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Saudi Electricity posts biggest loss in years
Saudi Electricity Company has posted its biggest quarterly loss in at least four years, reported Reuters. The Gulf's biggest utility by market value reported a loss of 543 million riyals ($144.8m) for the three months to December 31, an increase of 10.4% compared with the year-earlier period. No more details about the quarter were given.
EMAL awards $490m contract to GE
Emirates Aluminium Company Limited has awarded the Power Island Contract to General Electrical International Operations Company. The contract has an estimated value of Dhs1.8bn ($490m) and includes the following equipment: six 9FA GE combustion turbine generators; four bypass stacks for simple cycle operations; four heat recovery steam generators with exhaust stacks; two steam turbine generators; and two sea water cooling surface condensers. The project is scheduled to start receiving GE equipment in December 2008, ending with the last equipment deliveries in July of 2009.
UAE launches $2.2m Zayed Future Energy Prize
The government of Abu Dhabi has announced the establishment of the Zayed Future Energy Prize, which will award $2.2m annually to honour individuals and organisations for their excellence in the innovation, development and implementation of sustainable energy solutions, reported WAM. The winner of the prize will receive $1.5 million. Two more finalists will be awarded $350,000. The award is named after the UAE's founding father Shaikh Zayed bin Sultan Al Nahyan who fostered the UAE's commitment to sustainability and environmental responsibility.
Abu Dhabi plans $15bn investment in green energy
Abu Dhabi plans to spend $15bn in the first phase of an initiative to develop green energy and build the world's largest hydrogen power plant, reported Reuters. Abu Dhabi's Crown Prince Sheikh Mohammed bin Zayed al-Nahyan said the investment would be part of the Masdar initiative, set up to develop sustainable and clean energy.
Oil drops to $88
Crude oil prices hit a five-week low in New York as world stock markets extended losses, reported Bloomberg. Crude oil for February delivery was at $88.09 a barrel in after-hours electronic trading on the New York Mercantile Exchange at 8:50 a.m. in Singapore.
Wind turbine begins producing power
The Middle East's largest wind turbine has begun producing electricity on Sir Bani Yas island off the western coast of Abu Dhabi. The wind turbine, which is 65 metres high and has three rotor blades each with a 52-metre wing span, has a production capacity of 850 kilowatts per hour. The produced energy is being used to power the island's facilities alongside conventional supply from the national grid. The wind turbine, the only one of its kind in the region, was manufactured by Vestas Denmark.
GCC petrochemical investment to hit $120bn
Investment by GCC countries in the chemicals and petrochemicals sector is projected to reach $120bn during the next five years, reported Gulf News, citing figures from the Gulf Organisation for Industrial Consulting show. In 2006, GCC investments in the sector were around $70bn.
World oil production declining slower than expected
A new study by Cambridge Energy Research Associates has found that output from the world's oilfields is declining significantly slower than many analysts have assumed, reported Reuters. The study of more than 800 oilfields revealed that output is slowing 4.5%, compared to the 8% that analysts had predicted. Analysts said the study casts doubt on theories that global oil production may soon hit a peak due to steep declines at maturing fields.
Iran makes progress with nuclear program
Iran had made progress in the explanation of certain questions concerning its controversial nuclear program, International Atomic Energy Agency (IAEA) chief Mohammed El-Baradei said, reported Xinhua. Baradei declined to comment on the possible further sanctions against Iran, pointing out that it would be a political decision by the Security Council.
Reliance invests $1.14bn in gas discovery
India's Reliance Industries plans to produce 35-40 million cubic metres of gas a day from six finds in the Mahanadi block, a senior source at the upstream regulator said, reported Reuters. Government approval could come by April once Reliance submitted a timeline for production.
UAE crude oil up in December
The UAE raised its crude oil output to 2.48 million barrels per day in December, 15.3 per cent higher than in the previous month, led by Abu Dhabi's offshore crude output resuming after November maintenance of its major producing fields, reported Gulf News. The UAE's current targeted monthly output for crude is 2.57 million bpd, while its sustainable production capacity is 2.75 million bpd.
Saudi vows to boost output when needed
Saudi oil minister Ali Al-Naimi said the kingdom would boost oil output when the market needed more, responding to a call from US president George W. Bush for Opec to curb high prices, reported Rueters. Al-Naimi said he is concerned about high oil prices, but did not say specifically whether Opec would raise supply at a February 1 meeting.
Oil slips below $92
Oil fell more than $2 a barrel to fall below $92 on Tuesday based on fresh concerns that the US economy is heading into a recession, reported Reuters. US crude dropped $2.41 to $91.79 a barrel by 1530 GMT. Oil hit an all-time high of $100.09 on January 3.
Bush says high oil prices are tough on US
US president George W. Bush said during a visit to Saudi Arabia that oil prices were 'very high' and 'tough on the US economy,' reported Reuters. He said Opec should 'keep in mind the effect of high energy costs on the economy when it considers output policy,' adding that he would discuss the issue with King Abdullah bin Abdul Aziz Al Saud.
Qatar to double condensate production
An official with Qatar Petroleum has said the country plans to more than double its output of condensate, a light oil produced in association with natural gas, by 2012, reported Bloomberg. Ali Hassan Al Sidiky, director of downstream ventures at the state-owned company, said production in the country is forecast to rise to 700,000 barrels a day from 250,000 barrels a day in 2006. The output will all come from the North Field.
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