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THE ECONOMY - OIL AND GAS

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

Continuous rise in oil prices will affect global economy: EIB study

Posted on 16/01/2006

Global economic growth has proved resilient despite the significantly high oil prices for almost two years, but the global economy could be affected if the prices were to come close to US$100 a barrel, a scenario which cannot be ruled out in view of the limited capacity currently available, and a steadily growing demand, according to a new study by the Emirates Industrial Bank. The EIB study pointed out that the recently produced IMF forecast for global GDP growth for 2005 is still a robust ...  >>MORE

ADNOC announces crude oil prices for December 2005

Posted on 04/01/2006

The Abu Dhabi National Oil Company, ADNOC, on Tuesday announced the prices of its crude oil FOB Abu Dhabi ports for the Month of December, 2005. According to ADNOC, Murban crude recorded US$56.90 per barrel, Lower Zakum sold at US$56.95, Umm Shaif at US$56.25, while Upper Zakum fetched US$53.00. (The Emirates News Agency, WAM) ...  >>MORE

Dana Gas and Emarat in Dh670 million Joint Gas Project

Posted on 04/01/2006

Leading private sector natural gas company, Dana Gas, through its wholly-owned pipeline subsidiary United Gas Transmissions Company (UGTC), has entered into an agreement with Emirates General Petroleum Corporation (Emarat) to build, own and operate a 30 km, 48 inch, common-user gas pipeline from the Sharjah gas hub at Sajaa to the Hamriyah Free Zone (HFZ). The Agreement was signed yesterday (Tuesday) at the head offices of Hamriyah Free Zone in the presence of Sheikh Sultan bin Mohammed bin ...  >>MORE

High oil revenues may stunt private sector-led growth and development

Posted on 03/01/2006

The recent oil boom could cause some governments to cut back on economic reforms despite dramatically increased revenues, to initiate measures that could create more private sector-led growth and development, warned a recent study quoting the Arab Monetary Fund. The study, conducted by PricewaterhouseCoopers also said Arab governments produce a higher proportion of output and employment than other developing countries. Many Arab governments have stated their intention to reduce the size of ...  >>MORE

GE signs turbine deal with RasGas

Posted on 31/12/2005

GE Energy and RasGas Company Limited has signed a multi-million dollar agreement for 25 years. GE to supply a full range of services for 22 gas turbines operating at the RasGas LNG complex in Ras Laffan Industrial City, Qatar. The GE contractual service agreement (CSA) includes supply of parts, repairs and field services for planned and unplanned outages for the gas turbines and associated equipment, as well as performance guarantees, outage planning inventory management support and training of ...  >>MORE

UAE oil income set to exceed US$40 billion in 2006 for first time

Posted on 28/12/2005

The UAE is projected to net a record US$39 billion in oil export revenues in 2005 and the income will surge above US$40 billion next year, according to official US data. Strong crude prices have already filled the UAE's coffers as its income soared to its highest ever level of around US$29.8 billion in 2004, when crude prices averaged nearly US$36 a barrel, said the Energy Information Administration(EIA) of the US Energy Department. "The UAE's net oil export revenues are expected to climb to ...  >>MORE

Abu Dhabi can become 'a major hub for oil and gas industry'

Posted on 19/12/2005

Abu Dhabi's plans to create an oil and gas complex has been welcomed by industry captains, saying the UAE capital can become another global energy hub. Significantly, some foreign energy firms are examining the prospects of making Abu Dhabi a strategic operations centre, they said. Last week, Sheikh Hamed Bin Zayed Al Nahyan, Chairman of Abu Dhabi's Department of Planning and Economy, announced 100 per cent ownership for foreign investors in Specialised Economic Zones (SEZs) that would ...  >>MORE

