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Iran mulling over gas export to Bahrain
2010-09-06 -
Iran says it is mulling over the outlines of a joint agreement with Bahrain for the export of Iranian natural gas to the Persian Gulf state.
Iran's Deputy Oil Minister Javad Oji said on Saturday that Iranian and Bahraini officials met in Tehran to discuss measures for the establishment of a joint commission to increase cooperation in the natural gas sector, Mehr news agency reported.
"If [a deal is] finalized, a new natural gas pipeline will be built under the Persian Gulf waters; the pipeline is expected to transfer one billion cubic feet of Iran's gas to Bahrain," said Oji, who also heads the National Iranian Gas Export Company.
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GCC gas shortage to force removal of subsidies
2010-09-06 -
Middle East still experiencing domestic supply shortfalls due to growing demand
With looming power cuts in a number of countries in the Gulf, the region is obliged to free up the subsidies in the energy sector, a US energy statistical and analytical, said.
Despite significant growth in natural gas production over the past decade, The US Energy Information Administration (EIA) said several countries in the Middle East still experience domestic supply shortfalls due to growing demand in the electric power and industrial sectors.
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Alshall weekly roundup
2010-09-06 -
Weekly performance of the Qatar Exchange (Week of August 29, 2010):
The Qatar Exchange (QE) witnessed a positive performance during the week (five trading days). The official QE Index increased by 2.03% over the previous week’s (five trading days) closing and ended at 7,305.96 points last Thursday. Alshall’s index (cap weighted) closed at 1,069.36 points, increasing by 1.3% compared to previous week’s closing (1,055.61).
Total value of trade during the five trading days was QR1,047,209,610. This represents an increase of 17.4% compared to the value of the previous week’s QR891,958,316.
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Azerbaijan agrees to sell more gas to Russia
2010-09-06 -
Azerbaijan's state oil company SOCAR and Russian energy giant Gazprom today signed an agreement on increasing Azerbaijani gas supplies in 2011-2012.
The agreement was signed during Russian President Dmitriy Medvedev's official visit to Azerbaijan, Novosti-Azerbaijan reported.
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Investing In The Middle East And North Africa (MENA) With Maria Gabriella Khoury, CFA
2010-09-06 -
Maria Gabriella Khoury, CFA is SectorHead of LUSIGHTs GEMS Consumer team
Equity markets throughout the Middle East and North Africa – a group that has been labeled ‘MENA’ – have been outpacing global equity markets in recent months, despite low volumes. However, seldom if ever do we hear about the ‘MENA’ acronym or what goes on in that region, barring military actions. This might simply be a result of the out of sight and out of mind phenomenon but wait a minute – how is it that we still hear about the BRIC (Brazil, Russia, India, China) countries and the oft associated two words ‘booming economies’?
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Praxair and ROC Group Announce Industrial Gases Partnership in the Middle East
2010-09-06 -
DANBURY, Conn., Aug 30, 2010 (BUSINESS WIRE) -- Praxair, Inc. /quotes/comstock/13*!px/quotes/nls/px (PX 87.24, +1.09, +1.27%) and the Al Khaled family of Kuwait have entered into definitive agreements for Praxair to acquire 49% ownership interests in the ROC Group's existing industrial gases businesses operating in Kuwait, United Arab Emirates and Qatar.
In 2009, these businesses generated annual sales of approximately $80 million. The joint venture resulting from Praxair's share purchase will have its headquarters in Kuwait City, Kuwait. Specific terms of the agreements were not disclosed.
"The ROC Group has strong market positions in the Gulf region. Praxair's operational expertise, on-site plant capabilities and technology offerings will contribute to a solid partnership in the region, a key strategic area of economic expansion and industrialization," said Scott Telesz, senior vice president, Praxair, Inc.
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Iran's S Pars output doubles by 2012
2010-09-06 -
Iran's natural gas extraction at the giant South Pars field shared between Qatar and Iran will double in two years' time.
“With all the wells in phases 9 and 10 coming on stream, phases 15 and 18 will begin production next year and phase 12 of the joint South Pars field is scheduled to come on line in 2012, Iran's extraction will rise by 100% to 225 million cubic meters,” a top official at the Iranian Pars Oil and Gas Company, Hossein Nosrat-Zadeh, was quoted by IRNA as saying.
He added that natural gas has a roughly 70% share in Iran's energy basket, and South Pars plays a determining role in meeting fuel needs in the coming decades.
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Iran to invest $13bn in South Pars
2010-09-06 -
Iran plans to invest around $13 billion to develop the remaining phases of the giant South Pars gas field, says a senior Iranian oil official.
“13 billion dollars would be invested in (the South Pars gas) field's projects by issuing bonds and using other resources in the current year,” Head of Pars Oil and Gas Company (POGC) Ali Vakili told SHANA news agency on Monday.
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