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Gulf Business Review: June 2008 Gulf Business ReviewMonitoring the Latest News June 2008
Dear reader,
Welcome to the monthly Gulf Business Review Newsletter, a deeply resume of what is happening in the Gulf Business specially related to energy in the month of May.
Dubai-headquartered Gulf Energy Maritime (GEM) - the Middle East’s largest independent commercial product tanker operator - has taken delivery of the second of 13 double-hulled tankers on order with Korea’s Hyundai Mipo Dockyard in less than three months.
If you would like to learn more about this newsletter or forthcoming events, or perhaps would like to suggest an event or article for inclusion in the next edition, please do not hesitate to contact me at projects@meconsult.co.uk
Kind regards,
Laura H. Sandoval MEC International Ltd. Fax: 020 7591 4801 Email: projects@meconsult.co.uk
Gulf energy maritime appoints new board director The Middle East’s largest independent commercial product tanker operator, Dubai-based Gulf Energy Maritime (GEM), has appointed Tayyeb Al Mulla of International Refining & Marketing (IRM), an affiliate of Dubai-based Emirates National Oil Company (ENOC), as a Director of the GEM Board. 7th June
Nuclear Syria, why not? In its May 29 issue, Washington Post carried two reports headlined: "Missile-related shipment to Syria stopped, US says" and "Search is urged for Syrian nuclear sites, US presses UN on 3 alleged facilities". 1st June 2008
Abu Dhabi looks to cut port emissions Abu Dhabi Ports Co. (ADPC) and Masdar have signed an agreement to work together on carbon dioxide capture and greenhouse gas reduction initiatives at Khalifa Port and Industrial Zone (KPIZ). 11th June 2008
Can district cooling cure Gulf’s energy headache? A $100bn investment could make district cooling one of the region’s most buoyant industries. 1st June 2008
Iran says it will continue enriching uranium Iran will continue enriching uranium, it said on Tuesday, in a move that defies mounting pressure from major powers to halt its nuclear programme.17th June 2008
UAE falls four ranks in World Bank study The UAE’s position in the World Bank’s Doing Business fell four ranks to 24th this year from 20th last year, causing concern in the business community. 23rd June 2008
Opec president sees no demand for more supply Oil producers cannot pump more without demand for extra oil supply, and at the moment that demand does not exist, Opec President Chakib Khelil said on Monday. 23rd June 2008
India, Pakistan, Iran to meet next week for pipeline talks India, Pakistan and Iran are set to meet next week to discuss the next step in a $7.6 billion gas pipeline project linking the three countries, India’s oil secretary said on Monday. 23rd June 2008
Dubai-based company wins BassDrill drilling unit contract Lamprell Plc, a Dubai-based oilfield services company, won a $204.5 million contract to supply BassDrill Ltd. with two drilling units. 24th June 2008
US crude falls towards $134 after Jeddah meeting US crude futures fell over a dollar to near $134 a barrel on Monday after Saudi Arabia said at an emergency meeting over the weekend it was ready to increase oil output capacity by another 2.5 million barrels per day if there was demand. 23rd June 2008
ETA Star plans to raise $400m for drive into Asian markets Dubai’s ETA Star Property Developers plans to raise $400 million through a fund and Islamic bonds for a drive into Asian markets as diverse as India and Laos, but rising costs are deterring the firm in Turkey and Egypt. 23rd June 2008
Saudi Arabia Boosts Production by 200,000 b/d at OPEC Meeting An emergency meeting among ministers of oil exporting countries in Jeddah, Saudi Arabia, had little impact, analysts said. 23rd June 2008
Aramco Khursaniyah Oilfield on Stream in August Saudi Arabian Oil Co. will bring on stream its Khursaniyah oil field in August, a top company executive said Monday, potentially adding 500,000 barrels a day of crude to the oil market at a time when prices are at record highs and output in Nigeria has slumped to its lowest level in years. 23rd June 2008
Zion Oil & Gas Signs with Aladdin to Drill Israeli Wells Zion Oil & Gas, Inc. of Dallas, Texas and Caesarea, Israel announced that on June 18, 2008, it signed a memorandum of understanding with Aladdin Middle East Ltd confirming both parties intent to sign a drilling contract no later than July 31, 2008, to drill Zion’s planned Ma’anit-Rehoboth #2 well and other wells in Israel, in accordance with Zion’s business plan. 19th June 2008
Kuwait hikes oil by 300,000 bpd Kuwait plans to raise its oil output capacity by 300,000 barrels per day by mid-2009, Oil Minister Mohammad Al-Olaim said on Wednesday, clarifying a report by the official news agency KUNA. 25th June 2008
Kuwait to hike oil output in ’09 OPEC member Kuwait will increase its oil output by 300,000 barrels per day starting mid-2009, the official state news agency KUNA reported, citing Oil Minister Mohammad Al-Olaim. 24th June 2008
$500m industrial zone planned in prison complexSaudi Arabia plans to set up an "industrial zone" to the value of 2 billion riyals ($500 million) behind the walls of a prison complex. 26th June 2008
Gulf needs to tap associated gas from oil wells Associated gas is a by-product of oil production. During the oil extraction process, the associated gas is flared, and is different to dry gas extracted from natural oil wells in the Gulf region. This procedure has been carried out in oil wells across the world for around 30 years. 26th June 2008
Dubai stock market ends flat as Abu Dhabi declinesDubai shares remained almost flat yesterday, while Abu Dhabi retreated, slipping 0.77 per cent to close at 4,960.01. 26th June 2008
Yemen oil sales surge 85% Yemeni oil revenues reached $1.4 billion during the first four months of 2008 compared with $789.4 million for the same period of 2007, according to the Central Bank of Yemen. 15th June 2008
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MEC International Ltd. Granville House 132-135 Sloane Street London SW1X 9AX Tel: 020 7591 4816 Fax: 020 7591 4801 e-mail : mec(at)meconsult.co.uk |
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