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THE ECONOMY - OIL AND GAS

ADNOC plans to spend US$2-3b annually on development projects

Posted on 03/04/2006

Abu Dhabi National Oil Company (ADNOC) is pressing ahead with an aggressive plan to implement development projects within the next ten years, with an annual expenditure of 2-3 million US Dollars, said the company's top official. Yousif Omair bin Yousif, Secretary General of the Supreme Petroleum Council and Chief Executive Officer of ADNOC said in a press conference held here today that the company was getting aggressive on setting up new subsidiaries. "ADNOC has been making a well ...  >>MORE

ADNOC, AMI sign contract for melamine production centre

Posted on 03/04/2006

The Abu Dhabi National Oil Company (ADNOC)and Agrolinz Melamine International (AMI) yesterday signed a contract on a new melamine production centre in Ruwais, Abu Dhabi emirate. The Abu Dhabi Melamine Industry will be another milestone of ADNOC's strategy to meet the world's growing demand for high value and specialized petrochemical products. The project cost is estimated at US$200 million of which ADNOC holds 60%. Austrian Agrolinz Melamine International will own the remaining 40%, ...  >>MORE

Abu Dhabi’s IPIC to sell 30 per cent stake in IPO

Posted on 03/04/2006

Abu Dhabi is planning to sell to the public a stake in its US$8 billion (Dh29.3bn) energy investment fund that includes Austria's OMV in its holdings, an official said. The International Petroleum Investment Company (IPIC) will sell 30 per cent of its shares in an initial public offering sometime next year, said Mohammed Khaily, Managing Director of IPIC. "What better way to get citizens to participate in international investments in oil and gas,” he said. The UAE investors pledged ...  >>MORE

UAE gives Exxon 28% stake in Upper Zakum

Posted on 28/03/2006

The UAE's Supreme Petroleum Council has awarded ExxonMobil of the United States a 28 per cent equity interest for 20 years in Abu Dhabi's Upper Zakum oilfield, officials said. The formal agreement was signed yesterday giving the US energy giant 28 per cent ownership in the offshore field from January 1, 2006. With this, Abu Dhabi National Oil Co.'s (ADNOC) stake will fall to 60 per cent and Japan Oil Development Co. (Jodco) will continue to hold the remaining 12 per cent. "While welcoming ...  >>MORE

ADNOC receives 2 bi-fuel vehicles

Posted on 25/03/2006

Abu Dhabi National Oil Company (ADNOC) has received two especially made cars that are powered by compressed natural gas (CNG) as well as by the regular traditional gasoline. The new cars came with the option to manually switch to the desired fuel type ,with 3 CNG cylinders having the capacity of 39 cubic meters, which is enough to power the engine for a range of 450 kilometres. The regular gasoline tank enables driver to achieve a non-stop range of 400 kilometres, without the need to refuel. ...  >>MORE

Borouge awards Ruwais contracts

Posted on 25/03/2006

Abu Dhabi-based polymer manufacturer Borouge, which is 40 per cent owned by Borealis, is pushing ahead with its multi-billion dollar expansion, a top official said. Last week, Borouge announced four major contracts to develop its new petrochemical complex in Ruwais Borouge 2 including a front-end engineering design (FEED) works for an Olefins Conversion Unit (OCU) awarded to ABB Lummus Global Inc. Work to start the FEED for the Polyolefin units was awarded to Fluor Mideast Ltd. The contract ...  >>MORE

UAQ, Atlantis sign agreement to develop gas field

Posted on 22/03/2006

Supreme Council Member and Ruler of Umm Al Qaiwain His Highness Sheikh Rashid Bin Ahmed Al Mua'lla on Tuesday signed an agreement with the Atlantis Holding Norway AS for the development of the Umm Al Qaiwain off-shore gas field discovered by the company in 2001. The agreement include the construction of an automatic quay and the laying of a 75-kilometre underwater pipeline for exporting of gas and the completion of a number of wells at the field. The Ruler and Crown Prince and Deputy ...  >>MORE

