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Kuwait Financial Centre “Markaz” Daily Oil & Gas Bulletin – 20 December 2011

Abu Dhabi's TAQA wins customers for Euro venture - TAQA announced it has secured three European energy firms as launch customers for its massive Bergermeer gas storage facility in the Netherlands in deals worth up to $1bn. Statoil ASA, Vattenfall Energy Trading Netherlands and a third European energy company agreed with TAQA to lease a total of more than 90 percent of the 1 billion cubic metres (bcm) of annual storage capacity made available. The project has been facing delays after the highest administrative court in the Netherlands decided to halt construction because of environmental concerns, and has asked for additional tests. The court is expected to decide on future construction work in early 2012. Iraq signs $72m power plant deal - Iraq signed a $72 million electricity deal with Iranian power development firm Sunir to expand a plant in northern Iraq by 320 megawatts to help feed the powerstarved nation. The Iranian company will install two gas units, each with a production capacity of 160 megawatts, at Dibis power plant in northern Kirkuk province. The units, which were purchased from Siemens in 2008, would be installed in just over 14 months. Dibis currently produces 150 MW. Iraq is trying to ramp up electricity production as it rebuilds after years of war and international sanctions.

Ticker

Name

ALQURAIN IPG OULAFUEL ABAR BPCC

Oil & Gas Prices Currency

Price

Change

P/E

Qurain Petrochemicals Independent Petroleum Group Oula Fuel Co. Burgan Co. for Well Drilling Boubyan Petrochemicals Co.

KWD KWD KWD KWD KWD

218.0 320.0 300.0 212.0 550.0

0.00% 0.00% 0.00% 0.00% 0.00%

11.86 10.31 27.58 21.94 10.88

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

95.0 175.0 22.1 44.1 132.4 17.4

0.26% -0.85% -0.23% 0.23% 0.00% -0.68%

9.59 11.34 283.49 8.10 9.38 12.32

DANA TAQA

Dana Gas Abu Dhabi National Energy Co.

AED AED

0.5 1.2

-2.04% 0.00%

7.12 4.96

SOM

Shell Oman Marketing Co.

OMR

2.4

0.00%

18.07

Global Energy & Currency Market Watch Change

YTD Change

MSCI World Index

1146.48

0.00%

-8.85%

MSCI World Energy Index

229.56

0.00%

-5.12%

S&P 500 Energy Index

497.40

0.89%

Oil Service Sector Index

210.61

USD/KWD Euro/USD USD Index ($ vs Weighted Currencies)

Price

1 Day ∆

YTD

Brent

105.28

0.26%

10.24%

WTI

93.53

-0.36%

2.74%

Kuwait Export

103.53

0.02%

19.36%

Saudi Heavy

102.43

0.02%

19.75%

Dubai Light

102.13

-0.38%

15.35%

OPEC Basket

104.6

-2.13%

16.38%

Henry Hub Spot Nat Gas

3.03

-0.66%

-28.61%

Regional Equity Markets Snapshot

Last Close

Last Close

Change

YTD Change

Kuwait SE

5810.90

-0.03%

-13.93%

Saudi SE

6275.91

0.36%

-2.16%

-1.64%

Qatar SE

8748.78

-0.05%

5.18%

1.96%

-15.18%

Abu Dhabi SE

2379.76

-0.56%

-9.12%

0.2785

-0.04%

-1.00%

Dubai SE

1376.45

0.16%

-12.44%

1.3014

-0.02%

-2.76%

Muscat SE

5671.30

-0.01%

-12.50%

1.67%

Bahrain SE

1159.05

0.00%

-15.93%

80.350

0.10%

*All prices as of last traded day NYMEX Henry Hub Futures Forward Curve

NYMEX WTI Crude Oil Futures Forward Curve 100

8

95

7

USD/mmbtu

Sabic leads Saudi up – The board of Riyadh-based Sabic recommended a second-half dividend of 3 riyals a share after paying 2 riyals for the first six months. That makes the 2011 cash dividend the company’s highest since 2005. The company beat earnings estimates in October as petrochemical demand grew in China and India. Petrochemicals are expected to post strong annual results and growth over Q4 2010 as strong oil prices support petrochemical's earnings.

Select MENA Oil & Gas Stock Prices

USD/bbl

Regional Oil & Gas Highlights Arkema Seen Luring Sabic Bid With Low EBITDA Multiple Arkema SA (AKE), already cheaper than any of its rival industrial chemical producers, may now be a takeover target for Saudi Basic Industries Corp. and DuPont Co. after deciding to spin off its unprofitable vinyls business. Since losing a third of its market capitalization in the past seven months, Arkema’s combined equity and net debt is now valued at 3.5 times this year’s earnings before interest, taxes, depreciation and amortization, based on analysts’ estimates compiled by Bloomberg.

90 85 80 75

6 5 4

3 18/11/2011

Months

19/12/2011

18/11/2011

Months

19/12/2011

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 be quoted 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


Oil and Gas Bulletin 20122011