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THE ECONOMY - OIL AND GAS

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

GASCO awards US$1 billon-contract to British firm

Posted on 10/10/2005

Abu Dhabi Gas Industries Ltd. (GASCO) has announced the award of the contract for Engineering, Procurement, Construction and Commissioning works (EPC), for Habshan Gas Complex Expansion Package-1 (HGCE) Project to M/s Fluor of UK at a lump sum price of US Dollars 999,493,000 Million, about 3.6 billion UAE Dirham. The Letter of Award was issued in Abu Dhabi on Saturday. The detailed engineering and procurement activities on the project will be managed from their office in UK and the project ...  >>MORE

Cooking gas prices go up in Sharjah and Ajman

Posted on 09/10/2005

Cooking gas prices shot up on an average by Dh10 across Sharjah and Ajman, two days before the advent of Ramadan, gas distribution company representatives said. Residents said while the prices are still cheaper in Ajman, it is illegal to purchase cylinders from the neighbouring emirate. Sharjah has made it mandatory that landlords of new buildings should install piped gas connections. According to the Sharjah Electricity and Water Authority (SEWA), the cost of piped gas is Dh1.25 per cubic ...  >>MORE

Kampac eyes NYSE and Dubai listing

Posted on 08/10/2005

The Dubai-based Kampac Oil Middle East, whose activities include oil and gas exploration, building oil storage facilities and trading in crude oil, is considering dual listing of two of its assets - St Louis and Louga - valued at more than $2 billion (Dh7.34 billion) on New York Stock Exchange and in Dubai after an Initial Public Offer (IPO). According to a "Khaleej Times" report, the assets identified for the IPO are oil & gas exploration blocks 85 per cent owned by Kampac and the remaining ...  >>MORE

Dana Gas IPO subscription exceeds Dh280b

Posted on 07/10/2005

Dana Gas yesterday confirmed its Dh2.06 billion initial public offering was a runaway success with total subscriptions exceeding Dh280 billion. The company also said individuals and institutions from 87 nationalities applied for shares in the Dh1.27 billion wholesale tranche of the IPO, another record for a regional offering. The IPO also shattered yet another record with some 390,000 investors applying for shares in the retail tranche. "The IPO that closed on October 3 has been a huge ...  >>MORE

ADNOC price-tags for September

Posted on 04/10/2005

The Abu Dhabi National Oil Company, ADNOC, yesterday announced the prices of its crude oil production for the Month of September 2005. According to ADNOC, Murban crude recorded $61. 05 per barrel, Lower Zakum sold at $61.10, Umm Shaif at $60.40, while Upper Zakum fetched $56.70 per barrel. (The Emirates News Agency, WAM) ...  >>MORE

IPIC to acquire 20 percent stake in CPC worth 5 billion dollars

Posted on 04/10/2005

International Petroleum Investment Company (IPIC) announced that it has signed a Memorandum of Understanding (MoU) to buy 20 percent stake in Taiwan's Chinese Petroleum Corporation (CPC) for more than five billion dollars. IPIC said in a statement issued after a meeting of its board of directors, presided over by Sheikh Mansour bin Zayed Al Nahyan, Minister of Presidential Affairs and chairman of the company, that Taiwan government has plans to privatize the state-run CPC. The plan was ...  >>MORE

Dana Gas public offer ends today

Posted on 03/10/2005

The Dh2.06 billion initial public offering (IPO) of Dana Gas, one of the largest in the UAE, ending today has been witnessing a mad rush for subscriptions, but officials, however, were unwilling to speculate on the likely proceeds. Bankers said that due to the stern warning from the Central Bank, lending to investors was limited and hence they are not offering high leveraging facilities. Neither the bankers nor the analysts are willing to speculate on the number of times this IPO will be ...  >>MORE

