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Contracts of 9.6 Billion Dollar Finalized

Abu Dhabi : 03 March

To increase its oil distillation capacity by 2013, The Abu Dhabi Oil Refining Company (Takreer) signed agreements worth 9.6 billion US Dollars with 4 South Korean companies.

Currently Takreer distils 490,000 barrels daily at its two plants in Ruwais and Abu Dhabi.

Details of contracts are as under:

  1. Samsung Engineering Company. Limited: Utilities and offsite.
  2. GS Engineering and Construction Corporation: The residual fluid catalytic cracking units and related refining projects as well as maritime facilities.
  3. SK Engineering and Construction Company: Crude oil refining and related downstream units.
  4. Daewoo Engineering and Construction Company Limited: Tankerage and related interconnecting pipes.

The contracts are for works pertaining to engineering, procurement, construction and commissioning (EPC) for 5 to enhance Takreer’s existing distillation capacity by 417,000 barrels per day and double its manufacturing capacity of transportation fuels.

Commenting on contracts, Associate Professor of Petroleum Markets Behaviour and Economics, Dalton Garis said that the strategy to increase its distilling capacity is in sequence with Abu Dhabi’s attempt to sell intermediate and finished products to the rest of world.

Andrew Reid, Staff Writer, Gulf Jobs Market News
02 March

Despite International Crisis NAMA Chemicals Reduces Losses

One of the leading Petrochemical manufacturers in the region, NAMA chemicals unveiled financial results for the period ended on 31st December, 2009. According to the results, the company suffered loss of 49.8 million Saudi Riyals as compared to 67.5 million Saudi Riyals in 2008.
Due to global slump, sales decreased by 36 per cent from 621 [...]

01 March

India to Double Imports from Saudi Arabia

To meet the increasing energy demand of the country, India will increase its Saudi Arabian crude oil import from existing level of 25.5 million tons to 40 million tons, Indian government reported. The news was unveiled after meeting of Indian oil minister Shri Murli Deora with his Saudi counterpart Ali al-Aaimi in Riyadh. India is [...]

27 February

Al-Shaheen Refinery Project of Qatar Postponed Indefinitely

Quoting a source privy to the project, Middle East Economic Digest (MEED) has informed that Qatar Petroleum has indefinitely postponed its Al-Shaheen refinery project. One of the contractor sources disclosed that re-tendering of the project this year is not on the cards though they have not yet received any official intimation in this respect that [...]

26 February

ENOC to Suspend Acquisitions in 2010

Emirates National Oil Co (ENOC), Dubai’s government controlled refiner will not consider acquiring any assets during current to concentrate on existing businesses, a senior executive said on Thursday.
ENOC, a downstream-focused company in possession of the emirate’s sovereign wealth fund Investment Corporation Dubai, manages oil tankers, fuel terminals and service stations in the Gulf.
Petri Pentti, chief [...]

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