Aramco raises June prices
- Saudi Aramco has raised prices of cargoes loading in June to a record price, Bloomberg has reported. Propane has been raised 6% from last month to to $895 a metric ton, while Butane has risen 7% to $920 a ton. The price increases come after crude oil costs rose to record highs last month.
- Middle East: Monday, June 02 – 2008 at 08:54
OPEC blames price on speculators
- OPEC president Chakib Khelil has again blamed high oil prices on speculators. The Algerian Energy Minister reiterated his previously made comments during a joint briefing with French Energy Minister Jean-Louis Borloo. Khelil added that the crisis was not over and that there would be further impacts on prices.
- Middle East: Sunday, June 01 – 2008 at 08:39
Plant financed by Shariah deal
- Kuwait Finance House has arranged the first Islamic finance deal in Singapore to fund the construction of a paraffin factory on Jurung Island. The $120m plant is expected to produce 100,000 tons of paraffin per year.
- Kuwait: Sunday, June 01 – 2008 at 07:52
Crude prices too high – says UAE
- The UAE’s Opec governor said he believes market fundamentals do not justify current high global oil prices, reported Gulf News. Ali Obaid Al Yabhouni said he is concerned that oil prices are rising ‘too fast too high’, adding that the UAE is prepared to produce more oil to meet its ‘commitment and responsibilities’ as a producer. However, he said the market is satisfied at the moment and that ‘obviously there is more supply than demand’.
- United Arab Emirates: Saturday, May 31 – 2008 at 10:56
Opec sees no need to boost output
- Opec’s head of research said there is no need for the organisation to boost output this year, reported Reuters. Hasan Qabazard said stocks were building as oil production was outstripping demand by 800,000 bpd to one million bpd in the second quarter. Now that Saudi Arabia has boosted supply, stocks should build even more, he added.
- Saturday, May 31 – 2008 at 10:20
Malaysia to raise palm oil exports to UAE
- Malaysia expects to increase its palm oil exports to the UAE by about 15% this year to meet rising demand for edible oils, reported Gulf News. The UAE’s imports this year could cross 400,000 tonnes compared with 354,000 tonnes in 2007, according to the Malaysian Palm Oil Council. At current prices, Malaysia is expected to earn about Dhs1.67bn ($455m) from palm oil exports to the UAE in 2008.
- United Arab Emirates: Saturday, May 31 – 2008 at 08:08
GE Energy signs $500m Saudi contract
- GE Energy has signed contracts totaling more than $500m to supply gas turbines and generators for power plant projects owned by Saudi Electricity Company. In the first agreement, GE Energy has received a contract to supply gas turbine-generators for the 960-megawatt expansion of the Rabigh Power Plant in Rabigh City, on the west coast of Saudi Arabia. the company also has received a contract for gas turbines that will be used by four power plants owned by SEC.
- Saudi Arabia: Thursday, May 29 – 2008 at 10:56 http://www.ameinfo.com/news/Energy__Oil_and_Gas/