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THE ECONOMY - OIL AND GAS

ADNOC announces prices of crudes oil for September

Posted on 06/10/2004

The Abu Dhabi National Oil Company (ADNOC) announced Tuesday the Official Selling Prices (OSP) of its four crudes free on board (FOB) for September. A company statement said average prices of ADNOC's four crudes for September were lower than those of August. 'Prices of Murban, Lower Zakum, Umm Shaif and Upper Zakum loaded for September were US$39.85, 39.95, 39.65 and 36.15 a barrel respectively,' the statement said. (The Emirates News Agency, WAM) ...  >>MORE

Abu Dhabi OSPs in focus

Posted on 05/10/2004

Singapore: Abu Dhabi official selling prices (OSPs) for September loading crude, expected to be released late last night, were the focus of attention yesterday, traders said. Traders braced themselves for a hefty increase in the OSPs, on the back of the recent trades conducted at a US$1.20-US$1.40 a barrel premium to ADNOC for Nov-ember-loading crude. "ADNOC may set the September Murban OSP at above Dubai plus a US$4 premium. And this would still leave it cheaper than West African crude," a ...  >>MORE

ENOC’s Dh250m phase 1 of Djibouti project to be over by Aug. 2005

Posted on 29/09/2004

Emirates National Oil Company (ENOC) Dh250 million phase one of bulk liquid storage terminal in Djibouti is scheduled to be commissioned by August next year, according to a top ENOC official. The work on phase one, which has storage capacity of 250,000 cubic metres, for ENOC's newly-formed company Horizon Djibouti Terminals Limited (HDTL) at the Djibouti port of Doraleh, began earlier this year. Hussain Sultan, ENOC Group chief executive and board member, told this correspondent yesterday ...  >>MORE

UAE and Qatar sign Gas pipeline accord

Posted on 27/09/2004

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 Bin ...  >>MORE

Attiyah opens ECSSR Gulf energy conference

Posted on 27/09/2004

Current rising oil prices reflect neither market supply and demand nor the currently available oil supplies, said Abdulla bin Hamad Al-Attiyah, Qatari Minister for Energy and Industry. 'Escalating oil prices negatively affect global economic growth, raising petroleum prices for the ultimate consumer, undermining the purchasing power of importing countries and increasing oilfield development costs, Al Attiyah said in a keynote address at the 10th energy conference of the Emirates Centre for ...  >>MORE

Gasco shortlists four bidders for onshore gas development

Posted on 27/09/2004

The Abu Dhabi Gas Industries (Gasco) has shortlisted four bidders for the third phase of the Onshore Gas Development (OGD-3), valued at Dh4.77 billion (US$1.3 billion), said its top official. They are France's Technip, Bechtel of the US, Chiyoda Corp and JGC of Japan. The bids are currently being evaluated and an engineering, procurement and construction (EPC) contract will be announced shortly. Mohammad A. Sahoo, Gasco's general manager, said: "We have already narrowed down the technical ...  >>MORE

Borouge to expand capacity by 30pc

Posted on 27/09/2004

Construction of the phase II development of the Abu Dhabi Polymers Co Ltd - Borouge, is progressing steadily, said its chief executive Harri Bucht. Borouge, a 60:40 joint venture between Abu Dhabi National Oil Co (ADNOC) and European petrochemicals giant Borealis, is investing Dh146 million (US$40 million) in the project, which is to expand its capacity by 30 per cent. "By the end of the current year, the value of the polyethylene shipped from the UAE ports would reach Dh1.8 billion. This ...  >>MORE

UAE oil production will climb to over 2.5m bpd in two years

Posted on 26/09/2004

UAE oil production is again set to climb to a record 2.5 million barrels per day within two years as the country is pushing ahead with major projects to expand output capacity to face growing world demand and prevent a fresh supply crisis. Western analysts believe the UAE has the potential to go beyond 2.5 million bpd, given its massive proven crude reserves and the heavy capital it is pumping into projects to develop and maintain its main onshore and offshore oilfields. Oil industry ...  >>MORE

