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 $72 million electricity deal with Iranian power development firm Sunir to expand a plant in northern Iraq by 320 megawatts to help feed the powerstarved nation. The Iranian company will install two gas units, each with a production capacity of 160 megawatts, at Dibis power plant in northern Kirkuk province. The units, which were purchased from Siemens in 2008, would be installed in just over 14 months. Dibis currently produces 150 MW. Iraq is trying to ramp up electricity production as it rebuilds after years of war and international sanctions.
ALQURAIN IPG OULAFUEL ABAR BPCC
Oil & Gas Prices Currency
Qurain Petrochemicals Independent Petroleum Group Oula Fuel Co. Burgan Co. for Well Drilling Boubyan Petrochemicals Co.
KWD KWD KWD KWD KWD
218.0 320.0 300.0 212.0 550.0
0.00% 0.00% 0.00% 0.00% 0.00%
11.86 10.31 27.58 21.94 10.88
SABIC SAFCO PETROR YANSAB IQCD QGTS
Saudi Basic Industries Corp. Saudi Arabian Fertilizer Co. Rabigh Refining & Petrochemical Co. YANBU National Petrochemical Industries Qatar Qatar Gas Transport Co.
SAR SAR SAR SAR QAR QAR
95.0 175.0 22.1 44.1 132.4 17.4
0.26% -0.85% -0.23% 0.23% 0.00% -0.68%
9.59 11.34 283.49 8.10 9.38 12.32
Dana Gas Abu Dhabi National Energy Co.
Shell Oman Marketing Co.
Global Energy & Currency Market Watch Change
MSCI World Index
MSCI World Energy Index
S&P 500 Energy Index
Oil Service Sector Index
USD/KWD Euro/USD USD Index ($ 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 100
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.
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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
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