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Kuwait Financial Centre “Markaz” Daily Oil & Gas Bulletin – 21 December 2011

GASCO signs AED 695m LTSK contract with India's L&T GASCO signed a lump sum turnkey agreement with Larsen & Toubro Limited (L&T) for the engineering, procurement, construction and commissioning of the new Habshan – Ruwais – Shuweihat gas pipeline. The size of the 122km-pipeline will be 52" between Habshan and Ruwais and 48" between Ruwais and Shuweihat. The pipeline will supply natural gas to Takreer’s new refinery expansion and Abu Dhabi’s Water & Electricity Authority (ADWEA) in Shuweihat. The project is scheduled to be completed by September 2013. Japan says no to US on Iranian oil imports - Japan would not stop imports of oil from Iran as announced by Japan's Foreign Minister Koichiro Gemba. Japan's Foreign Minister added that" I conveyed my view that there is a danger of causing damage to the entire global economy if the imports of Iranian crude oil would stop.' Oman records $2.15b surplus - High crude output allied with a sharp rise in oil prices to allow Oman to record one of its largest budget surpluses in the first 10 months of 2011 despite a sharp rise in expenditure. After registering a deficit of around RO91.2 million ($510 million) in the first 10 months of 2010, the Gulf country's budget balance turned into a massive surplus of RO830.1 million ($2.15 billion) in the first 10 months of 2011.

Ticker

Name

ALQURAIN IPG OULAFUEL ABAR BPCC

Oil & Gas Prices Currency

Price

Change

P/E

Qurain Petrochemicals Independent Petroleum Group Oula Fuel Co. Burgan Co. for Well Drilling Boubyan Petrochemicals Co.

KWD KWD KWD KWD KWD

218.0 325.0 300.0 212.0 560.0

0.00% 0.00% 0.00% 0.00% 0.00%

11.86 10.47 27.58 21.94 11.08

SABIC SAFCO PETROR YANSAB IQCD QGTS

Saudi Basic Industries Corp. Saudi Arabian Fertilizer Co. Rabigh Refining & Petrochemical Co. YANBU National Petrochemical Industries Qatar Qatar Gas Transport Co.

SAR SAR SAR SAR QAR QAR

94.8 175.5 22.2 44.4 132.9 17.5

-0.26% 0.29% 0.45% 0.68% 0.38% -0.06%

9.56 11.37 284.78 8.15 9.41 12.31

DANA TAQA

Dana Gas Abu Dhabi National Energy Co.

AED AED

0.5 1.2

0.00% -0.83%

6.98 4.96

SOM

Shell Oman Marketing Co.

OMR

2.4

0.00%

18.07

Global Energy & Currency Market Watch Change

YTD Change

MSCI World Index

1135.3

0.00%

-6.54%

MSCI World Energy Index

226.27

0.00%

-2.03%

S&P 500 Energy Index

489.20

-1.65%

2.24%

Oil Service Sector Index

205.08

-2.63%

USD/KWD

0.2784

Euro/USD

1.3087

USD Index ($ vs Weighted Currencies)

79.832

Price

1 Day ∆

YTD

Brent

108.73

3.28%

13.85%

WTI

93.88

0.37%

6.39%

Kuwait Export

106.37

2.74%

22.63%

Saudi Heavy

105.27

2.77%

23.07%

Dubai Light

102.81

0.67%

16.12%

OPEC Basket

103.57

-0.98%

15.64%

Henry Hub Spot Nat Gas

3.02

-0.33%

-27.42%

Regional Equity Markets Snapshot

Last Close

Last Close

Change

YTD Change

Kuwait SE

5823.90

0.02%

-13.70%

Saudi SE

6288.28

0.33%

-1.96%

Qatar SE

8780.45

0.41%

5.61%

-10.61%

Abu Dhabi SE

2362.78

-0.44%

-9.83%

-0.04%

-1.03%

Dubai SE

1368.94

0.60%

-12.93%

-0.30%

-2.22%

Muscat SE

5633.81

0.00%

-13.08%

1.02%

Bahrain SE

1144.21

-1.28%

-17.01%

0.21%

*All prices as of last traded day

NYMEX Henry Hub Futures Forward Curve

NYMEX WTI Crude Oil Futures Forward Curve 100

8

95

7

USD/mmbtu

Baker Hughes gets $640m Iraqi drilling deal - Iraq awarded a $640 million deal to US oil service company Baker Hughes to drill 60 wells in the southern Zubair oilfield. The Iraqi cabinet approved the Oil Ministry's request to award the three-year contract to the US company. Italy's ENI, US-based Occidental Petroleum Corp and South Korea's Kogas have signed a 20-year deal with Iraq to develop Zubair. They set an eventual output target of 1.2 million barrels per day.

Select MENA Oil & Gas Stock Prices

USD/bbl

Regional Oil & Gas Highlights EU anti-dumping probe shadow lifts over Octal - Octal, the largest polyethylene terephthalate (PET) producer in the Middle East, heaved a sigh of relief with the European Union (EU) terminating the anti-dumping and anti-subsidy probe on imports of PET products from Oman and Saudi Arabia, after a major leading European PET industry association withdrew its complaint, according to a notification posted on the European Commission (EC) website. Earlier in January 2011, the complaint accused Octal and SABIC of receiving subsidies from their governments which allowed them to sell PET in the European market at a lower price.

90 85

6 5

80

4

75

3 21/11/2011

Months

20/12/2011

21/11/2011

Months

20/12/2011

This report has been prepared and issued by Kuwait Financial Centre S.A.K (Markaz), which is regulated by the Capital Markets Authority and the Central Bank of Kuwait. The report is owned by Markaz and is privileged and proprietary and is subject to copyrights. Sale of any copies of this report is strictly prohibited. This report cannot be quoted without the prior written consent of Markaz. Any user after obtaining Markaz permission to use this report must clearly mention the source as “Markaz“. This Report is intended to be circulated for general information only and should not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy in any jurisdiction. The information and statistical data herein have been obtained from sources we believe to be reliable but in no way are warranted by us as to its accuracy or completeness. Markaz has no obligation to update, modify or amend this report. For further information, please contact ‘Markaz’ at P.O. Box 23444, Safat 13095, Kuwait. Tel: 00965 1804800 Fax: 00965 22450647. Email: oilandgas@markaz.com Sources: Bloomberg, Reuters, Zawya, TradeArabia, ArabianBusiness, and others


Oil and Gas Bulletin 21122011