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Kuwait Financial Centre “Markaz” Daily Oil &Gas Bulletin – 17 July 2012

Gas Exports to Iraq by 2013 – Iran is expected to start exporting natural gas to Iraq by the end next year (to start March 21, 2013) upon the completion of the Iran-Iraq gas pipeline project, said Oil Minister Rostam Qassemi. Last year, oil ministers of Iran, Iraq and Syria agreed to construct a pipeline that transfers natural gas from Iran to Europe. Under the deal, natural gas from Iran's South Pars gas field, Bushehr province, will be pumped through Iran, Iraq and Syria to Lebanon and the Mediterranean Sea before reaching Europe. Oil Up in Asia on China Stimulus Hopes, Gulf Incident – Oil rose in Asia on Tuesday on hopes for a Chinese stimulus package and simmering geopolitical tensions following reports of a US Navy ship firing on a boat off Dubai's coast, analysts said. New York's main contract, light sweet crude for delivery in August was up 17 cents to $88.60 and Brent North Sea crude for September delivery gained 30 cents to $103.67.

Ticker

Name

ALQURAIN

Oil & Gas Prices Currency

Price

Change

P/E

Qurain Petrochemicals

KWD

190

0.00%

6.35

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

325 285 176 600 86.5 178.75

0.00% 0.00% 12.82% -1.64% 0.00% 0.00%

N/A 24.89 27.83 11.73 9.01 11.01

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

17.95 42.3 135.2 15.72 0.37 1.19

0.00% 0.00% 0.97% 0.00% -2.63% -0.83%

N/A 8.31 9.60 10.61 3.75 6.41

SOM

Shell Oman Marketing Co.

OMR

2.58

0.00%

21.59

Global Energy & Currency Market Watch

Price

1 Day ∆

YTD

Brent

105.25

1.72%

-3.16%

WTI

87.1

1.18%

-10.52%

Kuwait Export

100.82

1.20%

-5.16%

Saudi Heavy

99.92

1.22%

-5.02%

Dubai Light

98.96

0.05%

-5.61%

OPEC Basket

99.1

1.83%

-6.47%

Henry Hub Spot Nat Gas

2.88

1.77%

-2.01%

Regional Equity Markets Snapshot

Last Close

Change

YTD Change

MSCI World Index

1225.55

0.00%

5.47%

MSCI World Energy Index

227.59

0.00%

-3.45%

S&P 500 Energy Index

505.183

1.75%

-1.68%

Oil Service Sector Index

206.59

2.15%

-3.92%

Last Close

Change

YTD Change

Kuwait SE

5,856

-0.07%

3.33%

Saudi SE

6,641

-0.33%

5.87%

Qatar SE

8,330

0.43%

-1.06%

Abu Dhabi SE

2,461

0.15%

6.10%

1,527

0.69%

17.04%

USD/KWD

0.28207

0.19%

0.27%

Dubai SE

Euro/USD

1.2273

-0.20%

-8.30%

Muscat SE

5,512

0.25%

0.06%

USD Index ($ vs. Weighted Currencies)

83.0980

0.06%

5.15%

Bahrain SE

1,116

0.10%

1.71%

*All prices as of last traded day

NYMEX WTI Crude Oil Futures Forward Curve

NYMEX Henry Hub Futures Forward Curve 7

93 91 89 87 85 83 81 79 77 75

USD/mmbtu

Sahara Petrochemicals' Q2 Net Profit Down 74% – Sahara Petrochemicals Company's net profit for Q2, 2012 was SR 54.32 million, compared with SR 209 million for the same period in the previous year with a decrease of 74 percent and compared with SR 42 million for the previous quarter with an increase of 29 percent, according to Tadawul website. Announcing its preliminary financial results for the six-month period ended June 30, 2012, the company said its gross profit for the second quarter amounted to SR 6.05 million compared with SR 161 million for the same period in the previous year with a decrease of 96 percent. Operational loss during the second quarter reached SR 13.23 million compared with a profit of SR 135 million for the same period in the previous year.

Select MENA Oil & Gas Stock Prices

USD/bbl

Regional Oil & Gas Highlights Kuwait Energy and Consortium Sign Initial Contract in Iraq – Iraq initialed an oil block exploration and development contract with a consortium led by Kuwait Energy as part of its drive to attract more foreign investment following years of war and sanctions. The contract gives the consortium rights to oil block 9, which is located in Iraq's southern Basra province. Kuwait Energy would be the operator of the block with a 40 per cent working interest, while Turkish national oil company TPAO and Dragon Oil PLC will each hold a 30 per cent. The consortium has a five-year exploration phase to determine the oil prospects of the block which spans over a 900 sq km area (350 sq miles), Kuwait Energy said.

6

5 4 3 2

15/06/2012

Months

16/07/2012

15/06/2012

Months

16/07/2012

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


OG17072012