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THE ECONOMY - OIL AND GAS

Al Hameli, US official discuss cooperation

Posted on 23/03/2011

UAE Energy Minister Mohammed Dhaen Al Hameli said the current surge of oil prices has no relation with the supply and demand principles of the market. During his meeting with Robert Hormats, Under-Secretary of State for Economic Affairs of the US, he attributed the soaring oil prices to the geopolitical developments in the region and the speculations in the oil market carried out by the speculators. "The OPEC monitors the oil market closely and interacts positively with the repercussions of ...  >>MORE

Ipic emerges as the sole winner

Posted on 21/03/2011

The Abu Dhabi Government-owned International Petroleum Investment Company (Ipic) has emerged as the sole foreign winner of an Algerian oil and gas licence in that country's latest bidding round, through its nearly completed takeover of the Spanish petroleum company Cepsa. Last week Cepsa won a contract in the Rhourde Rouni area of eastern Algeria's Berkine basin in the Sahara, in which Russia's Gazprom last year discovered oil and gas. The Rhourde Rouni contract was the only one in the ...  >>MORE

Fujairah oil storage facilities to double

Posted on 16/03/2011

The UAE plans to double fuel oil storage facilities by 2012 at Fujairah, combining with a new crude pipeline to create an alternative energy export hub outside the Strait of Hormuz. "At present there are 121 storage tanks representing approximately 3 million cubic metres of storage," said Mohammad Saeed Al Kindi, managing director of Fujairah Petroleum Products at a conference on Tuesday. "By the end of 2012 we expect this to increase through private investment to 262 tanks, representing a ...  >>MORE

US$1billion Ipic bond likely this week

Posted on 09/03/2011

Abu Dhabi's International Petroleum Investment Co. (Ipic) plans a dual-tranche five-year and 10-year benchmark bond issue denominated in euros, sources said on Tuesday, with early price talk indicating a big premium. Four sources, including one at an arranging bank, said that whispers, or very early price indications, on the five-year tranche were in the range of low 200 basis points over midswaps and mid to high 200 basis points over midswaps for the 10-year. This would equate to a yield ...  >>MORE

UAE to start oil exports via Fujairah in mid-year

Posted on 03/03/2011

Abu Dhabi will start pumping the first crude oil by mid-year through a new giant pipeline that will enable it to bypass the strategic Strait of Hormuz waterway by exporting as much as 1.8 million barrels a day via Fujairah, where plans for a grassroots refinery are also regaining momentum, a person close to the situation said. Initial crude exports from Fujairah, located outside the Arabian Gulf on the Gulf of Oman, are due to start in the second half and will reach full capacity in early ...  >>MORE

ADNOC announces cuts in oil allocations during next April

Posted on 02/03/2011

The Abu Dhabi National Oil Company (ADNOC) announced yesterday a 10pc cut in Murban allocations to its clientele for April, 2011. The moves came in accordance with the OPEC decision to reduce production. - Emirates News Agency, WAM ...  >>MORE

More Adnoc stations to sell CNG

Posted on 01/03/2011

The Abu Dhabi National Oil Company (Adnoc) is working on some of its petrol stations in the Northern Emirates to accommodate compressed natural gas (CNG) fuel distribution network and creating specialised garage facilities to convert vehicles on diesel or petrol to CNG use. At least three petrol stations in Sharjah are getting ready to sell CNG gas. The Natural Gas Vehicles (NGV) project is progressing as per schedule and more Adnoc stations will be dispensing CNG. "We have been working ...  >>MORE

Emgas invests US$30m to expand infrastructure

Posted on 28/02/2011

Emirates Gas LLC (Emgas), a wholly owned subsidiary of the Dubai government-owned energy group Enoc has invested US$30 million (Dh110 million) into the first phase of its infrastructure building programme for the distribution of Compressed Natural Gas (CNG). The phase will take place between 2011 and 2014 and will focus on building two CNG main stations connected to the existing natural gas pipeline as well as four to five CNG sub stations. Phase two which has an estimated investment value ...  >>MORE

