:: Who’s to blame?
Posted: 22 October 2007
Oil prices have continued to set new records, breaking through $90 per barrel, while Opec continues to deny that market fundamentals are to blame and its Secretary General asserts that the market is ‘very well supplied’.

:: Dana Gas boosts Sukuk to $1 billion
Posted: 22 October 2007
Dana Gas, Middle East ’s first regional private-sector natural gas company, has announced that its convertible bond, or Sukuk offering, has been further increased by $125 million to $1 billion.

:: Taqa and KEC bind ties
Posted: 22 October 2007
Abu Dhabi National Energy Company (Taqa), has signed a Letter of Intent with the Kuwait Energy Company (KEC), a Kuwait-based oil exploration and production company, in respect of opportunities in the oil and gas sector in Egypt, Oman, Yemen, Syria, Iraq, Kazakhstan and Iran.

:: $122 billion investment drives demand for supertankers
Posted: 22 October 2007
Middle East Money & Ships, the premier networking forum for key players in the finance and shipping industries, which takes place from 4-5 November at Mina a’Salam, Madinat Jumeirah, Dubai, will be assessing the impact of multi-billion dollar investment in the region’s refineries.

:: WorleyParsons gets $300 million Program Management Contract
Posted: 22 October 2007
Kuwait Oil Company (KOC) has awarded WorleyParsons a 5 year $300 million contract for the supply of Program Management services. The contract supports KOC in achieving its year 2020 objectives of reaching optimum capacity in its oilfields and enhancing its facilities by the most efficient and economical means available.

:: Emerson in Sweden delivers Rosemount Tank Gauging system to Qatar Gas LNG tanks
Posted: 22 October 2007
Emerson Process Management has a contract for delivery of a Rosemount Tank Gauging system to the Qatargas II project. The 5 tanks’ LNG tank content management system is ready to be delivered in October.

:: Saudi petrochem plant avoids technical downtime
Posted: 22 October 2007
Technical services provider Furmanite has averted downtime for Saudi Yanbu Petrochemical Company (Yanpet) during a technical snag, a statement from the company said.

:: Haykala and Zamil Group acquires Premiere Casing Services
Posted: 22 October 2007
Haykala Investment Managers and Zamil Group Arabia have jointly acquired 100% of Premiere Casing Services (Premiere) through a leveraged buyout transaction. Haykala and Zamil Group acquired 50% of the company, in a transaction financed by a mix of debt and equity financing.

:: Scan recommencing 2D project offshore Pakistan
Posted: 22 October 2007
Scan Geophysical ASA is re-mobilizing its seismic vessel, M/V Geo Searcher, to recommence a previously suspended 2D project offshore Pakistan for BP.

:: Petrotech opens service centre
Posted: 22 October 2007
Oil and gas service provider Petrotech Enterprises and motion and control technologies Parker Hannifin Corp opened the first ever ParkerStore in Sharjah, UAE.