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THE ECONOMY - OIL AND GAS

Sharjah Municipal Council to clamp down on diesel black marketing

Posted on 05/06/2008

The Municipal council in Sharjah has issued a warning to all those who illegally trade in diesel, to stop it or face legal action. The practice of some individual diesel merchants selling diesel illegally at various parts of the emirate was brought to the notice of the Municipal council, which immediately passed a decision to confiscate all the tanks and pumps being used to sell the fuel in black market. The council said that the practice poses threat to public safety as the merchants are ...  >>MORE

IPIC announce US$1.2b in profits during 2007, approves 250000 bpd refinery

Posted on 05/06/2008

The board of directors of International Petroleum Investment Company, IPIC, yesterday announced record profits during 2007 reached USUS$1.2 billion (Dh 4.4 billion) posting a growth of 48% over the year 2006 profits. The Abu Dhabi-owned company also approved plans for a new refinery project in Pakistan with a capacity of 250000 barrels per day. The refinery is the company's second largest project after the USUS$5-billion Parco Refinery (or Pak -Arab Refinery) in Pakistan. Parco will have a ...  >>MORE

Dana Gas, Emarat complete Mideast first common user gas pipeline

Posted on 03/06/2008

Dana Gas, the Middle East's first and largest regional private-sector natural gas company, and Emirates General Petroleum Corporation ("Emarat"), have announced the completion and inauguration of the Middle East's first common user gas pipeline, located in the emirate of Sharjah. Dana Gas and Emarat, along with the three end-users the Federal Electricity and Water Authority of the UAE (FEWA), the Sharjah Electricity and Water Authority (SEWA), and Dana Gas affiliate Crescent Natural Gas ...  >>MORE

ADNOC announces crude oil prices for May

Posted on 03/06/2008

The Abu Dhabi National Oil Company (ADNOC) has announced the crude oil prices for May 2008. The company priced the Murban at USD 125.75 per barrel, Lower Zakum at US$125.65, Umm Al Shaif at US$124.80 and Upper Zakum at US$120.20 per barrel. – Emirates News Agency, WAM ...  >>MORE

ENOC reacts to surging cost of oil and diesel

Posted on 28/05/2008

The price of diesel at ENOC / EPPCO service stations has risen to Dh18.50 per gallon, an increase that reflects surging international prices, that have broken through the US$173 per barrel level, for low sulphur diesel - a rise of 21% over the month of May - and US$132 for crude oil, according to a spokesperson from Emirates National Oil Company (ENOC), the Dubai Government-owned diversified Energy Group. The increase is the result of the growing pressure from rapid international price hikes ...  >>MORE

Mubadala acquires Pearl Energy

Posted on 22/05/2008

Mubadala Development Company (Mubadala) yesterday completed the acquisition of the Southeast Asia oil and gas exploration and production company, Pearl Energy (Pearl) from Aabar Energy PJSC. This transaction is part of Mubadala's strategy to become an active operator in the international upstream petroleum sector. Mubadala, an investment and business development company at the forefront of Abu Dhabi's economic diversification, is building on the Emirate's reputation as a reliable global energy ...  >>MORE

Dana Gas joins World Economic Forum Community of Global Growth Companies

Posted on 22/05/2008

Dana Gas PJSC, the Middle East's first and largest regional private sector natural gas company, participated this week at the World Economic Forum on the Middle East 2008 in Sharm El Sheikh, Egypt, where it received a warm welcome as a new member of the World Economic Forum's Community of Global Growth Companies, which recognizes dynamic companies with a proven track record of success and demonstrated potential to attain global leadership in the next five to ten years. Nearly 200 premier ...  >>MORE

Aabar completes sale of upstream oil unit Pearl Energy

Posted on 21/05/2008

Following the earlier announcement of 21 April 2008, Aabar Energy PJSC (Aabar) announces that it has completed the sale of its wholly owned exploration and production subsidiary Pearl Energy Limited (Pearl) to Mubadala Development Company PJSC (Mubadala). Under the terms of the transaction, 100% of the issued shares in Pearl have been transferred to Mubadala for a debt free cash adjusted value of approximately USUS$833.3 million (subject to working capital adjustments). The transaction was ...  >>MORE

