Energy
NoozzVIEW; Why are oil prices so high?
Anyone able to give a definitive answer would be so rich and so in demand by investors that they would not have the time to write commentaries about a subject again gripping the world markets after a new symbolic figure has been reached, with the black stuff hitting US$102 a barrel for the first time on February 27.
A similar bout of soul searching swept the markets in January when the record US$100 ceiling was crossed: then as now, the answers given were numerous, and often geared to the exact position in the great and magnificent world oil bazaar of those providing the reasoning.
Interview: Iraq is open for business
In an exclusive interview with Noozz, Dr Salah Al-Shaikhly, the former Iraq ambassador to Britain, warns Western businesses that if they delay investment in Iraq any longer they risk losing out to Eastern European, Far Eastern and Middle Eastern competitors. He also predicts that the government of Iraq may soon see a cabinet reshuffle as part of a movement to kick-start the country’s economy.
Bahrain launches first sharia energy bank
Bahrain’s Gulf Finance House is to launch the First Energy Bank (FEB) with a planned paid-up capital of US$750 million to cater exclusively to the region’s booming energy sector.
Investments in the energy sector worldwide are expected to reach the US$10 trillion mark in the next three decades, as demand for water and electricity multiplies, particularly in the Middle East.
Boskalis, Rezayat bid US$300 mln for Smit Terminals
Dutch dredging group Koninklijke Boskalis Westminster NV and Saudi group Rezayat said they have made a joint bid for Smit Internationale’s global oil and gas terminal services division.
Boskalis, the world’s largest dredger, and Rezayat said in a statement they have bid US$300 million in cash for the Smit Terminals business, which they would merge with the Lamnalco Group in which they each have a 50 percent stake.
BP targets 50% Omanisation by year end
Gas major BP has said it is on track to achieving a 50% Omanisation rate by at its newly established operations in the Sultanate by the end of 2008. The announcement comes on the eve of the inauguration of BPs new Muscat office and as the company prepares for seismic operations at the Khazzan/Makarem gas fields in central Oman.
News Analysis: Saudi petrochemicals bonanza for foreign companies
Saudi Arabia is aiming to become the world’s third largest producer of petrochemicals by 2015, fuelled by a minimum of US$70 billion state-initiated investments over the period 2005–2012, according to Saudi Petroleum and Mineral Resources Minister Ali al-Naimi.
This is set to spark a petrochemicals bonanza for foreign companies as the government encourages them to enter into joint ventures with Saudi partners for new projects.
Bahrain launches first sharia energy bank
Bahrain’s Gulf Finance House is to launch the First Energy Bank (FEB) with a planned paid-up capital of US$750 million to cater exclusively to the region’s booming energy sector.
Investments in the energy sector worldwide are expected to reach the US$10 trillion mark in the next three decades, as demand for water and electricity multiplies, particularly in the Middle East.
Iraq cancels oil deal with Austria OMV
Iraq has halted oil exports to Austria’s OMV, the leading oil and gas group in central Europe, to protest a deal with the self-ruled Kurdish region, a government official said. The company joins South Korea’s SK Energy in being cut off because of deals with the Kurds that are not sanctioned by the government in Baghdad.
In November, OMV signed two production-sharing contracts with the Kurdish administration in northern Iraq for two exploration blocks, Mala Omar and Shorish, in Irbil.
Egypt Kuwait Holding says makes major oil discovery
Egypt Kuwait Holding said one of its affiliates made a significant oil discovery in Egypt in the North Shadwan Concession located in the Gulf of Suez.
The company said in a statement Tri Ocean energy company, of which it owns 76.86 percent, and its partner BP Egypt made the discovery, with an expected productivity of 10,000 barrels per day on average.
Abu Dhabi to build new oil refinery
Abu Dhabi National Oil Company will build a new oil refinery to boost its output capacity by 417,000 barrels per day, Jassem al-Sayegh, head of ADNOC’s refining arm Takreer, said.
The new refinery will be built in Ruwais, where the existing largest refinery in the United Arab Emirates currently produces 400,000 bpd, Sayegh told an oil conference in the UAE capital.
UAE Power Forecast - Q1 2008
The UAE Power Report forecasts that the country will account for 5.77% of Middle East/Africa (MEA) regional power generation by 2011. MEA power generation estimate for 2007 is 1,136 terawatt hours (twh), representing an increase of 5.8% over the previous year. An increase in regional generation to 1,473twh by 2011 is forecasted, representing a rise of 29.7% between 2007 and the end of the period.
Abu Dhabi’s IPIC Kazakh project to cost $5 bln
A petrochemical project that Abu Dhabi government-owned IPIC plans to develop in Kazakhstan will cost at least $5 billion, an IPIC official said.
“The feasibility study is on, and the petrochemicals project alone will cost definitely more than 5 to 6 billion U.S. dollars,” the senior official of International Petroleum Investment Company stated.