MEED Middle East Economic Digest articles from April 2003

MEED Middle East Economic Digest archives from April 2003

UN takes over economy--for now. (Seven Days).
April 4, 2003... The UN has seized control of the last independent elements of the Iraqi economy through Security Council resolution 1472, which was passed without dissent on 28 March. UN Secretary-General Kofi Annan, already in charge of Iraqi oil exports, has...

Wary neighbours watch and wait.(U.S. increases rhetorical pressure against Syria, Iran)
April 4, 2003... After a brief initial push towards Baghdad, US troops in early April consolidated their positions in the second week of conflict. As coalition aircraft continued to pound military targets in and around the capital, the invading forces...

Civilian death toll rises.
April 4, 2003... Surround, contain and move on. This was the strategy of American and British troops when they entered southern Iraq in late March. But carrying out the plan has proved less straightforward than expected. The Iraqi command structure remained...

Gaza/West Bank. (News in Brief).(latest events in Arab-Israeli conflict)(Brief Article)
April 4, 2003... Gaza/West Bank Three Palestinians were killed and at least eight wounded on 2 April as Israel launched a midnight raid on Rafah refugee camp in the south of the Gaza strip. Hundreds of the camp's residents had marched in a pro-Iraq rally...

30 March 1963. (Time was).
April 4, 2003... The 39th session of the Arab League opens in Cairo. It is noticeable that, for the first time for years, all members have attended, reflecting the general trend towards Arab unity.

2 April 1988. (Time was).
April 4, 2003... Plans to develop Iraq's waterways for commercial transport are given impetus by the completion of the Tigris river navigation scheme

3 April 1998. (Time was).
April 4, 2003... Oil prices rebound from painful lows, triggered by news of the Riyadh Pact, which will see both OPEC and non-OPEC exporters cutting production by up to 2 million barrels a day

Industrial revolution.(Iraq; petroleum industry's downstream infrastructure; construction industry; U.S. government reconstruction contract awarding process)(Cover Story)
April 4, 2003... Three wars and a dozen years of sanctions have taken a heavy toll on key sectors of Iraq's economy. Following MEED's report on the decline and promise of the oil sector, Tom Everett-Heath examines the current health of Iraq's downstream...

New moves on Umm al-Nar debt: UAE financial close set for June. (Banking & Finance).
April 4, 2003... The bank group supporting the consortium led by International Power (IP) on the Umm al-Nar independent water and power project (IWPP) is being expanded, a three-tier structure is being finalised and a schedule has been drawn up for the proposed...

GTL syndication nears close. (Banking & Finance).(Oryx GLR)(Brief Article)
April 4, 2003... General syndication of the $700 million, 14-year debt facility for Oryx GTL has been slightly delayed by the conflict in Iraq and a reluctance by both international and regional financial institutions to make commitments in the current...

Dubai Shipping seeks finance. (Banking & Finance).(Brief Article)
April 4, 2003... Dubai Shipping Company (DSC), the wholly-owned subsidiary of government-owned Emirates National Oil Company (ENOC), has invited a group of international and regional banks to submit financing proposals for its potential acquisition of two...

Standard & Poor's. (News in Brief: Bahrain).(rates Bahrain Monetary Agency's $100 million Islamic leasing instrument)(Brief Article)
April 4, 2003... Bahrain The Bahrain Monetary Agency has announced that its latest $100 million Islamic leasing Sukuk instrument closed on 31 March oversubscribed by $12.8 million. The five-year paper carries a rental return of 3.75 per cent, payable twice...

Aluminium Bahrain (Alba). (News in Brief: Bahrain).(Brief Article)
April 4, 2003... Bahrain A new date of 7 April has been set for the signing of four of the five proposed tranches on the $1,550 million financing package for Aluminium Bahrain (Alba). The four facilities to be signed are the $500 million commercial loan, the...

The African Development Bank has extended concessionary loans worth a total of $220 million. (News in Brief: Egypt).(Brief Article)
April 4, 2003... Egypt The African Development Bank has extended concessionary loans worth a total of $220 million to two state-owned banks to enable them to shore up hard currency in the face of continuing pressure on the Egyptian pound. A $140 million loan...

Full steam ahead for Al-Khaleej gas project: qatar phase 1 gas will be supplied to new Ras Laffan industry. (Oil & Gas).(Qatar Petroleum, ExxonMobil Middle East Gas Marketing)(Brief Article)
April 4, 2003... The upstream and downstream packages for the first phase of the Al-Khaleej gas (AKG-1) project have been formally awarded, following the late March launch of the estimated $1,100 million scheme by Qatar Petroleum (QP) and ExxonMobil Middle East...