Dana Gas investing over US$ 500 million in 2008

Posted on 19/05/2008

Dana Gas PJSC, the Middle East's first and largest regional private-sector natural gas company, has announced investments of over US$ 500 million this year in the Company's projects in Northern Iraq, Egypt and the UAE. Dana Gas posted revenues of over Dh1 billion in 2007 which was its first year of operations, and also saw the Company add to its UAE positions with major new entries into the gas upstream business in Egypt and the Kurdistan Region of Iraq, while raising US$1 billion in an ...  >>MORE

Dana Gas posts 35% rise in profit

Posted on 17/05/2008

Sharjah-based Dana Gas, the Middle East's first privately owned natural gas producer, said first-quarter revenue – mainly from its Egyptian operations – rose 35 per cent on higher prices. Revenue was Dh272 million, it said. Net income in the three months to March 31 was up 19 per cent to Dh25m, compared to Dh21m in the year-earlier period, Executive Chairman Hamid Dhiya Jafar said. "The growth was mainly driven by an increase in oil prices that have resulted in high returns," Finance Director ...  >>MORE

Hamdan receives CEO of Occidental Petroleum

Posted on 15/05/2008

HH Sheikh Hamdan bin Zayed Al Nahyan, Deputy Prime Minister, received Wednesday Dr. Ray Irani, CEO of Occidental Petroleum (OP). The meeting reviewed OP's operations in the UAE and explored prospects of joint cooperation between Dolphin Energy Limited and OP. – Emirates News Agency, WAM ...  >>MORE

Petrochemical capacity to expand in UAE

Posted on 15/05/2008

Already a global force to be reckoned with, the Middle East's chemical and petrochemical sector is on the brink of a new era of investment and expansion. The GCC already produces 30 of the most common intermediate petrochemical products, representing 7 per cent of worldwide production. This is set to increase to 20 per cent of global output by 2010, with Saudi Arabia accounting for almost half of that increase. The UAE is investing heavily in its petrochemical industry, and will see capacity ...  >>MORE

Dolphin project to be launched next week

Posted on 08/05/2008

More than 500 officials and oil executives from the UAE and other countries will converge on the giant Qatari Ras Lafan industrial city next week for the formal inauguration of the Dolphin project, the first major trans-Gulf gas line. Qatari Emir Sheikh Hamad bin Khalifa Al Thani will launch the US$4 billion (Dh14.6bn) facility, which involves the pumping of nearly two billion cubic feet of natural gas per day to the UAE and Oman. General Sheikh Mohammed bin Zayed Al Nahyan, Abu Dhabi Crown ...  >>MORE

ADNOC announces crude retrospective prices for April 2008

Posted on 05/05/2008

The Abu Dhabi National Oil Company (ADNOC) on Sunday announced the retrospective prices for April 2008 for Abu Dhabi's four main grades of crude oil. The price for the onshore Murban crude was set at US$109.35 per barrel, while prices for the three offshore crudes were set at US$109.30 for Lower Zakum, US$108.45 for Umm Shaif and US$104.30 for Upper Zakum – Emirates News Agency, WAM ...  >>MORE

Dana Gas receives award for Egypt operations

Posted on 05/05/2008

Dana Gas, the Middle East's first and largest regional private-sector natural gas company, has been awarded "Best New Concept" for the Al-Baraka well in Southern Egypt's Komombo concession by the Egyptian Petroleum Exploration Society (EPEX) at its 2007 Best Achievements Awards Ceremony. EPEX is the gateway of spreading and exchanging applied petroleum exploration knowledge among the different members of the Egyptian exploration community for the stimulation of new ideas, concepts and ...  >>MORE

