Kuwait Financial Centre “Markaz” Daily Oil &Gas Bulletin – 7 February 2012
Siemens wins $1bn Saudi power plant deal - Siemens has won a major order worth more than $1 billion for combined cycle power plant in Saudi Arabia. With an installed capacity of 4 gigawatts (GW) IPP Qurayyah will be one of the world’s largest CCPPs. Commissioning of the total of six blocks is scheduled for 2014. The project consortium is led by the Saudi company ACWA Power with Samsung C&T and Mena fund as further members. Siemens received the order from Samsung C&T which also acts as EPC contractor. Arab oil wealth up 29bn barrels in 2011 - A massive revision of Iraq’s oil wealth boosted the overall Arab recoverable crude deposits by nearly 29 billion barrels at the start of 2011 but the region’s proven gas resources remain almost unchanged. From around 115 billion barrels at the start of 2009, Iraq’s proven oil reserves were upgraded to nearly 143.1 billion barrels at the beginning of 2011. This means Iraq probably controlled the world’s second largest oil wealth at the end of that year after Saudi Arabia.
Select MENA Oil & Gas Stock Prices Ticker
Oil & Gas Prices Currency
IPG OULAFUEL ABAR BPCC SABIC SAFCO
Independent Petroleum Group Oula Fuel Co. Burgan Co. for Well Drilling Boubyan Petrochemicals Co. Saudi Basic Industries Corp. Saudi Arabian Fertilizer Co.
KWD KWD KWD KWD SAR SAR
295.0 280.0 206.0 550.0 95.3 181.5
0.00% -1.75% 0.00% 0.00% -0.26% -0.27%
N/A 25.75 21.32 10.78 9.78 11.04
PETROR YANSAB IQCD QGTS DANA TAQA
Rabigh Refining & Petrochemical Co. YANBU National Petrochemical Industries Qatar Qatar Gas Transport Co. Dana Gas Abu Dhabi National Energy Co.
SAR SAR QAR QAR AED AED
22.5 45.7 134.8 17.1 0.4 1.3
-0.66% -0.87% -0.22% -0.47% -2.33% -1.56%
298.46 8.10 9.53 12.04 5.47 5.21
Shell Oman Marketing Co.
Global Energy & Currency Market Watch
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Abu Dhabi SE
Oil-Tanker Hire Rates Slide for Ninth Session as Demand USD Index ($ vs. Weighted Currencies) 79.078 -0.11% Dwindles - Rates to charter the largest oil tankers fell for a ninth *All prices as of last traded day session, extending a second weekly drop, as demand for cargoes NYMEX WTI Crude Oil Futures Forward Curve dwindled. Daily hire costs for very large crude carriers on the 105 benchmark Saudi Arabia-to-Japan voyage declined 0.3 percent to 100 48.88 industry-standard Worldscale points, according to the Baltic Exchange in London today. Charter rates have slid 25 percent during 95 the longest losing streak since August. 90 Oil price to stay below $115 barring surprises: Kuwait - Oil prices are expected to stay between $100 and $115 a barrel until mid-year, barring "surprises and geopolitical changes," as per Kuwait's Oil Minister Mohammad al-Basseri. He also said all indications show that the oil market is balanced and that prices are suitable for consumers and producers, adding that "Kuwait production remained unchanged" at around 3.0 million barrels per day.
NYMEX Henry Hub Futures Forward Curve 8 7
Regional Oil & Gas Highlights Global oil demand forecasts could be cut - The International Energy Agency may reduce its world oil demand forecast for 2012 this week due to a weaker outlook for the world economy, even though some evidence points to stronger consumption in the latter part of the year. All three of the most closely watched monthly oil forecasts - from the US government's Energy Information Administration, the IEA and producer group the Organization of the Petroleum Exporting Countries - are due for release this week.
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