Kuwait Financial Centre “Markaz” Daily Oil & Gas Bulletin – 26 December 2011
Iran extends crude oil sales contract with Turkish refinery Despite the pressure of western countries to sanction Iran's oil industry, Turkey's biggest crude oil importer Tupras has renewed its annual deal to buy crude oil from Iran for 2012. Tupras purchased 7.41 million tons of crude oil from Iran in 2010, which makes up for almost 38 percent of the 19.6 million tons of crude it refined in 2010. Currently, Turkey and Greece are among the most reliant on Iranian crude, which makes up more than 30 percent of both countries' total oil imports, according to data from the International Energy Agency. Iran inks $1.4b deal with local firm to build largest NGL plant - An Iranian corporation, Oil Industries Engineering and Construction Company (OIEC), has signed a $1.4 billion contract with the National Iranian Oil Company to build the country's largest natural gas to liquids (NGL) plant. The NGL plant will have the capacity to turn 270 million cubic feet of gases associated with oil into liquids per day. The plant is projected to come on stream within 44 months. Some 530 billion cubic feet of associated gas is burnt at Iran's oilfields, bringing the country around $3 billion of loss annually. Iran's Oil Ministry plans to build another NGL plant in the Kharg Island to cut the burning gases to zero by 2015.
ALQURAIN IPG OULAFUEL ABAR BPCC
Oil & Gas Prices Currency
Qurain Petrochemicals Independent Petroleum Group Oula Fuel Co. Burgan Co. for Well Drilling Boubyan Petrochemicals Co.
KWD KWD KWD KWD KWD
218.0 335.0 300.0 212.0 560.0
0.93% 1.52% 0.00% 0.00% 1.82%
11.86 10.80 27.58 21.94 11.08
SABIC SAFCO PETROR YANSAB IQCD QGTS
Saudi Basic Industries Corp. Saudi Arabian Fertilizer Co. Rabigh Refining & Petrochemical Co. YANBU National Petrochemical Industries Qatar Qatar Gas Transport Co.
SAR SAR SAR SAR QAR QAR
96.5 174.0 22.4 44.2 133.3 17.5
0.00% -1.00% 0.22% -0.90% 0.45% 0.52%
9.74 11.27 287.35 8.11 9.44 12.30
Dana Gas Abu Dhabi National Energy Co.
Shell Oman Marketing Co.
Global Energy & Currency Market Watch Change
MSCI World Index
MSCI World Energy Index
S&P 500 Energy Index
Oil Service Sector Index
USD/KWD Euro/USD USD Index ($ vs Weighted Currencies)
1 Day ∆
Henry Hub Spot Nat Gas
Regional Equity Markets Snapshot
Abu Dhabi SE
*All prices as of last traded day NYMEX Henry Hub Futures Forward Curve
NYMEX WTI Crude Oil Futures Forward Curve 105
Turkey, Azerbaijan to sign gas pipeline deal - Azerbaijan and Turkey will sign a memorandum of understanding on December 26 to build a Trans-Anatolian gas pipeline project, which will carry Azeri gas across Turkey to Europe. Azeri state energy company Socar, Turkey's state pipeline company Botas and Turkey's state energy company TPAO will be the initial partners in the project and other international oil and gas companies may join the consortium during the process.
Select MENA Oil & Gas Stock Prices
Regional Oil & Gas Highlights Oil price to set record in 2012 as US dodges recession - Crude oil may rise for a fourth year to a record average price in 2012 as demand in emerging markets increases and the US avoids a recession. WTI oil on the NY Mercantile Exchange will reach an average of $100 a barrel in 2012, based on the median of 27 analyst estimates compiled by Bloomberg, topping the all-time high of $99.75 set in 2008. The US benchmark is on course to average $95 a barrel this year. Global demand will climb 1.4 percent, with China accounting for more than a 10th of the amount used, according to the International Energy Agency. Crude in New York advanced 8 percent in the year through yesterday.
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