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Abu Dhabi awards US$817 million Zakum oil deal
Source: BI-ME with Bloomberg , Author: Posted by BI-ME staff
Posted: Thu July 12, 2012 11:15 am

UAE. Zakum Development Co., which plans to raise output from Abu Dhabi’s Upper Zakum oil field, awarded a contract to Technip SA (TEC) and National Petroleum Construction Co. valued at about AED3 billion dirhams (US$817 million), The National newspaper reported, citing a spokesman for Paris-based Technip.

The consortium will start building offshore facilities for the project, which wants to boost production by 50% to 750,000 barrels a day, according to the newspaper with headquarters in Abu Dhabi, the capital and largest sheikhdom of the United Arab Emirates.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: April 17, 2014
KUWAIT. According to a newly released report by Kuwait Finance House Research, the global sukuk market saw a modest volume of US$31.14 billion in new sukuk issuances in 1Q2014. This volume represents a drop of 9.82% compared to US$34.53 billion worth of issuances in 1Q13.
date:Posted: April 16, 2014
INTERNATIONAL. The WGC pointed out that the Chinese bank savings amount to US$7.5 trillion but only about US$300 billionn is allocated to gold, signifying the potential for gold demand to grow as Chinese wealth climbs.
date:Posted: April 16, 2014
UAE. "A similar drop to 2013 is unlikely. Those who wanted to get out of gold did, and the rest of 2014 will probably be a year of sideways trading."
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