Dana Gas share issue unlikely to be extended

Posted on 02/10/2005

The Dh2.06 billion IPO of Dana Gas will not be extended despite the overwhelming response, and investors can expect the minimum allocation promised, a company source said yesterday. "The response to the IPO is very positive and from across different nationalities.”But no application will be accepted after October 3, the closing date. There are no plans for any extension," a company source told Gulf News. The source dismissed fears that the allocation ratio especially for small investors ...  >>MORE

Sharjah to open CNG station in February

Posted on 02/10/2005

Sharjah will open the first public compressed natural gas (CNG) station in February as part of its plans to provide alternative means of energy to run vehicles. The Sharjah Government has embarked on a number of projects in the field of power, water and gas to meet the growing demand in the emirate, His Highness Dr Sheikh Sultan Bin Mohammad Al Qasimi, Member of the Supreme Council and Ruler of Sharjah, told the opening session of the Sharjah Consultative Council yesterday. Initially CNG ...  >>MORE

Crescent Petroleum signs MoU with Iraqi oil ministry

Posted on 30/09/2005

The Sharjah-based Crescent Petroleum on Wednesday signed a Memorandum of Understanding (MoU) with the Oil Exploration Company (OEC) of Iraq, a division of the Iraqi Ministry of Oil - one of the first agreements of its kind with an Arab oil company. The MoU covers technical co-operation and training, and includes an exploration and appraisal study on an area assigned for Crescent by OEC in the Missan Province in southern Iraq. The initial cost of the study and its requirements is expected to ...  >>MORE

UAE to lift refining capacity

Posted on 26/09/2005

The UAE energy minister yesterday said the UAE plans to add new oil refining capacity and will be able to produce 2.7 million barrels per day (bpd) of crude oil early next year. "Certainly we are adding new refining capacity and it is in our mind. We are undertaking studies regarding this," said Mohammad Bin Dha'en Al Hamili, without going into details. But he said new crude production capacity will come on stream shortly that will lift the UAE's production capacity to 2.7 million bpd. "We ...  >>MORE

UAE and Qatar sign Gas pipeline accord

Posted on 26/09/2005

The UAE and Qatar Governments yesterday signed an International Pipeline Agreement (IPA) between the two countries which confirms Dolphin Energy Limited as owner and operator of the sub-sea Export Pipeline which will connect Qatar and the UAE. The IPA was signed in Abu Dhabi by Sheikh Hamdan Bin Zayed Al Nahyan, UAE Deputy Prime Minister, Minister of State for Foreign Affairs and Chairman of Dolphin Energy Limited, on behalf of the Government of the United Arab Emirates, and by HE Abdullah ...  >>MORE

DANA IPO expected to collect over Dh250b

Posted on 26/09/2005

The Dh2.06 billion DANA Gas public issue, the largest initial public offering (IPO) ever in the UAE, is expected to collect more than Dh250 billion, according to sources in the receiving banks. "The banking sector is expected to provide up to Dh150 billion in leverage finance while the investors from the region are expected to commit more than Dh100 billion of their money in subscription,” said a senior executive with a bank. The IPO opened on September 20 has received overwhelming ...  >>MORE

Dana Gas public offer heading for record oversubscription

Posted on 25/09/2005

The Dh2.06 billion initial public offering of Dana Gas is heading for record oversubscription as thousands of investors GCC nationals and foreigners sought to buy the shares, analysts and bankers said yesterday. Bankers said leveraging continues, but banks are strictly abiding by Central Bank rules. "Investors, particularly the Saudis, have had a positive experience with IPOs and this being a gas company, investors expect high returns," said Ala'a Eraiqat, executive vice-president and head ...  >>MORE

Saudis scramble for Dana Gas shares

Posted on 24/09/2005

Riyadh - Thousands of Saudis want to go to the UAE to buy shares in Dana Gas, a natural gas resource company, leading to sold-out flights to Dubai, according to a press report. The reservation department of Saudi Arabian Airlines said no seats were available on its flights to Dubai from Jeddah and Dammam before September 29 and from Riyadh before September 30, reported the Dubai-based Gulf News on Friday. The airline, however, has no plan to operate additional flights to Dubai because it ...  >>MORE