GASCO becomes global gas-processing giant

Posted on 22/09/2004

Abu Dhabi Gas Industries Ltd has become the sole operator of Asab Gas Plant, making it one of the largest gas-processing companies in the world, official sources confirmed. Technical bids are under evaluation for the first package of the phase two Asab Gas Development (AGD-2) project. "The Asab Gas Plant operations were transferred to Abu Dhabi Gas Industries Ltd (GASCO) in March from ADNOC, leading to further enhancement of GASCO's position as one of the largest gas-processing companies ...  >>MORE

Oil prices lift UAE corporate profits

Posted on 21/09/2004

Soaring oil prices sharply boosted the profits of banks and companies listed on the UAE stock market in the first half of 2004 and experts expect a record year. Official statistics showed the banks and firms trading their shares on the UAE's two main bourses in Abu Dhabi and Dubai netted more than Dh1.8 billion in extra income during the first half of this year, a staggering growth of around 35 per cent. Most of the listed companies reported a surge in profits and some of them said their ...  >>MORE

World oil demand to rise to 81 mbd in 2004 : Nasseri

Posted on 18/09/2004

UAE Minister of Petroleum and Mineral Resources Obeid bin Saif Al Nasseri has said high global demand for energy, particularly oil and natural gas, will persist. "Global demand for commercial energy has almost doubled since 1970," Nasseri told an international seminar on 'Petroleum in an Interdependent World' which kicked off in Vienna last Wednesday. In a speech to session one of the seminar titled 'Global Energy Outlook and Challenges', the Minister said demand for oil shot up by ...  >>MORE

ADNOC premiums rise

Posted on 18/09/2004

Cargoes traded at an accelerated pace ahead of the Asia Pacific Petroleum Conference (APPEC) in Singapore next week, which will keep many traders away from their desks, traders said yesterday. Qatar Marine for November loading started trading, traders said, but details remained sketchy. A Chinese trader was offering the grade at parity to its QP official selling price (OSP), traders said. Traders also kept a close eye on Abu Dhabi crudes with continuing talk that Lower Zakum or Umm Shaif ...  >>MORE

OPEC is likely to adopt a new price

Posted on 15/09/2004

OPEC is likely to adopt a new price band to replace its current one which stands at 22 to 28 dollars, according to sources here. Virtually all the ministers of the 11-member Organisation of Petroleum Exporting Countries who arrived in Vienna yesterday for a two-day meeting underlined the need for a possible change in price band , saying that the current band had been practically surpassed as indicated by a sustained surge in oil prices. "The current price band has been in place since the ...  >>MORE

Murban crude may rise

Posted on 15/09/2004

Premiums of Abu Dhabi's major Murban crude may rise further after Saudi Arabia reduced October supply volumes of its lighter grades to some lifters, traders said yesterday. At least one term lifter was notified by Saudi Aramco that it would receive slightly less Arab Extra Light crude for October than September, and more heavier grades. "It gives us a real head-ache," the lifter said. But not all term lifters may have received less light crudes than last month and some could have been ...  >>MORE

Petrochemicals account for 40 % of GCC industrial investment: GOIC

Posted on 11/09/2004

The number of factories in the GCC states rose to 9,802 by the end of 2003 from 4,386 in 1990, a growth of 123.5 per cent, according to official figures. 'Investment in these factories surged to US$101 billion from US$32.9 billion for the period under review, registering a growth of 207 per cent, said a report by the Gulf Organisation for Industrial Consultancy (GOIC). As one of the most important and attractive industrial activity in the GCC, the petrochemical and plastic sector has seen ...  >>MORE

OPEC price band outdated: UAE Oil Minister

Posted on 08/09/2004

Obeid bin Saif Al Nasseri, Minister of Petroleum and Mineral Resources, said on Tuesday that price band for OPEC basket should be raised from their present official level of US$22 to US$28 per barrel as it has been virtually surpassed by actual prices. Al Nasseri welcomed the move to raise the official output ceiling. "It's all right if need be," he said in a statement today ahead of OPEC Oil Ministers meeting next in Vienna. However, the Minister pointed out that OPEC is in no position to ...  >>MORE

