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- Agencies
- Published: 00:00 August 2, 2006
UAE: Adnoc hikes July Murban to record $73 a barrel
Singapore: Abu Dhabi National Oil Company (Adnoc) has raised the July retroactive price for its key Murban crude by $4.15 a barrel to a record-high of $73, traders said yesterday.
The June official selling price (OSP) for Murban was at $68.85 a barrel. The higher OSP comes on the back of the record-high Dubai average price of $69.17 a barrel for July, against which Abu Dhabi crude is priced. Adnoc raised the premium of its flagship Murban crude by 20 cents to a $3.83 a barrel premium to Dubai.
Oman: July crude to Dubai prices increased
Singapore: Oman has raised the official selling price (OSP) for its crude sold in July to a new record high of $69.59 per barrel, up $3.97 from June, traders said. Oman's June OSP was at the previous record-high of $65.62. The higher OSP comes on the back of a new record-high Dubai crude average, at $69.17 a barrel for July, against which Oman crude is priced. Oman raised its crude's premium to Dubai by 2.5 cents to a 42.5-cent premium for July.
Bangladesh: Pipeline costs triple after talks fail
Dhaka: India will bypass Bangladesh while building a proposed gas pipeline from Myanmar after Dhaka set tough terms for the project to pass through its soil, tripling its estimated cost, Indian officials said yesterday. The pipeline will now pass through India's northeastern states, inflating its estimated cost to $3 billion due to the longer distance, they said. Indian state firms have begun survey work, although they have yet to secure a gas import deal with Myanmar, which is also considering sales to China and Thailand.
Iran: India takes lion's share of crude
Tehran: Iran has sold 12 million barrels of crude it was storing at sea because of a lack of buyers, with Royal Dutch Shell and India taking the biggest share, an official told an Iranian newspaper yesterday. Iran sold the 12 million barrels of heavy crude from its Soroush and Nowrouz Gulf oil field over the last two months, said Mahmoud Baharvand, head of import and export co-ordination at the Iranian Offshore Oil Company. Shell in Tehran was not immediately available to discuss the purchase and Shell in Europe declined comment. The Indian refiner that normally buys Iranian crude is Reliance Industries.
Russia: Sakhalin terminal opening in October
Moscow: ExxonMobil plans to launch its De Kastri oil terminal, part of the Sakhalin-1 project in Russia's Far East, on October 4, Russia's Vostok-Media news agency reported. Vostok-Media said Viktor Ishayev, governor of Khabarovsk province on the Pacific coast, said construction of the terminal would be completed in early October, while a pipeline from the field to De Kastri had already been laid across Sakhalin Island. Sakhalin-1 has reserves of over 2.3 billion barrels of oil and 485 billion cubic metres of gas.
United Kingdom: Venture pays $286m for CH4
London: Britain's Venture Production paid 224 million euros ($286 million) for UK-based gas firm CH4 Energy Ltd to boost its reserves, Venture said yesterday, prompting an 8 per cent lift in its shares. The North Sea-focused oil explorer said the CH4 assets were concentrated around the UK/Dutch median line.
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