UAE Energy Minister elected deputy Chairman for OPEC conference in 2006

Posted on 21/09/2005

Vienna - The Organization of Petroleum Exporting Countries (OPEC) elected on Tuesday Mohammed bin Dhaen Al Hamili, UAE Energy Minister as deputy Chairman for its conference in 2006. The step is a prelude to assuming the OPEC conference chairmanship in 2007. (The Emirates News Agency, WAM) ...  >>MORE

OPEC leaves official output quotas unchanged

Posted on 21/09/2005

Vienna - The Organization of Petroleum Exporting Countries (OPEC) decided on Tuesday to leave its official output quotas unchanged. The group however, decided to offer up its last 2 million barrels a day of reserves , making available to oil buyers its remaining spare capacity. "We have the 2 million available if there is a call for it -- there is no need for raising the ceiling,” OPEC President Sheikh Ahmad Al Fahd Al Sabah said. (The Emirates News Agency, WAM) ...  >>MORE

UAE-Tunisia sign agreements for oil exploration in Tunisia

Posted on 21/09/2005

Tunis - UAE and Tunisia have here yesterday signed two agreements granting UAE Al Thani Corporation oil exploration rights in Tunisia. The agreements were signed by Afif Shalabi, the Tunisian Minister of Industry and Energy and Small and Medium Establishments and by Abdullah Saeed Al Thani, Chairman of Al Thani Corporation. The UAE company will explore for oil at Qabis Gulf South-East of Tunisia on a 6592 square kilometres area and on another area South-West of the country on 4908 square ...  >>MORE

Senegal oil deal for Dubai firm

Posted on 21/09/2005

Dubai-based Kampac Oil M.E., part of the Kampac Oil group, has signed an oil exploration and production concession in the offshore waters of the West African state of Senegal, the company announced today. Senegal's national oil company, Petrosen, is a minority partner in the concession. The contract, signed last week by Kampac Chairman Charles Ampofo and Senegal's Energy and Mines Minister, Madicke Niang, is for the St. Louis Deep block, just south of Mauritania, covering an area of 9,275 ...  >>MORE

OPEC leans towards no change in output

Posted on 20/09/2005

Vienna - OPEC producers yesterday prepared to postpone action on extra crude supply, falling short of expectations among some consumer countries hoping for immediate relief from fuel price inflation. The Organisation of the Petroleum Exporting Countries was near a deal to make available its remaining spare production, but only when needed in a world market short of refined product, rather than crude, ministers said. OPEC was likely to agree a resolution that would vow to release its spare 2 ...  >>MORE

Dana Gas IPO opens tomorrow

Posted on 20/09/2005

The IPO for Dana Gas, the largest initial public offering ever in the UAE and the first for a natural gas resource company, opens today, 20th September. The IPO is for Dh 2.06 billion, or 34.33% of the company's capital. Ten banks have been appointed as receiving banks: Abu Dhabi Islamic Bank, Abu Dhabi Commercial Bank, Union National Bank, First Gulf Bank, Mashreqbank, Dubai Islamic Bank, Emirates Bank International, HSBC Middle East, Bank of Sharjah, and United Arab Bank. The receiving ...  >>MORE

National Drilling takes delivery of new rig

Posted on 20/09/2005

ADNOC subsidiary the National Drilling Company (NDC) on Sunday took delivery of a new Dh100 million offshore rig, raising its investments to over Dh1.5 billion in the past five years. Delivery of the new rig, named Al Hail, built by Singapore's Keppel Fels Ltd, took place at a ceremony at Mina Zayed in the presence of Yousef Omair Bin Yousef, Secretary-General of the Supreme Petroleum Council and ADNOC Chief Executive. NDC now has 10 offshore rigs, 16 onshore rigs and five water well rigs. ...  >>MORE

