Dammam 7 secures propylene supplies
(Al-Mal)
Saudi Dammam 7 Petrochemical Limited (Dammam 7) has secured propylene supplies for its acrylic acide and acrylates petrochemical complex at Jubail on the eastern coast of Saudi Arabia.
The company is expected to start production in the first quarter 2013.
Damman 7 will produce 300,000 metric tonnes a year of petrochemicals including butanol, acrylic acid and acrylates, used in the production of vinyl.
Established in 2004, Dammam7 Petrochemical Company signed an agreement with Dow Chemical Company and Davy Process Technology, (DPT), a Johnson Matthey company, which is in cooperation with Union Carbide Corporation (UCC), a subsidiary of The Dow Chemical Company, to start a new butanol plant in the Jubail-1 Industrial City.
Iraqi cabinet approves a draft law for revival of national oil company
(Saudi News Agency)
The Iraqi government says the Cabinet has approved a draft law to revive a national oil company to oversee industry development.
The Iraqi National Oil Co. was established in 1964 but was dissolved by Saddam Hussein in 1987 as the Iraq-Iran war curtailed oil-related activities.
Government spokesman Ali al-Dabbagh said that the bill has been sent to the parliament for approval, but gave no details.
The bill joins other pending draft legislation, including an oil law that is stalled at parliament over disputes among political groups over who has the final say in developing the wealth.
Iraq’s parliament has gone into recess until September.
Japanese firm swops $31 million Iraqi contract
(Emirate news agency)
Japan’s Arabian oil holding company said that it won a US$31 million from an Iraqi oil company to set up a 75km pipeline and two facilities for anchoring oil tankers 50km from Basra, in the south of Iraq.
The three and a half year contract will be accompanied with a loan from the Japanese government.
The company will co-operate with the Japanese Yachiyo Engineering Company and the Iraqi South Oil Company.
Qatar oil, gas exports to rise steadily
(Saudi News Agency)
Qatar oil exports are growing steadily totaling an estimated 15.18 million barrels per day (bpd) in 2008 and forecast to reach 16.58 million bpd by 2013, according to the latest Qatar Oil & Gas Report.
It forecast that the country will account for just 1.05% of Middle Eastern regional oil demand by 2013, while providing 5.83% of supply.
Regional oil use of 8.24 million bpda in 2001 rose to an estimated 10.86 million bpd in 2008. It should average 11.09 million bpd in 2009 and then rise to around 12.08 million bpd by 2013.
Regional oil production was 22.87 million bpd in 2001, and in 2008 averaged an estimated 25.94 million bpd. It is set to rise to 28.99 million bpd by 2013. Oil exports are growing steadily, because demand growth is lagging the pace of supply expansion.
Fahmi: 250,000 bpd is the production from Western Sahara region
(Al-Masri Today)
Egyptian oil production from the Western Sahara area have reached 250, 000 barrels a day and is expected to represent more than 80% of Egypt’s oil production by 2020, according to Egypt’s petroleum minister Samih Fahmi.
The crude from this region is marketed in European and American markets add Fahmi.
KOC awards $150 million contract to Sinopec out of tendering process
(Al-Rai Al aam)
Kuwait Oil Company (KOC) has awarded US$150m contract to Chinese Sinopec to supply drilling rigs.
The contract is the second of its kind the Chinese company in the last three months totaling $690 million.
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