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AME Info | Energy, Oil and Gas
Energy, Oil and Gas news and features

International Petroleum to borrow $5bn
Abu Dhabi's International Petroleum Investment Co. (IPIC) plans to borrow $5bn to help pay for its purchase of Canada's Nova Chemicals Corp. and an increased stake in Spain's Cia Espanola de Petroleos SA, Bloomberg has reported. The loan comprises two portions of $2.5bn, maturing in one and two years. Bank of Tokyo-Mitsubishi UFJ, HSBC Holdings Plc and Banco Santander SA are arranging the transaction.

Taqa cuts Standard and Poor's link
Abu Dhabi National Energy Co. (Taqa) has ended its relationship with Standard & Poor's, after reviewing new ratings criteria S&P adopted for government-related companies. Peter Barker-Homek, the firm's CEO has said that Taqa does not believe these criteria will result in a rating that will accurately reflect the credit worthiness of Taqa, and that the government's support is unchanged and has consistently been confirmed.

Financing arranged for Bahrain Al Dur project
Dubai-based Mashreq bank, Standard Chartered Bank, and Calyon have arranged $1.7bn financing for Bahrain's Al Dur independent water and power project, according to Emirates Business. The financing includes a $1.2bn international facility, which is structured as an eight-year, non-recourse club term loan.

Saudi electricity to spend $28bn to meet rising demand
The head of Saudi Electricity said the state- controlled power producer plans to spend $28bn in the next three years to meet rising demand in the kingdom. Ali al-Barrak, chief executive officer of the Riyadh-based utility, told Bloomberf the firm also plans to invest $70bn by 2018 to add 25,000 megawatts and match demand spurred by a $400bn, five-year government-spending program and a growing population.

RasGas bonds get Fitch A+ rating affirmation
Fitch, the credit rating agency, has affirmed 'A+' rating with a 'stable' outlook to Qatar's RasGas 2 Series A bond and RasGas 3 Series B, C and D bonds. 'The stable outlook is supported by a geographically diverse portfolio of long-term offtake agreements, full chain integration with long-term shipping capacity and investments in re-gasification terminals by sponsors' affiliates,' said Fitch.

Conoco relaunches Yanbu refinery bidding
Saudi Aramco and ConocoPhillips have said they will resume the bidding process, halted last year, for contracts to build an export-oriented refinery in Saudi Arabia. The two companies had initially planned to start the refinery in 2011 but they stopped the process due to uncertainties in global financial markets, reported Reuters. Cost estimates for the Yanbu refinery on the Red Sea coast doubled last year to $12bn from an initial $6bn when the project was announced in 2006.

BP-led consortium wins Iraq contract
A consortium led by BP has won the contract for Iraqs Rumaila oil field after an alliance led by Exxon Mobil withdrew a rival bid, Iraqi Oil Minister Hussain al-Shahristani has announced. The consortium, which includes Chinas CNPC, was seeking $3.99 remuneration for each extra barrel of oil produced, but on Tuesday accepted the oil ministrys terms of $2 a barrel. Rumaila is the largest oil field in Iraq and one of the largest in the world.

ADNOC cuts oil supplies
Abu Dhabi National Oil Co (ADNOC) has told its customers that in compliance with the UAE's production quota set by OPEC, it will cut their allocations by 19% for August 2009 shipments from its four wells, Murban, Upper Zakum, Lower Zakum and Umm Sheif by 19%, WAM has reported.

MENA Infrastructure buys 32.8% of United Power
MENA Infrastructure Fund, a $500m investment fund sponsored by HSBC Holdings, Waha Capital and Dubai International Capital, has acquired a 32.8% stake in Oman's United Power for $26.5m from GDF Suez, Bloomberg has reported. MENA Infrastructure has become the largest shareholder in United Power, its second investment after it bought a stake in Egypt's Alexandria International Container Terminals in 2008.

Qatar Electricity predicts 15% increase in Q1 profit
Qatar Electricity & Water Co said it expects first-half profit to rise 15%, without providing a reason for the rise, reported Bloomberg. The utility has said its net income for the period ending June 30 should climb to QR403 million ($111m), or QR4.03 a share, from QR349 million, or QR3.49, in the year-earlier period.

UAE to host Irena HQ
Abu Dhabi has been selected to host the headquarters of the International Renewable Energy Agency (Irena). The group will be based in the emirate's zero carbon initiative, Masdar City, which is currently under construction. This marks the first time that a developing country has hosted a major international organistaion. Vienna will host Irena's UN and international liaison office and the innovation centre will be located in bonn, Germany.

IEA cuts 5-year global oil demand outlook
The International Energy Agency has cut its five-year forecasts for global crude demand due to the economic slowdown, reported Bloomberg. The IEA reduced its oil demand estimates for every year through 2013 by about 3 million barrels a day, it said in its Medium-Term Oil Market Report. Consumption will average 86.76 million barrels a day in 2012, the first year it will rise above 2008s level of 85.76 million barrels a day, the agency predicted.