UAE experiments with new energy system

Posted on 08/09/2004

The UAE is experimenting with a new technology for utilising the energy used for cooling. The department of Water Resources and Studies at the Office of the President His Highness Sheikh Zayed bin Sultan Al Nahyan, has begun conducting experiments with the new technology developed by Nawaf Suleiman, the inventor of the energy conversion plant and many other inventions. The department is conducting the experiments at the Al Musaffah Area in Abu Dhabi. Suleiman told +Khaleej Times+ that the ...  >>MORE

ADNOC announces prices of crudes oil for August

Posted on 05/09/2004

The Abu Dhabi National Oil Company (ADNOC) announced yesterday the Official Selling Prices (OSP) of its four crudes free on board (FOB). A company statement said prices of ADNOC's four crudes Murban, Lower Zakum, Umm Shaif and Upper Zakum loaded in August were US$41.55, 41.65, 41.35 and 39.05 a barrel respectively. 'The surge in prices of ADNOC's crudes was in response to the increase in world oil prices in August. (The Emirates News Agency, WAM) ...  >>MORE

Significant growth seen in UAE refining sector by 2005

Posted on 05/09/2004

The UAE exported 485,500bpd of refined products in 2002 and increased its refining capacity by around 491,300bpd in the same year. But in the year 2003, economic conditions for the UAE's refiners were difficult as high oil prices made feedstock expensive, according to a recent study. According to a report, the growth in 2002 was due to the expansion of Abu Dhabi Oil Refining Company's (Takreer) Ruwais refinery, which has a full production capacity of 420,000bpd and Emirates National Oil ...  >>MORE

UAE still major crude supplier to Japan

Posted on 01/09/2004

Tokyo - The UAE has retained its position as the major supplier of crude oil to Japan in July, accounting for 26 per cent of Tokyo's total imports of 134 million barrels, according to the Japanese Ministry of Commerce and Industry. 'Japan's crude oil imports from the UAE rose in July to 34.9 million barrels, a growth of 4.6 per cent over the corresponding month in 2003,' showed the figure of the Japanese ministry. The ministry noted that the UAE has maintained its lead as a major supplier of ...  >>MORE

Emarat to export lubricants to Libya, Iraq

Posted on 30/08/2004

The Emirates General Petroleum Corporation (Emarat) has signed two separate agreements to export lubricants and other oil products to Libya and Iraq. Emarat Deputy Director General for Sales and Marketing Affairs, Adel Khalifa, said that UAE's maximum production of lubricants was about half a million metric tonnes per annum. This, he said, meets the local demand with surplus for export, adding that the value is pegged at about Dh2.5 billion. Local consumption of the product ranges between ...  >>MORE

ADGAS revenues surpass target on sales, price surge

Posted on 25/08/2004

Driven by better prices and increased sales volume than projected, revenues and profit of Abu Dhabi Gas Liquefaction Ltd., ADGAS, surged to surpass the target, the company said. "Actual year-to-date sales volume of four million metric tonnes is higher than the target of 3.71, it said. ADGAS, part of Abu Dhabi National Oil Company, ADNOC and responsible for extracting, processing and transporting gas in liquid form to customers around the world, said it also achieved a year-to-date production of ...  >>MORE

Diesel to cost 6.89 per cent more in UAE

Posted on 25/08/2004

Diesel prices in the UAE will be increased to Dh6.0 from Dh5.80 per gallon. The 6.89 per cent increase will be with effect from Wednesday, according to informed sources. This will be the fifth time diesel prices is increased sine may this year. Diesel was priced at Dh5 per gallon on May 5 which was increased to Dh5.20 from May 15 and Dh5.40 from July 25. In August alone the price was increased twice. It was hike to Dh5.60 from August 5 and to Dh5.80 from August 16. The price rise is affected in ...  >>MORE