UAE supports consensual oil output increase: Al Hamili

Posted on 19/09/2005

Vienna - UAE Energy Minister, Mohammed bin Dha'en Al Hamili, has said the OPEC ministerial conference, which opens today, would probably decide on increasing OPEC oil output by an appropriate rate that would help cool down the world oil market. Al Hamili, who made the statement to the press on his arrival here to attend the conference, said the UAE would support an output increase on condition the decision is reached consensually. He said the meeting will discuss developments on the oil ...  >>MORE

OPEC ready to increase output by 500,000 bpd: Al Hamili

Posted on 19/09/2005

Vienna - UAE Energy Minister, Mohammed bin Dha'en Al Hamili, has said the OPEC was ready to increase oil output by 500,000 barrels per day (bpd). In a statement to the press on his arrival yesterday in Vienna to attend the OPEC ministerial conference, the UAE minister said there was balance in supply and demand on the oil market. "There is no shortage of oil supply on the market, but if we see that the market needs more oil we will do just that," he said. He pointed out that the UAE's ...  >>MORE

GCC oil ministers to back OPEC decisions

Posted on 19/09/2005

Vienna - Well-informed sources cited consensus among GCC oil ministers to back any decision OPEC would make in its meeting today. Oil Ministers of the UAE, Saudi Arabia, Kuwait and Qatar held a meeting this evening during which they discussed situation in the world's oil market. The sources, however, did not disclose whether the ministers arrived at a unified stance during the meeting. (The Emirates News Agency, WAM) ...  >>MORE

Abu Dhabi National Oil Distribution Company not to increase fuel prices

Posted on 19/09/2005

An official source at Abu Dhabi National Oil Distribution Company, ADNOC, stated yesterday that the company has no intention at all to increase vehicles' petrol prices in the future. The source, in a statement to the Emirates News Agency, WAM, said that ADNOC announces to the public that it shall not increase fuel prices for vehicles in the future in any manner. (The Emirates News Agency, WAM) ...  >>MORE

Crescent-NIOC project nears completion

Posted on 19/09/2005

Crescent Petroleum of Sharjah and National Iranian Oil Co have completed more than 90 per cent of the gas project they began in April 2001. Total investment in the project is more than US$1 billion (Dh3.67 billion). The Iranian company has finished laying the 30-inch gas pipeline to Crescent's offshore receiving facilities. Meanwhile, the Sharjah company is about to complete offshore transmission facilities to transport gas to Hamriyah and the Sajaa gas hub, including construction of the ...  >>MORE

Aabar eyes ADSM listing, buys assets

Posted on 19/09/2005

Aabar Petroleum Investments Company is planning to list its shares in the Abu Dhabi Securities Market in November, according to its Chairman Suhail Fares Al Mazrouei. "The company's board of directors has decided to list the company in the ADSM immediately after Eid Al Fitr. The government of Abu Dhabi has granted us a land plot to the company's headquarters on," Al Mazrouei said in a press conference held yesterday. He revealed that on July 13, Aabar had purchased Delma Energy, a drilling ...  >>MORE

Sharjah Pipeline to set up jet fuel storage facility

Posted on 19/09/2005

Sharjah Pipeline Company (SPC) is building a Dh118-million jet fuel storage facility in Sharjah's Hamriyah Free Zone with a pipeline linking it to the Sharjah International Airport. SPC will build a four-tank 50,000 metric tonne storage facility in the HFZ to be named Anabeeb, the Arabic word for pipeline. The facility will include construction of import facilities at Hamriyah Port to discharge fuel from supply vessels, said a press release. The design and construction management services ...  >>MORE

OPEC may raise output: Says UAE Energy Minister

Posted on 18/09/2005

UAE Minister of Energy Mohammed bin Dhaen Al Hamili said on Saturday that OPEC might decide to increase output by an appropriate rate. "The UAE supports rise in production if there is a consensus among member states," he told WAM. According to the Minister, the UAE is presently pumping around 2.5 million barrels a day and that by the end of the year and beginning of next year some extra 200,000 barrels would be added to the production capacity per day. "Our output capacity will be expanded ...  >>MORE