Borouge sets final date for Ruwais bid

Posted on 18/12/2005

Abu Dhabi Polymers Company (Borouge), a joint venture of Abu Dhabi National Oil Company (ADNOC) and Borealis, announced April 3, 2006 as the final date for submitting technical bid for the ethane cracker package on the phase 3 expansion of the Ruwais petrochemical complex. The deadline for commercial bids is set to be early September. Worth US$900 million-1,100 million, the contract will involve the construction of a 1.4 million-tonne-a-year (t/y) ethane cracker, a MEED report said. All ...  >>MORE

ADNOC cuts Murban crude oil exports by 10 per cent

Posted on 17/12/2005

Abu Dhabi National Oil Co. (ADNOC) will cut January exports of Murban crude by 10 per cent from contracted volumes due to repairs at a natural gas plant, sources with Japanese and South Korean refiners said yesterday. With the onshore Murban oilfield pumping as much as 1.5 million barrels per day (bpd), the cut looked set to take about 150,000bpd of the light-sour grade off the market, lending support to prices even as cold weather was already boosting demand, traders said. Talk of a ...  >>MORE

OPEC likely to pump extra 2m bpd

Posted on 11/12/2005

OPEC might place 2 million additional barrels per day in the oil market for a further three months period, said Mohammad Bin Dha'en Al Hamili, UAE Minister of Energy, yesterday. This is based on a decision made at a meeting in Vienna "if the market demanded such a step to be taken", Al Hamili said. The Minister who left for Kuwait yesterday to attend OPEC's Ministerial Meeting and Conference and the Arab Organisation of Petroleum Exporting Countries Ministerial Conference, due to be convened ...  >>MORE

Borouge tenders Ruwais petrochemical expansion

Posted on 11/12/2005

Abu Dhabi Polymers Company (Borouge) has kicked off tendering on the estimated US$2,500-million phase 3 expansion of its Ruwais petrochemical complex by issuing the first part of the invitation to bid (ITB) package for its new ethane cracker. All five members of the ethylene club -- ABB Lummus Global, Kellogg Brown & Root (KBR) and the Shaw Group, all US-based, Germany's Linde, and Paris-based Technip -- have been invited to bid for the estimated US$900 million-1,100 million ...  >>MORE

NPCC wins ONGC Contract

Posted on 10/12/2005

The National Petroleum Construction Company (NPCC) has been awarded by Oil and Natural Gas Corporation Limited (ONGC), India, a major multi-million US Dollar contract - 4 Wellhead Platfonns Project-2 on turnkey basis. 'Scope of work under the turnkey contract includes surveys, design, engineering, procurement, fabrication, anti-corrosion and weight coating of line pipes, offshore transportation, installation, hook-up and commissioning of 4 well platforms and associated submarine pipelines ...  >>MORE

ADNOC price-tags crude oil for November

Posted on 07/12/2005

The Abu Dhabi National Oil Company, ADNOC, Monday announced the prices of its crude oil FOB Abu Dhabi ports for the Month of November 2005. According to ADNOC, Murban crude recorded US$54.95 per barrel, Lower Zakum sold at US$54.95, Umm Shaif at US$54.25, while Upper Zakum fetched US$51.15. (The Emirates News Agency, WAM) ...  >>MORE

Dana Gas shares to be listed on Tuesday

Posted on 05/12/2005

The shares of Dana Gas, the first regional private-sector natural gas company to offer shares to the public, will be listed on the Abu Dhabi Stock Market (ADSM) from Tuesday, the 6th of December, to become the 57th listed company on the ADSM. The Company's capital is Dh 6 billion, with 65.67% subscribed to by its founders, comprising prominent individuals and institutions from all the countries of the GCC. The remaining 34.33% was offered in the IPO which closed on 3rd October and was ...  >>MORE

Enoc unveils Dh1.8b expansion

Posted on 04/12/2005

A Dh1.8 billion expansion of Emirates National Oil Company's (Enoc) Jebel Ali refinery has been unveiled. The Dubai Government-owned diversified energy group announced it will arrange an Islamic facility as a Sukuk Al Ijarah structure to finance the project. The revamp project will involve the installation of 70,000 barrels per stream a day (bpsd) of liquefied petroleum gas and naphtha hydrotreater, and a 36,000 bpsd crude catalytic reformer and ancillary processing units. In addition, ...  >>MORE

