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Showing posts with label Middle East News. Show all posts
Showing posts with label Middle East News. Show all posts

Wednesday, August 17, 2011

Iraq sent a committee to Kuwait to probe the construction of a port building

Bloomberg reported that Iraq sent a committee to Kuwait to probe the construction of a port there after threatening to take the case to the United Nations if the harbor violates its maritime rights. Mr Thamir Ghadhban head of the panel said that the committee is to conduct a field study for the Iraqi Cabinet on the potential effects of the Mubarak Al Kabir Port which Kuwait is building on Boubyan Island. Mr Nouri Al Maliki PM of Iraq said that Iraq may resort to the UN and prosecute Kuwait if the new port threatens to harm Iraqi maritime activities. Iraq has officially requested that its neighbor halts construction until the end of the investigation, he said. Kuwait has still not issued an official response. The Mubarak Al Kabir port has exacerbated tensions which persist since Iraq under former President Mr Saddam Hussain invaded Kuwait in 1990. Iraq still pays five per cent of its oil revenue to Kuwait as compensation and Kuwait continues to demand payments on debt and more reparations. Iraq sent a delegation to Kuwait in May to try to dissuade it from building the port, saying the project may threaten the operations of its own planned harbor in the southern region of Basra. Iraq has said the additional traffic may hamper access to its ports for the largest vessels. Kuwait said it welcomes any further Iraqi visits and can show the port won't violate Iraq's rights or obstruct its maritime activity. Iraq has yet to implement plans announced a few years ago to build the Basra port, which is intended to spur economic activity and become a gateway for Gulf products going to Turkey and Europe. Iraq is eager to boost energy exports to pay for reconstruction after decades of conflict and sanctions that left much of the country's infrastructure destroyed. (Sourced from Bloomberg.com)

Arabian Business reported Brent drops below USD 110 on weak US data

Arabian Business reported that Brent crude futures edged down after rising nearly USD 2 per day earlier as soft US economic data renewed fears of weaker oil demand from the world's top oil consumer and a rebound in the dollar spurred selling. Brent crude for September fell 26 cents to USD More Info

Thursday, August 11, 2011

Saudi Arabia energy demand to grow by 8pct annually

Saudi Arabia's energy demand will grow at 8% annually from the current peak levels of 44,000 MW to triple the current offtake by 2032 at 121,000 MW.

The architectural and consumer lighting sectors alone account for nearly a quarter of the power use in the Kingdom. To cope with this
 
<a href="http://www.steelguru.com/middle_east_news/Saudi_Arabia_energy_demand_to_grow_by_8pct_annually/219331.html">More Info</a>
 

Wednesday, July 20, 2011

UAE flagged oil tanker hijacked by pirates

Reuters reported that Somali pirates have seized a United Arab Emirates owned and flagged oil tanker with a crew of 16 people.

The European Union's naval force for Somalia said that the 4831 DWT, MV Jubba XX was captured on Sunday morning in the northern Indian Ocean while loaded with oil
 

Tuesday, July 12, 2011

Gulf Arab bankers see rebound in deals as tensions ebb

Reuters reported that Gulf Arab bankers hit by a dearth of deal flows so far in 2011 are hoping sovereign wealth funds will drive H2 rebound powered by a buoyant oil price and an easing in political tensions.

The state owned funds, allocators of the state's excess investment capital, have

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Monday, July 11, 2011

Fujairah oil storage expansion complete


United Arab Emirates' Emarat has completed its oil storage expansion project at the port of Fujairah boosting its capacity at the key Gulf of Oman terminal to 260,000 cubic meters.

The fuel retailer said that the AED 300 million expansions include 10 new storage tanks for gas oil, gasoline

Macroeconomic indicators - Turkish industrial production in May up by 8pct YoY

According to the data released by the Turkish Statistical Institute, in May this year Turkey's monthly industrial production index increased by 8% YoY while the seasonal and calendar adjusted industrial production index declined by 0.3% compared to the previous month.

In May, the index for
 

Thursday, July 7, 2011

Arab refining output up 633000 BPD in 4 years

Arab refineries have boosted production by nearly 633,000 barrels per day over the past 4 years as they are pushing ahead with projects to expand capacity to meet growing domestic consumption and external demand.

