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THE ECONOMY - OIL AND GAS

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

ADNOC opens new filling station

Posted on 09/06/2004

A new Dh 6.7-million fuel station was opened today on the Muroor road near the Police Traffic and License Department here. A press release from Abu Dhabi National Oil Company-FOD, owners of fuel stations in Abu Dhabi, said the new station was built on an area of 3,600 square metres and to international standards. Besides four benzene and two diesel pumps, the station houses a service centre and a shopping mall. (The Emirates News Agency, WAM) ...  >>MORE

UAE has the capacity to increase output by more than 400,000 bpd: Nassiri

Posted on 05/06/2004

Obeid bin Saif Al Nassiri, UAE's Minister of Petroleum and Mineral Resources said last Thursday in Beirut that his country has the capacity to increase its output by more than the planned 400,000 bpd. "The UAE has sufficient reserves that would allow it to increase production in accordance with the economic interest of the country as well as with market demands” said Nasseri in remarks earlier in the day. He re-iterated his country's decision to increase production this month by 400,000 ...  >>MORE

Oil production must be increased: Says Al Nassiri

Posted on 03/06/2004

Obeid bin Saif Al Nassiri, UAE's Minister of Petroleum and Mineral Resources, yesterday reiterated his country's support for an increase of oil production. "The output must be increased to appease markets and oil prices. However, the quantity of reduction will be discussed in OPEC's Ministerial meeting tomorrow", said Al Nassiri in a statement to reporters. The UAE minister arrived in Beirut yesterday for a meeting of the Organisation of Petroleum Exporting Countries, OPEC, scheduled for today, ...  >>MORE

Oil contribution to Dubai GDP falls below 7pc

Posted on 02/06/2004

Diversification in Dubai's economy has helped the emirate to reduce its dependency on oil which now contributes less than seven per cent of the GDP as against 54 per cent in the early 1980s, according to a senior government official. Essa Kazim, director general of the Dubai Financial Market and co-ordinator general of the Dubai Quality Award, said: "The diversification policies of the Government have begun to show results and the economy of Dubai is restructuring itself with the oil sector ...  >>MORE

Middle East producers need US$750 b to boost output capacity: Nassiri

Posted on 24/05/2004

Middle East oil and gas producers need to invest US$750 billion up to 2030 to boost output capacity to meet world demand for energy products, according to UAE Minister of Petroleum and Mineral Resources Obeid bin Saif Al Nassiri. 'Producers in the Middle East need an estimated investment of US$750 billion (US$500 billion for oil and US$250 billion for gas by 2030) to boost their output capacity to meet growing world demand for oil and gas,' Nassiri told the International Energy Forum (IEF) ...  >>MORE

Al Nassiri says OPEC can't control rising prices

Posted on 22/05/2004

Amsterdam: OPEC cannot control oil prices that are rising because of factors outside its control, Obeid bin Saif Al Nassiri, UAE Minister of Petroleum and Mineral Resources, said yesterday. "I don't think that control is in OPEC's hands," said Al Nassiri on his arrival in Amsterdam for talks between oil producers and consumers starting today. "There are many factors behind these prices." Asked whether a proposed OPEC output increase of 1.5 million barrels a day was likely to have any impact on ...  >>MORE

ADCO develops strategy for management of hazardous wastes

Posted on 22/05/2004

The Abu Dhabi Company for Onshore Oil Exploration (ADCO) has developed and implemented a comprehensive strategy for managing hazardous drilling wastes, based on the "Golden Rules": reduce, reuse and recycle with a goal to mitigate the impact of its operations on the environment. Under the strategy at least 99.95 per cent of oil from cuttings is reclaimed as a fuel and recovered water is used for garden irrigation. 'The thermal desorption process is "state-of-the-art" technology and the ...  >>MORE