Dana Gas names 10 banks for IPO

Posted on 17/09/2005

Dana Gas has appointed 10 UAE banks to receive subscription applications for its Dhs2.06 billion initial public offering (IPO), which opens on Sept.20, 2005. The IPO, which represents 34.33 per cent of the company's capital, will close on Oct. 2. The shares are offered at a par value of Dh1 each, plus the customary one fils per share offering costs, according to a report published Thursday in The Gulf Today daily. HSBC is the financial advisor and lead manager for the IPO. The IPO ...  >>MORE

Dana Gas Dh2.06b IPO to be launched in September 20

Posted on 14/09/2005

The Founders Committee of Dana Gas, the first regional private-sector gas resource company to offer shares to the public, today announced details of its IPO of Dh2.06 billion, having received the necessary regulatory approvals. The IPO, which represents 34.33 per cent of the Company's capital, will open for public subscription on September 20 and will close on October 2. The shares offered in the IPO are priced at a par value of Dh1 each, plus the customary one fils per share offering ...  >>MORE

Taiwan’s CPC, UAE plan biggest petrochemical plant

Posted on 14/09/2005

Taiwan's Chinese Petroleum Corp. (CPC) will lead a group of Taiwan companies into a US$6 billion project to build the world's biggest petrochemical plant in the UAE, a newspaper said yesterday. The plant, to be constructed in Abu Dhabi, will include a naphtha cracker with an annual capacity of 1.3 million tonnes of ethylene, said the Economic Daily News. "Ethylene production will be highly efficient while the cost of producing petrochemical raw materials will be low and the plastics ...  >>MORE

Output boost on cards; Abu Dhabi seeks more production capacity at its largest oilfield

Posted on 12/09/2005

New York – Abu Dhabi, the Middle East's fourth largest oil producer, plans to increase output capacity at its biggest field by a third amid a global squeeze in spare capacity that's helped spur oil prices to a record high. The emirate, is considering a boosting a capacity at its offshore Upper Zakum field to 750,000 barrels a day from about 550,000 now, said an official at the state-owned Abu Dhabi National Oil Company. He wouldn't give a time frame. Adding capacity may help ease concern ...  >>MORE

UK oil blocks for UAE-linked firm

Posted on 07/09/2005

London - Austrian oil company OMV, in which Abu Dhabi's International Petroleum Investment Company, IPIC, has a significant shareholding, has been awarded stakes in five newly-awarded oil and gas exploration blocks in Britain's North Sea, the British Department of Trade and Industry has announced. OMV are operators and partners with UK firm Dana Petroleum in part of Block 204/14b, and are also partners with ChevronTexaco, the operators, and Norway's Statoil and Denmark's DONG in Blocks ...  >>MORE

US company to build LPG storage tanks

Posted on 05/09/2005

US-based Chicago Bridge and Iron Co (CB&I) has won a Dh477 million (US$130 million) contract to design and build liquefied petroleum gas (LPG) storage tanks for a natural gas processing expansion project in Ruwais, Abu Dhabi. CB&I said its contract is with Italy's Snamprogetti, which is the prime engineering, procurement and construction contractor for the owner, Abu Dhabi Gas Industries (GASCO), as part of its ongoing expansion. GASCO is expanding its existing facility at Ruwais that ...  >>MORE

Snamprogetti gives Dh468m Gasco project sub-contract

Posted on 04/09/2005

Snamprogetti S.p.A, a prime Engineering Procurement and Construction (EPC) contractor has awarded a sub-contract to M/s CB&I, a lump-sum turnkey contract amounting to Dh468 million, to design and build liquefied petroleum gas (LPG) storage tanks and a pentane tank for a natural gas processing expansion project in Ruwais, Abu Dhabi. CB&I's contract is with Snamprogetti S.p.A., prime EPC contractor for the owner, Abu Dhabi Gas Industries Ltd. (GASCO), which is a subsidiary of Abu Dhabi ...  >>MORE

