Energy, Oil and Gas

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Middle East Oil and Gas

Oil rises as Iran test-fires missile
Crude oil rose today, Wednesday, after Iran test-fired a long-range missile capable of reaching Israel, reported Bloomberg. The Iranian exercise heightened concerns of an attack by Israel, which was said last month to have rehearsed an air-strike on Iran. Crude oil for August delivery rose as much as $2.24, or 1.7 percent, to $138.28 a barrel in electronic trading on the New York Mercantile Exchange.
Iran: Wednesday, July 09 - 2008 at 13:41

Dophin Energy to fence pipeline
Dolphin Energy said work is about to begin to fence key sections of its Al Ain to Fujairah Gas Pipeline in the UAE. The contract for $19.1m has been awarded to Al Husam General Contracting Establishment of Abu Dhabi, who will erect fencing along more than 100 kilometres of the 184 kilometre pipeline. This programme has been designed to improve security and to ensure public safety.
United Arab Emirates: Wednesday, July 09 - 2008 at 10:57

Conoco, Adnoc sign gas deal
ConocoPhillips and Abu Dhabi National Oil Company (ADNOC) have signed an agreement to develop the Shah Gas Field in Abu Dhabi. The project involves the development of natural gas condensate reservoirs within the field, located onshore approximately 180 kilometers southwest of the emirate. The project will involve the construction of a new one billion cubic feet/day natural gas processing plant at Shah, and new natural gas and liquid pipelines and sulfur-exporting facilities at Ruwais, UAE.
United Arab Emirates: Wednesday, July 09 - 2008 at 10:05

Oil falls to $136
Oil prices, which hit record heights close to 147 dollars a barrel just last week, plunged again on Tuesday as resurgent worries about an economic slowdown stoked fears about future energy demand. New York's main oil futures contract, light sweet crude for August delivery, tumbled by $5.33 to close at $136.04 a barrel.
Middle East: Wednesday, July 09 - 2008 at 07:04

Dubai World may face rival bid for OGK-1
OGK-1 CEO Vladimir Khlebnikov said Dubai World and its partner may face competition for the Russian power generator as another group of investors is preparing a bid, reported Bloomberg. Dubai World and Moscow-based Roskommunenergo have until Oct. 1 to structure the purchase of a controlling stake, Khlebnikov said. Roskommunenergo last month offered $5.3bn for about 75% of OGK-1.
United Arab Emirates: Tuesday, July 08 - 2008 at 11:25

Exxon to get world's biggest LNG tanker
Samsung Heavy Industries is to deliver the world's biggest liquefied natural gas tanker to Exxon Mobil Corp.'s venture in Qatar in August, reported Bloomberg. The 266,000 cubic-metre capacity tanker, Mozah, named after the wife of the Emir of Qatar, can hold almost twice the amount of LNG as conventional tankers.
Qatar: Tuesday, July 08 - 2008 at 09:43

Ipic pledges $300m to gas fund
The Abu Dhabi government-owned International Petroleum Investment Company (Ipic) has committed to invest an initial $300m as cornerstone investor to the Middle East and North Africa Associated Gas and Global Environment Fund. The fund aims to raise $1.5bn for investment in projects to capture associated gas from crude oil production and to use it to generate electricity and other products.
United Arab Emirates: Tuesday, July 08 - 2008 at 09:31

Saudi Aramco cuts crude prices for US
Saudi Aramco has cut its official selling prices for light crude shipments to the US in August, reported Bloomberg. The world's largest state oil company reduced the price of Extra Light crude by $2.30 to a premium of 10 cents a barrel above the West Texas Intermediate benchmark, compared with $2.40 in July.
Saudi Arabia: Tuesday, July 08 - 2008 at 09:28