Aabar to complete purchase of Pearl Energy in a quarter

Posted on 22/03/2006

Aabar Petroleum Investments Co (Aabar) plans to complete its acquisition of Singapore-based Pearl Energy Ltd within the next three months, the company's chairman said yesterday. Sohail Al Mazroui said the company is eyeing other companies in the oil and gas sector to boost its core business and lift revenues. "We will be launching an offer to buy the remaining shares in Pearl Energy shortly as per the regulations of the Singapore authorities. And we plan to acquire the entire equity in ...  >>MORE

Stepping on eco-friendly gas

Posted on 20/03/2006

Eco-friendly cars will soon ply on Sharjah and Abu Dhabi roads, according to a senior Sharjah Electricity and Water Authority official. The cars will be converted to run on natural gas and motorists will pay only Dh4 for a gallon, he said. Petrol presently costs Dh6.25 per gallon for special and Dh6.75 for super. A workshop manager and inventor told Gulf News the natural gas vehicles do not give off carbon emissions and are at least 30 per cent more economical than petrol vehicles. But he ...  >>MORE

ADNOC sees Dh66b worth of projects

Posted on 12/03/2006

Abu Dhabi National Oil Company (ADNOC) and its subsidiaries have been planning projects worth over Dhs66 billion in the last few months. With oil prices remaining well above US$50 a barrel and the coffers overflowing, more than US$18 billion worth of projects are on the drawing board or have been tendered to engineering, procurement and construction (EPC) contractors, a Meed report said. Nearly half the total planned capital expenditure (capex) has been set aside for upstream oil development. ...  >>MORE

Four line up for SAS contract

Posted on 12/03/2006

Four companies submitted technical bids on March 7 to Abu Dhabi Company for Onshore Oil Operations (ADCO) for the front-end engineering and design (Feed) package on the proposed Sahil, Asab and Shah (SAS) full-field development project. The bidders for the six-month contract are the US-based Foster Wheeler, the US/Canadian VECO, Paris-based Technip and Australia's WorleyParsons. No date has been set for the submission of commercial bids, a Meed report said. Commercial bids are due to be ...  >>MORE

Bids in for Gasco pipeline

Posted on 12/03/2006

Technical bids were submitted on March 4 to Abu Dhabi Gas Industries Company (Gasco) for the estimated US$35 million- 40 million engineering, procurement and construction (EPC) contract to supply and install a 36-inch-diameter, 50-kilometre-long gas pipeline from Habshan to Bu Hasa. The bidders include Paris-based Technip, India's Larsen & Toubro, US-based Willbros Group and National Petroleum Construction Company (NPCC), AlJaber Energy Services and Dodsal, all local, a Meed report said. ...  >>MORE

TAKREER begins implementation of Green Diesel project

Posted on 11/03/2006

The Abu Dhabi Oil Refining Company (TAKREER) has launched its Green Diesel project by starting at its Abu Dhabi and Ruwais refineries the production of ultra low-sulphur gas oil with minimum 10 ppmw sulphur component, according to the latest international specifications to meet the future demand, beginning from the year 2010. In a statement to WAM, TAKREER said the project was based on UAE national plans and policies to provide a clean environment and to achieve a better quality of air by ...  >>MORE

Crescent willing to rejig gas price

Posted on 11/03/2006

The UAE's Crescent Petroleum is willing to renegotiate prices to save a deal to import Iranian gas, Iranian oil minister Kazem Vaziri Hamaneh said yesterday. The original deal was for Iran to supply gas from the Salman field in the Gulf to Crescent. Crescent is a shareholder in Dana Gas, which sells gas to utilities and other industrial users. The deal has become highly politically contentious in Iran with many prominent politicians saying Iran will lose out severely because gas prices have ...  >>MORE

Hamdan lauds UAE-Total cooperation

Posted on 11/03/2006

Deputy Prime Minister and Honorary Chairman of the Al Jazira Sports and Cultural Club, Sheikh Hamdan bin Zayed Al Nahyan, has lauded the existing relations of cooperation between the UAE and French oil giant, Total. Sheikh Hamdan, who is also the Chairman of the Club's Honorary Council, said Total is one of the international companies known worldwide for their support for sustainable development programmes in the countries of their operation, for their serious approach to enhancing relations ...  >>MORE

