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THE ECONOMY - OIL AND GAS

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

Dana Gas private placement completed

Posted on 28/08/2005

The private placement of shares in newly created, Sharjah-based Dana Gas has been completed, and the initial public offering (IPO) of 35 per cent of the company's Dhs6-billion (US$1,635 million) capital is due to be launched by mid-September. HSBC is acting as financial adviser and lead manager . The private placement attracted strong demand from about 250 GCC individuals and institutions invited to participate in joining the founding shareholders, Crescent Petroleum, Sajaa Gas and United ...  >>MORE

Abu Dhabi's IPIC buys refineries in Far East

Posted on 24/08/2005

Abu Dhabi oil investment fund IPIC laid out plans yesterday to boost its exposure to Far East growth markets by snapping up refiners, buying into Taiwan firm CPC and possibly bidding for Royal Dutch Shell's LPG business. A top official at the International Petroleum Investment Co told Reuters that IPIC also wanted to double its stake in Spanish oil firm Cepsa to more than 15 per cent by buying stock from bank Santander. "We are looking to buy refineries and marketing companies in the Far ...  >>MORE

Refiners await ADNOC's October allocations

Posted on 24/08/2005

Singapore: Trading activity slowed down yesterday as refiners waited for further direction from Abu Dhabi over its October allocations before completing their purchases, traders said yesterday. Abu Dhabi National Oil Co (ADNOC) had yet to notify its term lifters of the volumes available for October loading. The producer is largely expected to supply lifters with full volumes and additional volumes. With Abu Dhabi crude for October at a premium on the spot market, lifters were expected to ...  >>MORE

Abu Dhabi crude attracts strong interest

Posted on 23/08/2005

Singapore: Middle East crude for October loading traded at an accelerated pace, with traders stepping in not only to buy kerosene-rich crude but also to snatch up cheap heavier Dubai crude. Abu Dhabi crude was attracting some healthy interest on the back of expected strong winter demand for kerosene in North Asia, with Sinochem buying Umm Shaif crude at around a 15-cent-a-barrel premium to ADNOC possibly for South Korea's Inchon refinery and a South Korean refiner seen picking up some ...  >>MORE

UAE invests Dh29b in oil sector

Posted on 22/08/2005

The UAE has invested over Dh29 billion in the oil sector during 2000 to 2004. According to the International Oil Fund survey, the country successfully diversified its economy away from the oil sector into many different fields in past few years. The UAE is primarily focusing on increasing its production of crude oil to reach 3.5 million barrels per day by the year 2006. Official sources within the country stated that the oil sector will increase its production capacity to 0.3 million tonnes ...  >>MORE

Dana Gas is to float Dh2.1b IPO in September

Posted on 21/08/2005

Dana Gas, the new regional natural gas company incorporated in the UAE will float a Dh2.1 billion initial public offering in mid-September, the Founders Committee of the company announced yesterday. The committee, which held a meeting on Wednesday, reviewed the progress of the recent Founder Placement and plans for the IPO and future listing of the company. The meeting was attended by Sheikh Sultan Bin Ahmed bin Sultan Al-Qasimi, Deputy Chairman, Sharjah Petroleum Council; Hamid Jafar, ...  >>MORE

NPCC wins Dh1.3b ADCO contract

Posted on 03/08/2005

The Abu Dhabi Company for Onshore Oil Operations has awarded a Dh1.3 billion contract to National Petroleum Construction Company to carry out the third phase of its gas development in the Bab field. The contract was signed by Saeed Khoury, assistant general manager of ADCO, and Aqeel Madi, general manager of NPCC. The project, known as OGD III-Upstream, will be completed by the end of July 2007. The gas will be pumped through a huge pipeline network to specialised firms in Abu Dhabi Gas ...  >>MORE

ADNOC price-tags crude oil for July

Posted on 02/08/2005

The Abu Dhabi National Oil Company, ADNOC, yesterday announced the prices of its crude oil production for the Month of July 2005. According to ADNOC, Murban crude recorded US$57.10 per barrel, Lower Zakum sold at US$57.15, Umm Shaif at US$56.45, while Upper Zakum fetched US$53.10 per barrel. (The Emirates News Agency, WAM) ...  >>MORE

Zadco, ADCO to increase capacity

Posted on 31/07/2005

About five companies have expressed interest in bidding for a conceptual design study covering the Umm al Dalkh (UAD) full-field development project in offshore Abu Dhabi. The client is Zakum Development Company (Zadco). Interested companies include Paris-based Technip, the US/Canadian VECO, Australia's WorleyParsons and Foster Wheeler and Fluor Corporation, both US-based. The project is aimed at increasing production capacity to 20,000 barrels a day (b/d) from 13,000 b/d, through handling ...  >>MORE

