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Gulf Business Review: May 2008 Gulf Business Newsletter May 2008
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Iran’s OPEC governor to be replaced within days, ministry says.Iran’s OPEC Governor Hossein Kazempour Ardebili is stepping down and will be replaced in coming days, an Iranian official said. 14th May 2008Read moreCrude hits record high on Iran’s output review news.Oil surged to a record peak near $127 on Tuesday after Iran said it was studying a plan to cut output despite signs that record high prices are hurting consumer nations. 14th May 2008Read moreEmirates NBD joins in Russia loan.Emirates NBD, ABN Amro Bank, Deutsche Bank and Raiffeisen Zentralbank Osterrreich (RZB), have jointly arranged a $220 million, 18-month syndicated term loan facility for Bank of Moscow, the fourth-largest bank in Russia, the representatives of the arrangers and the borrower announced on Tuesday. 14th May 2008Read moreOil Search Signs PSC in Highly Prospective Block in Kurdistan, Iraq.Oil Search Limited signed a Production Sharing Contract (PSC) for the 632 square kilometre Shakal Block with the Kurdistan Regional Government (KRG) in Iraq. 12th May 2008Read moreThe Linde Group acquires a majority interest in the industrial gases company SIGAS (Saudi Arabia).The Linde Group has acquired 51 percent of the shares in the family-owned industrial gases company SIGAS (Saudi Industrial Gas Co. ltd.). 13th May 2008Read moreGulf states’ oil wealth begins to percolate into wider region. Rising oil prices are benefiting non-oil-exporting countries in the Middle East and North Africa (Mena) region because oil exporters, particularly the GCC countries, are directing an increasing share of their foreign investments to the region, according to IMF’s regional outlook. 13th May 2008
Iraq Talks with Oil Majors; Deals Seen June. Talks between the Iraqi Oil Ministry and senior executives from the world’s largest oil companies are progressing and deals to develop the country’s prized oil fields are expected to be signed in June, people close to the ministry said Friday. 2nd May 2008
UAE’s adoption of nuclear pacts will enhance its energy security.Nuclear power can make a real contribution to meeting commitments to transition to a low carbon economy whilst still enhancing energy security, said Lord Jones of Birmingham, UK Minister of State for Trade and Investment, yesterday. 15th May 2008Read moreOil rallies to new high above $127.Oil climbed to a new record high above $127 on Friday, driven upwards by a weaker dollar and a bullish market for distillate fuels as China and Europe scramble for diesel amid thin global supplies. 16th May 2008Read moreExpert doubts Iran’s nuclear capability. IT is unlikely that Iran has the capacity to develop nuclear warheads, a visiting US expert on national security affairs said yesterday. However, he said the US had failed by failing to strike up a dialogue with Iran sooner. 16th May 2008
UAE enjoys strong relations with France.The UAE and France have made significant progress over the last few months with regard to developing peaceful nuclear energy. 20th May 2008Read moreDiesel prices in Dubai hit record Dh17.Diesel prices in Dubai yesterday hit a record Dh17 per gallon, an increase of Dh1.20 from Dh15.80 a few days ago. 20th May 2008Read moreDGCX plans two energy futures.The Dubai Gold and Commodities Exchange (DGCX) plans to launch two energy products, possibly futures contracts, to help boost Dubai’s position as the Gulf’s energy trading hub, industry sources and brokers said on Monday. 20th May 2008Read moreHow to respond to oil price hikes.Oil at $200 a barrel: that was the warning from Goldman Sachs, published last week. The real price is already at an all-time high. At $200 it would be twice as high as it was in any previous spike. Even so, it would be a mistake to focus in shock only on the short-term jump in prices. The bigger issues are longer term. 19th May 2008Read moreIthmaar Bank launches $1b energy fund jointly with Kazyna.Bahrain-based Ithmaar Bank, on Monday announced the launch of the $1 billion Ithmaar Kazyna CIS Energy Fund, in partnership with Kazyna Capital Management, a subsidiary of Kazakhstan’s Sustainable Fund, Kazyna.Read moreEnergy City Qatar sign with National Petroleum Services. Two of Qatar’s most dynamic companies, Energy City Qatar and National Petroleum Service, have today signed a 65 million QR contract to construct a new development in Energy City Qatar’s Lusail development. 21st May 2008
Kuwaiti cos offer to finance Indonesian coal gasification project. Two Kuwaiti companies have offered to finance a US$1.5 billion coal gasification project of state-owned fertilizer company PT Pupuk Kaltim, an official said. 22nd May 2008
Gulf States may soon need coal imports to keep the lights on.They are countries so rich in oil and gas that they would never want for fuel to drive their booming economies and the lavish lifestyles of their rulers. 19th May 2008Read moreTransocean rig breaks world drilling record.Offshore drilling contractor Transocean is claiming a new world record for the longest extended-reach well ever drilled. Transocean jackup GSF Rig 127 set the record, drilling Well BD-04A in the Al-Shaheen field offshore Qatar to a depth of 40,320 feet (12,289 m) with a 35,770-foot (10,902-m) horizontal section. 21st May 2008Read moreTotal, partners sign LNG financing agreement.France-based Total and partners signed an agreement in London earlier this week for US$2.8 billion in loan facilities to finance construction of a new liquefied natural gas (LNG) plant and associated infrastructure. 21st May 2008Read moreCrude plunges below $130 on concerns about demand. Oil prices fell below $130 a barrel on Tuesday on a growing sense that soaring gas and oil prices have cut demand for fuel during the normally busy summer driving season. 27th May 2008
Saudi Aramco’s output falls 4.5% in 2007. Saudi Aramco’s oil output for 2007 fell by an average 400,000 barrels per day, or 4.5 per cent from 2006, after the world’s largest oil exporter cut output in line with agreements at the Organisation of Petroleum Exporting Countries (Opec), data from the state-oil firm showed on Monday. 28th May 2008
GULF ’MUST GO NUCLEAR’. Nuclear power rather than renewable sources like the wind or sun are the best option for Gulf Arab states to meet growing energy demands, especially if produced collectively, say regional experts. 28th May 2008
Dubai raises diesel prices by Dh1.50. Dubai oil retailers - Emirates National Oil Company (Enoc), Emirates Petroleum Products Company (Eppco), and Emarat raised diesel prices effective from yesterday by Dh1.50 a gallon to Dh18.50 per gallon. 27th May 2008 |
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