Kuwait Financial Centre “Markaz” Daily Oil &Gas Bulletin – 1 July 2012
U.S. Exempts China, Singapore from Iran Sanctions – The U.S. on Thursday exempted China and Singapore from sanctions over purchases of oil from Iran, hours before restrictions would have entered into force against their banks. Secretary of State Hillary Clinton said in a statement that China and Singapore had significantly reduced their crude oil purchases from Iran, joining most major economies in receiving exemptions from the new U.S. law. Iran Wants Urgent Opec Meeting as Prices Drop – Iranian Oil Minister Rostam Qasemi has urged Opec's secretary general to call for an extraordinary meeting amid falling oil prices. He added that in 161st meeting of Opec it was agreed if oil prices fall below $100 per barrel it means that prices are in crisis, so we have urged secretary general to make preparations for holding an emergency meeting. Qasemi warned that if Opec members failed to comply with the agreed production ceiling of 30 million bpd this would disrupt balance in the oil market.
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
320 295 176 600 92.75 170
0.00% -1.67% 0.00% 1.69% 3.92% 0.00%
N/A 25.76 25.47 11.73 9.66 10.46
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 44 129 15.56 0.38 1.21
0.80% 2.33% 3.20% 0.06% 2.70% 0.00%
N/A 7.79 9.16 10.50 3.85 6.52
Shell Oman Marketing Co.
Global Energy & Currency Market Watch Change
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S&P 500 Energy Index Oil Service Sector Index
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*All prices as of last traded day
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NYMEX Henry Hub Futures Forward Curve 7
Saudi Readies Oil Line Against Hormuz Threat – Saudi Arabia has reopened an old oil pipeline built by Iraq to bypass Gulf shipping lanes, giving Riyadh scope to export more of its crude from Red Sea terminals should Iran try to block the Strait of Hormuz, industry sources say. The Iraqi Pipeline in Saudi Arabia (IPSA), laid across the kingdom in the 1980s after oil tankers were attacked in the Gulf by both sides during the Iran-Iraq war, has not carried Iraqi crude since Saddam Hussein invaded Kuwait in 1990. Saudi Arabia confiscated the pipeline in 2001 to compensate for debts owed by Baghdad and has used it to transport gas to power plants in the west of the country in the last few years.
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Regional Oil & Gas Highlights Kayan Awards Design Contract for Jubail Plant to Jacobs Group – Saudi Kayan Petrochemical Company, has awarded a design contract to Pasadena, California-based Jacobs Engineering Group. The contract is for the development of a process design package (PDP) and FEED package for the build of an ultra-highmolecular-weight polyethylene (UHMWPE) plant in Jubail. UHMWPE is used in many industrial applications including batteries and industrial fibers. The plant is to have a production capacity of 35,000 tons per year using ethylene sourced from Kayan's existing olefins plant and is of significant strategic importance as Sabic is to use its own technology.
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