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The Middle East's refineries are expected to face tough times in the near future as the European Union and the U.S., two of the biggest consumers of petroleum products, switch over to clean fuel.

An Iraqi national who claims to be a close aide of former Iraqi President Saddam Hussain has sent e-mail messages to UAE businessmen requesting them to take care of $20 million belonging to Saddam in return for a slice of the cash.

Ecology, supply pose challenges to bunkering

Conares Metal Supply Ltd, part of the Mechel Steel Group of Russia, plans to invest over Dh25 million in the UAE's steel service industry.

With the global steel industry experiencing an upward spiral, industry leaders say they won't be surprised if prices cross an all time peak of $450 within the next few months.

BP Gas and Power is exploring the possibility of sourcing LNG from Oman LNG to supply its UK customers. Oman LNG, which is setting up its third train of LNG at Qalhat in Oman, recently finalised a long-term sales contract for 1.6 million tonnes annually of LNG with Union Fenosa of Spain.

Petroleum Development Oman (PDO) will invest $2 billion in Enhanced Oil Recovery (EOR) projects during the next five years and hopes to achieve production of nearly a quarter of a million barrels per day through it by the end of the decade, said John Malcolm, managing director.

The bunker fuel industry worldwide has become a victim of fuel smuggling in Iraq. Partially refined crude is being smuggled out of Iraq and sold as bunker fuel to vessel owners in the Middle East and South-East Asia.

Upbeat about the improvement in refining margins, Emirates National Oil Company (Enoc) is considering restarting one of the two trains of its 120,000 bpd condensate splitter.

Petroleum Development Oman (PDO) will complete five major gas wells by the end of next year to enhance its gas production.

A chilling and most bitter winter is in the offing for Iraqis as the country does not have enough kerosene to face up to the cold.

Fujairah port will commission its 820-metre terminal by early 2005 which will be able to accommodate two vessels up to 180,000 dwt or a Suezmax tanker.