UAE says US$50 is fair price of a barrel of oil

Posted on 30/11/2005

The UAE energy minister said on Tuesday $50 for a barrel of crude oil was inequitable price and could meet investment costs of producers. Mohammad Bin Dha'en Al Hamili said additional oil had to be procured from existing fields to meet rising demand and compensate for lack of new discoveries. "Enhanced oil recovery technologies are costly and only fair and equitable oil prices will encourage producers of national and international oil companies to invest in the development of new ...  >>MORE

Diesel prices to go down from tomorrow

Posted on 30/11/2005

Diesel prices will be down from Dh7.7 per gallon to Dh7.5 per gallon from tomorrow (Thursday), following an agreement among ADNOC, ENOC and Emarat. The decision on the 20 fils reduction followed a fall in crude prices in international markets, a reliable source told Khaleej Times last night. He said the three companies had collectively decided to reduce diesel prices by 20 fils, adding "further reductions cannot be ruled out". High diesel prices in the UAE have been blamed on the rising costs ...  >>MORE

ADNOC, Petrofac win Excellence Awards

Posted on 24/11/2005

The UAE energy sector has dominated the scene at the 5th 'Excellence Energy Award 2005' ceremony, held in Doha last night under the patronage of Abdullah bin Hamad Al Attiyah, Qatar's Second Deputy Prime Minister and Minister of Energy and Industry. The award, known as 'oil Oscars', is organised by the Pipeline magazine. Abu Dhabi National Oil Company (ADNOC) won the 'Best in Health and Safety' category, while the Sharjah-based Petrofac was voted the 'Best in Industry Service'. (The Emirates ...  >>MORE

UAE sets model for energy diversification: IEA expert

Posted on 23/11/2005

The United Arab Emirates has achieved both strong growth and an extensive diversification of its economy over the past three decades, thanks to its stable political environment and economic policies, though the hydrocarbon sector remains a key component of the economy, according to the International Energy Agency's World Energy Outlook 2005. 'In the Reference Scenario, the UAE's total primary energy demand, which is already high in per capita terms, is projected to grow by 2.9% per year over ...  >>MORE

IPIC eyes expansion as portfolio hits US$8b

Posted on 23/11/2005

The investment portfolio of the International Petroleum Investment Company's (IPIC) has now touched US$8 billion, but the company is looking to expand even further. IPIC is looking at fresh investments in Asian and North American markets, a senior official said. He added that the Abu Dhabi government-owned company is also looking at alternative funding structures. "We want to see continued growth in our portfolio and extract synergies from our partners as well as bring new alliance partners ...  >>MORE

Energy Minister: UAE capacity set to reach 3.5m bpd

Posted on 22/11/2005

The United Arab Emirate's oil production capacity will be raised to 3.5 million barrels per day within a few years, according to Mohammed bin Dhahen Al Hamili, Minister of Energy. The country also plans to build a 300,000 b/d refinery in Fujairah, attributing current rise in oil prices to bottlenecks in the refining sectors. Al Hamili made the remarks during a reception held last night under his patronage on the occasion of the Launching the International Energy Agency (lEA), the report on ...  >>MORE

Dana Gas shareholders endorse incorporation and listing on ADSM

Posted on 18/11/2005

The first general assembly (FGA) of Dana Gas PJSC was held on Wednesday evening at the University City Hall in Sharjah. A major new private sector regional gas company, Dana Gas is currently under formation as a public joint stock company pursuant to the laws of the United Arab Emirates. The meeting, which was initially scheduled to be held on the 9th of November 2005 and adjourned for one week to procure the required quorum, was presided by Sheikh Ahmed bin Sultan Al-Qasimi, Deputy Ruler ...  >>MORE