Weekend oil spill fouls Fujairah beach

Posted on 21/08/2004

Fujairah: An oil spill over the weekend ruined plans of beach-goers here as blobs of tar and wavy remnants of what appears to be bunker fuel hit the beach. Municipality workers using earth-moving equipment swiftly swung into action on Thursday to scoop up top sand on the beach, residents said. The foul-smelling fuel greeted people as they took a walk on the picturesque Corniche on the Gulf of Oman. Up to 50 tonnes of bunker fuel is believed to have been spilled offshore. A resort hotel ...  >>MORE

Oil, gas income for UAE put at record US$29.5b in 2003

Posted on 08/08/2004

The UAE earned a record US$29.5 billion from oil and gas sales last year and experts believe this year's revenues will be even higher due to strong oil prices. Production of crude oil and condensates peaked at nearly 2.59 million barrels per day and natural gas and LNG exports were also at their highest level. Last year's income was nearly US$7 billion higher than the 2002 oil and gas export earnings of around US$22.8 billion and exceeded the US$27 billion income in 2000, when it had climbed ...  >>MORE

Oil prices likely to remain high, volatile : UAE bank

Posted on 07/08/2004

Oil prices are likely to remain high and volatile, with the price of the OPEC Basket of seven crudes forecast to average US$35 a barrel in 2004, according to a UAE banking report. "Record oil prices are leading to record government revenues," OPECNA ( the official news agency of OPEC) quoted Daniel Hanna, the bank's Middle East Economist as saying. "The combined net oil exports of the Gulf Cooperation Council (GCC) are on course to exceed US$180 billion in 2004, a jump of US$35 billion from ...  >>MORE

UAE has non plans to hike fuel prices: Emarat chief

Posted on 03/08/2004

Emirates General Petroleum Corporation (Emarat) has ruled out any UAE plan to hike fuel prices in the near future, according to Emarat chief. 'There is no plans in the near future at least to increase fuel prices again in the UAE. Distribution companies will try to reduce their losses due to the surge in cost rate at 40 per cent through risks control measures like buying feasible financial instruments,' said Rashid Al Shamsi, Emarat Director General, in an interview with CNBC Arabia business ...  >>MORE

Response system with a command centre proposed to tackle oil spills

Posted on 03/08/2004

A 24-hour response system with a command centre has been proposed to deal with oil spills. The system is necessary to tackle oil spills caused by substandard vessels which traverse the Gulf waters transporting crude, according to experts. "They are not held accountable when they spill oil into the sea, whether intentionally or by accident," said Glenn Gardner, business development manager of Dulsco, a Dubai based marine engineering company. About 10,000 tankers, including some of the largest ...  >>MORE

Emoil sets up US$33m Jebel Ali plant

Posted on 25/07/2004

Emoil Petroleum Storage FZCO, has started of construction of a new petrol storage and blending facility in Jebel Ali Free Zone at a total investment of US$33 million. Emoil a joint venture company between Emirates General Petroleum Corporation (Emarat), BP Singapore PTE Limited and Trafigura Beheer BV has laid the foundation stone on Saturday. Emarat holds 60 per cent in the joint venture while BP and Trafigura hold 20 per cent respectively. The facility will include 9 products storage ...  >>MORE

OAPEC oil revenues grow 12.6 pc in 2003: group 2003 report

Posted on 10/07/2004

Oil revenues of the member states of the Organisation of Arab Petroleum Exporting Countries (OAPEC) rose 12.6 per cent to US$160 billion in 2003 from US$140 billion in 2002, buoyed by world high oil prices and remarkable increase in oil output, according to official statistics. The OAPEC annual report 2003 attributed the growth in oil revenues to the increase of 14 and 15.8 per cent in OAPEC oil exports and crude output respectively and world high oil prices. The report noted that revenues ...  >>MORE