Dubai crude breaches US$100

Posted on 24/02/2011

The price of Dubai crude, South Korea's benchmark, surpassed the price of US$100 for the first time in 30 months due to political unrest in the Middle East and Libya. Yoon Jong-won, director-general of the economic policy bureau at the Korean Strategy and Finance Ministry, said: "Oil price hikes could accelerate inflation in emerging economies, including Korea, due to gains in import prices.” "Korea will also have to revise policy measures for oil prices again,” he added. According to the ...  >>MORE

OPEC members should stick to quota: Energy Minister

Posted on 23/02/2011

Riyadh - The current situation in Libya is unlikely to affect oil prices since the market is well supplied, said UAE Energy Minister Mohammed bin Dhaen Al Hameli. Al Hameli told WAM yesterday at the sidelines of the International Energy Forum in Riyadh that some OPEC members were producing their quotas. "Some (OPEC) member countries are not committed to their respective quotas. It is very important to adhere to quota at this time," he added. Al Hameli, who headed the country's delegation to the ...  >>MORE

Dana Gas operations in Egypt unaffected by crisis

Posted on 20/02/2011

Dana Gas PJSC, the Middle East's first and largest regional private sector natural gas company, has confirmed that its operations were not affected by the recent turmoil in Egypt, with production and output levels sustained during the turbulence. Dana Gas operations are located in the Nile Delta and Southern Egypt, far from the urban centres which typically saw the most disruption and this, together with the strong relationships with the local communities and Egyptian national oil companies, ...  >>MORE

Abu Dhabi in US$5billion Cepsa takeover

Posted on 20/02/2011

Abu Dhabi increased its refining exposure by taking over Cepsa after buying half the Spanish oil company from French group Total for 3.7 billion Euros (US$5 billion). Wednesday's deal allows Abu Dhabi to extend its refining capacity, while giving Total cash to invest in upstream developments. The acquisition is being made through Ipic, a wholly-owned Abu Dhabi government fund which has a mandate to invest in the oil sector outside the emirate. It raised its Cepsa stake to 47 per cent in ...  >>MORE

Al Hameli: OPEC provides secure and steady supply of oil

Posted on 15/02/2011

Minister of Energy Mohammed bin Dhaen Al Hameli stressed that over the last fifty years, OPEC has seen moments of great drama such as the oil crisis in the early 1970s, the oil price collapse in the mid-80s, the price rise of 2008, geopolitical tensions and even wars affecting member states. However, these events are of minor significance compared to the overall achievements of the organisation. These include the secure and steady supply of oil, the sustainable economic development of its ...  >>MORE

OPEC50 UAE Energy Forum has highlighted positive contributions of OPEC, UAE's OPEC Governor

Posted on 15/02/2011

Ali Obaid Al Yabhouni, UAE Governor for OPEC, said on Monday that "OPEC50 UAE Energy Forum" has highlighted the positive contributions OPEC made to the oil market over the last 50 years. He said this in his concluding remarks at the end of OPEC50 UAE Energy Forum held at the Health Sciences Auditorium, CERT Technology Park Abu Dhabi and attended besides other by Mohamed Bin Dhaen Al Hameli, UAE Energy Minister, Dr. Ramzi Salman, advisor to Qatar Minister of Energy, Emad Bu- Hulaigah, GM ...  >>MORE

ADNOC LPG price down by 12%

Posted on 07/02/2011

The Abu Dhabi National Oil Company (ADNOC) Distribution on Friday announced that LPG cylinder prices would be reduced by 12 per cent for consumers in the Northern Emirates with effect from Sunday. The price for a 15.5kg cylinder has been reduced from Dh49 to Dh43. "As of Sunday, ADNOC Distribution will reduce the price of gas cylinders by up to 12 per cent in the Northern Emirates as part of the company's commitment to its customers and consumers,” said ADNOC in a statement. Residents in ...  >>MORE