NPCC awarded Saudi Aramco contract

Posted on 09/11/2005

Saudi Aramco has awarded a major contract for the North Artificial Lift Facilities Project to NPCC. The contract was signed on July 30 by Mohammed A. Al Juwair, Executive Director, Project Management, Saudi Aramco and Aqeel A. Madhi, General Manager, NPCC. The scope of the work includes fabrication, transportation and installation of one tie-in platform, modification to seven topside facility 42 inch diameter, 50 km line, six infield pipelines and eight sea power communication cables and ...  >>MORE

Minister of Energy: UAE plays a major role in the world oil market

Posted on 08/11/2005

Mohammed bin Dhaen Al Hamili, Minister of Energy has expressed confidence in the continuity of UAE effective role in the international oil market through the development of its production capacity and enhancement of cooperation with GCC countries and Oil Producing And Exporting Countries. Al Hamili referred to the necessity of strengthening dialogue between producers and consumers in order to reach acceptable solutions between both parties while consolidating the ties of cooperation between ...  >>MORE

Oil and gas eye projects worth US$2b

Posted on 08/11/2005

Dubai Civil Aviation President and Emirates Group Chairman Sheikh Ahmed Bin Saeed Al Maktoum on Monday opened the 12th Arab Oil & Gas Show at Dubai International Exhibition Centre (DIEC). More than 300 exhibitors from 30 countries, who are taking part in OGS 2005, are eyeing the US$2 billion worth of onshore and offshore oil and gas industry projects in the UAE. The show will serve as a regional platform to showcase new technologies, software and machinery, covering the entire range of ...  >>MORE

IPIC increases its stake in Spain's Cepsa to 25%

Posted on 05/11/2005

The Abu Dhabi-based International Petroleum Investments Company (IPIC) is increasing its stake in Spain's Compania Espanola de Petroleos SA (Cepsa) from 9.5 per cent to 25 per cent, a company source said. The company's decision to increase its stake was planned some time ago, but was put on hold until a double taxation agreement was reached between the UAE and Spain, according to the Dubai-based Gulf News. The agreement means that companies only have to pay tax in their home country, ...  >>MORE

DEL publishes bidders list

Posted on 03/11/2005

Dolphin Energy (DEL) on Tuesday published the official list of approved bidders for the EPC tender of its forthcoming Eastern Gas Distribution System (EGDS). A Dolphin spokesman said this was the final and correct list of approved bidders, contrary to some press reports in recent days. The participating bidders in the Dolphin EGDS tender are: Consortium of Technip and Al Jaber Energy Services, Consolidated Contractors Co, Dodsal PTE, Consortium of Larsen and Toubro and Al Hussam General ...  >>MORE

ADNOC to build 10 new fuel stations in the Western region

Posted on 31/10/2005

The Abu Dhabi National Oil Company, ADNOC for Distribution, has unveiled plans for construction of 15 new fuel stations in the Western region at the cost of Dh150 million. ADNOC for Distribution Director General Jamal Al Dharif said in a press conference held here last night that the construction of the new fuel stations in the Western region is in line with the wise directives of President H.H. Sheikh Khalifa bin Zayed Al Nahyan and close follow up of General Sheikh Mohammed bin Zayed Al ...  >>MORE

Dana Gas IPO completes allocation and refunds

Posted on 31/10/2005

The Founders Committee of Dana Gas, the first regional private sector natural gas company to offer shares to the public, has approved the final results of share allocation and refund within 21 days of its highly successful Initial Public Offering (IPO), which closed on the 3rd of October. The Receiving Banks have arranged to send by registered post the share allotment letter along with the bankers draft cheques for the refund amount or credited the refund amount into the bank account of the ...  >>MORE

