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Iran bonds to fund refinery projects
Iran plans to sell about $555m in bonds to fund refinery projects in the country, amid threats that companies selling gasoline to Iran may be penalized, Bloomberg has reported. Proceeds from the bond sale will finance production of gasoline at the Abadan refinery and work at the Esfahan refinery.
Iran to up gasoline production
Noureddin Shahnazizadeh, the head of Iran's National Refining and Distribution Company has said that the country plans to increase gasoline production capacity by more than 50% by 2012, Reuters has reported. Gasoline production would be increased by 6.4 million litres a day next year with improvements under way at the refineries in Tehran and Abadan, he said.
Qatargas final platforms installed
Qatargas has announced the installation of the last of three topsides and pipeline risers onto the QW8 jacket of the QG3&4 Project. The pipelines and topsides will now be hooked up and fully commissioned in preparation for the introduction of gas.
NSH opens Abu Dhabi office
Nassir S Al Hajri Corporation (NSH), a Saudi-based industrial contracting firm, has set up its first full-fledged office in Abu Dhabi, Emirates Business has reported. The company, which specialises in oil and gas, power and petrochemical projects and employs about 50,000 employees across the GCC, has said it plans to recruit 8,000 employees for new refinery work it expects in the UAE capital.
Tasweeq to take over Qatar crude selling
Qatar Petroleum's crude oil selling business will be taken over by International Petroleum Marketing Co. (Tasweeq) in 2010, Reuters has reported, citing trade sources. Created in 2007, Tasweeq is set to market all Qatari refined oil products, liquefied petroleum gas (LPG) and condensate.
Qatargas delays shutdown of LNG Train 4
Qatargas has postponed the shutdown of its LNG train 4 to early next year, according to a company spokesperson, Bloomberg has cited. The 7.8 million-ton-a-year train 4 is a joint venture between state-run Qatar Petroleum and Exxon Mobil Corp. The company has scheduled the facility to be closed for two weeks this month for inspection.
Iran open to foreign investment in energy sector
Iran's deputy oil minister has said the country is open to foreign companies investing in its energy sector, Bloomberg has reported. The National Iranian Gas Company is also open to potential ventures with private groups, he said. Iran plans to invest $50bn during the next 10 years on liquefied natural gas projects.
Oman to assess potential for refinery in Duqm
Oman Oil Company has signed a cooperation agreement with UAE-based International Petroleum Investment Company to explore the potential of developing a refinery and petrochemical complex at Duqm, Oman. The agreement will entail an in-depth assessment of the both the feasibility and implementation of the proposed project.
Era of 'cheap oil' may be over, says report
A new report has warned that the era of 'cheap oil' is over, as there is a 'significant risk' that global production of conventional oil could 'peak' and decline by 2020. The UK Energy Research Council study say most governments are showing little concern about oil depletion, even though the 10 largest oil producing fields in the world are all in decline.
'Loose' policy could push oil above $100, says Merrill
According to Bank of America Corp.'s Merrill Lynch unit, oil may jump above $100 next year as emerging market demand rises and 'loose' monetary policy weakens the US dollar. 'A vicious cycle of rising oil prices, rising capital inflows in emerging markets, continued emerging market currency appreciation and in turn higher emerging market commodity demand could trigger a sharp deterioration of terms of trade in OECD economies, putting the fragile global recovery at risk,' the analysts said in the report.
LNG supplies to tighten from 2015, says Qatar
Faisal Al-Suwaidi, the chief executive of Qatargas, has said that postponing planned natural gas liquefaction facilities amid the current global slump in natural gas prices will lead to tight supplies by 2015, Reuters has reported. LNG consuming nations must prepare for the coming tight supply situation, he said.
OPEC not to hike output, says Kuwait
Kuwait's oil minister has said OPEC is likely to maintain oil production levels at its next meeting. 'I don't expect any output change in December,' Sheikh Ahmad al-Sabah told reporters in Kuwait. He also said he expects oil prices to stay between $60 and $80 till the end of the year.
Taqa to invest $1bn
Abu Dhabi National Energy Company (Taqa) is negotiating with three firms in the mid and downstream sector, as it seeks to meet its $1bn spend target for the fourth-quarter, Reuters has reported. Taqa has already invested $1.5bn and plans to continue its buying spree and could spend a further $1bn before the end of this year, the firm's chief executive, Peter Barker-Homek said. 'We are working on a number of transactions and that will get me to meet the target. We are working on three targets,' he said.
UAE inks nuclear deal
UAE President Sheik Khalifa bin Zayed Al Nahyan has signed into law the regulatory framework for building 'a peaceful nuclear energy sector,' the Associated Press has reported. The law complies with regulations of the UN's International Atomic Energy Agency (IAEA), under which the country will be prohibited from developing its own program to enrich uranium or reprocess spent nuclear fuel.
Kuwait Petroleum posts October LPG prices
The Kuwait Petroleum Corporation (KPC) has announced new October prices for liquefied petroleum gas (LPG), which consists of propane and butane, Kuna has reported. Propane will be sold for $575 per metric tonne, $10 higher than its price in September, while Butane will be sold for $595 per metric tonne in October, KPC has said.
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