:: RAK Petroleum buys Indago ‘s assets
Posted: 19 March 2007
RAK Petroleum PCL said it has entered into an agreement with Indago Petroleum to acquire substantially all of Indago’s exploration and production assets with the sole exception of approximately 50 per cent ownership in Blocks 31, 43a and 47 that Indago will retain.

:: GCC Energy Fund sees rapid expansion in the Middle Eastern energy sector
Posted: 19 March 2007
Privatization, market deregulation and the ongoing rise in demand for energy are presenting major opportunities for private equity investment in the region’s energy sector, according to the CEO of a leading specialist investment firm.

:: NPCC wins major Qatar contract
Posted: 19 March 2007
The National Petroleum Construction Company (NPCC) has won a contract from Maersk Oil Qatar , on what is slated as the biggest in NPCC's history.

:: RasGas to launch one of the world’s largest LNG production plants
Posted: 19 March 2007
RasGas is set to launch one of the world’s largest Liquefied Natural Gas (LNG) production plants, within this month. The majority of the LNG from Train 5 will head to European gas markets via various gas wholesalers including Belgian wholesaler Distrigas.

:: Energy Exchange in Qatar to go live by end of this year
Posted: 19 March 2007
International Mercantile Exchange Holdings L.L.C, the promoters of the first energy exchange in Qatar – IMEX – said that the trading platform aimed to go live and obtain the Qatar Financial Center Regulatory Authority approval by the end of this year.

:: UAE national re-elected chairman of Opec Fund
Posted: 19 March 2007
The Opec Fund for International Development (OFID) elected Jamal Nasser Lootah, assistant undersecretary at the UAE Ministry of Finance and Industry for yet a second term as the Chairman of the Board of Governors.

:: Operators change name in Libya
Posted: 19 March 2007
Libya 's National Oil Corp said four oil companies operating in the North African country have changed their names. The new names are derived from geographical sites in Libya.

:: BP Sharjah achieved 36% nationalisation rate
Posted: 19 March 2007
Oil and gas multinational BP was recognised by Tanmia, the UAE’s National Human Resource Development and Employment Authority, for having 36% nationalization rate at its Sharjah operation.

:: DNV Petroleum Services Manages Marine Fuel Environmental Risk
Posted: 19 March 2007
With the enforcement of stricter regulations on gaseous emissions in the shipping industry, Det Norske Veritas (DNV) Petroleum Services a global leader in marine fuel management has witnessed a 30 per cent increase in the volume of tested fuel samples at its Fujairah laboratory. Strategically located at the gateway to the Arabian Gulf , DNVPS Fujairah along with four other DNVPS laboratories, account for close to 70 per cent worldwide market share for contracted fuel quality testing services.

:: Mubadala completed financing of two Oman projects
Posted: 19 March 2007
Abu Dhabi 's Mubadala Development Company has completed the financing of two water and power projects in Oman .

:: PFC Energy to open office in Bahrain
Posted: 19 March 2007
The Central Bank of Bahrain (CBB) has granted a license to the US-based PFC Energy, an advisory firm.

:: PDO awards aviation safety consultancy contract to ESR Technology
Posted: 19 March 2007
ESR Technology, one of the UK ’s leading engineering, safety and risk consultancies, confirmed that it is under contract from Petroleum Development Oman (PDO) to ensure that the upgrade of three of the company’s airstrips meets their aviation safety requirements.

:: Restructuring initiatives for Borealis
Posted: 19 March 2007
Borealis said it will reorganise its manufacturing operations in Bamble , Norway , within the framework of lean manufacturing. The aim is to increase its European asset competitiveness and profitability of the plant.

:: MacGregor acquires Hydramarine
Posted: 19 March 2007
MacGregor agreed to buy Norway-based Hydramarine, a leading company in high-end area of offshore and subsea load handling systems for the offshore vessel industry. MacGREGOR will acquire 90% of the company with the remaining shares being owned by employees. The acquisition is subject to competition authority approval.

:: Aromatics process system in Kuwait
Posted: 19 March 2007
Honeywell has been awarded a $7 million contract to implement an Experion Process Knowledge System and Foundation Fieldbus at a new chemical plant for Kuwait Paraxylene Production Company. Honeywell is partnering with Italian contractor Tecnimont and Korea-based SK Engineering and Construction to implement the solution, which will reduce installation and maintenance costs and boosting performance.