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UAE’s Dragon Oil Hikes Crude Output
... UAE UAE’s Dragon Oil Hikes Crude Output UAE-based hydrocarbons minnow, Dragon Oil, says it produced an average of 67,600 b/d of crude on average in 2012, though it increased its December average production to 73,500 b/d. This represented a 10% increase over 2011...
Volume: 56Issue: 07Published at Fri, 15 Feb 2013 -
Schlumberger Sees Middle East As 2013 Driver Of Growth
...e company expects to achieve the highest growth in Sub-Saharan Africa – where it currently holds a strong position – and Russia, where it joined forces with Integra, a local oil services group; and Geothech Holding, a Russian seismic company, to form IG Seismic Services in December 2011. Th...
Volume: 56Issue: 06Published at Fri, 08 Feb 2013 -
SABIC ‘Barely Impacted’ By Strike At Dutch Subsidiary
...lyethylene and 620,000 t/y of polypropylene. SABIC’s total polymers output was 11.33mn tons in 2011. The company recently reported a net income of SR24.72bn ($6.59bn) for 2012, compared with SR29.24bn ($7.80bn) for 2011. The 15.5% decline was attributed to the “higher cost of sales and lower sales pr...
Volume: 56Issue: 06Published at Fri, 08 Feb 2013 -
Oman’s Energy Policy Review To Impact OOC
...vereign wealth fund Oman Investment Fund (OIF), which invests mainly in non-energy sectors, although it owns a stake in Dubai Mercantile Exchange (DME), which trades Omani crude futures contracts. In 2011 after the ‘Arab Spring’, Sultan Qabus bin Sa’id ordered OOC to focus on domestic in...
Volume: 56Issue: 05Published at Fri, 01 Feb 2013 -
Oman Focuses On Boosting Employment
...rmits for foreign workers, and highlight those sectors which they think should be the focus of efforts to employ more Omani nationals. Since the start of the Arab Spring, Oman has faced sporadic street protests demanding jobs and an end to corruption. In 2011 several unarmed rioters were shot de...
Volume: 56Issue: 05Published at Fri, 01 Feb 2013 -
QP: What’s Next?
...s financial muscle to become a major regional political player. So what comes next for Qatar’s leadership? MEES examines the possibilities. QP – which in 2011 according to its annual report had 66 subsidiaries, joint ventures and equity stakes ranging from catering and real estate to st...
Volume: 56Issue: 04Published at Fri, 25 Jan 2013 -
SABIC Reports 15% Fall In Profits For 2012
...85bn) for 2011. The company attributed the 15.5% net income decline to “higher cost of sales and lower sales prices for certain products, despite higher sales and production volumes and reduction in financial charges.” Gross profit for 2012 was SR54.31bn ($14.48bn), down by 12.6% from SR62.13bn ($16...
Volume: 56Issue: 04Published at Fri, 25 Jan 2013 -
TAQA Shuts Down North Sea Platform
...veloping a 100mw hydroelectric plant in northern India. The joint venture partner is Jyoti Structures, an Indian power infrastructure company, which signed a Memorandum of Understanding with TAQA in July 2011 to look at investing in renewables. Carl Sheldon, TAQA’s Chief Executive Officer, said: “This in...
Volume: 56Issue: 03Published at Fri, 18 Jan 2013 -
SABIC Strategy Tracks Demographic Trends
...e US. Industrial Cities The petrochemicals giant is also looking to expand downstream. In March 2011 SABIC and the Saudi Industrial Property Authority (MODON) signed an agreement with Boston Consulting Group (BCG) to develop industrialization strategies for the Saudi cities of Al-Jo...
Volume: 55Issue: 51Published at Fri, 14 Dec 2012 -
Eni Rocked By Algeria Corruption Probe
...June 2011). The Iraqi part of the investigations relates to Eni’s contract to spend $18bn raising production at the giant Zubair field from the current 270,000 b/d to 1.2mn b/d by 2017 (though there is likely to be some slippage on both volumes and date). Eni has maintained a code of si...
Volume: 55Issue: 50Published at Fri, 07 Dec 2012 -
Saudi Mulls London Arbitration Center
...ternational bank creditors, have largely been fought in London, the Cayman Islands, New York, and other jurisdictions (MEES, 31 October 2011). After three years of legal wrangling with the two parties, international banks are still owed over $12bn. There is a reluctance to fight claims in Saudi courts by in...
Volume: 55Issue: 49Published at Fri, 30 Nov 2012 -
Dana Gas Moves Forward On Sukuk Restructuring
...are. However, on 17 January the company stressed it planned to honor its obligations and its stock price rebounded 5.8%. In 2011 it had fallen 38%, which was due to concern about its ability to repay debt, amid problems receiving payment for projects in Egypt. The KRG problems subsequently added to its wo...
Volume: 55Issue: 46Published at Fri, 09 Nov 2012 -
Dana Gas Misses Sukuk Deadline
...e down 6% compared to the same period in 2011 “mainly due to a fall in natural gas production in Egypt” the company says. The company’s overall net production fell 9% to 59,600 b/d of oil equivalent (boe/d) over the same period. Egyptian production for the first nine months of 2012 was 32,000 boe/d, do...
Volume: 55Issue: 45Published at Fri, 02 Nov 2012 -
OMV Production Up On Yemen, Libya Recovery
...ding a nine-month closure of the line on account of a spate of attacks in October 2011. “In Yemen, production recommenced at a low level in July, following the repair of an export pipeline,” the company said in August, without giving any further details. OMV’s net output at the block amounted to...
Volume: 55Issue: 44Published at Fri, 26 Oct 2012 -
Edison Secures $590mn Discount On RasGas LNG Supplies
...aly's offshore regasification terminal in Rovigo (MEES, 1 August 2011). RasGas also supplies Belgium's Distrigas (2.07mn t/y for 20 years), Spain's Endesa (0.8mn t/y for 20 years) and the trading wing of France’s EDF (up to 3.4mn t/y for 4.5 years). RasGas ‘Resilient’ In a statement re...
Volume: 55Issue: 39Published at Fri, 21 Sep 2012 -
MOL Looks To KRG And Oman To Fuel Output Growth
...L enjoys “excellent cooperation” with the authorities, Mr Tatai says. This cooperation is no doubt smoothed by the fact that the Oman Oil Company acquired 7% of MOL in 2008 within the framework of a strategic partnership between the two companies. Fifty percent of MOL’s $3bn 2011 ea...
Volume: 55Issue: 38Published at Fri, 14 Sep 2012 -
Vegas Starts Egypt Production
...eady” at around nine months. But the fact that the company has rapidly ramped up production means the sum outstanding has continued to mount, hitting a whopping $214mn by the end of June, MEES understands. TransGlobe has collected $135mn from EGPC since January 2011, including $57m for the fi...
Volume: 55Issue: 38Published at Fri, 14 Sep 2012