DEL pipeline goes for bid

Posted on 30/10/2005

Abu Dhabi-based Dolphin Energy (DEL) has invited companies to submit bids by Nov.30 for the second engineering, procurement and construction (EPC) contract on its project to upgrade and modify the eastern gas distribution system (EGDS) in the emirate. Prospective bidders include Technip Abu Dhabi, part of Paris-based Technip, Athens-based Consolidated Contractors International Company (CCC), the Italian office of ABB, India's Larsen & Toubro (L&T) and AlJaber Energy Services and Dodsal, ...  >>MORE

IPIC secures financing for majority of Borealis stake

Posted on 28/10/2005

International Petroleum Investment Company (IPIC) of Abu Dhabi has secured a commercial facility for ?590 Million with a maturity of eight years received very favourably by the banking community, including local and international banks to finance the transaction. The facility is led by six mandated lead arrangers: National Bank of Abu Dhabi, facility agent, First Gulf Bank, documentation bank, CALYON, co-documentation bank, the Bank of Tokyo-Mitsubishi, Bayern LB and West LB. Gulf ...  >>MORE

Abu Dhabi to boost extra December crude

Posted on 28/10/2005

Singapore - Abu Dhabi will more than double its sales of extra crude to Asian customers in December, adding pressure to the ailing Murban spot market, term lifters said yesterday. The Abu Dhabi National Oil Co (ADNOC) has allocated an extra 3.85 million barrels of crude to Japanese, South Korean and Thai refiners for December, well up from just 1.5 million barrels for November, trading sources said. Lifters said the additional volumes, which came on top of long-term contractual supplies, ...  >>MORE

200 SEWA vehicles switch to compressed natural gas

Posted on 24/10/2005

The Sharjah Government is running nearly 200 vehicles on compressed natural gas in an experiment to use clean and efficient fuel and cut down on pollution. The first CNG (compressed natural gas) station has been opened at Halwan area, near the Co-op, and initially only vehicles of SEWA (Sharjah Electricity and Water Authority) are fitted with the converters to run on gas, an engineer with the Authority said. The gas station presently has two pumps and the token price has been fixed at 75 ...  >>MORE

IPIC and OMV finalise deal to buy 50% of Borealis

Posted on 24/10/2005

The Abu Dhabi-based International Petroleum Investment Company (IPIC) and OMV, Central Europe's leading oil and gas group, have finalised the purchase of 50 per cent of Borealis in a deal worth 920 million euros (Dh4.103 billion). The deal was signed in late June, but the transaction did not close until this month. "The formal signing was on June 30, 2005. On October 13, 2005, was the closing of the transaction, which means the transaction is already approved by competent authorities," a ...  >>MORE

Abu Dhabi moves forward with Dh7.3billion gas reinjection project

Posted on 23/10/2005

Abu Dhabi Marine Operating Company, ADMA-OPCO) is in the final stages of evaluating technical bids for the offshore Umm Shaif gas reinjection project, leaving the way open for commercial bids to be opened by late November. Two companies – a team of the National Petroleum Construction Company, NPCC, with Paris-based Technip, and Hyundai Heavy Industries Company of South Korea – submitted bids in late August for the estimated Dh7.34 billion (US$2 billion) engineering procurement and construction ...  >>MORE

Borouge to triple polyolefin output

Posted on 22/10/2005

Abu Dhabi-based petrochemical maker Borouge Pte Ltd. will more than triple the production of polyolefins, used for making plastics, to almost two million tonnes per year (tpy) in five years, the company said yesterday. Borouge a joint-venture between Denmark-based petrochemicals group Borealis and Abu Dhabi National Oil Co will add 540,000-tpy of polyethylene and 800,000-tpy of polypropylene to the current complex, Chief Executive Hubert Puchner said. The US$1.2 billion petrochemical ...  >>MORE

Refiners eye ADNOC as premiums stay high

Posted on 18/10/2005

Refiners started looking at December-loading Abu Dhabi crude and turned to Abu Dhabi National Oil Co. (ADNOC) as other sellers showed the cargoes at premiums, traders said yesterday. ADNOC last raised most of its grades' official premiums to Dubai by 15 cents a barrel despite most Nov-ember cargoes trading at discount to their OSPs during the month of September. Buyers were therefore reluctant to buy at a premium to OSPs, which were last set at a record high. Instead, they asked for extra ...  >>MORE

