Energy
Egypt signs contract for solar power plant
Egyptian Electricity and Energy Minister Hasan Yunis attended the signing ceremony of a contract on the implementation of a solar component in the first Egyptian solar power station. The project, to be established in Kuraymat, will work with a capacity of 140 megawatts and with an investment cost of 606m Egyptian prounds.
Tough task to deliver
Qatar's smooth ascent to the peak of the liquefied natural gas industry is an impressive achievement. In little more than a decade, the tiny emirate has become the giant among LNG exporters. Helped by oil major partners, notably ExxonMobil, Qatar has along the way earned a formidable reputation for combining effective project management with innovation and exploitation of economies of scale.
NoozzVIEW; Why are oil prices so high?
Scarcely a day has gone by recently without a new scare about oil prices. Last Friday in Asian trade, they broke the US$83-a-barrel mark and approached their record level, as a weak dollar and supply fears once again boosted buying.
Saudis planning a US$8 billion refinery
Saudi Arabia's national oil company, Saudi Aramco, has received three bids for a contract to build an US$8-billion refinery in eastern Saudi Arabia. Three international engineering firms, SNC-Lavalin, Foster Wheeler and WorleyParsons, submitted bids for the contract that includes project management and early engineering on the planned 400,000-barrel-a-day crude oil refinery.
US Oxy, Thai PTTEP win Bahrain oil, gas tender
U.S. firm Occidental and Thailand's PTT Exploration and Production PCL have won a tender to explore for oil and gas in Bahraini waters. The kingdom's tender board approved the bids, which will now be passed to parliament and its upper chamber, the Shura council, for approval.
EIB: GCC oil production to lift 30 pct in three years
A report released by the Emirates Industrial Bank (EIB) highlighting the petroleum refining industry in the Arabian Gulf region indicated that refining capacity in the region had lifted by 18.3 percent between 2000 and 2005 to reach 4.33m barrels per day in 2005. The report expects refining capacity to further edge up to 6.3m bpd by 2010, upon the installing of four new refineries in Kuwait, Saudi Arabia, Qatar and Oman.
Kuwait to start producing natural gas in December
Oil-rich Kuwait will begin producing free natural gas for the first time ever in December, but it will be for local consumption only. Farouk al-Zinki, chief executive of the state-owned Kuwait Oil Co., said that the company will initially pump 175m cubic feet a day at the end of the year.
China eyes enhanced cooperation with the UAE in oil, gas exploration
The Chinese premier has told the vice president and prime minister of the UAE that China is ready to boost cooperation with the UAE in oil and gas exploration. The premier said the two countries have achieved a lot in their cooperation in trade, energy, infrastructure construction and other areas, calling for both sides to maintain high-level exchanges and expand two-way investment, and step up cooperation in oil reservation facilities and engineering technologies.
UAE's Taqa, Kuwait Energy eye oil, gas ventures
Abu Dhabi National Energy Co and Kuwait Energy Company have signed an agreement to seek joint oil and gas ventures in the Middle East and Caspian region. The two companies form part of a rapidly growing new group of Gulf Arab oil and gas companies gaining prominence in the international energy sector. Taqa is one of the fastest growing, and it has announced acquisitions worth almost US$8 billion in Canada in the last six months.
KAMCO debuts in global energy sector
Kuwait Asset Management Co. (KAMCO) announced the launch of investment in support services feeding the energy sector at the regional and global levels.? A company statement ascribed the move toward external investment to booming growth rates in oil and gas-related activities, in addition to coal and alternative energy sources.