OPEC set to maintain its current output ceiling: UAE

Posted on 07/03/2006

OPEC is set to maintain its output ceiling at 28 million barrels per day when it meets next Wednesday in Vienna, UAE Energy Minister Mohammed bin Dhaen Al Hamili said yesterday but hinted that the group might consider a production cut later should any new factors emerge. 'The fair price of OPEC basket to both producers and consumers is between 50 to 60 dollars a barrel, he told the Emirates News (Agency). OPEC, he said, can use its estimated spare capacity of two million barrels a day if ...  >>MORE

Sharjah promotes vehicles using natural gas

Posted on 01/03/2006

The Sharjah Electricity and Water Authority (SEWA) and ADNOC Distribution on Tuesday signed a memorandum of understanding to set up stations to convert and provide vehicles with natural gas this year. It was signed by Ali Abdullah Al Noman, director-general of SEWA, and Jamal Al Dhareef, general manager of ADNOC Distribution. "The total [amount] allocated for this project hit Dh600 million and the authority has already done a study to set up more stations in Khor Fakkan, Kalba and the ...  >>MORE

Takreer to expand production capacity

Posted on 28/02/2006

The Abu Dhabi Oil Refining Company (Takreer) will expand production of naphtha and gasoline via 10 projects, a senior official said on Monday. Takreer is planning to launch four new projects along with recent five ongoing projects that are expected to be completed this year. A Takreer official told Gulf News that the company has plans to build an oil refinery in Fujairah with an estimated investment of US$4 billion. He said that the refinery will produce high-grade gasoline, naphtha and ...  >>MORE

ADNOC to develop 3 fields at Dh13b

Posted on 26/02/2006

Abu Dhabi National Oil Company (ADNOC) and its subsidiaries have started early works on the development of three new oil fields, as part of plans to increase production capacity to 3.5 million barrels a day (b/d) by 2009-10. The new fields have been identified as Nasr, Qusahwira and Bida Al Qemran, with an estimated Dhs12.85 billion expected to be invested in drilling operations and construction of new production and support facilities. The greenfield developments are aimed at producing a ...  >>MORE

Gas deal with NIOC is firm, binding: Crescent

Posted on 26/02/2006

Crescent Petroleum of Sharjah has clarified that the company's gas purchase contract signed in 2001 with the National Iranian Oil Company (NIOC) of Iran and the related projects to import natural gas to the UAE is firm and internationally binding on both parties. The company was reacting to recent reports, including Saturday's Reuters report that said Iran parliament will discuss UAE gas deal terms. Reuters reported from Tehran that Iran's state audit organisation has drawn up a report on a ...  >>MORE

Dana Gas to be Shari'a Compliant

Posted on 21/02/2006

Dana Gas has announced that it will be adhering to Shari'a compliant principles and therefore conducting all of its treasury management, fund investment, depository and accounting activities in accordance with Islamic jurisprudence. "Dana Gas is making this announcement as a clarification in response to several recent queries from important financial institutions and investors in the region. The Board of Directors has taken this decision in order to respect the wishes of the investor ...  >>MORE

UAE, Pakistan discuss energy cooperation

Posted on 17/02/2006

Islamabad - A round of talks was held here yesterday between UAE and Pakistan. The UAE side was led by Mohammed bin Dhaen Al Hamili, while the Pakistani side was led by Liaquat Ali Jattoi, Minister of Water and Energy. Attending from UAE side were Ali Al Owais, Under secretary of the Energy Ministry for Electricity and Water Affairs, Ali Al Shamsi, UAE Ambassador to Pakistan and members of the delegation accompanying the minister. Al Hamili said Pakistan has a lot of potential for ...  >>MORE