UAE to stay reliant on gas imports

Posted on 06/02/2011

Massive investments will sharply boost the UAE's gas production over the next few years but domestic demand will overtake the increase in output, according to a Western report. From around 49 billion cubic metres (bcm) in 2010, the country's gas production is projected to surge to 61.5 bcm in 2015, the London-based 'Business Monitor International' said in a report on the UAE. Domestic consumption is forecast to peak at nearly 78.5 bcm in 2015 compared with around 62.1 bcm in 2010, said the ...  >>MORE

Japan's Cosmo wins UAE extension, new stake

Posted on 06/02/2011

Japanese refiner Cosmo Oil Co. said on Thursday that one of its subsidiaries had been granted a 30-year extension on stakes in oilfields in the UAE as well as a new concession area nearby. The agreement grants Abu Dhabi Oil, of which Cosmo Oil owns 63 per cent, extensions on the Mubarraz, Umm Al Anbar and Neewat Al Ghalan fields. It will also make the Tokyo-based company the sole holder of the undeveloped Hail field, located 10 km southeast of Mubarraz Island, from Dec. 6, 2012 for a ...  >>MORE

ADNOC announces GSP for January

Posted on 03/02/2011

The Abu Dhabi National Oil Company (ADNOC) announced yesterday the prices of its crude oil for January, 2011. A company statement said that the Government Selling Prices (GSP) for crude oil FOB Abu Dhabi ports for the month of January 2011 are as follows: Murban (US$ 95.55) per barrel, Lower Zakum (US$ 95.60), Umm Shaif (US$ 95.15) and Upper Zakum (US$92.70) per barrel. - Emirates News Agency, WAM ...  >>MORE

Dana Gas fourth-quarter profit beats expectations

Posted on 01/02/2011

The UAE's gas company Dana Gas yesterday posted fourth-quarter profits of Dh59 million, beating analysts' expectations due to increased output from Egypt and Iraq and higher fuel prices. Full year results showed an increase of 40 per cent in revenues at Dh1.785 billion and profits rising 80 per cent to Dh158 million over the previous year. The fourth quarter revenue breakdown was not provided and profits were calculated based on the earnings in the first nine months. Ahmad Al Arbeed, ...  >>MORE

Statoil eyes re-licensing rounds in Abu Dhabi

Posted on 01/02/2011

Statoil, Norway's biggest oil producer, plans to challenge Abu Dhabi National Oil Co's existing partners such as ExxonMobil Corp and Royal Dutch Shell for a role in the UAE's resources. "We are positioning ourselves for the re-licensing rounds in 2014 and 2018, showing Adnoc that they can have added value from us," Neri Askland, Statoil's Abu Dhabi and Gulf Cooperation Council country representative, said in an interview in his office on Monday. "We haven't earmarked any specific field, ...  >>MORE

Dubai crude prices set for April

Posted on 30/01/2011

The Dubai Department of Oil Affairs announced on Thursday that it has set the official selling price of the Dubai crude for the next April at parity to the Oman oil OSP. The April Oman OSP is the average of settlement prices traded on the Dubai Mercantile Exchange (DME) in February. This meant that the prices remained unchanged from the previous month. The DME, the first stock exchange for trading commodity futures and energy in the Middle East, provides a business environment characterised by ...  >>MORE

ADNOC announces nomination cut during March, 2011

Posted on 27/01/2011

Abu Dhabi National Oil Company (ADNOC) announced yesterday nomination cut during March 2011 will be as follows: Murban 10%, Lower Zakum 10%, Umm Shaif 5% and Upper Zakum 10%. It added that Murban, Lower Zakum, Umm Shaif and Upper Zakum cargoes will be treated at Max/-5% tolerance loading basis. ADNOC further stated that the move is in accordance with the OPEC decision to reduce production. - Emirates News Agency, WAM ...  >>MORE

Abu Dhabi to link gas facilities

Posted on 27/01/2011

Abu Dhabi has launched an ambitious project to link its massive offshore gas facilities with onshore networks as part of an ongoing development plan in its hydrocarbon sector, an official has said. The government-owned Abu Dhabi National Oil Company (Adnoc), one of the world's largest oil firms, is carrying out the project which also involves heavy investment in oilfield capacity expansions, said Saif Al Nasseri, Planning Division Manager and Gas Processing Division Manager, Exploration and ...  >>MORE