Dana Gas prepares to be launched in Sharjah

Posted on 30/07/2005

A new private sector regional gas company, Dana Gas, capitalised at Dh6 billion, is preparing to be launched in Sharjah. The core founders of Dana Gas are the Government of Sharjah, Crescent Petroleum and the shareholders of Sajaa Gas and United Gas Transmissions, Bank of Sharjah, and prominent shareholders from across the GCC, said an official statement issued yesterday. The core founders have been joined in the venture by new founder investors comprising institutions, companies and ...  >>MORE

Qatargas awards US$360m contract to UAE-US consortium

Posted on 27/07/2005

Abu Dhabi based Al Jaber Group yesterday announced that a consortium of Al Jaber Energy Services and Washington Group International has been awarded a US$360 million contract from Qatargas Operating Company Limited. The contract includes the provision of design, engineering, procurement, and construction services in order to establish a new sulfur-handling facility serving the natural gas processing market in Qatar. Qatargas, with majority ownership by Qatar Petroleum, has awarded this work on ...  >>MORE

ADNATCO plans aging tanker fleet replacement

Posted on 23/07/2005

The Abu Dhabi National Tanker Company (ADNATCO) is set to replace its aging tanker fleet with newer ships as part of its strategy to sharpen its competitive edge in regional and international markets, according to company top executives. 'The process has already started and we have sold three old vessels. The Company is currently in the process of selecting a Project Management Consultant (PMC) for ship acquisition,' said Sultan Al Muhairi, ADNATCO Chairman. A subsidiary of ADNOC Group, ...  >>MORE

Dolphin's Qatar project on track

Posted on 23/07/2005

The Dolphin Gas Project is on track to deliver gas next year as construction of two offshore production platforms in Qatar nears completion and another project is about to start in Abu Dhabi, a company spokes-man said yesterday. "The Dolphin Gas Project is on schedule with construction under way in all areas. Dolphin is currently completing erection of its two offshore gas production platforms in Qatar's North Field. It is drilling the associated gas wells to supply the project and is ...  >>MORE

Natural gas to power vehicles in Abu Dhabi

Posted on 20/07/2005

The Government will soon start working on a project replacing oil with natural gas as the energy supply for vehicles in the emirate, a top official of Environmental Agency Abu Dhabi told Gulf News. Majid Al Mansouri, Secretary-General of the agency, said the project was being prepared under the directives of President His Highness Sheikh Khalifa Bin Zayed Al Nahyan and General Sheikh Mohammad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince, Deputy Supreme Commander of the UAE Armed Forces and ...  >>MORE

ADNOC to boost gas liquids 50%

Posted on 16/07/2005

The Abu Dhabi National Oil Company (ADNOC) will increase production of gas liquids by more than 50 per cent due to growing market demand, a top company official said. "ADNOC has recognised the demand growth and has planned projects to increase the production of gas liquids by more than 50 per cent in the next five years," said Kamal Morsi of ADNOC's Onshore Division, Exploration and Production Directorate. ADNOC's current production of natural gas, liquefied natural gas (LNG) and gas liquids ...  >>MORE

GASCO awards EPC contract for Asab Gas Development Project

Posted on 16/07/2005

Abu Dhabi Gas Industries Ltd. GASCO, has confirmed the award of the contract for Engineering, Procurement, Construction and Commissioning Works, EPC, for Asab Gas Development Phase-II, AGD-II Project to M/s Bechtel at a lump sum price of US Dollars 1,241 million (One Billion and Two Hundred and Forty one Million) around Four and a Half Billion UAE Dirhams. A statement issued by GASCO and received by the Emirates News Agency, WAM, said that the Letter of Award was issued in Abu Dhabi on 12th ...  >>MORE

Learning to tackle giant oil spills

Posted on 16/07/2005

Employees from petroleum companies and environment agencies took part in a simulated response to an oil spill yesterday morning on one of Dubai's beaches. The practical exercise was part of a week-long training endeavour organised by the Regional Clean Sea Organisation (RECSO) and SEACOR environmental Services Middle East (SES-ME) to train and share knowledge between oil companies from the GCC regions. Companies such as Saudi Aramco, Bahrain Petroleum Company (BAPCO), Kuwait National Petroleum ...  >>MORE

Borouge to invest US$2.5b in expansion plan

Posted on 13/07/2005

The Abu Dhabi Polymers Company (Borouge) yesterday announced-ed it will invest more than US$2.5 billion (Dh9.2 billion) to triple production at its complex here. Borouge has awarded Foster Wheeler the project management consultancy contract for the FEED (front end engineering and design) and HSBC has won the financial advisory contract. "The company expects to invest in excess of US$2.5 billion to expand its production capacity to 2 million tonnes of enhanced polyolefins (poly-ethylene and ...  >>MORE