Energy Minister underlines importance of enhancing relations with Canada

Posted on 14/02/2006

Mohammed bin Dhaen Al Hamili, Minister of Energy, has underlined the importance of enhancing relations with Canada, noting that Canada's merchandise exports to the UAE during 2004 amounted to some CDN $419 million, and during the period January to October of 2005 Canadian exports to the UAE increased to some CDN $ 465.5 million, an increase of 11% over the same period during 2004. These remarks were made by Al Hamili during a dinner banquet held by the Canadian Business Council, CBC, which ...  >>MORE

ADNOC to step up NGV activities

Posted on 13/02/2006

ADNOC Distribution has announced plans for expansion of the Natural Gas Vehicles in Abu Dhabi beyond the recently commissioned project for Compressed Natural Gas (CNG). A statement released today by the company said the plan was in keeping with a resolution by the emirate's Executive Council. ADNOC Distribution said that it intends to install 10 NGV refuelling facilities in its existing service station, in addition to three centres for converting vehicles to use CNG. The company will ...  >>MORE

Dana Gas records Dhs646m net profit

Posted on 09/02/2006

Sharjah-based Dana Gas, the first regional private sector natural gas company to offer shares to the public, has posted a net profit of Dhs646 million from November 2005 when it started operation to the end of December 2005, a financial statement released by the company said. The statement also showed that the company's total assets stood at Dhs8.7 billion by the end of December 2005 and the shareholders's equity stood at Dhs6.650 billion. Earnings per share rose to Dhs0.11. The company ...  >>MORE

Aabar posts Dh608 million profit

Posted on 09/02/2006

Aabar Petroleum Investments Company PJSC has posted a net profit of AED608 million at the end of 2005, a statement issued by the oil and gas company said. The statement said the company's operational cost stood at AED3million, its total assets stood at AED1.885 billion and the rights of shareholders at Dh1.560 billion. The company said it had also recorded a total revenue of about Dh93 million at the end of last year. It is worth noting here that Aabar PJSC has acquired in July last year the ...  >>MORE

UAE keen to provide enough oil supplies: Al Hameli

Posted on 08/02/2006

The United Arab Emirates is keen on providing enough crude supplies to ensure stability of world market, according to Mohammed bin Dhaen Al Hameli, Minister of Energy. "As an OPEC member, the UAE will do its best to provide enough supplies that will lead to oil market stability and to achieving reasonable prices for both producers and consumers," Al Hameli said while receiving a visiting delegation from Japan's Cosmo Oil Company, led by its President Yaichi Kimura. Al Hameli attributed the ...  >>MORE

Khalifa: Abu Dhabi committed to boosting oil industry projects

Posted on 06/02/2006

President His Highness Sheikh Khalifa Bin Zayed Al Nahyan, in his capacity as Ruler of Abu Dhabi and Chairman of the Supreme Petroleum Council, presided over a council meeting on Sunday at his palace in Al Bateen. Attended by Sheikh Sultan Bin Zayed Al Nahyan, Deputy Prime Minister, and General Sheikh Mohammad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, the council reviewed developments on the oil market. A number of projects being ...  >>MORE

ADNOC price-tags crude oil for January

Posted on 06/02/2006

The Abu Dhabi National Oil Company, ADNOC, Sunday announced the prices of its crude oil production for the Month of January 2006. According to ADNOC, Murban crude recorded US$62.15 per barrel, Lower Zakum sold at US$62.15, Umm Shaif at US$61.50, while Upper Zakum fetched US$58.20 per barrel. (Emirates News Agency, WAM) ...  >>MORE

ADCO to increase output in second quarter of 2006

Posted on 05/02/2006

The Abu Dhabi Company for Onshore Oil Operations (ADCO) will bring on stream 110,000 barrels per day (bpd) of crude oil from its North East Bab fields in the second quarter this year, a senior company official said on Saturday. He said this would take the company's sustainable crude production capacity to 1.4 million bpd. "The company commissioned 100,000 bpd of crude oil in 2005 and in the second quarter of this year an additional 110,000 bpd will come from the North East Bab fields," said ...  >>MORE

