Energy, Oil and Gas

Related Content

Middle East Oil and Gas

Reliance to increase Saudi oil imports
Reliance Industries, India's largest company, is increasing crude oil imports from Saudi Arabia as it seeks to secure supplies in the midst of rising demand in India and the rest of Asia, P.M.S. Prasad, president of the company's oil and gas business told Reuters. The company, which is building the world's largest refinery, is boosting purchases by at least 90,000 barrels a day, accounting for 30% of Saudi Arabia's output increase of 300,000 barrels a day this month.
Saudi Arabia: Wednesday, June 18 - 2008 at 07:14

Sabic to double output
Saudi Basic Industries Corporation (Sabic) plans to double its current production capacity of 55 metric tonnes per year in 10 years time, according to Ahmed Al Gatai, General Manager, Shared Management Organisation at Sabic. He said the company intends to intend to increase its production gradually to 75 million metric tonnes in 2010 and 130 million metric tones in 2020, making it the top producer of petrochemical products, reported the Bahrain Tribune.
Saudi Arabia: Tuesday, June 17 - 2008 at 14:20

Oil price rise is 'fake', says Ahmadinejad
Iran's president Mahmoud Ahmadinejad on Tuesday said oil prices are being controlled by 'invisible hands' in a 'fake way' for political and economic reasons, reported Reuters. Speaking at an OPEC meeting, Ahmadinejad said the price rise is 'completely fake and imposed' because it is occurring at a time when 'the market is full of oil and the growth of consumption is lower than the growth of production'.
Iran: Tuesday, June 17 - 2008 at 12:01

Refinery shortage blamed for high oil
UAE Oil Minister Mohamed al-Hamli said a shortage of oil refineries is the main cause of record oil prices, reported Gulf News. He said the decision by industrial nations not to invest in new refineries through environmental concerns had caused the shortage.
United Arab Emirates: Tuesday, June 17 - 2008 at 11:20

Adnoc, Dolphin Energy sign 25-year agreement
Abu Dhabi National Oil Company (Adnoc) and Dolphin Energy Limited have signed a 25 year agreement for Dolphin to lease and operate Adnoc's Eastern Gas Distribution System (EGDS) in Abu Dhabi. The EGDS is currently used to supply gas to Adnoc's customers in Abu Dhabi and Dubai and will be leased by Dolphin to deliver the company's processed gas from Qatar to customers across the UAE, and shortly to Oman. The lease agreement replaces a temporary access agreement and interim transportation agreements with Adnoc, according to a statement.
United Arab Emirates: Tuesday, June 17 - 2008 at 10:18

Saudi needs $65bn power and water investments
Saudi Arabia needs an extra 40gigawatts of electricity and 4.5 million cubic metres of water a day as the country's population and industries grow. It needs nine new desalination plants, costing $5bn and 20 to 40 new power plants, costing $60bn. Hesham Al Ghamdi, senior development manager at Acwa Power, said the cost estimates are conservative. Speaking at the Saudi Investment Summit in Jeddah, he said they were needed for various reasons, including a lack of investment over the past 20 years, the population growth, because some facilities are reaching the end of their design lives and due to industrial growth.
Saudi Arabia: Tuesday, June 17 - 2008 at 10:04

KSA to invest $80bn to boost oil output
Saudi Arabia is planning to invest $80bn to increase its oil output to 12.5 million barrels per day and expand its refining capacity by 43% to six million bpd within the next few years, according to a report by the Federation of GCC Chambers of Commerce and Industry. The report predicts that the gross GCC domestic product will grow by 27.9% this year to reach $1tr with the increase in oil prices, reported Arab News.
Saudi Arabia: Tuesday, June 17 - 2008 at 09:36

Oil dips after hitting record high
Light crude hit a record $139.89 in morning trading in New York but reversed its rally by the afternoon, dipping below Friday's close of $134.86 a barrel at $133.90. Saudi Arabia's intention to raise production by 200,000 barrels a day, or 2.0%, from June to July, is suspected to be the catalyst for the erratic trading pattern.
Tuesday, June 17 - 2008 at 07:00