Nassiri says OPEC to discuss Saudi oil output increase proposal

Posted on 19/05/2004

The UAE yesterday said that it had a keen interest in the stability of oil prices and the oil market. The remarks were made by Obeid bin Saif Al Nassiri, Minister of Petroleum and Mineral Resources, during a meeting with French Trade Minister Francois Loos He said the UAE and other OPEC countries were concerned about the stability of the market and were keen to achieve price stability and to get a fair price. He said that the current oil prices of USUS$40 to 41 took place in 1991 and that ...  >>MORE

Oil rally puts UAE in BoP surplus

Posted on 18/05/2004

A surge in oil prices combined with higher gas sales to slash the UAE's deficit in the consolidated budget last year and close the gap in the balance of payments. New statistics by the Central Bank showed the UAE enjoyed one of its best fiscal years last year as average crude oil prices leaped by nearly US$4 a barrel and the country pushed ahead with expansion in its oil, gas and refined output capacity. The bank's annual report for last year showed the UAE, the world's fourth biggest oil ...  >>MORE

UAE oil sector to surpass Dh100b for the first time

Posted on 15/05/2004

The UAE's oil sector is expected to surge past Dh100 billion this year for the first time as crude prices fly high and output continues unabated. The trade surplus is also projected to soar to its highest level this year as the value of crude and non-oil exports grows by more than 10 per cent. Government forecasts showed the oil sector would hit around Dh102.2 billion (US$27.8 billion) this year, its highest level since the UAE began producing oil in early 1960s. The level is nearly 9.5 per ...  >>MORE

Common solutions needed for problems of climate change: Nassiri

Posted on 09/05/2004

The UAE Government fully supports urgent and coordinated action on climate change and there is a need to find common solutions to the problem of climate change, Obaid bin Saif Al Nassiri, Minister of Petroleum and Mineral Resources, said yesterday. Addressing the inaugural session of the workshop on "Climate change effects on coastal zones," organised here at the Royal Meridian Hotel by the United Nations Environment Programme, UNEP, in coordination with the government of Netherlands, Al ...  >>MORE

GASCO releases enquiries for three major gas projects

Posted on 08/05/2004

The Abu Dhabi Gas Industries Ltd. (GASCO) has released the enquiries for Engineering, Procurement, Construction and Commissioning (EPC) works for its Asab Gas Development Phase-II (AGD-II) Project and Ruwais 3rd NGL Train (3rd Train) Project. The enquiries were issued to five pre-qualified bidders namely Bechtel - UK, Chiyoda - Japan, Snamprogetti - Italy, Technip - France and JGC - Japan. The AGD-II Project is an extension of the existing Asab Development Phase-I, and will include ...  >>MORE

UAE and Oman join oil product shipping venture

Posted on 08/05/2004

Emirates National Oil Co (ENOC) has entered into a joint venture with Abu Dhabi's International Petroleum Investment Co (IPIC), the Oman Oil Company (OOC) and Thales, the international electronics and systems group, to set up a US$430 million shipping company, Gulf Energy Maritime (GEM). ENOC holds a 35 per cent stake in the new venture, which is capitalised at US$129 million. IPIC and OOC each have 30 per cent and Thales 5 per cent under the UAE Offset Programme. The project, with the ...  >>MORE

ADNOC announces prices of crude oil for April

Posted on 04/05/2004

The Abu Dhabi National Oil Company, ADNOC, said yesterday that prices of its crudes rose 65 cents in April as compared with March, according to a company statement. The company also announced the official selling prices for its crude oil loaded in April free on board at the loading port. The statement said prices of ADNOC four crudes Murban, Lower Zakum, Umm Shaif and Upper Zakum rose to USUS$33.80, 33.85, 33.60 and 32.10 a barrel in April from US$33.15, 33.20,32.95 and 31.45 a barrel in March ...  >>MORE

Supply is not the only factor causing price changes: ADNOC study

Posted on 03/05/2004

Supply should not be seen as the only factor that causes price changes and it is unfair to expect OPEC to stabilise the oil market by itself, according to a study by the Abu Dhabi National Oil Company (ADNOC). The study, conducted by Ali Obaid Al Yabhouni, Head of Marketing Research and Analysis Department said that other factors that affect oil price volatility should also be considered. These factors can be divided into two categories, namely factors outside the Oil Exporter's control and ...  >>MORE

