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.
ALQURAIN IPG OULAFUEL ABAR BPCC
Oil & Gas Prices Currency
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 Gas Abu Dhabi National Energy Co.
Shell Oman Marketing Co.
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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.
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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.
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