ENOC contracts additional storage for three year growth plan

Posted on 28/06/2004

ENOC Bunkering (Fujairah) LLC (EBFL), a subsidiary of Emirates National Oil Company (ENOC) Ltd, has contracted an additional 150,000 cubic metres of bunker storage capacity to become operational from January next year. "This extra capacity is aimed at fulfilling our growth needs for the next three years,” explained Hussain Sultan, Group Chief Executive and Board Member, ENOC. The additional land storage has been contracted from VOPAK-HORIZON Fujairah Limited (VHFL), a flagship joint venture ...  >>MORE

EPC contract for Inter-Refinery Pipeline (IRP) project in early 2005

Posted on 27/06/2004

Abu Dhabi Oil Refining Company, (Takreer) announced yesterday that the front end engineering and design, FEED, for its Inter-Refinery Pipeline project has been completed and the EPC contract for the project is expected to be awarded in the first quarter of 2005. A statement from Takreer said that the FEED is now complete and forms the basis of an enquiry package to seek lump sum turnkey (LSTK) priced quotations on a competitive basis for Engineering, Procurement and Construction (EPC) including ...  >>MORE

UAE oil exports earned over US$22b in 2003 as output rose sharply

Posted on 27/06/2004

The UAE netted more than US$22 billion from crude oil exports last year after oil prices surged above US$28 a barrel and the country pumped at one of its highest output rates. Official figures showed the value of oil exports was higher by more than 32 per cent over the previous year and slightly above the record 2000 earnings of US$21.6 billion. In a forward to the annual report on the country's economic and social developments last year, Sheikh Humaid bin Ahmed Al Mualla, Minister of ...  >>MORE

ADNOC Distribution inaugurates new petrol and service station

Posted on 24/06/2004

The ADNOC Distribution yesterday inaugurated a new petrol and service station built at the cost of around Dh8 million in Khalidiya street. Inaugurating the new station, Jamal Al Dharif, Director General of ADNOC Distribution, said that the inauguration of the station to be known as Victory Station, was part of an ambitious plan to built and modernise 174 stations at the total cost of Dh250 million. "With the opening of this station, the company has completed 50 stations in Abu Dhabi Emirate ...  >>MORE

SPC denies ExxonMobil deal on Upper Zakum oilfield

Posted on 21/06/2004

The Abu Dhabi Supreme Petroleum Council (SPC) denies a report carried by the press and international news agencies on 19 and 20 June 2004, claiming ExxonMobil winning a deal from the Abu Dhabi Emirate on the development of Offshore Upper Zakum oilfield. In an exclusive statement to Emirates News Agency (WAM) today, the SPC announces that 'the report is unfounded and baseless. 'The issue is still subject to competition between three companies namely Shell, BP and ExxonMobil,' the SPA affirms. It ...  >>MORE

ExxonMobil contract will lift capacity by 200,000 bpd

Posted on 20/06/2004

The UAE has stepped up an ambitious programme to expand its oil production capacity with the award of a major contract to the US oil giant ExxonMobil. ExxonMobil, which has just quit negotiations for major gas deals in Saudi Arabia, will develop Abu Dhabi's huge offshore Upper Zakum oilfield to add nearly 200,000 bpd to its capacity and support the country's ongoing expansion programme. Industry sources close to the Supreme Petroleum Council (SPC) confirmed that SPC, Abu Dhabi's top oil ...  >>MORE

ExxonMobil 'wins UAE's offshore oil field accord'

Posted on 19/06/2004

London: Oil major ExxonMobil has clinched a long-awaited deal to develop the UAE's offshore Upper Zakum oilfield, the Middle East Economic Survey newsletter said yesterday. "The oil authorities in Abu Dhabi have designated ExxonMobil as the strategic partner in the giant offshore Upper Zakum oil field with the prime task of the further development of the field," MEES said. Upper Zakum's current production capacity is around 550,000 barrels per day, which is programmed for expansion to ...  >>MORE

UAE to earn its highest oil income this year

Posted on 19/06/2004

The UAE and its partners in the six-nation GCC will likely net their highest income in nearly quarter of a century this year as oil prices are projected to average above US$30 a barrel, according to independent estimates. The UAE will earn nearly US$25 billion from oil exports, its highest income since it began pumping crude more than four decades ago, showed the figures by the London-based Centre for Global Energy Studies. With oil prices remaining above US$30 a barrel and the six producers ...  >>MORE