Prequals in for pipeline project. (Oil & Gas).(Liquide sulphur pipeline in Abu Dhabi)(Brief Article)
April 4, 2003... Up to eight international and local companies are prequalified for the proposed liquid sulphur pipeline project in Abu Dhabi emirate (MEED 28:2:03; 7:2:03). Prequalifiers include the local National Petroleum Construction Company, the...

Four bid for Banagas FEED. (Oil & Gas).(Bahrain National Gas Co.)(Brief Article)
April 4, 2003... Bahrain National Gas Company (Banagas) is evaluating four bids for the contract to draw up front-end engineering and design (FEED) studies for the proposed debottlenecking and revamp of its existing liquid petroleum gas (LPG) processing and...

Prices steady as OPEC rises to Iraq challenge. (Oil & Gas).
April 4, 2003... A measure of stability returned to the oil price in the first week of April, despite market concerns about the possibility of a longer-than-expected conflict in Iraq and the continuing violence in Nigeria, which has shut off 40 per cent of the...

Contractors to resume KOC work. (Oil & Gas Petrochemicals).(Kuwait Oil Company)
April 4, 2003... Kuwait Oil Company (KOC) is looking to resume project activity from 5 April, following the partial lifting of a security blanket that had barred the access of contractors to all project sites in the northern, western and southern oil fields....

Univation Technologies. (Petrochemicals).(Qatofin evaluated prequalificaitons for polyehtylene plant)
April 4, 2003... Qatar The local/French Qatofin is evaluating prequalifications from engineering, procurement and construction (EPC) contractors for its planned 450,000-tonne-a-year (t/y) linear low-density polyethylene (LLDPE) unit at Mesaieed. The project,...

Saudi Basic Industries Corporation (Sabic). (Petrochemicals).(sole owner of StaMax)(Brief Article)
April 4, 2003... Saudi Arabia Saudi Basic Industries Corporation (Sabic) on 1 April announced that it had become the sole owner of the Netherlands' StaMax, having acquired the remaining 50 per cent in the company from the US' Owens Corning. Under the deal,...

Seven international companies are understood to have submitted bids by the late March deadline for gas interests held by Italy's Edison International in Egypt. (News in Brief: Egypt).(Brief Article)
April 4, 2003... Egypt Seven international companies are understood to have submitted bids by the late March deadline for gas interests held by Italy's Edison International in Egypt. The assets comprise a 50 per cent stake in fields in the West Delta Deep...

Oil & Gas Minister Mohammed bin Hamad Saif al-Romhi announced in late March plans to establish a $200 million petrochemical plant in Thailand. (News in Brief: Oman).(Brief Article)
April 4, 2003... Oman Oil & Gas Minister Mohammed bin Hamad Saif al-Romhi announced in late March plans to establish a $200 million petrochemical plant in Thailand. Negotiations are under way between state-owned Oman Oil Company (OOC). Thailand's Thai Olefin...

Geneva-registered Archirodon Construction (Overseas) has been awarded the engineering, procurement, installation and commissioning (EPIC) contract on the Ras Laffan liquid berth project. (News in Brief: Qatar).(Brief Article)
April 4, 2003... Qatar Geneva-registered Archirodon Construction (Overseas) has been awarded the engineering, procurement, installation and commissioning (EPIC) contract on the Has Laffan liquid berth project. The other main competitor for the contract, valued...

Saudi Aramco. (News in Brief: Saudi Arabia).(new oil field discovered)(Brief Article)
April 4, 2003... Saudi Arabia Petroleum & Mineral Resources Minister All Naimi on 1 April announced the discovery of a new oil field in the Eastern Province by Saudi Aramco. The onshore Yebrin field is located 50 kilometres south of Haradh on the southern edge...

Saipem. (News in Brief: Saudi Arabia).(Brief Article)
April 4, 2003... Saudi Arabia Saudi Aramco has awarded the engineering, procurement and construction (EPC) contract to build a new pipeline between Rabigh refinery and the AY-1 pipeline, linking the Gulf and Red Sea coasts, to Italy's Saipem. The estimated SR...

US trio called up by USACE: Iraq ID/IQ contracts are valid until April 2004. (Construction).
April 4, 2003... The US Army Corps of Engineers (USACE) has awarded three 'contingency' contracts worth up to $100 million each for anticipated urgent construction work in its Central Command (Centcom) area of operations, which includes the current combat zones...

Malaysians bid low for college work. (Construction).
April 4, 2003... The Central Tenders Committee (CTC) announced on 4 April the bid prices for the main works package on the College of Technology (CoT) project. According to the opening prices, United Engineers (Malaysia) Berhad is the low bidder at QR 346...