Takreer plans US$4b refinery

Posted on 18/10/2005

The Abu Dhabi Oil Refining Company (Takreer) plans to build an oil refinery in Fujairah with an investment of US$4 billion. The refinery, designed to process high-grade petrol, diesel and related products, will have a capacity of 300,000 barrels per day (bpd), a Takreer official confirmed to Khaleej Times yesterday. 'Takreer chose Fujairah for its convenient location and also because it wanted a major refinery far away from Abu Dhabi, primarily as a safety back-up that might eventually even ...  >>MORE

Esnaad, ADSB ink accord for high speed craft

Posted on 18/10/2005

Esnaad, ADNOC's wholly-owned service company, which provides offshore support services to oil companies, and Abu Dhabi Ship Building (ADSB) have signed an agreement to design and build a 40-metre crew boat, with an option for a second vessel. This is the first vessel to be awarded by Esnaad as part of its major fleet replacement programme started earlier this year and underlines ADSB's capability to compete and win contracts in the commercial marine market as well as in the naval sector. ...  >>MORE

Dana Gas equity issue oversubscribed 140 times

Posted on 12/10/2005

The Dh2.06 billion initial public share offering of Dana Gas, which received a huge response from GCC investors, has been oversubscribed nearly 140 times and raised Dh288 billion, the company said in a statement yesterday. Dana, a private natural gas distributor, said that the Dh700 million retail tranche, reserved for small investors from the GCC countries, received 398,000 applications, of which about 44 per cent (about 175,000) were from the UAE. Saudi Arabia, Kuwait, Bahrain, Qatar and ...  >>MORE

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Quick List

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


Continuous rise in oil prices will affect global economy: EIB study


ADNOC announces crude oil prices for December 2005


Dana Gas and Emarat in Dh670 million Joint Gas Project


High oil revenues may stunt private sector-led growth and development


GE signs turbine deal with RasGas


UAE oil income set to exceed US$40 billion in 2006 for first time


Abu Dhabi can become 'a major hub for oil and gas industry'


Borouge sets final date for Ruwais bid


ADNOC cuts Murban crude oil exports by 10 per cent


OPEC likely to pump extra 2m bpd


Borouge tenders Ruwais petrochemical expansion


NPCC wins ONGC Contract


ADNOC price-tags crude oil for November


Dana Gas shares to be listed on Tuesday


Enoc unveils Dh1.8b expansion


UAE says US$50 is fair price of a barrel of oil


Diesel prices to go down from tomorrow


ADNOC, Petrofac win Excellence Awards


UAE sets model for energy diversification: IEA expert


IPIC eyes expansion as portfolio hits US$8b


Energy Minister: UAE capacity set to reach 3.5m bpd


Dana Gas shareholders endorse incorporation and listing on ADSM


NPCC awarded Saudi Aramco contract


Minister of Energy: UAE plays a major role in the world oil market


Oil and gas eye projects worth US$2b


IPIC increases its stake in Spain's Cepsa to 25%


DEL publishes bidders list


ADNOC to build 10 new fuel stations in the Western region


Dana Gas IPO completes allocation and refunds


DEL pipeline goes for bid


IPIC secures financing for majority of Borealis stake


Abu Dhabi to boost extra December crude


200 SEWA vehicles switch to compressed natural gas


IPIC and OMV finalise deal to buy 50% of Borealis


Abu Dhabi moves forward with Dh7.3billion gas reinjection project


Borouge to triple polyolefin output


Refiners eye ADNOC as premiums stay high


Takreer plans US$4b refinery


Esnaad, ADSB ink accord for high speed craft


Dana Gas equity issue oversubscribed 140 times