Kharbash re-elected Chairman of top OPEC body

Posted on 17/06/2004

Minster of State for Financial and Industrial Affairs, Dr. Mohammed Khalfan bin Kharbash, has been re-elected to a second successive term as Chairman of the Ministerial Council of the OPEC Fund for International Development. Dr Kharbash will continue in the post - the first chairman of the council to do so - when his current term ends next year. At the inaugural session of the Council attended by finance ministers from oil exporting countries, Dr. Kharbash highlighted the importance of ...  >>MORE

Nassiri lauds SPE's efforts in oil and gas industry

Posted on 13/06/2004

Minister of Petroleum and Mineral Resources Obeid bin Saif Al Nassiri received yesterday Mark Rubin, Executive Director of the Society for Petroleum Engineers (SPE) International, who is currently visiting the country. He was accompanied by Ross Davidson, SPE Director of Operations. Mr. Rubin briefed the minister on the SPE's activities and plans in the Middle East and Gulf region. According to him, the SPE would organise a series workshops in the region to acquaint petroleum engineers with the ...  >>MORE

UAE to increase June output by 200,000 bpd

Posted on 12/06/2004

The UAE will boost its oil output by 200,000 barrels per day in June, half the amount that was reported last week during OPECS's meeting in Beirut, officials said. The Organisation of Petroleum Exporting Countries' sixth largest producer will raise production to about 2.45 million bpd this month, the ministry officials, who asked not to be identified, said from Abu Dhabi. The UAE pumped 2.24 million bpd in May, 200,000 bpd above its quota, they said. OPEC member states, including Saudi ...  >>MORE

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Quick List

ADNOC announces prices of crudes oil for September


Abu Dhabi OSPs in focus


ENOC’s Dh250m phase 1 of Djibouti project to be over by Aug. 2005


UAE and Qatar sign Gas pipeline accord


Attiyah opens ECSSR Gulf energy conference


Gasco shortlists four bidders for onshore gas development


Borouge to expand capacity by 30pc


UAE oil production will climb to over 2.5m bpd in two years


GASCO becomes global gas-processing giant


Oil prices lift UAE corporate profits


World oil demand to rise to 81 mbd in 2004 : Nasseri


ADNOC premiums rise


OPEC is likely to adopt a new price


Murban crude may rise


Petrochemicals account for 40 % of GCC industrial investment: GOIC


OPEC price band outdated: UAE Oil Minister


UAE experiments with new energy system


ADNOC announces prices of crudes oil for August


Significant growth seen in UAE refining sector by 2005


UAE still major crude supplier to Japan


Emarat to export lubricants to Libya, Iraq


ADGAS revenues surpass target on sales, price surge


Diesel to cost 6.89 per cent more in UAE


Weekend oil spill fouls Fujairah beach


Oil, gas income for UAE put at record US$29.5b in 2003


Oil prices likely to remain high, volatile : UAE bank


UAE has non plans to hike fuel prices: Emarat chief


Response system with a command centre proposed to tackle oil spills


Emoil sets up US$33m Jebel Ali plant


OAPEC oil revenues grow 12.6 pc in 2003: group 2003 report


ENOC contracts additional storage for three year growth plan


EPC contract for Inter-Refinery Pipeline (IRP) project in early 2005


UAE oil exports earned over US$22b in 2003 as output rose sharply


ADNOC Distribution inaugurates new petrol and service station


SPC denies ExxonMobil deal on Upper Zakum oilfield


ExxonMobil contract will lift capacity by 200,000 bpd


ExxonMobil 'wins UAE's offshore oil field accord'


UAE to earn its highest oil income this year


Kharbash re-elected Chairman of top OPEC body


Nassiri lauds SPE's efforts in oil and gas industry


UAE to increase June output by 200,000 bpd