Khalifa stadium redevelopment goes for bid. (Construction).(Brief Article)
April 4, 2003... The third package on the Khalifa Sports City development has been issued for bid, with contractors preparing to submit quotes on 10 May. Up to 18 international contractors have been invited to bid for the package covering the redevelopment of...

Bigger field, new focus for utilities privatisation: Bahrain sterring committee formed, new consultants added to bid list. (Power & Water).
April 4, 2003... Another wave of institutions has been issued with request for proposal (RFP) documents for the position of financial consultartt on the proposed restructuring of the local power and water sector. To give the newcomers time to prepare their...

The bid closing date has been further extended by a month to 17 May for the contract to build a new five-star beachfront hotel at Messilah, southeast of Kuwait City. (News in Brief: Kuwait).
April 4, 2003... Kuwait The bid closing date has been further extended by a month to 17 May for the contract to build a new five-star beachfront hotel at Messilah, southeast of Kuwait City. Six groups of local and international companies are prequalified to...

The local Galfar Engineering & Construction. (News in Brief: Oman).
April 4, 2003... Oman The local Galfar Engineering & Construction was awarded in late March the RD 9.1 million ($23 million) contract to build a singlecarriageway road linking Sohar with the Al-Dhahirah region. Five other local firms bid for the work, with...

Muscat Municipality is evaluating five bids for the contract to convert the AI-Koud roundabout, located near Seeb, into a free-flow traffic interchange. (News in Brief: Oman).
April 4, 2003... Oman Muscat Municipality is evaluating five bids for the contract to convert the AI-Koud roundabout, located near Seeb, into a free-flow traffic interchange. The bidders are understood to include: the UK/local Carillion Alawi, formerly known as...

Consolidated Contractors International Company. (News in Brief: Oman).
April 4, 2003... Oman Athens-based Consolidated Contractors International Company (CCC) has won the contract to rehabilitate a 200-kilometre stretch of road from Nizwa to Thunrait. The contract, valued at RD 15.9 million ($40 million), covers the assessment of...

Up to eight international and local companies submitted bids by late March for the contract to build the gateway building on the Dubai International Financial Centre (DIFC). (News in Brief: UAE).
April 4, 2003... UAE Up to eight international and local companies submitted bids by late March for the contract to build the gateway building on the Dubai International Financial Centre (DIFC). They include the UK'S John Laing, the local/Australian Nasa...

Companies have until 28 April to respond to a request for proposals for a contract to supply and install a reverse osmosis desalination plant to serve the proposed 125,000-barrel-a-day Sohar refinery. (News in Brief: Oman).
April 4, 2003... Oman Companies have until 28 April to respond to a request for proposals for a contract to supply and install a reverse osmosis desalination plant to serve the proposed 125,000-barrel-a-day Sohar refinery. A Japanese team of JGC Corporation...

Oman National Electric Company. (News in Brief: Oman).
April 4, 2003... Oman Oman National Electric Company is the low bidder at RD 4.5 million ($11.7 million) for the contract to supply and install substations, cables and related civil works for the Mabella transmission system project. Four other local contractors...

Arab financing pledge boosts Merowe dam. (Power & Water).
April 4, 2003... The Merowe hydroelectric dam project has received a major boost following the commitment of four Arab development agencies to provide full financing for the scheme's mechanical and electrical (M&E) package. The four agencies are also...

Tavanir. (News in Brief: Iran).
April 4, 2003... Iran The deadline for bids on two independent power plants (IPPs) at Zanjan has been extended by two months to mid-June. The six local and international groups competing for the two projects were originally given until 10 April to submit their...

The award of the main contracts on the Jebel Ali L desalination and power project is now expected in mid-April. (News in Brief: UAE).
April 4, 2003... UAE The award of the main contracts on the Jebel Ali L desalination and power project is now expected in mid-April. The frontrunners for the power island, which entails the construction of a 650-700-MW plant, are: Mitsubishi Corporation, with...

The bid closing date has been extended by two months to 30 June for the project to carry out four independent power projects (IPPs) for Saudi Aramco. (News in Brief: Saudi Arabia).
April 4, 2003... Saudi Arabia The bid closing date has been extended by two months to 30 June for the project to carry out four independent power projects (IPPs) for Saudi Aramco. The deadline extension was granted by Aramco at the request of some of the...

