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Iraq seeks bids for Jordan pipeline JV

AMMAN: The Iraqi Ministry of Oil has invited bids from top construction firms for a joint Jordanian oil pipeline project. Phase One of the project will see installation of a 700-km-long pipeline with a capacity of 2.25 million barrels within the Iraqi territories (Rmeilah-Haditha). Phase Two involves construction of a 900-km pipeline in Jordan between Haditha and Aqaba with a capacity of one million barrels.


Slump in Mena gas sector spend

DAMMAM: Total committed and planned investments in the Mena region’s gas sector is expected to decline by $70 billion year-on-year (y-o-y) over the next five years, the Arab Petroleum Investments Corporation (Apicorp) said in its “Gas Investments Outlook 2019-2023” report.
The UAE and Qatar are expected to see an increase in their downstream gas investments. Overall, the decline in Mena committed investments was most notable in Kuwait (80 per cent), Saudi Arabia (60 per cent) and Algeria and Iran at around 50 per cent.
By contrast, petrochemicals investments are seen as a bright spot, with a 50 per cent y-o-y increase compared to its 2018-2022 outlook. Two-thirds of the Mena countries will record lower planned investments in their upstream gas sectors.


Russia calm about oil at $25

MOSCOW: Russia will have enough accumulated reserves in order to fulfil budgetary obligations for three years in case oil prices fall to $25-30 per barrel.
“For our budget and for our oil companies, of course, oil prices of about $60-65 per barrel are naturally positive,” Russia’s Minister of Finance Anton Siluanov was quoted by Russian news agency Tass.
“Predictability is beneficial for us, the current state of energy prices is beneficial, but if this situation changes, we have our armoured train in reserve,” said Siluanov.


Saudi to start Dorra gas field

CAIRO: Saudi Energy Minister Prince Abdulaziz bin Salman said a new project at the Dorra offshore gas field would start soon, Saudi newspaper Eqtisadiah reported.
He made the comments at the Khafji oil field complex in Saudi Arabia, a day after signing a deal with Kuwait that ended a dispute over the partitioned Neutral Zone that is shared by the two countries. The minister added that the area has a promising large quantity of gas.
Riyadh, Kuwait strike deal, page 36




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