Study on Khalifa’s vision in the field of oil and gas released

Posted on 03/09/2005

A study incorporating President His Highness Sheikh Khalifa Bin Zayed Al Nahyan's vision of UAE oil policy and its role in the country's progress has been released. The study highlights the President's keen attention to the subject, evident from his vision of a long-term strategy for the country's oil and gas sector that takes care of the nation's economic aspirations and also keeps pace with international developments. The study, which was issued by the Information Affairs Bureau of ...  >>MORE

Petrol and diesel prices to go up

Posted on 31/08/2005

Petrol and diesel prices will go up throughout the country, come Thursday, September 1, 2005. Petroleum distribution companies throughout the country have decided to hike the price of a gallon of petrol by aed1.5, while a gallon of diesel will also go up by Dh2.40. The new increase will bring the new price of a gallon of petrol (octane 95) to Dh6.25 and octane 98 to Dh6.75, while a gallon of diesel will be sold at Dh7.70, up from the current Dh6.30 for a gallon. The new step, the ...  >>MORE

Dubai firm signs Ghana oil deal

Posted on 31/08/2005

Accra, Ghana - Dubai-based Kampac Oil has signed a Memorandum of Understanding with Ghana's Ministry of Energy for the installation of a Floating Storage Oil, FSO, unit off the Ghanaian port of Tema, it was been announced here. The agreement was signed recently by Kampac's Chairman, Charles Ampofo, and Professor Mike Ocquaye, Ghana's Minister of Energy. The FSO, a specially-converted oil tanker currently nearing completion in Bahrain, will have a capacity to hold 2.3 million barrels of oil, ...  >>MORE

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Quick List

Dana Gas equity issue oversubscribed 140 times


GASCO awards US$1 billon-contract to British firm


Cooking gas prices go up in Sharjah and Ajman


Kampac eyes NYSE and Dubai listing


Dana Gas IPO subscription exceeds Dh280b


ADNOC price-tags for September


IPIC to acquire 20 percent stake in CPC worth 5 billion dollars


Dana Gas public offer ends today


Dana Gas share issue unlikely to be extended


Sharjah to open CNG station in February


Crescent Petroleum signs MoU with Iraqi oil ministry


UAE to lift refining capacity


UAE and Qatar sign Gas pipeline accord


DANA IPO expected to collect over Dh250b


Dana Gas public offer heading for record oversubscription


Saudis scramble for Dana Gas shares


UAE Energy Minister elected deputy Chairman for OPEC conference in 2006


OPEC leaves official output quotas unchanged


UAE-Tunisia sign agreements for oil exploration in Tunisia


Senegal oil deal for Dubai firm


OPEC leans towards no change in output


Dana Gas IPO opens tomorrow


National Drilling takes delivery of new rig


UAE supports consensual oil output increase: Al Hamili


OPEC ready to increase output by 500,000 bpd: Al Hamili


GCC oil ministers to back OPEC decisions


Abu Dhabi National Oil Distribution Company not to increase fuel prices


Crescent-NIOC project nears completion


Aabar eyes ADSM listing, buys assets


Sharjah Pipeline to set up jet fuel storage facility


OPEC may raise output: Says UAE Energy Minister


Dana Gas names 10 banks for IPO


Dana Gas Dh2.06b IPO to be launched in September 20


Taiwan’s CPC, UAE plan biggest petrochemical plant


Output boost on cards; Abu Dhabi seeks more production capacity at its largest oilfield


UK oil blocks for UAE-linked firm


US company to build LPG storage tanks


Snamprogetti gives Dh468m Gasco project sub-contract


Study on Khalifa’s vision in the field of oil and gas released


Petrol and diesel prices to go up


Dubai firm signs Ghana oil deal