UAE's Umm al-Qaiwain commences gas production

Posted on 04/05/2008

H.H. Sheikh Saud Bin Rashid Al Mualla, Crown Prince of Umm al-Qaiwain (UAQ), a part of the UAE's seven-emirate federation, announced that it commenced production of up to 92 MMscfd of wet gas as of May 2nd. The gas will be transported through a sub-sea pipeline for processing at the Rakgas plant in the Emirate of Ras Al Khaimah. Development and operation of the Umm al-Qaiwain Offshore Gas is being carried out by Field Atlantis (UAQ) Limited, a subsidiary of Sinochem Corporation. The UAQ field ...  >>MORE

Dubai to launch three new oil futures

Posted on 04/05/2008

The Dubai Mercantile Exchange is to launch three new oil futures contracts to attract liquidity away from the more established oil trading hubs in London, New York and Singapore. Dubai launched its first oil futures contract, based on Oman crude oil, last June, but it has struggled to achieve the critical mass required to be a real contender in the global oil pricing business, hampered by low volumes and a limited number of traders. A futures contract is an agreement in which two parties agree ...  >>MORE

TAQA records remarkable profit growth in Q1

Posted on 01/05/2008

The Abu Dhabi National Energy Company TAQA yesterday reported financial results for the first quarter 2008. Since first quarter 2007 TAQA has made a number of acquisitions which have been fully or partially consolidated into the period under review. Following Q1'07, TAQA acquired CMS Generation, providing additional breadth to the company's downstream activities, while the acquisition of Northrock Resources and Pioneer Canada significantly increased TAQA's upstream assets. The largest company ...  >>MORE

UAE to sign US$10bn gas deal

Posted on 30/04/2008

A long delayed contract to develop big new natural gas reserves will be signed within a week, according to a senior official from the Abu Dhabi National Oil Company (Adnoc). The US$10bn (Dh37bn) Shah gas project, which is key to providing new fuel needed for power plants to meet soaring domestic electricity demand, has been in limbo for eight months. "There are no delays, no problems,” said Omair Suwaina, a senior Adnoc official, who was speaking yesterday while attending an industry ...  >>MORE

Aabar signs sale agreement for upstream oil & gas unit Pearl Energy

Posted on 22/04/2008

Following the earlier announcement of 14 January 2008, Aabar Energy PJSC ('Aabar') announces that it has signed a sales and purchase agreement with Mubadala Development Company PJSC ('Mubadala') for the divestment of the wholly-owned exploration and production subsidiary Pearl Energy Limited ('Pearl'). Upon completion of the transaction, 100% of the issued shares in Pearl will be transferred to Mubadala for a debt free cash adjusted value of approximately USUS$833.3 million subject to working ...  >>MORE

Dolphin Energy to deliver gas to Sharjah

Posted on 21/04/2008

Dolphin Energy Limited announced yesterday that the company is supplying the Emirate of Sharjah in the UAE with gas for the first time from April 18. The gas is being delivered to the Sharjah Electricity and Water Authority (SEWA), on an interruptible basis, via Dolphin's new pipeline connection to Dubai. Dolphin already supplies gas directly to Abu Dhabi, Dubai, Fujairah and Ras Al Khaimah. Through existing supply arrangements to the Federal Electricity & Water Authority (FEWA), and Sharjah ...  >>MORE

Qatargas, Shell to supply LNQ to Dubai

Posted on 21/04/2008

Qatargas and Shell announced yesterday that they have signed a Sales and Purchase Agreement to supply Liquefied Natural Gas (LNG) to Dubai. The contract is for an approximate term of fifteen years. The LNG will be supplied into the DP World Jebel Ali, Dubai LNG terminal that will be capable of receiving the cargoes using the new Q-Flex class of vessels via a Floating Storage and Regasification Unit. The LNG will be provided from the Qatargas 4 project in Qatar and shipped to Dubai LNG ...  >>MORE

UAE, IEA discuss cooperation on stabilizing global oil markets

Posted on 19/04/2008

Energy Minister of the United Arab Emirates Mohammed Bin Dhaen Al-Hameli and Executive Director of the International Energy Agency (IEA) Nobuo Tanaka on Thursday discussed ways to further bolster the standing relations and cooperation on stabilizing the oil markets, reducing volatility and achieving an oil supply-demand balance. At a meeting which took place in Abu Dhabi, discussions also took in the UAE-IEA relations and collaboration on oil data and policies, reducing carbon dioxide ...  >>MORE