Official figures showed that nearly 40% of the increase was in conflict

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Wednesday, June 29, 2011

Hermes Data communications Middle East wins BP contract renewal in Iraq

Hermes Data communications Middle East, a key specialist providing Wide Area Network communications to the upstream oil and gas industry has won a contract to continue providing VSAT communications to support BP's operations in Iraq. Hermes will continue supporting degassing stations, rigs


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Renaissance unit in Oman awards MoH contract

Muscat Daily reported that Renaissance Services subsidiary Tawoos Industrial Services Company has successfully mobilized Ministry of Health hospitals under a new contract recently awarded to it.

The contract signifies a remarkable achievement for TISCO as the largest award from Oman's


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Wednesday, June 8, 2011

Saudi donates 3m barrels of crude to Yemen

Saudi Arabia has donated 3 million barrels of crude oil to impoverished southern neighbor Yemen.

Mr Amir al Aidarous the poorest Arab country's oil minister said that King Abdullah has instructed to provide 3 million barrels of crude oil in donations to Yemen.

A blast on the small, non

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Iraq oil markets well supplied

World oil markets are well supplied and prices at USD 100 per barrel to USD 120 per barrel are fair, suggesting Baghdad may not see a case for an increase in OPEC's output.

The Organization of the Petroleum Exporting Countries meets in Vienna and Saudi Arabia and other Gulf producers favor

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Tuesday, May 24, 2011

Iran discovers USD 14 billion light oil reserve

Reuters reported that Iran has discovered a deposit of light oil offshore of an estimated in place reserve of 756 million barrels valued at USD 13.6 billion.

The oil reserve was found at Khayyam field off the Gulf shore in Hormuzgan province. It was originally discovered in 2010 but was

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Thursday, May 19, 2011

Emcor back on track for AED 1 bilion project

Gulf News reported that Emcor Facilities Services is on track to achieve a project backlog worth AED 1 billion in the Q2 of this year. The firm also launched a new logo and brand entity to mark its recently launched operations in India and Egypt along with its expanding footprints across the

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New DRI plant launched in Iran

Ghadir Iranian direct reduced iron plant has been launched in the central Iranian city of Ardakan with a ceremony attended by Mr Mahmoud Ahmadinejad president of Iran. The annual production capacity of the plant is reported to be 800,000 tonnes. Construction of Ghadir Iranian plant began 5

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Friday, April 15, 2011

Egyptian rebar market slow and imports struggle to compete

Arab Steel reported that Egyptian rebar market players report low demand after prices remained unchanged at EGP 4,300 per tonne to EGP 4,350 per tonne for April. Some import booking are reported but prices of imported material are not generally economic enough to compete with local production,

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Tuesday, April 5, 2011

30 bridge projects infrastructure spend underway in Saudi Arabia

Construction Week reported that the astonishing infrastructure spend underway in Saudi Arabia at the moment includes 30 bridge projects in its 2011 municipal budget. Bridges are big business in the region at the moment not only connecting disparate areas but helping to transform

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Steel Summit 2011 calls for joint Arab projects

Arab Steel Summit Conference 2011 was opened associated with the iron and steel international exhibition which is to run for 3 days. The conference and the associated exhibition are co organized by Arab Iron and Steel Union and Qatar Steel Company.

Mr Ali bin Hassan Al Mreikhi member of

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Saturday, April 2, 2011

Oman petroleum sector wary of pay hikes

Times of Oman quoted Oil and gas companies as saying that the pay rise demanded by their staff will restrict their growth and profitability.

According to the statistics from the Ministry of Finance, the oil and gas sector is crucial to the economy whose revenues provide about 70% of the

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Monday, March 28, 2011

Samsung Engineering inks USD 3 billion contracts in Saudi Arabia

Samsung Engineering inked USD 2.76 billion contracts for the Shaybah NGL project at a signing ceremony held at Saudi Aramco headquarters in Dhahran. The ceremony was attended by key figures such as Mr Majid Yousif Mugla Saudi Aramco's ED of Project Management and Mr Park Ki Seok president and

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