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| A comprehensive guide
to current and future events and exhibitions in the UAE |
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Valuable concise reference source on the UAE,
covering political system, economy, business, history and heritage,
education, women, healthcare, tourism and environment. |
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Natural history of the UAE,
covering all animals and plants recorded in the Emirates. |
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Report by National US Arab Chamber of Commerce on the UAE. Vol XV, No 3, June 2007. Includes analysis of UAE economy. |
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THE ECONOMY - OIL AND GAS
![]() Dubai crude prices may hover at US$50 per barrel in 2009: report
Posted on 01/01/2009
Seoul - The price of Dubai brand crude is expected to hover at around US$50 per barrel next year as sluggish economic growth affects consumption, the Korea Energy Economic Institute (KEEI) said Wednesday.
The S. Korean state-run energy think tank said in a report that the average price for the Middle East benchmark crude may reach US$51.9 for the whole of 2009. This is lower than the US$60 per barrel estimated by experts from the government, the Korea National Oil Corp., KEEI, the Bank of
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![]() UAE energy demand soars but output drops
Posted on 31/12/2008
Strong economic performance has allied with high population growth to boost energy consumption in the UAE by more than 27 per cent in five years but production has declined, official figures showed yesterday.
The decline in production, mainly crude oil and the accompanying natural gas liquids (NGLs), was largely a result of output curbs by the 12-nation Organisation of Petroleum Exporting Countries in a bid to keep oil prices high, according to the figures by the Organisation of Arab Petroleum
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 Emarat slashes diesel prices again
Posted on 30/12/2008
Emirates General Petroleum Corporation (Emarat) announced yesterday a second cut in diesel prices within a fortnight.
From tomorrow, the diesel will cost Dh 11.35 a gallon instead of Dh 12.35 at all Emarat stations in Dubai and northern emirates, an official said on Monday. This is the 12th time Emarat reduces the diesel prices within the last few months.
Hussain Kazim, Emarat's Corporate Communications Manager, said the move was taken after Emarat reviewed the developments and changes in oil
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 Dana Gas announces new gas discovery in Egypt
Posted on 30/12/2008
Dana Gas, the Middle East's first and largest regional private sector natural gas company, has announced a significant gas and condensate discovery at its El Basant-2 well in the Nile Delta Concession in Egypt.
The El Basant-2 well, located 1.4 kilometres northeast of the El Basant-1 discovery (previously known as El Tawil-1) in the West El Manzala Concession, was spudded on 6 December 2008, reaching a total depth of 3,050 meters and encountered 37 metres of net sand pay with good porosity and
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![]() Adnoc oil revenues slip on global trend
Posted on 28/12/2008
The official selling price (OSP) of Abu Dhabi's crude oil grades averaged US$101.52 a barrel between January and November, 5.05 per cent lower than the January-October average of US$106.65 a barrel, latest data extrapolated from the Abu Dhabi National Oil Company (Adnoc) reveals.
Adnoc's crude grade prices have been coming down in line with the steadily falling international oil prices due to the global financial crisis which has triggered fears of a long global recession.
The average OSP of
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![]() ADNOC to cut oil production from Murban and Upper Zakum
Posted on 27/12/2008
The Abu Dhabi National Oil Company, ADNOC, will cut oil production from Upper Zakum and Murban with effect from January 2009, a statement issued by the company has said, attributing the move to a decision taken by the Organisation of Petroleum Exporting Countries (OPEC) to reduce production from January 2009.
"In accordance with OPEC decision to reduce production, we regret to advise you the following cut for your January 2009 allocations, Murban 15% and Upper Zakum 3%," an ADNOC circular to
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 Khalifa chairs Supreme Petroleum Council meeting
Posted on 24/12/2008
President HH Sheikh Khalifa bin Zayed Al Nahyan, in his capacity as the Ruler of Abu Dhabi, chaired yesterday a meeting of the Supreme Petroleum Council (SPC) at the Al-Bateen Palace in the presence of General HH Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
The SPC reviewed the current developments in the oil market, and discussed a number of projects being carried out by the Abu Dhabi National Oil Company (ADNOC) and its
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 Taqa, Gazprom sign gas deal
Posted on 23/12/2008
Russia's Gazprom has signed an agreement to supply gas to a massive underground storage facility being developed in the Netherlands by the Abu Dhabi National Energy Company (Taqa).
