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Saudi refinery projects delayed
Source: BI-ME and media reports , Author: BI-ME staff
Posted: Sun September 21, 2008 12:00 am
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SAUDI ARABIA. Three refinery projects in Saudi Arabia have been delayed, according to the Middle East Economic Survey (MEES).

Saudi Aramco and Dow Chemical's joint expansion of the Ras Tanura complex faces delays because the project is believed to be too large for contractor KBR and needs to be divided with another company, MEES reported.

According to earlier statements by officilas, it had been expected that the expansion would be operational in the first quarter of 2012. The expected cost of the project is believed to be around US$8 billion.
 
Bids for investment in the Jazan facility have been delayed by nearly a year to March 2009 while an incentives package is prepared MEES said.

The start-up of a plant to be operated by Rabigh Refining & Petrochemicals will probably be pushed back to the first quarter of 2009, MEES said. Rabigh warned this may occur in a statement to the Saudi bourse on 7 September.

Saudi Arabia, the world's largest oil producer, is planning to raise refining capacity by 50% to provide fuel oil and gasoline for soaring local demand, and benefit from exporting high-value oil products.

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

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INTERNATIONAL. The triangle pattern has taken nearly 9 months so far, and a move over US$19.50 could start a multi-month run targeting US$26-US$29 per ounce for starters before a broad pullback.
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UAE. Given the recent developments in Saudi Arabia and India, there is now a greater level of hope that the TRA and RIM will reach an agreement about the manner in which BB Messenger services are provided.
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UAE. GCC Telecom markets are on the verge of saturation, while prices decline due to increasing competition, resulting in telcos profits being under very high pressure.