Iran signs gas export agreement with UAE

Posted on 02/05/2004

Tehran - Iran has inked a deal to supply the United Arab Emirates with 15 million cubic meters (525 million feet) of gas a day, a senior official said yesterday. Speaking on the sideline of the 6th Iranian Petrochemical Conference in Teheran, top oil official Bijan Namdar Zanganeh confirmed that a contract had been signed but he provided no further details. National Iranian Gas Export Company chief Rokneddin Javadi said last week that Iran expected to sign the contract imminently. No ...  >>MORE

High oil income slashes UAE fiscal deficit in '02

Posted on 26/04/2004

The strong oil prices which slashed the UAE's fiscal deficit by nearly 300 per cent in 2002 are expected to have had a further significant impact on last year's figures. The UAE had projected a deficit of around Dh29.16 billion (US$7.94 billion) when it released its 2002 consolidated fiscal account (CFA), which includes the federal budget and domestic expenditure by each emirate. But new figures showed the actual shortfall was only Dh10.5 billion (US$2.86 billion), some four per cent of the ...  >>MORE

Oil sector reached record levels in 2003: Nasseri

Posted on 21/04/2004

The UAE oil sector continued its growth for the third year running to reach record levels in 2003 as a result of the improvement in global oil prices, coupled with the increase in production. Obaid bin Saif Al Nasseri, Minister of Petroleum and Mineral Resources and Chairman of the Board of the Abu Dhabi Islamic Bank said in the Bank's report at the annual general meeting that the oil price averaged US$28.1 per barrel in 2003 compared to US$24.4 in 2002 and US$23.1 in 2001. "This had a positive ...  >>MORE

UAE to lift oil capacity by nearly 1m bpd

Posted on 19/04/2004

The UAE is pushing ahead with huge projects to lift its oil output capacity by nearly one million barrels a day to maintain its position as one of the biggest oil producers. Official figures showed the country, which has the third largest crude reserves in the world, has invested at least US$25 billion in major projects over the past 10 years in a bid to maintain its present capacity and expand production to meet growing global demand from countries such as China. The UAE controls around ...  >>MORE

ADNOC Distribution reports 20 per cent rise in total sales

Posted on 18/04/2004

The total sales volume of ADNOC Distribution for the year 2003 registered a 20 per cent increase over the same period last year and reached an increase of 6.8 per cent over the budget. A report in the latest publication of "ADNOC Distribution” said that there has been a substantial increase in sales of aviation fuels (34.2 per cent) and corporate sales (23.7 per cent) the report said. Sales in the Northern Emirates have grown fast in the year 2003, compared to the previous year, with aviation ...  >>MORE

ADGAS, ADMA-OPCO ink SLA for 2004

Posted on 18/04/2004

Abu Dhabi Gas Liquefaction Company (ADGAS) and Abu Dhabi Marine Operating Company (ADMA-OPCO) have signed the Service Level Agreement (SLA) for 2004. 'The SLA sets out the mutually agreed commitments from both parties that will help them achieve their production targets as set out in their respective performance contracts agreed with their shareholders,' according to ADGAS News. Operations of the two companies are mutually dependent. ADMA-OPCO relies on ADGAS to take associated gas, ...  >>MORE

Petrol prices to be increased by 15 -18 per cent with effect from April 17: Ministry of Petroleum

Posted on 17/04/2004

Petrol prices will be slightly increased by 15 to 18 per cent per a gallon with effect from Saturday 17th April, according to a source at the Ministry of Petroleum and Mineral Resources. The hike is in line with an earlier UAE Cabinet decision, said the source. According to the Cabinet decision, prices of Special Benzene- type 95 Octane- will rise from its current four dirhams to Dh4.75 per a gallon. Premium Benzene, type 98 Octane, will rise from its current five dirhams to Dh5.25 per a ...  >>MORE