Gazprom will deliver what is known as cushion gas, which will provide the level of pressurisation needed to enable the centre to start commercial storage activities. Taqa is transforming a depleted gas reservoir at Bergermeer into Europe's largest storage facility and has established a consortium to help run the
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 Hamili arrives Algeria for OPEC meet
Posted on 16/12/2008
UAE Minister of Energy H.E. Mohammed bin Dhaen Al Hamili arrived in Oran yesterday to participate in the extraordinary meeting of the Organization of Petroleum Exporting Countries (OPEC) next Wednesday.
Energy and Mining Minister and Current president of the Organization of Petroleum Exporting Countries (OPEC), Chakib Khelil, reaffirmed Monday in Oran (432km west of Algiers) OPEC members' consensus on reducing output quota so as to counter oil prices downtrend.
In its last meeting in Vienna
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 Emarat to slash diesel price
Posted on 16/12/2008
Emirates General Petroleum Corporation (Emarat) will cut diesel price by Dh 1 per gallon from Thursday.
Instead of the present Dh 13.35, a gallon of diesel will be sold at Dh 12.35 at all the Emarat filling stations in Dubai and northern emirates.
Diesel will cost Dh12.35 a gallon instead of Dh13.35 at Emarat stations in Dubai and northern emirates from Thursday.
Emarat's Corporate Communications Manager Hussain Kazim said the new price is introduced in the light of the fall in oil prices
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 UAE gas output rises by 10bcm in five years
Posted on 15/12/2008
The UAE has increased its natural gas production by more than 10 billion cubic metres (bcm) a year over the past five years to meet the rapid growth in local consumption and exports, according to official figures.
From around 64bcm in 2003, the country's gas output recorded a steady growth in the following years before peaking at nearly 74.6bcm, showed the figures by the Ministry of Economy, citing Opec estimates.
The 2007 production included around 50.2bcm of marketed gas and 17.7bcm of gas
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 UAE's oil output fell 10.43% last month
Posted on 13/12/2008
The UAE's oil output fell 10.43 per cent in November to 2.3 million barrels per day (bpd), the International Energy Agency (IEA) said in its latest oil market report.
The fall was due to the UAE's implementation of crude oil supply cuts in line with the October decision of the Organisation of Petroleum Exporting Countries (OPEC).
Officials at the UAE's Ministry of Energy and executives at the Abu Dhabi National Oil Company (Adnoc), which produces nearly 94 per cent of the country's oil, were
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 TAQA and RBS Sempra Commodities announce creation of TAQA Gen X joint venture
Posted on 11/12/2008
Abu Dhabi National Energy Company PJSC (TAQA), a global energy company, and RBS Sempra Commodities, a leading commodity company, yesterday announced the creation of TAQA Gen X, a joint venture focused on investments in the downstream energy business in North America.
TAQA Gen X also announced its first investment today; an agreement to acquire from JPMorgan all of the outstanding equity interest in JPMorgan's indirect subsidiary BE Red Oak Holding LLC, which will result in the transfer of
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![]() UAE to upgrade two refineries by 2011
Posted on 11/12/2008
The UAE will upgrade two of its refineries by 2011 to meet the surge in domestic demand for oil products, the International Energy Agency (IEA) has said.
In its timetable for scheduled upgrades in global refining capacity, the Paris-based IEA, which advises 28 industrialised nations of the world on energy policy, said expansion at the Abu Dhabi National Oil Company's (Adnoc) Ruwais refinery is scheduled to be completed during the fourth quarter of 2011, while the hydrotreating expansion at the
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 UAE to host region's first biodiesel plant
Posted on 08/12/2008
The first UAE-based biodiesel plant in the GCC region will produce 3 million gallons annually of environmentally-friendlier diesel to power vehicles, drastically reducing greenhouse gas emission due to its less toxic content, by next year.
Biodiesel is made from a variety of organic sources such as vegetable oils, inedible oils and other biomass and can be blended with petrodiesel by up to 20 per cent for use in vehicles without any alteration to the engine.
Emirates Biodiesel LLC (EmBio)
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