Energy, Oil and Gas

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Middle East Oil and Gas

Opec sees no need to boost output
Opec's head of research said there is no need for the organisation to boost output this year, reported Reuters. Hasan Qabazard said stocks were building as oil production was outstripping demand by 800,000 bpd to one million bpd in the second quarter. Now that Saudi Arabia has boosted supply, stocks should build even more, he added.
Saturday, May 31 - 2008 at 10:20

Malaysia to raise palm oil exports to UAE
Malaysia expects to increase its palm oil exports to the UAE by about 15% this year to meet rising demand for edible oils, reported Gulf News. The UAE's imports this year could cross 400,000 tonnes compared with 354,000 tonnes in 2007, according to the Malaysian Palm Oil Council. At current prices, Malaysia is expected to earn about Dhs1.67bn ($455m) from palm oil exports to the UAE in 2008.
United Arab Emirates: Saturday, May 31 - 2008 at 08:08

GE Energy signs $500m Saudi contract
GE Energy has signed contracts totaling more than $500m to supply gas turbines and generators for power plant projects owned by Saudi Electricity Company. In the first agreement, GE Energy has received a contract to supply gas turbine-generators for the 960-megawatt expansion of the Rabigh Power Plant in Rabigh City, on the west coast of Saudi Arabia. the company also has received a contract for gas turbines that will be used by four power plants owned by SEC.
Saudi Arabia: Thursday, May 29 - 2008 at 10:56

China set to increase oil imports
China's enhanced oil imports since the Sichuan earthquake on May 12 are expected to continue for a much longer time than what was initially thought, reported Gulf News. One factor that is causing Beijing to boost its oil imports is that power plants across the country have been hit by a serious shortage of coal. The government says The State Electricity Regulatory Commission says 32 power plants have been shut down for lack of sufficient coal.
Thursday, May 29 - 2008 at 09:20

GCC faces major gas shortage
GCC countries are facing a critical shortage of gas that could severely hamper their plans to develop their economies, reported the UK's Financial Times. According to some estimates, the cumulative supply shortfall for the six GCC countries up to 2015 will reach at least 7,000 billion cubic feet. The shortages also could have major global implications, impacting future regional projects aiming to meet demand elsewhere.
Thursday, May 29 - 2008 at 09:11

Masdar to invest $2bn in solar technology
Masdar, the wholly-owned initiative by the government of Abu Dhabi through Mubadala Development Company, will invest $2bn in thin-film photovoltaic solar technology, as part of its drive to become a world leader in alternative energy, according to a statement. The total investment is one of the largest ever made in solar, and will fund a three-phased manufacturing and expansion strategy to produce the latest generation of thin-film photovoltaic modules, the company said.
United Arab Emirates: Thursday, May 29 - 2008 at 07:15

Indonesia to quit OPEC
Indonesia, the only OPEC member in South East Asia will leave the organisation today. The announcement comes as the country's annual output stands at 49% of its 1970s peak and industrial disputes have slowed new developments. The country now imports close to 30% of its domestic oil needs.
Middle East: Wednesday, May 28 - 2008 at 15:22

Shell boosts project stake
Royal Dutch Shell has raised to 50 from 40% its stake in a project to explore for gas in Saudi Arabia's Empty Quarter after French Total pulled out of the joint-venture, reported Gulf Daily News. Saudi state-oil company Aramco's stake in the South Rub Al Khali joint-venture will rise to 50% from 30%.
Saudi Arabia: Wednesday, May 28 - 2008 at 11:53