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Gulf Business Review: October 2008 October 2008 October 2008 Gulf Business Review October 2008
Monitoring the Latest News
Dear reader,
Welcome to the monthly Gulf Business Review Newsletter, a resume of what is happening in Gulf business, especially stories related to energy in the month of October.
In the past few weeks the Gulf countries are beginning to feel the impact of the economic crunch which threw most of the world into financial turmoil. The decline in oil prices and the demand of financial support from western organizations has placed the gulf in an awkward position. As some writers suggest, these developments will delay some Arabian projects and investments at home.
However, the Gulf continues to improve its relations with China, making way for a brighter financial future.
The US presidential elections have given Barrack Obama a strong victory. The representatives in the Gulf and Obama has consistently shown support for each other allowing for better future relations between the Arab and the western world.
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 on info@meconsult.co.uk
Kind Regards
Amira Harb Project Co-ordinator MEC International Ltd 132-135 Sloane Street London SW1X 9AX Tel (+44) (0)20 7591 4816 Fax (+44) (0)20 7591 4801 Email: info@meconsult.co.uk
A R T I C L E S
Obama wins hearts of Arab Gulf population (04/11/08) "Everyone without exception prefers Obama," said Abdul Aziz Mohammad, a 50-year-old Qatari radio anchor, speaking for his extended family in the tiny state that hosts two US military bases. "I tell you: the sweeping majority of Qatari citizens favor Obama.
Global crisis could slow Oman’s energy projects (04/11/08)
DME seeks to create benchmark to raise volume (04/11/08) Dubai Mercantile Exchange (DME) is in talks with Asian refiners and state oil companies to price contracts against the Gulf exchange, making it a benchmark, as it bids to increase its core volumes to a million barrels per day, its chief operating officer said on Monday.
China-Arab Friendship Conference ends with action plan to promote exchanges (30/10/08) The second China-Arab Friendship Conference concluded here Wednesday with the signing of an action plan which calls for further boosting bilateral exchanges and cooperation in various fields. According to the 2008-2010 China-Arab Non-governmental Action Plan, both sides decided to keep the regular exchanges of visits with an aim to maintain friendly relations and cooperation.
Analysis: Falling oil could challenge Saudi development plans (30/10/08) SAUDI ARABIA. Some of the grand development plans in the world’s biggest oil exporter could fall victim to falling crude prices, analysts say, but canny money management means Saudi Arabia has no reason to hit the panic buttons yet.
Crisis moves to Gulf Arab nations (26/10/08) Kuwait moved Sunday to prop up the country’s second-largest commercial bank and scrambled to protect other depositors in a sobering day of reckoning for the oil-rich Arab Gulf, which had hoped to emerge largely unscathed from the global financial crisis. The central bank’s decision to halt trading in Gulf Bank shares because of high derivatives losses triggered shock waves across the region’s bourses. Key stock indices sustained hits of between 3.5 to almost 9 percent, before moderately paring losses after the bank announced it was considering widespread deposit guarantees.
Financial tempest spreads to the Gulf States (26/10/08) The global economic crisis extended its reach into the Gulf states Sunday, as Kuwait suspended trading in shares of a major bank and the Saudi authorities announced a plan to help citizens receive credit. The Central Bank of Kuwait halted trading in Gulf Bank, one of the country’s largest lenders, after a customer defaulted on a derivatives contract
OPEC to cut oil production by 5 percent (25/10/08) OPEC Friday announced a slash in oil production of about 5 percent, or 1.5 million barrels a day, in order to shore up rapidly plummeting prices in a grim global economic environment. Eleven members of the 13-nation oil cartel, meeting in an emergency session at OPEC’s headquarters in Vienna, decided to reduce their current collective production of 28.8 million barrels per day effective Nov.
Oil falls $4 as OPEC cut fails to halt slide (25/10/08) Oil dropped nearly $4 a barrel on Friday as concerns about a global recession and slowing fuel demand took the steam out of an OPEC agreement to cut output. Saudi Arabia’s Oil Minister Ali al-Naimi said the reduction would take effect from Nov.1.
Energy City Qatar signs MoU with leading security services provider (18/10/08) The Middle East’s first energy hub, Energy City Qatar (ECQ), today announced its strategic collaboration with EMEA Enterprise Solutions WLL at Cityscape Dubai 2007. EMEA is a leading provider of security services in the region and will design, build and operate a Security Service and Security Operations Center for Energy City Qatar.
Gulf state rescues £3bn wind farm in the Thames Estuary (17/10/08) The Government of Abu Dhabi has stepped in to help to fund the world’s biggest offshore wind farm in the Thames Estuary after the withdrawal of Royal Dutch Shell from the project.
Gas group ’to help global pricing structure’ (10/10/08) A leading international energy analyst believes the coming together of major producers Qatar, Iran and Russia will help achieve global pricing of liquefied natural gas. The three gas powers have recently agreed to strengthen co-operation at a meeting in Tehran following which Iran said there was consensus for an OPEC-style group.
Oman considering buying gas from Iran (04/10/08)
Real value in pricey Gulf canal project (09/09/08)The project to link the Gulf with the Indian Ocean would cost more than $200 billion (£114 billion) but reduce journey distances by only about 100 miles. More than 90 per cent of the Gulf’s oil, which accounts for 40 per cent of the world’s traded supplies, must be transported through the Strait every day and Iran has made clear it will block the channel if threatened.
Dolphin Energy set to supply gas to Oman next month As soon as Oman ready to receive, Dolphin Energy Limited confirmed to supply gas to Oman during October 2008. The Gas Sales Agreement (GSA) was signed with the Oman Oil Company (OOC) on September 5, 2005, in Abu Dhabi to deliver an average of 200 million standard cubic feet of gas a day (mmscf/day) to Oman. It provides for Dolphin gas from Qatar to be delivered through Dolphin"s Eastern Gas Distribution System (EGDS), via a hook-up near Al Ain on the UAE-Oman border.
Extra Oil Revenue in Oman As most of the Oil production countries in the Middle East, Oman also depends on its oil revenue for the annual government’s expenditure. The two third of income to the government is coming from the oil in spite of its ebbing production during last two years. In year 2007, the Oman barrel of oil price was $65. This calculation with the total oil productions of the Oman overtakes its annual expected revenue 13.85 billion dollars. The error is there as the revenue is calculated taking the price of oil barrel as $45. Read entire article @ |
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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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