ADNOC selects Occidental Petroleum as partner in development of Shah Gas Field

Posted on 23/01/2011

Abu Dhabi National Oil Company (ADNOC) and Occidental Petroleum Corporation (NYSE:OXY) has reached an agreement in principle for Occidental to join the development of the Shah Gas Field in the Emirate of Abu Dhabi, United Arab Emirates. According to a press release on Thursday, Occidental will take a 40 per cent participating interest while ADNOC will retain its 60 per cent participating interest in the Project and in the operating company Abu Dhabi Gas Development Company Limited, ...  >>MORE

UAE oil put at 97.8bn barrels

Posted on 23/01/2011

The UAE's proven oil reserves remained unchanged at around 97.8 billion barrels at the end of 2009 while total Arab recoverable crude resources swelled by around three billion barrels, according to official figures. The region's gas wealth was up slightly by around 200 billion cubic metres and Qatar remained the dominant gas power in the Arab world, accounting for just under half the region's total gas deposits, showed the figures by the 10-nation Organisation of Arab Petroleum Exporting ...  >>MORE

Al Hameli, IEA chief stress importance of sharing energy information

Posted on 19/01/2011

Mohammed bin Dhaen Al Hameli, Minister of Energy, received yesterday Nobuo Tanaka, Executive Director of the International Energy Agency (IEA), who is in Abu Dhabi to attend the ongoing World Future Energy Summit. Mr. Tanaka said his trip to the UAE provides an important opportunity to boost cooperation and consultation with the UAE on issues related to renewable energy. The two sides stressed the importance of sharing information and exercising complete transparency to assist international ...  >>MORE

UAE is committed to oil market stability: Al Hameli

Posted on 19/01/2011

The UAE is committed to stability of the world oil market, Mohammed bin Dhaen Al Hameli, UAE Minister of Energy, affirmed yesterday. 'Hike and fluctuations of oil prices have nothing to do with the demand and supply fundamentals and the market is well supplied for the time being, he said during separate meetings with Gregory Barker, UK Minister of State for Energy and Climate Change, and Iris Evans, Minister of International and Intergovernmental Relations, Province of Alberta, Canada, who are ...  >>MORE

National Drilling Company expands operations whilst maintaining high environmental and sustainability standards

Posted on 18/01/2011

National Drilling Company (NDC) attaches significant importance to its operations and policies in respect to the Environment, and in ways that are mutually advantageous to the company and to society. Thus it works continuously on integrating all environmental aspects into its mainstream operations to maximise the efficiency and productivity of its resources and minimise practices that might adversely affect, the Environment the local communities and the society at large. Being the sole ...  >>MORE

Current oil prices attract investment to renewable energy industry: Al Hameli

Posted on 17/01/2011

Current crude oil prices are encouraging investment into alternative and renewable sources of energy, Mohammed bin Dhaen Al Hameli, Minister of Energy, said yesterday. The UAE, he said, was determined to diversify its mix of energy using fossil, nuclear and renewable sources. 'The UAE stands ready to cooperate with friendly countries for exchange of advanced expertise, training and technology in renewable energy,' the minister said during separate meetings with Walter Steinmann, Secretary of ...  >>MORE

Diesel prices to rise 15 fils from Sunday

Posted on 13/01/2011

Petrol suppliers in the UAE intend to raise diesel prices by 15 fils from Sunday, the seventh price hike in nearly 18 months, local reports said on Thursday. Eppco, Enoc and Emarat, the leading petrol distributors in Dubai and other northern emirates, agreed to lift the price to Dh2.90 from Dh2.75 per litre as from Sunday, Albayan Arabic language daily said. It said the three companies, which get some of their supplies through imports, reached the agreement at their recent meeting in ...  >>MORE

