AME Info, Abu Dhabi, United Arab Emirates, energy, oil and gas briefs
Dec 20, 2012 (Menafn - AME Info - McClatchy-Tribune Information Services via COMTEX) --INDIA TO CUT IRAN OIL IMPORTS IN 2013-14: India plans to reduce by 10-15 percent its imports of Iranian oil in the next fiscal year and will buy even less if Tehran does not lower prices to compensate for bigger borrowing costs as sanctions make banks reluctant to finance oil trade, Reuters has reported, citing official sources. "Next year our import will be 10 percent to 15 percent less than this year," said a government official with direct knowledge of the matter. "If they don't cut prices, the decline will be substantial. Indian refiners have genuine problems with credit availability."
KUWAIT FOREIGN PETROLEUM BUYS BP'S STAKE IN CHINESE GAS FIELD: Kuwait Foreign Petroleum Exploration Co (KUFPEC) has acquired the 34.3 percent stake held by British oil major BP in the Yacheng gas field in the South China Sea to for 308m in cash, Reuters has reported. Commercial production at Yacheng started in 1996. BP operated the field until January 1, 2004, when it handed over operations to project partner CNOOC . The company expects the deal to close in the second half of 2013.
OMAN'S NGC TO DISSOLVE LPG DISTRIBUTION SUBSIDIARY: Oman's National Gas Co (NGC) has announced the decision by its board of directors to dissolve its wholly-owned LPG distribution subsidiary Shoulat al Aman Gas Co, Muscat Daily has reported. The decision comes a day after the company announced that it was in active discussions to sell its entire 70 percent stake in another subsidiary, Innovative Energy Systems. The board of directors resolved to dissolving the unit due to an overlap in LPG distribution activities conducted by Shoulat al Aman and those of the company's distributors.
UAE SIGNS NUCLEAR COOPERATION DEAL WITH RUSSIA: The UAE has signed a bilateral agreement with the Russian State Atomic Energy Corp outlining peaceful nuclear energy cooperation, with a primary objective to promote safe use between both countries using the most advanced technologies, Khaleej Times has reported. The deal constitutes the legal framework on how information, technology, equipment and nuclear material are transferred and used. It also allows the implementation of commercial contracts between the two countries, including the transfer of nuclear material, technology and equipment.
QATAR OFFERED ADB'S 5.2 percent STAKE IN PETRONET: Qatar has been offered by India a 5.2 percent stake that Asian Development Bank (ADB) held in the country's largest liquefied natural gas importer, Petronet LNG, PTI has reported. Qatar's energy minister Mohammed bin Saleh Al-Sada on November 4 wrote to his Indian counterpart acknowledging Petronet's approach saying that "Qatar Petroleum International and ADB, with Petronet support have already engaged in preliminary evaluatory discussions." "I urge the Indian Government and look forward to your assistance to help materialise this deal at the earliest in the interest of the mutual business relations between our nations," he said.
SAUDI ARABIA SEES GLOBAL OIL SUPPLY PLENTIFUL, DEMAND GOOD: Saudi Arabia's oil minister Ali Al-Naimi has said global oil supplies are plentiful and demand is good, while buyers and sellers are happy with current price, Reuters has reported. "You know my desire is that people leave the market alone," Naimi said. "You know why? Because everybody now is happy with where the prices are. Nobody is complaining about high prices or low prices." "They are no longer sky rocketing or falling down. So I will really leave the market alone."
VALERUS SECURES CONTRACT FOR COMPRESSION EQUIPMENT, SERVICES IN IRAQ: US-based Valerus has announced it has been awarded a major contract to provide more than 45,000bhp of compression and onsite supervisory services for processing facilities being developed in Iraq. Valerus, which has installed large compression facilities throughout the Middle East, including in Kuwait and Bahrain, offers a range of products and services including reciprocating compressor packages, production equipment, gas processing solutions, liquid separation systems and a variety of professional field services.
SATORP TO DOUBLE CAPITAL TO 7.12BN: Saudi Aramco has announced its oil refinery joint venture with France's Total at Jubail is to double capital investment to SR7.12bn (1.9bn), Reuters has reported. Saudi Aramco Total Refinery and Petrochemicals Co (Satorp) will increase spend at the site from SR3.56bn in the first-quarter of 2013, Aramco said. The refinery, whose construction is close to completion is part of Saudi Arabia's drive to boost crude refining capacity and would process heavy crude from Aramco's giant 900,000 barrels per day Manifa oilfield.
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