UAE, Qatar sign gas transport document

Posted on 11/07/2005

The minutes of the attested documents on gas transportation agreement between the UAE and Qatar have been signed in Abu Dhabi yesterday. Abdullah Rashid Al Nuaimi, Under Secretary of Foreign Ministry signed the minutes for the UAE side, while Abdullah Mohammed Al Uthman, Qatari Ambassador to the UAE signed for Qatar. Earlier, Sheikh Hamdan bin Zayed Al Nahyan, Deputy Prime Minister and Minister of State for Foreign Affairs has already signed the agreement in Abu Dhabi with Abdullah bin Hamad Al ...  >>MORE

Founders panel for RAK Petroleum Company set up

Posted on 11/07/2005

Sheikh Saud bin Saqr Al Qasimi, Ras Al Khaimah Crown Prince and Deputy Ruler, set up yesterday the founders committee for a new company, the RAK Petroleum Company, being set up with capital of Dh2 billion. It will be a public sharing company with Mohammad Al Qadi as chairman of the founders committee and Jihad Quzmar and Ezzat Al Dajani as committee members. The founders will contribute 45 per cent of the capital of the new company and the remaining 55 per cent will be put up for an initial ...  >>MORE

Crescent National will supply gas to HFZ

Posted on 10/07/2005

Sharjah-based Crescent National Gas Company Ltd (CNGCL), owned by Crescent Petroleum, is to supply natural gas to the Hamriyah Free Zone. Following the announcement of a major ammonia plant at the zone, Dr Rashid Al Leem, Director General, HFZA, said that natural gas distribution to other industries and companies was in the pipeline. The availability of natural gas will take Hamriyah Free Zone to the second level of industrialisation, he said. This is part of CNGCL's major project of ...  >>MORE

Production of gas liquids to up 50pc within five years

Posted on 06/07/2005

While the production of natural gas, LNG, gas liquids such as LPG, and condensate currently is equivalent to 1.2 million barrels per day (mbpd) of oil, planned projects will increase the production of gas liquids by more than 50 per cent, in the next five years. This gas liquids production does not fall under the OPEC constraint on crude oil production, and market demand is concurrently growing faster than oil around the world. ADNOC has recognised this demand growth and has planned ...  >>MORE

ADNOC price-tags crude oil for June

Posted on 05/07/2005

The Abu Dhabi National Oil Company, ADNOC, Monday announced the prices of its crude oil production for the Month of June 2005. According to ADNOC, Murban crude recorded US$55.45 per barrel, Lower Zakum sold at US$55.50, Umm Shaif at US$54.80, while Upper Zakum fetched US$51.50 per barrel. (The Emirates News Agency, WAM) ...  >>MORE

Ahmed bin Saeed lends patronage to Oil Barons' Ball 2005

Posted on 05/07/2005

Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Department of Civil Aviation, and President of the Emirates Group, has lent his patronage to the Oil Barons' Ball, the main regional social event for the Middle East's oil and gas industry which will be held in Dubai on 9th of November. Over 1,500 senior oil and gas executives from around the Middle East are expected to attend the event. "With a pedigree of two successful annual events to date, the Oil Barons? Ball is now a mainline ...  >>MORE

IPIC acquires majority stake in Borealis

Posted on 02/07/2005

International Petroleum Investment Company (IPIC) of Abu Dhabi has agreed to acquire an additional 40% stake in Borealis from Statoil, the Norwegian oil company. The deal is valued around 800 million euros, and will increase IPIC's stake in Borealis from the present 25% to 65%, a press release said. It represents a major addition to IPIC's $4 billion + investment portfolio. It is also IPIC's single largest investment in its 20-year history. OMV, the Austrian oil and natural gas group in ...  >>MORE

Esma project for use of natural gas in cars on track

Posted on 26/06/2005

The Emirates Standardisation and Metrology Authority (Esma) yesterday announced that it has completed the first phase of specifications and measures for use of natural gas in cars. A number of cars will substitute petrol with natural gas under a project undertaken by Adnoc Distribution. "This was done in cooperation with Adnoc Distribution which is carrying out the project of introducing natural gas in vehicles along with a specialised consultant company," Walid Al Mansouri, director-general ...  >>MORE