Adnoc close to giving Cosmo oil stake extension

Posted on 12/01/2011

Abu Dhabi National Oil Company (Adnoc) looks set to extend the stakes a subsidiary of Japan's Cosmo Oil holds in three oilfields, a Japanese trade ministry official said on Wednesday. Adnoc's CEO Yousef Omair bin Yousef said in a Tuesday meeting in Abu Dhabi with Japan trade minister Akihiro Ohata that he expected a 30-year extension, the ministry official said. The UAE is Cosmo's biggest crude supplier and the second-biggest supplier to Japan after Saudi Arabia. The Cosmo subsidiary, Abu ...  >>MORE

Adnoc takes up gas supply to northern emirates

Posted on 11/01/2011

Adnoc Distribution has set up 11 gas stations for selling gas and cylinders as it would begin distributing gas cylinders to the northern emirates starting on Tuesday, according to a company's statement. The distribution is part of the company's plan for distributing gas cylinders to Umm Al Qaiwain, Ras Al Khaimah and Ajman. "The plan for gas distribution is in its first phase, and hence work is underway to gas equipment supplying stations in Sharjah and Fujairah," the statement said. The ...  >>MORE

ENOC opens Middle East's first green' service station

Posted on 06/01/2011

Emirates National Oil Company (ENOC) has launched the first 'green service station' in the Middle East at the Emirates Hills neighbourhood in Dubai. Underscoring the commitment of the company to the sustainable development initiatives of the UAE, the new eco-friendly service station has a range of unique features all aimed at reducing the ecological footprint of the users. Among the innovative green initiatives at the station are advanced technological devices to contain petrol fumes ...  >>MORE

ENOC plans to expand Fujairah fuel storage

Posted on 06/01/2011

Emirates National Oil Company, or ENOC, plans to expand refined oil products storage capacity in Fujairah for trading and local supply, the head of Dubai's government-owned refiner said on Wednesday. "There will be an expansion for sure,” CEO Saeed Khoory said about the joint venture storage facility Vopak Horizon Fujairah Ltd. "The company has a long-term plan for growth.” ENOC, as the refiner is known, is a partner with Dutch storage terminal operator Royal Vopak NV in the Fujairah ...  >>MORE

ADNOC announces GSP prices for Dec. 2010

Posted on 05/01/2011

The Abu Dhabi National Oil Company (ADNOC) announced yesterday the prices of its crude oil for December 2010. A company statement said the Government Selling Prices (GSP) for crude oil FOB Abu Dhabi ports for the month of December are as follows: Murban (US$91.85) per barrel, Lower Zakum (US$91.90), Umm Shaif (US$91.50) and Upper Zakum (US$89.30) per barrel. - Emirates News Agency, WAM ...  >>MORE

Dana Gas reports 20% increase in Egypt output

Posted on 05/01/2011

Dana Gas, the UAE-based oil and gas company, said yesterday that its annual production rate for 2010 from its Nile Delta concessions in Egypt is an estimated 42,000 barrels of oil equivalent per day, a 20 per cent increase on 2009, with production commencing from seven new fields. Dana, in a statement posted on the Abu Dhabi Exchange website, said it has decided to retain its 100 per cent interest in its Nile Delta concessions and to "continue operating them to maximise ultimate benefit for ...  >>MORE

UAE is 2nd largest Mideast energy investor

Posted on 05/01/2011

Massive development plans in the hydrocarbon sector have catapulted the UAE to the second largest potential energy investor in the Middle East and North Africa (MENA) in the next five years, according to official data. Energy investment requirements in the UAE are estimated at around US$74 billion during 2011-2015 and nearly 80 per cent of them could be carried out, showed the figures by the Arab Petroleum Investment Corporation (Apicorp), an affiliate of the 10-nation Organisation of Arab ...  >>MORE

ADNOC's US$6bn offshore gas network moves closer

Posted on 04/01/2011

Abu Dhabi has moved closer to completing an offshore gas processing and transportation network that will allow it to bring more energy resources onshore for domestic use. Abu Dhabi National Oil Company's (ADNOC) offshore gas project, which was estimated to be valued at US$6 billion (Dh22.03bn) in 2009, will provide the country with more security in electricity production, as well as more gas that can be injected into ageing oilfields to prolong production. The Integrated Gas Development ...  >>MORE

