Kuwait Financial Centre “Markaz” Daily Oil &Gas Bulletin – 13 June 2012
Petrokemya Ties Up With Spanish Energy Firm for SR 2.1 bn Plant – Arabian Petrochemical Co. ( Petrokemya ), an affiliate of the Saudi Basic Industries Corp. (SABIC), has signed a letter of intent with Tecnicas Reunidas, a Spanish company, to design, supply and construct an acrylonitrile butadiene stirene (ABS) plant at the company's massive complex in Jubail Industrial City. The plant is expected to start operations in the last quarter of 2014 and will have a production capacity that can reach up to 140,000 tons per year. The product line, including electrical appliances, is designed to support the automotive industry. The project for the ABS plant is estimated to cost SR 2.1 billion. US Could Out Produce Russia, Saudi Arabia in Oil and Gas– The United States is seeing a dramatic surge in oil and gas production and could overtake the world's biggest producers, Russia and Saudi Arabia, in another decade, according to an US official. According to Daniel Sullivan, commissioner in Alaska's department of natural resources, he said that some of the numbers are eye-popping. In the last quarter the US produced six million barrels of conventional and unconventional oil a day, first time in 15 years.
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
320 290 182 600 89.5 174.75
0.00% -3.33% 0.00% -1.64% -2.72% 0.14%
N/A 25.32 26.34 33.08 9.32 10.75
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
19.5 44.8 133 15.55 0.39 1.17
-1.27% -1.75% 0.00% -0.19% 2.63% -0.85%
N/A 7.93 9.45 10.50 3.95 6.30
Shell Oman Marketing Co.
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Saudi Trims Oil Supply as Opec Sees Softer Outlook – Opec said the global oil supply and demand balance could ease further in the second half of the year due in part to a slowing global economy, and top producer Saudi Arabia was already trimming its output. The second half of the year could see a further easing in fundamentals, despite seasonally higher demand. Opec cited factors including a slowing world economy, downside risks to demand such as from higher US gasoline prices and supply performing well in non-member countries, supported by growth in the United States.
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ilRegional Oil & Gas Highlights Boubyan Petrochemical Co. Realizes KD 24.7 mln in Profit– Boubyan Petrochemical Company ( BPC ) announced realizing profit of KD 24.7 million for the year ending April 30, 2012, which compares to a sum of KD 22.8 for the previous fiscal year. Share dividend reached 51.1 fils, compared to last year's 47.2 fils. In its statement on the Kuwait Stock Exchange website, BPC said the board recommended cash dividend at 40 percent for the said year, for shareholders registered at the time of the General Assembly.
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