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Saudi to tap Asia demand in oil, gas expansion
Saudi Arabia Oil Minister Ali al-Naimi, the kingdom is tapping the rising demand in Asia and has begun expanding started and upgrading its oil and gas production and refining business at a cost of $100bn, Bloomberg has reported. Al-Naimi added that Saudi Arabia is doubling its domestic and international oil refining capacity by 2015 while kingdom's current share of refining capacity in China, Japan and South Korea amounts to 1.32 million barrels a day.
Taqa Q3 profits fall 88%
State-controlled Abu Dhabi National Energy Co. (Taqa) has reported an 88% fall in third-quarter profit, as income from oil and gas sales fell, Bloomberg has reported. Net income had dropped to Dhs90m ($24.5m), from Dhs723m a year earlier, the energy producer said. Sales also dropped to Dhs3.9bn from Dhs4.5bn.
Dragon Oil Enoc takeover to be rejected
Baillie Gifford & Co, Dragon Oil's largest minority investor has said that it would reject a takeover bid from controlling shareholder Emirates National Oil Co. (Enoc) that values Dragon at $3.9bn, Reuters has reported. The 455 pence-a-share offer 'materially understates the fundamental and strategic value' of Turkmenistan-focused Dragon, the firm said. Clients' holdings under the management of Baillie Gifford & Co. amount to 4.2% of the issued share capital of Dragon Oil.
Abu Dhabi to tender power project
Abdulla Al Nuaimi, director of privatization at Abu Dhabi Water and Electricity Authority (Adwea) has said the authority will launch the tender for a giant power and desalination project aimed at helping meet soaring domestic electricity and water demand in Q1 2010, Dow Jones News has reported. The new complex, to be built and run by the private sector, will have capacity to produce 1,500 megawatts of electricity and between 60 million and 100 million gallons a day of desalinated water, he said. Adwea is mulling using natural gas, diesel or crude oil as feedstock for the independent water and power project, he added.
Qatar Petroleum buys Shell Chemicals stake
Qatar Petroleum International (QPI) has signed agreements with Shell Eastern Petroleum, in which QPI acquires stakes in two Shell Chemicals joint ventures in Singapore, Reuters has reported. Through the venture, QPI and Shell will effectively hold 50% of the Petrochemical Corporation of Singapore and 30% of The Polyolefin Co. (Singapore). The deal will be completed in December.
Oil price at 'good level' for Oman, says central bank chief
Hamud Al-Zadjali, Governor of Oman's central bank, has said that oil prices have risen to 'a good level' that will help the Sultanate implement its development plans, Reuters has reported. Oman is boosting oil production at a time when OPEC members, which supply about 40% of the world's crude oil, have reined in output.
Partnership formed to run Bahrain field
Abu Dhabi's Mubadala Development Co, the National Oil and Gas Authority of Bahrain and US-based Occidental Petroleum Corp have formed a partnership to run an oil and natural gas field in Bahrain, Reuters has reported. Tatweer Petroleum-Bahrain Field Development Co will begin operating Bahrain Field immediately, and oil production is expected to peak at 100,000 barrels per day with natural gas production of 2.5 billion cubic feet per day. Under the terms of the agreement, Occidental holds a 48% stake, with Mubadala holding 32% and the Bahrain oil and gas authority holding the rest.
OPEC will not boost production, says official
Hasan Qabazard, OPEC's head of research, has said the group will not need to increase oil production levels when it meets next month in Angola, as stockpiles are 'very high', Bloomberg has reported. 'I don't see that production should be increased,' he told the news service. 'Stocks are a worry, particularly the product stocks. At current calculations we will go to stock build early next year.'
Three Iraqi oil fields to pump 6m barrels, says minister
Iraq's oil minister, Hussain al-Shahristani, has said he expects three of the country's oil fields to pump more than 6 million barrels a day once foreign companies complete development work they were awarded this year, Bloomberg has reported. 'This is higher than what we were hoping for from all the eight fields in the first bid round,' he said. Iraq is the only OPEC member not bound by the group's quotas system and expects this exemption to last for many years.
Qatar to buy stake in Shell's Singapore venture
Qatar Petroleum International will sign an agreement today to take a stake in Royal Dutch Shell's chemical joint ventures in Singapore, Bloomberg has reported. Shell's investments in the Singapore petrochemicals industry include two polyols plants and a joint-venture styrene monomer and propylene oxide plant, in addition to a 50% stake in the Petrochemical Corp. of Singapore, a chemical joint venture with Japan-Singapore Petrochemicals Co.
Korea Gas to test clean fuel before building Saudi plant
State utility Korea Gas has said it plans to test market a low-cost clean cooking fuel derived from natural gas and coal in South Korea before signing a final agreement to build a plant a $342m in Saudi Arabia, Bloomberg has reported. The new fuel is a blend of dimethyl ether, commonly used in spray cans, and liquefied petroleum gas. The company had signed a preliminary agreement with the Saudi Arabian government on November 1 to build a 300,000 tonne-a-year plant in Jubail by 2013.
Iran-UAE gas dispute to go to arbitration
UAE-based Crescent Petroleum has said that a three-person international arbitration tribunal has been formed to settle a longstanding dispute over a gas deal between the firm and National Iranian Oil Company, Reuters has reported. NIOC and Crescent had signed the 25-year gas contract in 2001, with a price linked to oil, but as oil rallied in the following years, some officials and politicians in Iran called for the price formula to be revised and blamed the price dispute for delivery delays. Crescent, however, says the contract with its agreed price is internationally binding.
Sembcorp wins power plant deal in Oman
Oman's tender board has awarded Singapore's Sembcorp Utilities a contract to build a 450-megawatt power plant in the southern port city of Salalah, Reuters has reported. The plant will supply electricity for the expansion of the Salalah free trade zone and new housing units planned in the area.
Aramco to raise gas supplies 30%
Saudi Aramco plans to raise its daily gas supplies by 30% within five years to 8 billion cubic feet, reported Al-Hayat, citing the company's CEO Khalid al-Falih. Aramco will also increase its daily supplies in ethane to 1 billion cubic feet and those of liquefied natural gas to 850,000 barrels, Al-Hayat quoted him as saying.
Egypt to sell diesel to Bangladesh
Egypt-based Middle East Oil Refineries (MIDOR) has agreed to supply state-owned Bangladesh Petroleum Corporation (BPC) with 60,000 tonnes of diesel for consumption during January-June period of next year, Reuters has reported. The deal aims to diversify sources of fuel as demand is rising sharply, BPC said. MIDOR had approved Bangladesh's proposal to sell diesel at a premium of $3.90 per barrel, which is lower than the rates offered by Gulf refineries.
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