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.
Oil & Gas Prices Currency
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
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NYMEX WTI Crude Oil Futures Forward Curve
NYMEX Henry Hub Futures Forward Curve 7
93 91 89 87 85 83 81 79 77 75
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.
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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.
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