ADNOC, RCA sign agreement to boost humanitarian partnership

Posted on 15/04/2008

ADNOC Distribution, an Abu Dhabi National Oil Company (ADNOC), and the UAE Red Crescent Authority (RCA) signed an agreement to further boost humanitarian cooperation whereby part of proceeds from pre-paid (Rahal) smartcards, used to pay for petrol at ADNOC stations, will go to RCA's humanitarian operations. The agreement was signed by Dr Ail Abdullah Al Ka'abi, Chairman of the Board of Directors of RCA, and Salim Darwish Al Mansoori, Director General of ADNOC Distribution. The Rahal Card is ...  >>MORE

IPIC acquires 2% of Energia de Portugal

Posted on 10/04/2008

IPIC (International Petroleum Investment Company), a company wholly owned by the government of Abu Dhabi, announced yesterday that it has acquired 2% stake in Energia De Portugal (EDP). The acquisition sets the framework for mutual co-operation and development in conventional and renewable power generation sector for IPIC and EDP. The co-operation is intended to create opportunities in the field of conventional and renewable energy generation and distribution in the MENA, Iberia, and broader ...  >>MORE

IPIC awards Enabling Works Package for New Headquarters Complex Project

Posted on 09/04/2008

International Petroleum Investment Company (IPIC) yesterday announced that Bauer International has won the Enabling Works Package for IPIC Headquarters Complex. IPIC new headquarter designed to be a commercial landmark which would reflect IPIC's stature and image while contributing to Abu Dhabi's skyline. The design provides a building form that symbolizes an elegant, spatial and aesthetically appealing composition. The 35-story tower scaling a height of approximately 185 meters, will provide ...  >>MORE

Emirates Gas, Emarat launch new flat top valve design with added safety features

Posted on 09/04/2008

Following a decision of the Undersecretary of the Ministry of Interior and in conjunction with the Civil Defence, Dubai, domestic gas users will have new cylinder valves with enhanced safety features in place of the old ones. This is part of an industry-wide initiative born out of extensive research conducted by Emirates Gas, a wholly owned subsidiary of ENOC, along with Emarat Gas Distribution. The complete valve changeover, in the interest of public safety will be executed with immediate ...  >>MORE

ENOC to host fire safety meet in Fujairah

Posted on 09/04/2008

As the leading oil and gas company, the Emirates National Oil Company (ENOC) is set to spearhead an industry initiative aimed at raising safety practices in the petroleum industry by hosting a two-day Fire Safety Conference in Fujairah, in conjunction with the Fujairah Civil Defence. Held under the patronage of His Highness Sheikh Hamed Bin Mohammed Al Sharqi, UAE Supreme Council Member and Ruler of Fujairah, the conference will be held at from April 9 to 10 with the joint support of ...  >>MORE

Dana Gas builds strong foundations for growth

Posted on 07/04/2008

Dana Gas PJSC, the Middle East's first regional private sector natural gas company, reviewed the key milestones and business growth achieved by the company in 2007 and summarized the outlook for 2008, at the Company's 2nd Annual General Meeting (AGM) that was held in Sharjah today, attended by the Company Board of Directors and shareholders. The year 2007 saw Dana Gas achieve its first revenues and operating income, as well as make important new entries into all areas of the natural gas ...  >>MORE

ADNOC announces crude retrospective prices for March 2008

Posted on 03/04/2008

The Abu Dhabi National Oil Company (ADNOC) on Wednesday announced the retrospective prices for March 2008 for Abu Dhabi's four main grades of crude oil. The price for the onshore Murban crude was set at $102.20 per barrel, while prices for the three offshore crudes were set at $102.15 for Lower Zakum, $101.35 for Umm Shaif and $97.55 for Upper Zakum. – Emirates News Agency, WAM ...  >>MORE