Five companies submitted bids on 1 April for the contract to build a 110/13.8-kV substation at Saudia City in Jeddah. (News in Brief: Saudi Arabia).
April 4, 2003... Saudi Arabia Five companies submitted bids on 1 April for the contract to build a 110/13.8-kV substation at Saudia City in Jeddah. According to the bid opening prices, Arabian Bemco Contracting is the low bidder at SR 36 million ($9.5 million)....

ESB International. (News in Brief: Syria).
April 4, 2003... Syria The Public Establishment for Electricity Generation & Transmission )PEEGT) has delayed the release of tender documents for the projects to upgrade and convert the Tishreen and Nasiriyeh power plants. "The tender documents are ready for...

Abu Dhabi Company for Onshore Oil Operations is evaluating three bids for a contract to maintain and service all its rotating turbine equipment for a three-year period. (News in Brief: UAE).
April 4, 2003... UAE Abu Dhabi Company for Onshore Oil Operations is evaluating three bids for a contract to maintain and service all its rotating turbine equipment for a three-year period. The bidders are Jebel Ali-based Masaood John Brown, the US' GE and...

Al-Zabirab decision draws closer: Saudi Arabia US and Australian firms favorites for full feasibility study. (Industry).
April 4, 2003... The US' Bechtel and Australia's Kaiser Hatch are understood to have emerged as frontrunners for the contract to prepare the full feasibility study for the $3,200 million Al-Zabirah bauxite mining project being developed by Saudi Arabian Mining...

The Ministry of Electricity, Housing & Water has invited contractors to bid by mid-April for a contract to service Frame B turbines in Dhofar. (News in Brief: Oman).
April 4, 2003... Oman The Ministry of Electricity, Housing & Water has invited contractors to bid by mid-April for a contract to service Frame B turbines in Dhofar. The long-term service agreement covers seven 65818 units manufactured by GE of the US. Bids were...

The Electricity & Water Ministry. (News in Brief: Yemen).
April 4, 2003... Yemen The Electricity & Water Ministry has invited prequalification proposals by 3 May for two projects under the World Bank-financed Urban Water Supply & Sanitation scheme. The first of the two tenders calls for the construction of water...

Doha announces expansionary budget: Qatar government makes commitment to infrastructure programme. (Economy).
April 4, 2003... A sharp increase in capital spending was the highlight of the 2003/04 budget, announced by Finance Minister Yousef Hussain Kamal on 29 March. Despite the uncertainty caused by the ongoing war in Iraq and continuing oil market volatility, the...

Vicat clinches stake in Sinai. (Industry).(Sinai Cement being bought)(Brief Article)
April 4, 2003... The board of Sinai Cement has approved an offer from Vicat of France to take a strategic stake in the company. The company convened a meeting of major shareholders on 26 March to discuss the terms of the bid, after rejecting three offers from a...

Kraft Foods of the US says it has reached a preliminary agreement to acquire the local Family Nutrition. (News in Brief: Egypt).(Brief Article)
April 4, 2003... Egypt: Kraft Foods of the US says it has reached a preliminary agreement to acquire the local Family Nutrition, which manufactures biscuits and cakes for the domestic market. Neither company disclosed further details, but local newspapers put...

Austria's Voest Alpine Industrieanlagenbau (VAI) has the contract to upgrade a pickling line and a skin-pass mill at the local Mobarakeh Steel Complex. (News in Brief: Iran).(Brief Article)
April 4, 2003... Iran: Austria's Voest Alpine Industrieanlagenbau (VAI) has the contract to upgrade a pickling line and a skin-pass mill at the local Mobarakeh Steel Complex, located in Isfahan. Under the contract, VAI will provide mechanical equipment in...

Egypt Air plans for peace: Egypt blue-sky thinking by CEO El-Nady. (Transport).(Brief Article)
April 4, 2003... Egypt Air has signed a contract with Toulouse-based European consortium Airbus for the purchase of seven A330-200 aircraft, to replace the seven A330-600s which are the backbone of its 28-strong fleet. The companies declined to reveal the size...

KSE soars to new highs. (Companies & Market).(Kuwait Stock Exchange; indexes by country for Middle East)
April 4, 2003... The KUWAIT STOCK EXCHANGE (KSE) reached its highest-ever level in the week ending 2 April, boosted by confidence among investors that the US military campaign in Iraq was going according to plan. The surge came after trading at the KSE reopened...

The Iraq effect. (Special Report Construction).(Middle East construction market)
April 4, 2003... Plans for the reconstruction of Iraq may be dominating the international business pages, but for many regional contractors such talk is seen as premature. For with the ongoing war disrupting project work in the frontline states and little sign...