ENOC enters Philippines lube market

Posted on 17/04/2004

The Philippines has become the latest market to be introduced to the automotive lubricants range of Emirates National Oil Co (ENOC). Manila-headquartered CKW Enterprises was recently appointed the Philippines distributor for ENOC Lubricants. "The Philippines market for automotive lubricants is worth around 250 million litres a year," said Hussain Sultan, group chief executive and board member, ENOC. Established in 1998, ENOC Lubricants has developed its own quality range of branded automotive, ...  >>MORE

Apicorp to pay US$20m in cash dividend

Posted on 12/04/2004

Arab Petroleum Investments Corporation (Apicorp), an affiliate of the Organisation of Arab Oil Exporting Countries (Oapec), reported some 17.5 per cent increase in its net profit for 2003, and announced a distribution of US$20 million as cash dividends to shareholders. The general assembly of the corporation, which met on April 8, approved the 28th annual report and audited financial statements for 2003. Net profit rose to US$33.5 million and total assets rose 12 per cent to US$2.088 billion ...  >>MORE

ENOC introduces new lube concept at three stations

Posted on 10/04/2004

Emirates National Oil Co (ENOC) LLC has introduced a new Super Lubes concept to three of its services stations - one in Sharjah, another in Jebel Ali Gardens and the third inside Jebel Ali Free Zone - and the petroleum retailer says the brand could be exported beyond UAE shores. The concept is eventually to be expanded throughout ENOC's extensive service station network in Dubai and the Northern Emirates and will also be used in stand-alone format. Purpose-designed, each Super Lube has a ...  >>MORE

UAE cool to production cut by OPEC

Posted on 03/04/2004

Gulf OPEC member the UAE yesterday gave a guarded welcome to the group's decision on Wednesday to press ahead with oil production cuts. Obeid bin Saif Al Nassiri, Minister of Petroleum and Mineral Resources, had proposed producers consider delaying April output curbs to allow world oil prices to cool. Asked if he felt the decision to proceed with cuts was correct and whether he was happy with the deal he said: "Well, this is the decision taken, we have to respect OPEC's decision." The UAE ...  >>MORE

OPEC will review market condition in May: Nassiri

Posted on 01/04/2004

The UAE affirmed that OPEC's decision yesterday to cut its official output by one million barrels per day was an implementation of a pledge it made in Algeria last month and the UAE backed the action to achieve consensus in the organisation. 'OPEC will review the situation in the world oil market in a meeting on the sidelines of the international energy forum in Amsterdam on May 22 and during its next extraordinary meeting in Beirut on June 3,' UAE Minister of Petroleum and Mineral Resources, ...  >>MORE

OPEC should first study market trends before implementing its earlier decision: Nassiri

Posted on 31/03/2004

Vienna - Obeid bin Saif Al Nassiri, Minister of Petroleum and Mineral Resources said here yesterday that OPEC should first study market trends before deciding in its meeting on Wednesday whether to defer or implement its decision to cut production by one million barrel per day. Asked to comment on views expressed by some member countries in favour of postponement of the decision until June, Nasseri said: "Whether the decision will be implemented or deferred will become clear in our Wednesday's ...  >>MORE

OPEC capable of securing stability in oil markets: Nassiri

Posted on 31/03/2004

Vienna - OPEC is capable of taking the decision that can sustain its interests and stability in the global market, Obeid bin Saif Al Nasseri, UAE Minister of Petroleum and Mineral Resources told reporters in Vienna. He said OPEC would review, in its tomorrow's meeting, developments in global oil markets and prices. "Prices, stocks, global demand for oil and the status of the world economy are all topics for debate in the upcoming meeting on which an appropriate decision will be taken," ...  >>MORE

