Energy
EU adopts oil embargo on Syria
"The European Union formally adopted a ban on Syrian oil imports in early September that will take effect on November 15 for existing contracts after Italy insisted on a delay, according to diplomats. The EU will also expand its list of people targeted by an assets freeze and travel ban, adding four businessmen accused of bankrolling the regime of President Bashar al-Assad, the diplomats told AFP. And three companies, including a bank, will see their assets in the EU frozen as punishment for the regime's deadly repression of protesters, the sources said on condition of anonymity. The announcement of the oil embargo will coincide with a key meeting of EU foreign ministers in Poland. The measure will deprive Assad's regime of a vital source of cash, as the EU buys 95% of Syria's crude oil. Source: Global Arab Network
"Gulf likely to trim oil output as Libya recovers
"Gulf OPEC countries will likely gradually decrease their output as Libya's production recovers towards pre-war levels after raising output to compensate for the Libyan loss, the oil group's Libyan Secretary General Abdullah Al-Badri said in mid-September. Al-Badri, who was Libyan energy minister 1990-2000 and headed its National Oil Corporation (NOC) until 2006, said production in fields in central Libya could be back to pre-war levels in 15 months, while other areas might take longer. OPEC now recognizes Libya's National Transitional Council as its OPEC representative, Al-Badri said. The United Nations approved a Libyan request to accredit envoys of the country's interim government as Tripoli's sole representatives at the world body, effectively recognizing the NTC and paving the way for OPEC allow the NTC to represent the North African oil exporter. 'OPEC will recognize the NTC... and they will sit in the same chair,' Al-Badri told the Gulf Intelligence energy forum in Dubai. Source: Reuters
"Egypt, Turkey developing electricity and renewable energy cooperation
"The Egyptian and Turkish ministries of energy recently signed a cooperation protocol. The protocol comes in consolidation of the two countries' special friendly relationship and cooperation, Egyptian Electricity and Energy Minister Hassan Younis said after the signing ceremony. It targets developing cooperation and increasing the exchange of know-how in the fields of electricity and renewable energy especially in such areas and operation methods, system maintenance, the making of technical and environmental feasibility studies, power network designing and database programing, he said. The protocol also covers joint work to encourage investments and public-private partnerships in carrying out electricity and renewable energy projects in either of the two countries, he said. Source: Global Arab Network
"South Sudan seeks alternative to North Sudan oil pipeline
"South Sudan is exploring alternatives to transporting its oil through North Sudan, as the two countries face a stalemate over dividing up oil revenues, a government official said in early September. South Sudan took 75% of the 500,000 barrels a day of oil production when it became independent on July 9, but only the north has a pipeline and a port to export the oil. Last month, North Sudan halted an oil shipment from landlocked South Sudan in a dispute over customs fees. ""We are having conversations. We are looking to the alternatives,"" Pagan Amum, secretary general of the ruling southern Sudan People's Liberation Movement (SPLM), told Reuters at a mining industry conference. ""Meanwhile, we believe if Khartoum accepts a deal, it would be in the interests of both Khartoum and the South,"" Amum said, adding that he expects international mediators to encourage Khartoum to be ""reasonable"" in negotiations. Experts have said southern plans to connect to a pipeline in east African neighbor Kenya are years away, but Amum indicated that an alternative through East Africa would be more economical than paying the $32 per barrel fee that Khartoum has demanded for future use of its oil facilities. Source: Reuters
"GE signs major Iraq IPP gas turbine deal
"Global technology leader GE has signed a multi-million dollar agreement with Mass Global Investment Company, an independent power producer (IPP) in Northern Iraq, for the maintenance of its gas turbines in the country. The agreement is designed to support Mass Global maintain the high reliability and overall performance of 18 GE gas turbines installed at the Arbil, Sulaimaniyah and Dohuk power plants, located in Iraq’s Kurdistan region, said a company statement. The long-term agreement covers the supply of parts and repairs services for planned outages of the GE Frame 9E gas turbines over a period of 12 years, it stated. Source: TradeArabia News
"Qatargas to double LNG supply to Asia
"Qatargas wants to double its long-term liquefied natural gas (LNG) supplies to Asia from 11 million tons currently to more than 20 million tons, a company official said. ""Over the long term, we should be able to double the size of our portfolio in Asia Pacific in excess of 20 million tons with additional sales to Japan, China and others,"" said Andrew Seck, assistant director of LNG marketing for Qatargas, at an industry conference in Singapore. Seck did not give a timeline for the increase. Qatargas' long-term contracts of roughly 11 million tons in Asia Pacific are currently split between Japan and China, and the company hopes its recent short-term boost in supply to Japan would lead to more long-term supply commitments. ""Qatar has diverted a large number of LNG for the short term to Japan. Our support to our anchor buyers went well beyond the 4 million tons and as of today stands at 9 million tons of additional LNG. My job is to ensure that Qatargas converts this short-term boost for Asia Pacific sales to long term commitments,"" Seck said. Source: Reuters
"Gas price in Bahrain to rise next year
"The price of natural gas produced at the Bahrain Field is to go up next year, which will affect some of Bahrain’s large industrial companies, according to oil industry sources. 'The price will increase from the present $1.5 per British Thermal Unit (BTU) to $2.25/BTU,' said the sources, adding that the increase will be effective from January. Major customers who get the gas to run operations include Alba, Gulf Petrochemical Industries Company (GPIC), Gulf Industrial Investment Company (GIIC), the Bapco refinery, Kraft, Aluwheel and Midal Cables. The Al Dur Power and Water Treatment Plant, set to go on stream in November, will also be one of the customers. 'This increase will not affect the common man in any way whatsoever since this is only natural gas from the Bahrain Field,' the sources said. 'Customer companies, however, will have to re-adjust their international prices accordingly.' Source: Gulf Daily News
"GE wins $300m Egypt gas turbine deal
"GE said it has clinched contracts worth $300 million to supply six gas turbines and associated services to the Egyptian Electricity Holding Company for two new combined-cycle power plants near Cairo. GE and its Chinese consortium partner, Sepco III, have been selected for expansions of Giza North and Banha power plants in Egypt, said the technology leader in a statement. The projects will add 2,250 MW of capacity to the country’s power grid, or 10% of capacity to the country’s grid, supporting residents and businesses in Cairo. These $300 million contracts constitute the largest power generation order between GE and Egypt, said a senior official. The Engineering Procurement & Construction (EPC) Company for the Giza North and Banha power plants is China-based Sepco III, said the official. The Giza North and Banha plants are scheduled to enter service by the middle of 2013, in time to help the country meet its peak power demands during the summer. Source: TradeArabia News
"Oman to award $1.04bn oil contracts by year-end
"State-run Oman Petroleum Company (PDO) is planning to award $1.04 billion worth of contracts for work in its oilfields before the end of this year, a company official said. 'We are processing the tenders submitted for various oilfields contracts, including oil drilling and gas supply,' the PDO official, who declined to be named, told Reuters. The total contracts to be awarded by end of this year will be worth about RO400 million ($1.17billion),' the official added. Source: Reuters
"