firm since the US-led invasion in 2003.
Iraq: Wednesday, September 24 - 2008 at 08:17

Masdar buys $174m stake in wind turbine maker
Masdar, Abu Dhabi's multi-billion dollar renewable energy and clean technology initiative, today announced that it has bought a 120 million euro ($174.8m) stake in WinWinD Oy, a Finnish wind turbine manufacturer. The Move signals Masdar's entry into the lucrative wind energy market. WinWinD is a manufacturer active in the design, development and assembly of technologically advanced 1 and 3 MW wind turbines. Headquartered in Helsinki, Finland, WinWinD has corporate offices in Oulu, Finland and Chennai, India and following this deal there are plans to expand elements of the operation into Abu Dhabi.
United Arab Emirates: Tuesday, September 23 - 2008 at 13:18 |

Taqa to invest $2.5bn in North Sea production
Abu Dhabi National Energy Company (TAQA) plans to invest up to 2.5bn over next 4-5 years to increase its production and buy oil and gas reserves in the North Sea, reported Khaleej Times. Peter Barker-Homek, CEO of TAQA said the company currently has oil and gas assets worth $5bn in the north sea, and it plans to increase that figure to $20bn by 2016.
United Arab Emirates: Tuesday, September 23 - 2008 at 10:19

Record-breaking jump in oil prices
Oil prices spiked more than $25 a barrel Monday - the biggest one-day price jump ever - as worries over the US government's $700bn bailout plan, a weak dollar and an expiring crude contract ignited a dramatic rally, reported AP. Light, sweet crude for October delivery jumped as much as $25.45 to $130 a barrel on the New York Mercantile Exchange before falling back to settle at $120.92, up $16.37.
Middle East: Tuesday, September 23 - 2008 at 07:33

Diesel prices lowered in Dubai again
Dubai oil retailers Emirates National Oil Company (Enoc), Emirates Petroleum Products Company (Eppco) and Emarat have cut the price of diesel at the pumps by 50 fils a gallon for a seventh time in less than two months, following a steep decline in global oil prices, Gulf News has reported. The three oil retailers buy diesel, a deregulated oil product, at international prices and then adjust the local prices, based on the landed cost of the oil product. Diesel prices in Dubai have been coming down from an all time high of Dh19.25 a gallon, a price level last seen on July 28.
United Arab Emirates: Monday, September 22 - 2008 at 09:05