Gas cylinder prices go up again in northern emirates

Posted on 05/02/2006

Prices of cooking gas cylinders continue to soar in the northern emirates this month, with Sharjah bearing the brunt of the rate spike. The price of a medium-sized gas cylinder in Sharjah has been raised three times since December 9, from Dh70 to Dh85, an increase of approximately 20 per cent. Retailers and consumers continue to complain of price surges across the northern emirates, pleading with suppliers to put a freeze on increases. "It is the suppliers who decide on the prices," said ...  >>MORE

World oil prices to remain high : UAE Oil Minister

Posted on 30/01/2006

The UAE expects the world oil prices to remain high driven by vibrant growth in global economy and projected increasing demand of 1.5 million barrels per day (mbpd) in 2006. UAE Minister of Energy Mohammed bin Dhaen Al Hamili said the Organisation of Petroleum Exporting Countries (OPEC) would take in its next meeting in Vienna the right decision on the output ceiling in the second quarter of the year in light of the current oil prices on world markets. 'OPEC will, in its next Tuesday ...  >>MORE

Aabar Petroleum to acquire stake in Pearl Energy

Posted on 29/01/2006

The Austindo Group, an Indonesia-based group, and UAE - based Aabar, today announced that they have entered into an option agreement with respect to the Austindo Group's effective interest of 214,200,016 ordinary shares in Pearl Energy, representing approximately 48.29% of Pearl Energy's issued share capital. Under the terms of the option agreement, the Austindo Group has granted a call option to Aabar to purchase the Austindo Group's 48.29% in Pearl Energy at S$1.95/share and Aabar has ...  >>MORE

Abu Dhabi’s Mubadala to partner Shell in Algeria exploration foray

Posted on 28/01/2006

Abu Dhabi's Mubadala Development Company will partner Royal Dutch Shell, Europe's second-largest oil company, in exploring in Algeria, where the European company won exploration rights last year. Mubadala, an investment company, could take as much as a "20 per cent stake” in a venture with Shell, Mubadala Chief Executive Officer Khaldoon Al Mubarak said in an interview yesterday at the World Economic Forum in Davos, Switzerland. Algeria holds Africa's third largest crude-oil reserves after ...  >>MORE

Mideast oil reserves up by 68 billion barrels in five years

Posted on 27/01/2006

The Middle East's proven oil reserves have surged by nearly 68 billion barrels over the past five years although the region has pumped in excess of 35 billion barrels to the global market, according to a new US report. By the beginning of 2006, the recoverable crude oil resources in the Arab region and Iran peaked at nearly 743.1 billion barrels compared with 675.6 billion barrels at the end of 2000, showed the report by the Energy Information Administration (EIA) of the US Department of ...  >>MORE

ENOC Lubricants becomes technology partner for Future Motors

Posted on 23/01/2006

EPPCO Lubricants, the specialised lubricants' division of Emirates National Oil Company (ENOC), recently announced they have entered into a 10-year exclusive supply agreement as the technology partner in lubricants for Future Motors L.L.C. The announcement took place during the 8th Middle East International Motor Show, held in Dubai 12-16th December 2005, where ENOC and EPPCO showcased innovative stands, according to a press release. Under the agreement, all vehicles sold and serviced by ...  >>MORE

Region's bunker fuel market reaches record US$11b in 2005

Posted on 18/01/2006

The value of bunker fuel traded in the Middle East climbed to a record US$11 billion last year, according to regional trade figures. The UAE market is also expected to witness a major surge over the next decade as the region's economic boom fuels ever-expanding trade and transshipment activities in the nation's major ports. Industry experts said that upgrading and expansion of oil storages, logistics systems and ports as well as building of new ones will occur over the coming years as the trade ...  >>MORE

Exxon Mobil got Upper Zakum on technical merit: ADNOC

Posted on 17/01/2006

The award of the Upper Zakum oilfield contract to Exxon Mobil was purely a technical decision, Abu Dhabi National Oil Company (ADNOC) CEO Omeir Bin Yousef has said. The process focused on the technical support needed to develop Upper Zakum, and while there are equally good companies, Exxon Mobil was definitely the leader, said Yousef in an interview with Emerging Abu Dhabi 2006, published by the Oxford Business Group. The increase in Upper Zakum production capacity is part of ADNOC's ...  >>MORE