UAE company to invest in US$11.66 in Taiwan project

Posted on 21/06/2005

Taipei- International Petroleum Investment Company, IPIC, signed an initial accord to buy a stake in an US$11.66 billion (Dh42.57 billion) petrochemical project led by Chinese Petroleum Corporation, said Kuo Chin-tsai, Chairman of the Taiwanese refiner. The two companies would also join hands in tapping the Indian market, said a CPC official. IPIC and Chinese Petroleum have signed a letter of intent for the Abu Dhabi-based company to by the stake in the project in western Taiwan, Kuo told ...  >>MORE

Swift action helps control Fujairah oil spill

Posted on 19/06/2005

The oil slick that washed up on Fujairah's Al Aqah coastline two days ago was contained in record time yesterday, thanks to Fujairah Municipality's efforts. "The authorities combed the coastline to ensure the oil slick had been totally removed. Advanced scientific methods were extremely efficient and helped in containing the slick and dissolving it,” a municipal official told Gulf News. He added buoys were placed in the affected areas to control the spread of the spill and the authorities ...  >>MORE

OPEC raises output quota by 500,000 bpd

Posted on 17/06/2005

OPEC decided on Wednesday to raise its output ceiling by a million barrels per day in two phases. At a meeting here, OPEC ministers agreed to pump extra 500,000 barrels daily into the market with immediate effect and additional 500,000 bpd at a later stage. They left it to the conference's chairman to set dates in due course after consultation with member states. (The Emirates News Agency, WAM) ...  >>MORE

UAE elected council president for third time

Posted on 17/06/2005

The OPEC Fund for International Development has elected the UAE as the president of the Organisation's council for the third consecutive time. The re-election, announced yesterday in Austria, is a recognition of the role UAE has played in assisting developing nations implement reforms and development programmes, as well as in financing them. Dr Mohammad Khalfan Bin Kharbash, UAE Minister of State for Finance and Industry, lauded the efforts of OPEC member countries in supporting ...  >>MORE

OPEC will consider output rise: Hamili

Posted on 15/06/2005

Vienna - UAE Energy Minister Mohammed bin Dhaen Al Hamili said here Tuesday that OPEC would decide in its Wednesday's meeting on whether to raise production by 500,000 barrels daily in a bid to cool prices or keep the ceiling at present level of 27.5 million barrels per day (bpd). In a statement upon arrival in Vienna yesterday to attend a meeting of the Organisation of Petroleum Exporting Countries due Wednesday, Al Hamili said OPEC ministers would discuss global supply and demand levels, ...  >>MORE

OPEC countries are investing in capacity expansion to meet global demand: Al Hamli

Posted on 14/06/2005

The UAE and other OPEC member states are investing in capacity expansion to meet the growing global demand for oil, said Mohammed bin Dhaen Al Hamli, Minister of Energy. In a statement to WAM, Al Hamili said the upcoming OPEC meeting in Vienna will either maintain current output ceiling of 27,5 million barrels per day (with the exception of Iraq), or raise output so as to cool crude prices. Al Hamli noted that OPEC's current over-quota production is estimated at 500,000(bpd). The Minister ...  >>MORE

Mubadala Development and Shell sign MOU to form strategic alliance

Posted on 13/06/2005

General Sheikh Mohammed bin Zayed Al Nahyan attended on Sunday a ceremony held at his palace to sign a Memorandum of Understanding (MOU) between Mubadala Development Company, a wholly owned investment and development vehicle of the Government of the Emirate of Abu Dhabi, and Shell EP International Ltd, which is intended to lead to the formation of a strategic alliance. The MOU provides the general framework upon which Mubadala Development and Shell will form the alliance, which is expected ...  >>MORE

RAK plans mega petroleum IPO

Posted on 10/06/2005

Ras Al Khaimah is lining up another mega initial public offering (IPO) following the stupendous success of the RAK Properties public issue which mobilised about Dhs65 billion. This time a petroleum company will be set up which will tap the capital market, according to Chief Executive of the Investment and Development Office (IDO) of the Government of Ras Al Khaimah Izzat Dajani. The petroleum IPO will be of a similar size of the RAK Properties issue. "We are hopeful of a similar response ...  >>MORE

OPEC has enough output capacity to meet oil demand: Hamili

Posted on 06/06/2005

OPEC has enough oil output capacity to meet any unexpected rise in world demand this year, Energy Minister Mohammed bin Dhaen Al Hamili affirmed. 'Member countries of OPEC have sufficient oil production capacity to meet any unexpected surge in demand this year as well as the immediate future. The demand on OPEC oil is expected to rise from 28.5 mb/d last year to 29.2 mb/d this year. However, OPEC countries are currently producing around 30.5 mb/d which is well beyond the required output for ...  >>MORE

