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Middle East Oil and Gas

Qatar and Shell in JV in China
Qatar and Royal Dutch Shell, along with PetroChina, plan to build an oil refining and petrochemical complex in China, reported Reuters. The refinery and petrochemical venture represents Qatar's first foray into the massive Chinese oil market, following Saudi Arabia and Kuwait.
Qatar: Wednesday, June 25 - 2008 at 07:15

Qatargas inks deal with CNOOC
Qatargas has signed a sales and purchase agreement to supply two million tonnes per annum of liquefied natural gas under a 25-year agreement to China National Offshore Oil Corporation. The LNG will be delivered into five terminals in China, Fujian LNG Terminal and Guangdong LNG which are already operational, with Shanghai LNG Terminal to start in 2009. The supplies will also go to Zhejian LNG and Hainan LNG Terminals when they become operational.
Qatar: Tuesday, June 24 - 2008 at 10:27

Demand for more oil 'does not exist'
Opec President Chakib Khelil said oil producers cannot raise output without demand for extra oil supply, and at the present time that demand does not exist, reported Reuters. He said supply and demand was balanced and prices would remain high until the end of the year due to speculation, developments in the dollar and possible policy decisions by the European central bank.
Saudi Arabia: Tuesday, June 24 - 2008 at 07:20

Oil prices climb despite talks
Oil prices have climbed on Monday, overshadowing Saudi Arabia's pledge to pump more crude if needed, the Financial Times has reported. Nymex West Texas Intermediate rose $1.30, or 1% to $136.66 a barrel, while Brent crude climbed $1.62, or 1.3% to $136.48 a barrel. Geopolitical tensions arising between Israel and Iran is seen to threaten the 40% of global oil exports moving through the Strait of Hormuz, which separates Iran from the Arabian peninsula.
Middle East: Monday, June 23 - 2008 at 14:17

Saudi oil supply on demand basis
Saudi Arabia's Ministry of Petroleum and Mineral Resources has announced that the increase in oil production beyond a planned 200,000bpd in July is dependent on customers demanding increased quantities, Arab News has reported. Minister Ali Al-Naimi said at the Jeddah Energy Meeting that the kingdom's capacity would be 12.5 million bpd by the end of 2009 and could rise to 15 million bpd, if necessary.
Saudi Arabia: Monday, June 23 - 2008 at 09:20

Aramco, Total ink refinery deal
Saudi Aramco and Total have inked their shareholders agreement to establish a joint venture, the Jubail Refining and Petrochemical Company. The refinery will process Arabian heavy crude, maximizing the production of diesel and jet fuels. Saudi Aramco will own 62.5% of the company, while Total takes up 37.5%.
Saudi Arabia: Monday, June 23 - 2008 at 08:51

Oil summit begins today
Government and business leaders convene today in Jeddah, Saudi Arabia, with the aim of resolving soaring oil prices, according to news reports. Earlier, Saudi Arabia has committed to help stabilise oil prices, and has promised to increase its output. State-owned Saudi Aramco is expected to add 500,000 barrels. While market speculations are highly seen as culprit for high prices, other experts see curbing demand growth as an important factor.
Saudi Arabia: Sunday, June 22 - 2008 at 09:08

Oil giants close to enter Iraq
Iraq's Oil Ministry has said the country is close to signing oil-service contracts with big Western companies, reported Arab News. BP, Chevron, ExxonMobil and Royal Dutch Shell are viewed as among the companies that eye on providing the expertise to help Iraq increase its production.
Iraq: Saturday, June 21 - 2008 at 08:13 |