Energy
Russia's Gazprom launches US$6 billion investment funds in Arab region
Russian giant Gazprom unveiled plans to launch two investment funds in a number of Arab countries totalling US$6 billion in capital, and drawing contributions from Saudi and GCC-based investors.
The funds will be managed by Gazprombank, which is a member of Gazprom Group and the third biggest bank in Russia.
Qatargas musters US$30 billion investments, owns 95 freighters by 2010
The executive officer of the Qatar Liquefied Natural Gas Company (Qatargas) stated that company investments now total US$30 billion and include expanding four current production lines and a refinery.
Executive Briefing: Oil price correction in the making
As we predicted last month, oil failed to breach the symbolic barrier of US$100 per barrel in November and has now retraced virtually all the gains it has made since November 1. We now believe oil will fall into a trading range of between US$70 - US$85 a barrel by February 2008.
Following an oil price spike above US$99 per barrel in November, crude prices have plunged by more than 10% as investors take profits and ponder over weakening economic fundamentals in the US and an international credit market crisis now entering its fifth month.
Samsung Eng wins US$430m order from Saudi Aramco
Saudi Arabian state oil giant Saudi Aramco has awarded a US$430m refinery unit project to Samsung Engineering & Construction, the South Korean construction builder said. The order is to build a diesel hydro-treater in Ras Tanura, a region about 70 km southeast of the Jubail Industrial Complex, which is located in eastern Saudi Arabia.
EU wants Iraqi natural gas; Iraq to connect crude oil export pipeline to Iran's Abbadan refinery
In an exclusive interview with Al-Sabah, the oil minister disclosed that Iraq and Syria have agreed to rehabilitate their cross border pipeline.
International companies have been invited to examine this pipe and submit their offers and determine the time period needed to rehabilitate it. He also indicated that European Union countries have invited Iraq's oil ministry to discuss the subject of supplying Europe with Iraqi natural gas, through European-Arab pipelines.
Jordan and Iraq agree on Haditha - Aqaba Port oil pipe
Iraq's minister of finance, Baqir Jabr al-Zubaidi, announced that an official agreement has been reached in Amman with the Jordanian government to stretch an oil pipe from Haditha, in the Anbar province west of Baghdad, to carry oil to the Jordanian sea port of Aqaba so as to replace the current land transport method (via oil tankers). It will speed up the flow of oil and regulate it across Jordanian lands.
Global Union Energy plans investing US$250m
The Bahrain-based Global Union Energy Ventures is planning to invest over US$250m in India in refineries and infrastructure projects over the next 12 months. The company, which opened its office in New Delhi in September, is currently in talks with over 10 companies engaged in hydrocarbon and energy infrastructure, Mr Jeffrey M. Waterous, chairman of Global Union Energy Ventures, said.
Oman and Bahrain in plans for Iran gas fields
Oman has proposed a US$2 billion investment plan to develop the Kish gas field. The preliminary proposal has been received and following expert studies, Iran will make its final decision by next month. The proposal includes the establishment of a joint company to undertake investment and gas exports to Oman. Following finalisation, a contract will be signed to export about one billion cubic feet of gas per day to Oman via a 500km pipeline.
China to start work on KPC-Sinopec refinery
China has approved the start of work on an estimated US$5 billion refinery and petrochemical project in southern China that is jointly owned by Sinopec Corp and Kuwait Petroleum Corp. The National Development and Reform Commission, China's top energy and economic planner, also said in its approval notice that the project would consider a 1 million tonne ethylene facility.
Iran, Saudi Arabia to invest in new power plant
Iran and Saudi Arabia have inked an agreement worth €500m to build a combined cycle power plant in Heris, East Azerbaijan province. Iran's deputy energy minister for power affairs stated that the construction of the power plant will be launched in the next Iranian year (starts March 21) and will be completed within two years.
Iran says Crescent deal will take effect mid-2008
The Crescent project, Iran's gas export to the United Arab Emirates, will kick off next Iranian year, said Iranian Offshore Oil Co. (IOOC) managing director Mahmud Zirakchianzadeh. To this end, the field is to produce 500m cubic feet of gas and prevent the burning of 40m cubic feet of associated gases, added the IOOC chief.
Afkar Holding to set up petrochemicals plant in Kuwait
The chairman and managing director of Afkar Holding, Saleh al-Yousef, has revealed the signing of a memorandum of understanding with an undisclosed Kuwaiti investment party to build a petrochemical factory in Kuwait.
"Works are underway into project feasibility studies to determine how much capital is required," he said, highlighting that a new company will be established to manage the project, in which Afkar Holding will be the main stakeholder.
ConocoPhillips and Qatar sign international MOU
ConocoPhillips, the third-largest U.S. oil company, said it signed a memorandum of understanding (MOU) with Qatar's state-owned oil company to pursue and develop energy projects outside of Qatar.
Kuwait Petro in refinery talks with India's Reliance
Kuwait Petroleum Corp is talking to India's Reliance Industries and other firms as it looks to build a large refinery and petrochemicals project in India, its chief executive said.
