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Kuwait Financial Centre “Markaz” Daily Oil &Gas Bulletin – 26 June 2012 Regional Oil & Gas Highlights Sabic JV inks $3.4bn Elastomers Project Deal– Sabic said its joint venture with ExxonMobil has awarded an engineering, procurement and construction (EPC) contract for its mammoth $3.4 billion elastomers project in Jubail city. The total investment of $3.4 billion for the elastomers facility will be financed from shareholder and or third party debt. On completion, the facility will have the capacity to produce up to 400,000 tonnes per year of rubber including halobutyl, styrene butadiene, polybutadiene, and ethylene propylene diene monomer (EPDM) rubbers, thermoplastic specialty polymers, and carbon black to serve local markets and those in the Middle East and Asian region. Oman Oil, IPIC Set up JV to Develop Refinery – Abu Dhabi's International Petroleum Investment Company (IPIC) said it has set up a joint venture firm with Oman Oil Company (OOC) to develop a 230,000 barrels per day oil refinery to be completed by 2017 in Duqm, on the east coast of Oman. Two sources familiar with the matter told Reuters the investment outlay in the project is $6 billion with both companies sharing it equally. The government has earmarked Duqm as the next industrial growth city, with investments of up to $15 billion planned in new petrochemical and infrastructure projects at the port over the next 10 years. EU Embargo Already Hurting Iran Oil Exports – The EU embargo on Iranian crude due to come fully into effect on Sunday, on the heels of further US sanctions, has already bitten deeply into the Islamic republic's all-important oil sector. Despite official denials, Iran oil exports have plummeted some 40 percent in the past six months, to 1.5 million barrels per day (mbpd), according to the International Energy Agency (IEA). Storage facilities and anchored tankers are close to saturation as Iran tries to avoid cutting production from its oil fields. The IEA said up to 42 million barrels of oil were being kept in the stationary tankers.

Select MENA Oil & Gas Stock Prices Ticker

Name

ALQURAIN

Oil & Gas Prices Currency

Price

Change

P/E

Qurain Petrochemicals

KWD

186

0.00%

6.22

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

325 305 180 590 90 170.25

0.00% 0.00% 0.00% 0.00% -1.10% -1.02%

N/A 26.63 26.05 32.53 9.38 10.47

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

19.2 43.5 129.1 15.54 0.37 1.23

-1.29% -0.68% -0.08% -0.06% -2.63% 0.00%

N/A 7.70 9.17 10.49 3.75 6.63

SOM

Shell Oman Marketing Co.

OMR

2.534

0.00%

21.21

Global Energy & Currency Market Watch Change

YTD Change

MSCI World Index

1205.67

0.00%

2.14%

MSCI World Energy Index

217.11

0.00%

-9.90%

480.1707

0.43%

-8.58%

192.72

-0.08%

-13.29%

Oil Service Sector Index

YTD

Brent

90.97

0.39%

-16.30%

WTI

79.36

1.95%

-20.05%

Kuwait Export

90.32

0.22%

-15.03%

Saudi Heavy

89.12

0.22%

-15.29%

Dubai Light

89.83

0.71%

-14.32%

OPEC Basket

89.48

-3.87%

-16.94%

Henry Hub Spot Nat Gas

2.50

0.81%

-9.40%

Last Close

Change

YTD Change

Kuwait SE

5,785

-0.10%

2.04%

Saudi SE

6,683

-1.36%

6.13%

Qatar SE

8,229

-0.02%

-2.27%

Abu Dhabi SE

2,489

0.04%

7.31%

1,453

-0.22%

11.35%

USD/KWD

0.2805

0.02%

-0.28%

Dubai SE

Euro/USD

1.2504

-0.11%

-6.58%

Muscat SE

5,663

0.12%

2.79%

USD Index ($ vs. Weighted Currencies)

82.497

0.15%

4.39%

Bahrain SE

1,125

0.04%

2.46%

*All prices as of last traded day

NYMEX WTI Crude Oil Futures Forward Curve

NYMEX Henry Hub Futures Forward Curve 7

95 USD/mmbtu

USD/bbl

90

Oil Producers Struggle to Keep Prices at $100 – Oil prices have plunged by nearly $28 over the past few weeks to nearly $100 because of rising inventories and receding fears about Iranian supply shortages and this poses a challenge to major producers to curb further falls. According to a prominent Arab energy analyst, Saudi Arabia and other major producers contributed to depressing prices by raising output to offset the decline in Iran's oil exports following US-le sanctions over its nuclear programme.

1 Day ∆

Regional Equity Markets Snapshot

Last Close

S&P 500 Energy Index

Price

85 80

6

5 4 3

75

2 25/05/2012

Months

25/06/2012

25/05/2012

Months

25/06/2012

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 bequoted 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


Daily Oil and Gas Bulletin 26062012