All options are open before OPEC on Vienna meeting: Nassiri

Posted on 30/03/2004

Obeid bin Saif Al Nassiri, Minister of Petroleum and Mineral Resources said yesterday that OPEC would keep its options open during its upcoming meeting in Vienna, including the option of reviewing an earlier decision to slash production by one million barrels. 'We are keeping our options open. However, it is up to the ministers to decide whether to implement or defer an earlier decision to slash production. There are many varying ideas which will be considered during the meeting on ...  >>MORE

Arab gas consumption set to overtake oil demand in 2005

Posted on 30/03/2004

Gas consumption in the Arab world is set to overtake oil demand in 2005 as many regional countries are switching to the cleaner source of energy in power generation and other sectors, according to official forecasts. The bulk of the demand growth will be recorded in the UAE, Saudi Arabia, Egypt and other countries with relatively high energy consumption and steady growth in their industrial sector, the Organisation of Arab Petroleum Exporting Countries (OAPEC) said in a report on future energy ...  >>MORE

Dolphin awards US$350m contract to Italian firm

Posted on 29/03/2004

Dolphin Energy, the biggest energy development in the Gulf, has awarded a US$350 million contract to Italian company Saipem to install a 48-inch, 370 kilometre pipe-line between Qatar and the UAE. When it is completed in 2006 the export pipeline will transport natural gas from Dolphin's processing plant in Qatar's Ras Laffan Industrial City to landfall at Taweelah near Abu Dhabi. The pipe sections have been ordered from Japan's Mitsui & Co. "This pipeline is key to our plans, as it will ...  >>MORE

China Aviation to buy 20pc stake in ENOC unit

Posted on 24/03/2004

China Aviation Oil, which has a near monopoly on the surging jet fuel supply into China, yesterday said it planned to take up to 20 per cent equity in a Middle East oil terminal firm, sparking a 13 per cent jump in its shares. This is the latest step taken by China Aviation Oil (Singapore) Corp Ltd to secure a supply chain into oil-guzzling China, the world's second-largest oil consumer that sources about a third of its needs overseas. Beijing-controlled China Aviation said it would take a ...  >>MORE

OPEC to weigh several options in its upcoming meeting

Posted on 23/03/2004

Obeid bin Saif Al Nassiri, Minister of Petroleum and Mineral Resources, yesterday said that the delaying of the implementation of OPEC's decision to slash output by 1st April was one of many proposals that would be reviewed by OPEC during its upcoming meeting in Vienna by the end of March. In a statement after a meeting with the Polish Finance Minister and Polish oil officials, accompanying Polish President who is visiting the UAE, Nassiri said that the GCC OPEC members had not formalised any ...  >>MORE

ENOC launches memory chip payment cards

Posted on 17/03/2004

Emirates National Oil Company (ENOC) LLC and its subsidiary Emirates Petroleum Products Company (EPPCO) LLC have launched a range of payment card products featuring state-of-the-art memory chip technology. According to Hussain Sultan, ENOC's Group Chief Executive and Board Member, the new cards allow basic cardholder details to be stored, providing greater security for cardholders and enhanced expenditure control for fleet managers. The new payment card will also be accepted in Oman ...  >>MORE

No plan to raise OPEC price band: UAE

Posted on 16/03/2004

Cairo - Obeid bin Saif Al Nasiri, UAE Minister of Petroleum and Mineral Resources, said yesterday that he was not aware of any plan to raise OPEC's target oil price band from its current level of US$22-US$28 a barrel. "There is no plan for this as far as I know," Nassiri told reporters on the sidelines of a gas conference. The OPEC price for a basket of its crudes has been well beyond its US$22-US$28 range for all but one day over the past four months. It last stood at US$31.95. Venezuela ...  >>MORE

Oil production cut depends on development on the market: Al Nassiri

Posted on 14/03/2004

Minister of Petroleum and Mineral Resources, Obeid bin Saif Al Nassiri, has said that decision taken by the Organisation of Petroleum Exporting Countries, OPEC, during its meeting in Algeria last month to cut oil production with effect from April still stands and would be observed as such. He said the organisation could reconsider the decision if oil prices and supplies demand that during the OPEC conference, scheduled for Vienna on March 30, when the organisation will review the decision ...  >>MORE