Adma-Opco in mega projects to boost production

Posted on 03/04/2008

Abu Dhabi's leading offshore oil company Adma-Opco is pushing ahead with mega projects to boost capacity to nearly one million barrels per day (bpd) within 10 years, according to its general manager. Ali Al Jarwan said the Abu Dhabi Marine Oil Operations Company is currently producing around 600,000bpd, nearly a quarter of the UAE's total crude output. In an interview with the Adnoc News, the quarterly bulletin of the Abu Dhabi National Oil Company, Jarwan said Adma-Opco's projects cover three ...  >>MORE

Enoc voted as region's top jet fuel marketer

Posted on 02/04/2008

Enoc has been voted the number one regional jet fuel marketer in an independent industry survey conducted among the world's leading airlines. The 12th annual Armbrust Aviation Group survey, a benchmark aviation report, selected Enoc as the "Number One Jet Fuel Marketer in the Middle East and Africa" because of its commitment to quality and innovative management. More than 50 international airlines participated in the survey. – Khaleej Times ...  >>MORE

Abu Dhabi to host one of world's largest oil and gas events - ADIPEC 2008

Posted on 01/04/2008

The Abu Dhabi International Petroleum Exhibition and Conference 2008, (ADIPEC), one of the largest oil and gas events in the world, will take place on November 3 - 6 under the patronage of President His HH Sheikh Khalifa bin Zayed Al Nahyan. As the inaugural event for the newly completed Abu Dhabi National Exhibition Centre (ADNEC), the tradeshow will cover more than 85,000 square metres of indoor exhibition space, making this event the largest in ADIPEC history, organisers dmg World Media ...  >>MORE

Dana Gas to Drill 19 New Wells in Egypt

Posted on 31/03/2008

Dana Gas, the Middle East's first and largest regional private-sector natural gas company, has announced that it is executing an aggressive exploration and development programme for its Egypt assets in 2008. The program involves the drilling of 19 new wells, including 15 exploration prospects and four development wells. The total budgeted upstream capital expenditures for Egypt in 2008 are more than $170 million, and five drilling rigs are presently being acquired to implement the programme. ...  >>MORE

UAE plans petrochemicals complex using oil rather than gas

Posted on 31/03/2008

The United Arab Emirates, the third-largest member of OPEC ranked by output, plans to build a petrochemicals complex that will use crude-oil products for feedstock rather than natural gas. The Chemicals Industrial City, a joint venture between Abu Dhabi government-owned International Petroleum Investment Co., Abu Dhabi Investment Council and Borealis A/S, Europe's second-largest maker of polyolefin plastics, will include the country's first so-called naphtha cracker. The unit will process ...  >>MORE

RAK Petroleum evaluating drilling plans for Al Jariya-1 high impact exploration well

Posted on 29/03/2008

RAK Petroleum PCL and Oman's Ministry of Oil and Gas are evaluating other drilling options for the Al Jariya-1 high impact exploration well, close to the border with Abu Dhabi, said RAK Petroleum PLC. RAK Petroleum PCL, through its wholly owned subsidiary, RAK Petroleum Oman Limited, is operator of Block 31, onshore the Sultanate of Oman, where it is drilling the Al Jariya-1 well which is located at Jebel Hafit, close to Oman's border with Abu Dhabi. According to Chief Executive Officer, ...  >>MORE

UAE and Qatar will set up US$2b acquisition fund

Posted on 26/03/2008

Abu Dhabi government-owned IPIC and Qatar Investment Authority (QIA) will invest US$2 billion in a new fund for global acquisitions, the managing director of IPIC said yesterday. "We plan to invest in all sectors, including oil and petrochemicals," Khadem Al Qubaisi said. The fund could thus mark a new direction for the International Petroleum Investment Co (IPIC), which until now has limited its investments to the energy sector. IPIC and QIA initially will each invest US$1 billion in the ...  >>MORE

Adnoc increases bulk diesel prices

Posted on 26/03/2008

The price of diesel for bulk traders has been increased from Dh8.6 to Dh12.9 a gallon by the Abu Dhabi National Oil Company (Adnoc). Emirates Petroleum Products Company (Eppco), Emirates National Oil Company (Enoc) and Emarat filling stations are selling the fuel at Dh13.1. The previous Adnoc price was set in 2006. The average price of diesel in Saudi Arabia is at Dh1.8 per gallon – about a seventh of the price in the UAE. Last week Emirates Business revealed that diesel prices in Dubai ...  >>MORE