EHS successfully conducts joint oil spill response drill

Posted on 16/01/2006

Environment, Health and Safety (EHS) successfully conducted recently an hour-long simulated joint Oil Spill Emergency Response Exercise--AMWAJ 2--at Tanker Berth No 3 in the Emirates Petroleum Products Company (EPPCO) Terminal-1 at Jebel Ali Port. Ahmed A. Hussain, Chief Executive Officer, EHS, said, "EHS is happy with the success of this significant exercise, which we conducted in order to highlight the importance of formulating and executing oil spill prevention programmes across all water ...  >>MORE

TAKREER successfully commissioned a project to increase Gasoline production

Posted on 16/01/2006

Abu Dhabi Oil Refining Company (TAKREER) has successfully implemented a project to increase Gasoline productions and Low Sulphur Gas Oil, in line with TAKREER mission to produce environmentally friendly hydrocarbons. For that purpose of increasing the production of Gasoline with improved environmental specifications, TAKREER has installed a new Catalytic Reformer plant with a capacity of (12,000) barrels per day (BPSD), and (Isomerisation Plant) with a capacity of (19,000) BPSD. The new ...  >>MORE

UAE nets over US$45 billion in 2005, set to earn more in 2006

Posted on 16/01/2006

Strong oil prices boosted the UAE's oil export earnings to their highest ever level of more than US$45 billion in 2005 and the income is projected to be even higher this year, according to official US estimates. Revised estimates by the Energy Information Administration (EIA) of the US Department of Energy showed the income of the UAE and its 10 partners in the Organisation of Petroleum Exporting Countries will also remain high in 2007 as crude prices are expected to be above US$50 a barrel. ...  >>MORE

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Quick List

ADNOC plans to spend US$2-3b annually on development projects


ADNOC, AMI sign contract for melamine production centre


Abu Dhabi’s IPIC to sell 30 per cent stake in IPO


UAE gives Exxon 28% stake in Upper Zakum


ADNOC receives 2 bi-fuel vehicles


Borouge awards Ruwais contracts


UAQ, Atlantis sign agreement to develop gas field


Aabar to complete purchase of Pearl Energy in a quarter


Stepping on eco-friendly gas


ADNOC sees Dh66b worth of projects


Four line up for SAS contract


Bids in for Gasco pipeline


TAKREER begins implementation of Green Diesel project


Crescent willing to rejig gas price


Hamdan lauds UAE-Total cooperation


OPEC set to maintain its current output ceiling: UAE


Sharjah promotes vehicles using natural gas


Takreer to expand production capacity


ADNOC to develop 3 fields at Dh13b


Gas deal with NIOC is firm, binding: Crescent


Dana Gas to be Shari'a Compliant


UAE, Pakistan discuss energy cooperation


Energy Minister underlines importance of enhancing relations with Canada


ADNOC to step up NGV activities


Dana Gas records Dhs646m net profit


Aabar posts Dh608 million profit


UAE keen to provide enough oil supplies: Al Hameli


Khalifa: Abu Dhabi committed to boosting oil industry projects


ADNOC price-tags crude oil for January


ADCO to increase output in second quarter of 2006


Gas cylinder prices go up again in northern emirates


World oil prices to remain high : UAE Oil Minister


Aabar Petroleum to acquire stake in Pearl Energy


Abu Dhabi’s Mubadala to partner Shell in Algeria exploration foray


Mideast oil reserves up by 68 billion barrels in five years


ENOC Lubricants becomes technology partner for Future Motors


Region's bunker fuel market reaches record US$11b in 2005


Exxon Mobil got Upper Zakum on technical merit: ADNOC


EHS successfully conducts joint oil spill response drill


TAKREER successfully commissioned a project to increase Gasoline production


UAE nets over US$45 billion in 2005, set to earn more in 2006