Dubai oil company plans to set up US$50 million energy fund

Posted on 13/03/2004

The Emirates National Oil Company (ENOC), wholly-owned by the Dubai government, has unveiled an ambitious plan to set up a US$50 million energy fund to provide petroleum products to the UAE industrial sector, as part of its long-term strategy to boost the country's economic diversification drive, the OPECNA bulletin said in a report. "We are studying a plan to establish a Dh185 million (US$50 million) energy fund to feed the UAE's industrial and manufacturing sectors with frequent supplies ...  >>MORE

Japan slashes oil from UAE as Iraq supplies resume

Posted on 10/03/2004

Japan slashed its oil imports from the UAE in November because of a decline in domestic seasonal demand and a resumption of Iraqi crude supplies. Although oil imports from Saudi Arabia also receded, the sharp decline in UAE supplies pushed the emirates back to second place after the Kingdom on the list of oil exporters to the Southeast Asian industrial giant. Japan's crude oil imports from Iran also tumbled by nearly 25 per cent while supplies from Kuwait surged by more than 37 per cent. ...  >>MORE

UAE reaps rich harvest from high oil prices

Posted on 08/03/2004

The UAE reaped its best harvest from high oil prices in 2003, which emerged as the most prosperous economic and fiscal year since the country was founded 34 years ago. Although growth was higher during the oil boom two decades ago, the size of the country's gross domestic product grew to its largest level to become the third biggest Arab economy after that of Saudi Arabia and Egypt. The value of the oil exports also leaped to its highest ever - to rank it second only to Saudi Arabia in the ...  >>MORE

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Quick List

UAE to increase June output by 200,000 bpd


ADNOC opens new filling station


UAE has the capacity to increase output by more than 400,000 bpd: Nassiri


Oil production must be increased: Says Al Nassiri


Oil contribution to Dubai GDP falls below 7pc


Middle East producers need US$750 b to boost output capacity: Nassiri


Al Nassiri says OPEC can't control rising prices


ADCO develops strategy for management of hazardous wastes


Nassiri says OPEC to discuss Saudi oil output increase proposal


Oil rally puts UAE in BoP surplus


UAE oil sector to surpass Dh100b for the first time


Common solutions needed for problems of climate change: Nassiri


GASCO releases enquiries for three major gas projects


UAE and Oman join oil product shipping venture


ADNOC announces prices of crude oil for April


Supply is not the only factor causing price changes: ADNOC study


Iran signs gas export agreement with UAE


High oil income slashes UAE fiscal deficit in '02


Oil sector reached record levels in 2003: Nasseri


UAE to lift oil capacity by nearly 1m bpd


ADNOC Distribution reports 20 per cent rise in total sales


ADGAS, ADMA-OPCO ink SLA for 2004


Petrol prices to be increased by 15 -18 per cent with effect from April 17: Ministry of Petroleum


ENOC enters Philippines lube market


Apicorp to pay US$20m in cash dividend


ENOC introduces new lube concept at three stations


UAE cool to production cut by OPEC


OPEC will review market condition in May: Nassiri


OPEC should first study market trends before implementing its earlier decision: Nassiri


OPEC capable of securing stability in oil markets: Nassiri


All options are open before OPEC on Vienna meeting: Nassiri


Arab gas consumption set to overtake oil demand in 2005


Dolphin awards US$350m contract to Italian firm


China Aviation to buy 20pc stake in ENOC unit


OPEC to weigh several options in its upcoming meeting


ENOC launches memory chip payment cards


No plan to raise OPEC price band: UAE


Oil production cut depends on development on the market: Al Nassiri


Dubai oil company plans to set up US$50 million energy fund


Japan slashes oil from UAE as Iraq supplies resume


UAE reaps rich harvest from high oil prices