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Iran fuel imports down by 57%
Iran's daily gasoline imports have fallen about 57 percent since the country introduced fuel rationing last June, a senior oil official said, reported Reuters. The world's fourth-largest oil producer lacks refining capacity and must therefore import large amounts of fuel, which it then sells at heavily subsidized prices. It introduced rationing to curb soaring consumption.Deputy Oil Minister Mohammad Reza Nematzadeh said Iran currently imported 15 million litres of gasoline per day on average, out of total daily consumption of 58.5 million litres.
Qatar plans solar power plant
Qatar is considering building one of the world's largest solar power complexes to help meet demand, which could increase fourfold over the next 30 years, the Middle East Economic Digest (MEED) reported.Gulf Arab states have about 30 per cent of the world's oil reserves and eight per cent of its gas, but an economic boom spurred by record crude prices is driving demand for power and water so rapidly that many are considering turning to alternative energies including nuclear.
OPEC stands back sensing slack demand
In a string of gloomy pronouncements, OPEC pointed to signs of "economic crisis" in the U.S. to justify keeping its oil production unchanged, amid suggestions the group may move to trim output as soon as next month in a bid to support prices, reported the Wall Street Journal. But after meeting in special session, OPEC oil ministers concluded that the weakening U.S. economy looked set to blunt world-wide oil demand, leading to potential oversupply in the second quarter.
Opec steady on oil supply
The Organization of the Petroleum Exporting Countries (OPEC) has kept oil supplies unchanged at 29.67 million barrels, while rejecting US' demand for more oil, reported Reuters. Saudi Petroleum Minister Ali Al-Naimi commented output increase can be pushed if it were needed but that global supply and demand were in balance.
Taqa says annual profit doubled
Abu Dhabi National Energy Co. (Taqa) has announced that its full-year profit more than doubled after the power distributor expanded, reported Bloomberg. Net income surged to 1bn dirhams ($270m), or 0.24 dirhams a share, from 484.9m dirhams, or 0.12 dirhams, a year earlier. Revenue rose to 8bn dirhams from 4.8bn dirhams.
Shell eyes $2.5bn gas project in Iraq
Royal Dutch Shell is considering spending $2.5bn on a natural gas plant in southern Iraq to meet energy demand in the Middle East, reported Bloomberg. The company met with Iraqi officials in The Hague last week to propose building a pipeline that would link the Basrah region to a new facility on the country's coast. Shell would also build a facility that could freeze 16 million cubic meters of gas a day and ship it to Kuwait and the UAE.
Oman to buy 10 crude carriers
Oman plans to buy 10 very large crude carriers (VLCCs) at a cost of RO594m ($1.5bn), reported Khaleej Times. The tender for the purchase was awarded at a meeting of the Tender Board here on Tuesday.
Iran to have nuclear power in 1 year
Iran's President Mahmoud Ahmadinejad said the country will have its own nuclear-generated electricity by this time next year, reported Reuters. Iran's planned first nuclear power plant is sited close to Bushehr. The plant would begin test operations by late October, two days after Russia completed fuel deliveries to the site.
OPEC won't raise output quotas - Qatar says
Qatar's Energy Minister Abdullah Bin Hamad Al Attiyah said OPEC will not raise output quotas at a meeting this week and would consider a supply reduction in the future, reported Bloomberg. Al Attiyah said 'the world has sufficient supply, even oversupplied in some places', but OPEC would consider a production cutback 'if the world economy moves toward a recession'.
Iran puts 1,800km pipeline construction out to tender
Iran's Gas Transmission Company (IGTC) Managing Director Mostafa Kashkuli said the tender of the 1,800km long 9th cross-country gas pipeline was held and contractors offered their financial proposals, reported Tehran Times. The main reason behind the construction of the 9th nationwide gas transmission pipeline was to boost the network in western regions of the country and to export the commodity to Turkey and Europe, National Iranian Gas Company (NIGC) quoted the official as saying. According to IGTC head, more than $5bn will be invested in the project. The line would have the capacity to transmit 110 million cubic meters of gas and would introduce qualified contractors in the near future.
Iran best ME country for energy investment
Norwegian company Econ technical director Paul Parks said Iran was the Middle East's best energy market for investment, reported Tehran Times. Parks, said that political limitations would never discourage international companies from participating in Iran's projects. He added that Iran enjoyed the highest potentials for investment in the projects of CDM and prevention of greenhouse gas emissions. Parks expressed his company's willingness to boost its participation in Iran's gas injection projects.
South Africa supports Iran's nuclear program
South African President Thabo Mvuyelwa Mbeki insisted on his country's support for Iran's nuclear program, saying Iran as a signatory to the Non-Proliferation Treaty (NPT) has legitimate right to use nuclear energy for civilian uses, reported Tehran Times. South Africa has been one of the main proponents of Iran's nuclear program. It has issued many statements in support of Iran's nuclear activities within the troika of Non-Aligned Movement at the International Atomic Energy Agency (IAEA) Board of Governors.
UAE oil firms in the red
Three Dubai-based oil retailers collectively lost more than AED2bn last year on petrol sales because the state-controlled prices of the fuel remained at a standstill at a time when global crude oil prices soared to record highs, reported Gulf News. Emirates National Oil Company (Enoc), Emirates Petroleum Products Company (Eppco) and Emarat are more susceptible to spikes in crude prices since they buy gasoline at market rates from multiple sources. In contrast, Abu Dhabi-based Adnoc Distribution sells fuels sourced entirely from the Abu Dhabi National Oil Company (Adnoc), the UAE's main crude oil producer and refiner.
RAK should use coal-fired power
Ras Al Khaimah should move ahead with a coal fired power station to handle its energy needs, energy and infrastructure project finance advisor firm Terry Dejongh has said. Chariman and CEO Terry Newendrop said RAK should not rely on other emirates to supply its energy needs. That would not prevent the emirate investigating other 'cleaner' energy sources such as solar, but he said modern coal-burning power stations were no longer dirty, and so not a heavy pollutant. RAK has little gas left, but energy company Rakgas, speaking at the MEED Ras Al Khaimah conference, said the company will soon drill a horizontal hole in the hope of increasing its dwindling supplies.
Oil prices to halve from high
International energy and infrastructure project finance advisor firm Terry Dejongh has warned that oil prices are likely to fall further than many forecasts are predicting. While many believe it will fall to about $65 a barrel - and have an average price across 2008 of $81 - Terry Newendrop, chairman and CEO of the company, expects the price to hit closer to $50 a barrel. But he said this was still higher than prices were 15 months ago.
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