UAE re-elected as chair of OFID governing board

Posted on 25/03/2008

The governing board of OPEC Fund for International Development has unanimously re-elected Jamal Lootah, Executive Director of Industrial Affairs at the Ministry of Economy, as chair of the board for the new term ending in March 2009. The board members commended the efforts made by Lootah to realize the Fund's vision of playing a key role in the development of least developed countries. OFIF was established in 1975 and started operations in 1976 with an initial endowment of $800 million and ...  >>MORE

Dubai crude crosses US$ a barrel for first time

Posted on 16/03/2008

Seoul - The spot price of Dubai crude oil, South Korea's benchmark, crossed US$100 per barrel for the first time as the U.S. dollar continued to weaken, Korea National Oil Corp. said Saturday. South Korea, the world's fifth-largest oil importer, was expected to post a current account deficit of some US$7 billion due to higher prices of oil and other raw materials. As of Friday, the price of Dubai oil closed at US$100.18 per barrel, up US$1.15 from the previous day, the state-run oil company ...  >>MORE

Sharjah Ruler, Dana Gas sign agreement on Western shore concession

Posted on 13/03/2008

HH Dr Sheikh Sultan bin Mohammed Al Qasimi, UAE Supreme Council Member and Ruler of Sharjah, signed yesterday an agreement for the exploration and development of the Western Offshore concession in Sharjah. Hamed Jafar, executive chairman of Dana Gas (PJSC), the Middle East's first and largest regional and private-sector natural gas company, headquartered in Sharjah, signed on behalf of Dana Gas. The-25-year agreement covers a major offshore concession area of 1000 kilometres square, and ...  >>MORE

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Quick List

Sharjah Municipal Council to clamp down on diesel black marketing


IPIC announce US$1.2b in profits during 2007, approves 250000 bpd refinery


Dana Gas, Emarat complete Mideast first common user gas pipeline


ADNOC announces crude oil prices for May


ENOC reacts to surging cost of oil and diesel


Mubadala acquires Pearl Energy


Dana Gas joins World Economic Forum Community of Global Growth Companies


Aabar completes sale of upstream oil unit Pearl Energy


Dana Gas investing over US$ 500 million in 2008


Dana Gas posts 35% rise in profit


Hamdan receives CEO of Occidental Petroleum


Petrochemical capacity to expand in UAE


Dolphin project to be launched next week


ADNOC announces crude retrospective prices for April 2008


Dana Gas receives award for Egypt operations


UAE's Umm al-Qaiwain commences gas production


Dubai to launch three new oil futures


TAQA records remarkable profit growth in Q1


UAE to sign US$10bn gas deal


Aabar signs sale agreement for upstream oil & gas unit Pearl Energy


Dolphin Energy to deliver gas to Sharjah


Qatargas, Shell to supply LNQ to Dubai


UAE, IEA discuss cooperation on stabilizing global oil markets


ADNOC, RCA sign agreement to boost humanitarian partnership


IPIC acquires 2% of Energia de Portugal


IPIC awards Enabling Works Package for New Headquarters Complex Project


Emirates Gas, Emarat launch new flat top valve design with added safety features


ENOC to host fire safety meet in Fujairah


Dana Gas builds strong foundations for growth


ADNOC announces crude retrospective prices for March 2008


Adma-Opco in mega projects to boost production


Enoc voted as region's top jet fuel marketer


Abu Dhabi to host one of world's largest oil and gas events - ADIPEC 2008


Dana Gas to Drill 19 New Wells in Egypt


UAE plans petrochemicals complex using oil rather than gas


RAK Petroleum evaluating drilling plans for Al Jariya-1 high impact exploration well


UAE and Qatar will set up US$2b acquisition fund


Adnoc increases bulk diesel prices


UAE re-elected as chair of OFID governing board


Dubai crude crosses US$ a barrel for first time


Sharjah Ruler, Dana Gas sign agreement on Western shore concession