Oman's crude exports rise by over 10%
Oman's National Economy Ministry has announced that the Sultanate's crude exports for the first four months of 2009 rose by 10.8% to almost 80 million barrels, compared to the same period in 2008. The Sultanate had exported just over 94 million barrels of crude oil and condensates, with daily production rising by 5.98% to 786,100 barrels.

Sipchem sees little impact from China methanol duty
Ahmed Abdulaziz al-Ohali, chief executive of Saudi International Petrochemical Co. (Sipchem), has said China's latest move to impose a duty on methanol imports would have little impact on its operations, Reuters has reported. China made up only between 10 and 16% of the firm's total exports and Sipchem's global presence would help it to offset the impact somewhere else, he said.

SECO Sukuk orders exceed $1.87bn
Saudi Electricity Co. (SECO) has received more than SR7 billion ($1.87bn) in orders for this year's largest Islamic bond sale, Bloomberg has reported citing a banker familiar with the transaction. The utility has paid 45 basis points over the Saudi benchmark in 2007, when it raised SR5 billion in its first sukuk sale. The five-year Islamic bonds may be priced to yield 160 basis points over the Saudi interbank rate, said the banker.

Exxon begins Libyan deep water drilling
Exxon Mobil is beginning to drill the first of three deep water exploration wells off the coast of Libya, the Wall Street Journal has reported. The exploration program will start in the next couple of days, according to an interview with Exxon's head of exploration Tim Cejka. It won the rights to drill three years ago and is the first time there has been thorough deep water exploration off the coast of Libya.

Saudi Electric signs Aggreko power deal
Saudi Electric (SEC) has signed a contract with temporary power supplier Aggreko to provide 100 megawatts of short-term power to help overcome seasonal power shortages in Saudi Arabia. The contract is expected to last for a minimum of three months and will take to over 170MW the total capacity being supplied by Aggreko to SEC.

Companies bid for Bahrain deep gas
Occidental Middle East Development Company (OMED) and Canadian Natural Resources have bid for an excavation agreement for the production of deep gas in Bahrain, KUNA has reported. The excavation is aimed at searching for gas at a depth of 15,000 feet. According to studies by the National Oil and Gas Authority, an additional reserve of gas is expected to be found, expected to be worth hundreds of millions of dollars.

Iraq oil deals made on live TV
Bids for contracts for six of Iraq's largest oilfields and two untapped gas fields will be opened in front of TV cameras and the world's media in the coming days in Baghdad, Reuters has reported. The bids will be compared and contracts awarded immediately. After the first contract is awarded, competing firms will get the opportunity to revise the terms of their next bid. "This is shaping up to be unlike anything I have ever been involved in," said one senior executive for a major western oil company. "It is quite unique and will be some theatre. I don't think any of us really know how this is going to work out."

UAE hopeful to host Irena
The UAE has its hopes high it could win the bid to host as the location for the International Renewable Agency (Irena) as it competes against Germany and Austria, Gulf News has reported. The UAE's bid is backed by its strong message that the country could act as a conduit between developed and developing nations, making renewable enevery accessible to all countries alike.

Dubai plant to turn waste into fuel mooted
Representatives of the Earth Power Group, a joint venture between South Africa's Centre of Material and Process Synthesis, the Russian Academy of Sciences and Alye International, a US green-energy company, have said the JV is in the final stages of talks with Dubai to build a plant that will turn municipal waste into transport fuel, The National has reported. Dubai's venture, which is expected to be operational within two years, will begin with a single module worth between $25m and $30m and capable of accepting 50 tons of municipal waste a day. Each ton of waste can be converted into 2.7 barrels of synthetic fuel.

Aramco, Showa to study solar power plan
Japan's fifth-biggest oil refiner Showa Shell Sekiyu K.K. has announced it has agreed with state-run oil firm Saudi Aramco to study the possibility of a solar power business in the kingdom, KUNA has reported. The two companies intend to choose several sites in Saudi Arabia for constructing power plants capable of generating 1,000kw to 2,000kw. Once the project gets on track, Showa Shell and Saudi Aramco plan to establish a joint venture around 2012 for similar operations in emerging countries in the Middle East, Southeast Asia, Africa, Latin America, and elsewhere.

Kuwait Petroleum to re-present $15bn refinery
Kuwait National Petroleum Corporation (KNPC) has said it plans to present Kuwait's fourth oil refinery project to the Supreme Petroleum Council (SPC) again to obtain its approval for the mega project. On March 20, the SPC decided to scrap the $15bn project, the second multi-billion-dollar deal to be cancelled in three months, after facing opposition in country's National Assembly.

Oman offers four oil, gas areas for exploration
Oman's Oil Minister, Mohammed bin Hamad al-Rumhy, has said the Sultanate is offering blocks 40, 51, 36 and 38 for exploration and hopes to sign one or two production-sharing agreements with companies this year.

JGC to conduct Rabigh refinery study
Saudi Aramco and Sumitomo Chemical Co. have selected JGC Corp. to conduct a feasibility study for the expansion of their joint venture Rabigh refinery. Aramco and Sumitomo will complete the study by the third quarter of 2010.