GASCO awards Dh4 billon contracts for Sulphur plant projects

Posted on 02/01/2011

Abu Dhabi Gas Industries Ltd. (GASCO) has confirmed the award of the Habshan Sulphur Station and Pipelines and Ruwais Sulphur Handling Terminal -2 contracts for Engineering, Procurement, Construction and Commissioning (EPC) works for the SHR Granulated Sulphur Transportation and Management Project on Lump Sum Turnkey Basis. The Shah and Habshan Rail (SHR) Granulated Sulphur Transportation '&' Management Project will transport granulated sulphur from Shah and Habshan Stations to Ruwais export ...  >>MORE

ADNOC announces nomination cut for February 2011

Posted on 29/12/2010

The Abu Dhabi National Oil Company (ADNOC) announced yesterday 10% to 15% cuts in its crude allocations to clients during the month of February 2011. According to the statement issued by ADNOC, the cargoes of Murban and Lower Zakum will be cut by 10%, while the allocations of Umm Shaif and Upper Zakum will be reduced by 15% in February. The move follows the Organisation of the Petroleum Exporting Countries' (OPEC) decision to reduce production. – Emirates News Agency, WAM ...  >>MORE

Al Hameli: UAE and Arab oil producers invest heavily in petrochemical industry

Posted on 26/12/2010

Cairo - The UAE's Energy minister Mohammad Bin Dhaen Al-Hameli said many Arab countries, including the UAE, are investing heavily in the petrochemical industry relying on their huge oil and gas reserves. Arab countries, including the oil exporting countries, are working on expanding economic and trade cooperation, Al Hameli told reporters in Cairo. Arab oil ministers are in Cairo for the 85th ministerial meeting of the Organisation of Arab Petroleum Exporting Countries, or OAPEC. The UAE ...  >>MORE

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Quick List

Al Hameli, US official discuss cooperation


Ipic emerges as the sole winner


Fujairah oil storage facilities to double


US$1billion Ipic bond likely this week


UAE to start oil exports via Fujairah in mid-year


ADNOC announces cuts in oil allocations during next April


More Adnoc stations to sell CNG


Emgas invests US$30m to expand infrastructure


Dubai crude breaches US$100


OPEC members should stick to quota: Energy Minister


Dana Gas operations in Egypt unaffected by crisis


Abu Dhabi in US$5billion Cepsa takeover


Al Hameli: OPEC provides secure and steady supply of oil


OPEC50 UAE Energy Forum has highlighted positive contributions of OPEC, UAE's OPEC Governor


ADNOC LPG price down by 12%


UAE to stay reliant on gas imports


Japan's Cosmo wins UAE extension, new stake


ADNOC announces GSP for January


Dana Gas fourth-quarter profit beats expectations


Statoil eyes re-licensing rounds in Abu Dhabi


Dubai crude prices set for April


ADNOC announces nomination cut during March, 2011


Abu Dhabi to link gas facilities


ADNOC selects Occidental Petroleum as partner in development of Shah Gas Field


UAE oil put at 97.8bn barrels


Al Hameli, IEA chief stress importance of sharing energy information


UAE is committed to oil market stability: Al Hameli


National Drilling Company expands operations whilst maintaining high environmental and sustainability standards


Current oil prices attract investment to renewable energy industry: Al Hameli


Diesel prices to rise 15 fils from Sunday


Adnoc close to giving Cosmo oil stake extension


Adnoc takes up gas supply to northern emirates


ENOC opens Middle East's first green' service station


ENOC plans to expand Fujairah fuel storage


ADNOC announces GSP prices for Dec. 2010


Dana Gas reports 20% increase in Egypt output


UAE is 2nd largest Mideast energy investor


ADNOC's US$6bn offshore gas network moves closer


GASCO awards Dh4 billon contracts for Sulphur plant projects


ADNOC announces nomination cut for February 2011


Al Hameli: UAE and Arab oil producers invest heavily in petrochemical industry