Construction of SajGas plant progresses

Posted on 06/06/2005

The construction of new Sajaa Gas (SajGas) processing plant at Sajaa in Sharjah has achieved one million manhours work without any injuries or lost time incidents, said Salem Sahoo, general manager, SajGas. Sahoo, said: "The project, to bring new supplies of gas, and energy to Sharjah and Northern Emirates was initiated by Crescent Petroleum with Government of Sharjah in 2004. The Sajaa Gas Private Company Limited was formed by Crescent and Government of Sharjah, with a group of Gulf ...  >>MORE

Abaar Petroleum Investment Company announced

Posted on 05/06/2005

The establishment of Abaar Petroleum Investment Company has been officially announced yesterday following a meeting convened by the company's General Assembly chaired by Suhail Faris Al Mazzroui, Chairman of the company's Founders' Committee. The Abu Dhabi Economy and Planning Department has to this effect issued decree no. 2 for the year 2005 stipulating the establishment of the said company with a Dh 900 million capital. (The Emirates News Agency, WAM) ...  >>MORE

ADNOC unit to expand tanker fleet

Posted on 28/05/2005

Abu Dhabi National Tanker Company, a fully-owned subsidiary of Abu Dhabi National Oil Company, yesterday announced plans to acquire new tankers so it can renew its fleet. "The company is in the process of selecting a project management consultant for ship acquisition as part of a plan to replace ageing vessels with new ones that meet the highest world standards," said Mohammad Salem Al Daheri, Abu Dhabi National Tanker Company's (Adnatco) general manager. Speaking at celebrations held to ...  >>MORE

Oil tanker, ship collide 57 miles off UAE waters

Posted on 25/05/2005

A Greek oil tanker collided with a ro-ro about 14 miles off Iranian waters and 57 miles off the UAE's territorial waters in Fujairah, causing a spill of 700 tonnes of light crude. The Greek tanker Astro Lupus, collided with a ro-ro called Safari which was carrying a shipment of vehicles. No one was hurt as the collision caused very minor damages to both vessels. Captain Musa Murad, Director General of the Fujairah Port, said the authorities are closely monitoring the situation. (The Emirates ...  >>MORE

Mideast energy investment put at US$532 billion in 30 years

Posted on 24/05/2005

Arab oil producers are expected to pump nearly US$84 billion in investment in five years to develop their oil and gas sector and more than US$500 billion over the next three decades, according to a senior Arab energy official. Abdul Aziz Al Turki, Secretary General of the Organisation of Arab Petroleum Exporting Countries (OAPEC), said gas projects alone are forecast to attract in excess of US$230 billion as Qatar and other key Gulf oil producers are push ahead with mega LNG ventures. In ...  >>MORE

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Quick List

Dubai firm signs Ghana oil deal


Dana Gas private placement completed


Abu Dhabi's IPIC buys refineries in Far East


Refiners await ADNOC's October allocations


Abu Dhabi crude attracts strong interest


UAE invests Dh29b in oil sector


Dana Gas is to float Dh2.1b IPO in September


NPCC wins Dh1.3b ADCO contract


ADNOC price-tags crude oil for July


Zadco, ADCO to increase capacity


Dana Gas prepares to be launched in Sharjah


Qatargas awards US$360m contract to UAE-US consortium


ADNATCO plans aging tanker fleet replacement


Dolphin's Qatar project on track


Natural gas to power vehicles in Abu Dhabi


ADNOC to boost gas liquids 50%


GASCO awards EPC contract for Asab Gas Development Project


Learning to tackle giant oil spills


Borouge to invest US$2.5b in expansion plan


UAE, Qatar sign gas transport document


Founders panel for RAK Petroleum Company set up


Crescent National will supply gas to HFZ


Production of gas liquids to up 50pc within five years


ADNOC price-tags crude oil for June


Ahmed bin Saeed lends patronage to Oil Barons' Ball 2005


IPIC acquires majority stake in Borealis


Esma project for use of natural gas in cars on track


UAE company to invest in US$11.66 in Taiwan project


Swift action helps control Fujairah oil spill


OPEC raises output quota by 500,000 bpd


UAE elected council president for third time


OPEC will consider output rise: Hamili


OPEC countries are investing in capacity expansion to meet global demand: Al Hamli


Mubadala Development and Shell sign MOU to form strategic alliance


RAK plans mega petroleum IPO


OPEC has enough output capacity to meet oil demand: Hamili


Construction of SajGas plant progresses


Abaar Petroleum Investment Company announced


ADNOC unit to expand tanker fleet


Oil tanker, ship collide 57 miles off UAE waters


Mideast energy investment put at US$532 billion in 30 years