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  <description>2005 news and features</description>
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    <title>QP, Honan $2.6bn JV</title>
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    <pubDate>Thu, 29 Dec 2005 14:26:22 +0400</pubDate>
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        Qatar Petroleum said it would develop a $2.6bn petrochemical plant in Qatar in a joint venture with South Korea-based Honam Petrochemical, reported Reuters. Honan will invest 30% in the plant, which will have a production capacity of 900,000 tpy. It is expected to be completed by 2009.
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    <title>Mild weather softens oil</title>
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    <pubDate>Thu, 29 Dec 2005 07:45:47 +0400</pubDate>
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        Oil prices fell as low as $58 a barrel on Wednesday, as mild US weather curbed heating fuel demand.  Prices are up 33% since January and have averaged $56.66 a barrel, almost 37% more than the 2004 average. Analysts are forecasting a price of $57.34 for 2006, according to Reuters.
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    <title>Siemens $2.1bn Saudi contract</title>
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    <pubDate>Thu, 29 Dec 2005 07:41:26 +0400</pubDate>
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        A consortium led by Siemens AG has won a $2.1bn deal to build a power plant and desalination facility in Saudi Arabia. The oil-fired plant will be built 110km south of Jeddah. It will go into service in 2009, providing around 900 megawatts of power to the Saudi grid.
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    <title>Iraq oil needs foreign investment</title>
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    <pubDate>Thu, 29 Dec 2005 07:40:32 +0400</pubDate>
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        Iraq hopes to produce 2.5m bpd by the end of 2006, but needs significant foreign investment to reach that target, according to finance minister Ali Allawi.  The aim is to turno out 3.5m bpd by December 2007, compared with 2m bpd currently.
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    <title>Oil revenues on a high</title>
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    <pubDate>Wed, 28 Dec 2005 09:52:02 +0400</pubDate>
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        The UAE will post oil export revenues of at least $39bn in 2005, which will go above $42.7bn in 2006, according to a report by the US Energy Information Authority cited in Emirates Today. Saudi Arabia is expected to earn $150.1bn in 2005, and $154.3bn next year. Record high oil prices this year are mainly a result of strong global demand, particularly in China and the US.
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