Al-Ghandi/CCC wins Dubai airport tunnel job. (Construction).(Brief Article)
April 4, 2003... A team of Athens-based Consolidated Contractors International Company (CCC) and the local Al-Ghandi was awarded in late March the Nadd al-Hamar/Beirut tunnel contract. Valued at AED 686 million ($187 million), the two-year contract forms part...

Three vie for Beirut enabling job. (Construction).(Intrafor, Soltravo, Tabet Enterprises, Bauer, Edrafor)(Brief Article)
April 4, 2003... Three contractors have been shortlisted for the $5 million enabling works package on the $70 million-100 million hotel development to be built on the site of the former Beirut Hilton. The shortlisted companies are: a joint venture between...

Two shortlisted for Marina Towers contract. (Construction).(Stow Securities askis Arabian Construction Co., Contracting & Trading)(Brief Article)
April 4, 2003... London-based developer Stow Securities has asked the two local contractors shortlisted to build its Marina Towers residential development in Beirut to submit new lump sum prices for the $55 million -60 million main construction contract. The...

The Ministry of Works & Housing has awarded the local Bukhari the BD 1.6 million ($4 million) contract to clear the route for a stretch of three-lane carriageway to access the Shaikh Khalifa bin Salman causeway. (News in Brief: Bahrain).(Brief Article)
April 4, 2003... Bahrain The Ministry of Works & Housing has awarded the local Bukhari the BD 1.6 million ($4 million) contract to clear the route for a stretch of three-lane carriageway to access the Shaikh Khalifa bin Salman causeway. The bridge, known as the...

Orascom Construction Industries. (News in Brief: Egypt).(fiscal results for year ended December 31, 2002)(Brief Article)
April 4, 2003... Egypt Orascom Construction Industries (OCI) has posted a 20 per cent rise in net profits to [pounds sterling]E 364 million ($64 million) for the year ending 31 December 2002, despite a downturn in the domestic construction sector. The profit...

Four local groups are understood to have submitted bids for the estimated [pounds sterling]E 250 million $43 million) finishing works package on the Children's Cancer Hospital. (News in Brief: Egypt).(Brief Article)
April 4, 2003... Egypt Four local groups are understood to have submitted bids for the estimated [pounds sterling]E 250 million $43 million) finishing works package on the Children's Cancer Hospital being developed in Cairo by the Association of Friends of the...

Contracts.(awarded in Middle East in March; listed by country )(Illustration)
April 4, 2003... More than $696 million worth of contracts were awarded in the Middle East in March, according to this checklist compiled from MEED reports. If you want details of your organisation to be included, please send information to the MEED...

Databank: Economic forecasts, 2002-2003. (Databank).(by country )(Illustration)
April 4, 2003... Databank: Economic forecasts, 2002-2003 Real GDP growth Current account % ($ million) 2002 2003 2002 ...

Currency exchange rates. (Databank).(by country on March 31, 2003)(Illustration)
April 4, 2003... Currency exchange rates $ [pounds sterling] [euro] 1 0.64 0.93 Algeria (AD) 79.79 125.10 ...

Databank: Economic indicators, 2001. (Databank).(Illustration)
April 4, 2003... Databank: Economic indicators, 2001 ($ million) Population GDP per GDP 2001 capita growth GDP (million) ($) (%) Imports Exports Algeria...

End game opens in Iraq conflict. (Seven Days).
April 11, 2003... Only 21 days after the US-led war against Iraq began, the capital was in coalition hands. On 9 April, people around the world watched as US troops ranged freely throughout Baghdad and a giant statue of Saddam Hussain was symbolically toppled to...

Power struggle delays cabinet formation. (Seven Days).
April 11, 2003... "I'm pleased with the new leader of the Palestinian Authority," US President Bush said in Belfast on 8 April. "I look forward to him finally putting his cabinet in place so we can release the roadmap." Bush may be pleased, but the process...

Iran prepares for refugee crisis. (Seven Days).
April 11, 2003... The UN and the Iranian Red Crescent Society (IRCS) are preparing for a potential influx of nearly 1 million refugees from Iraq as a result of the US-led war. Iran, which still hosts 200,000 Iraqi refugees from the 1990-91 Gulf war and another...

10 April 1963. (Time Was).
April 11, 2003... Egypt, Syria and Iraq agree to form a federal union to be called the United Arab Republic. Announced by the President of the Egyptian Executive Council, Ali Sabry, the federation will have jurisdiction over foreign policy, the economy, defence...

9 April 1988. (Time Was).
April 11, 2003... Iran and Kuwait are struggling with the ramifications of the hijack of the Kuwait Airways airliner that has landed in Mashad. Three members of the ruling AI-Sabah family are on board

10 April 1998. (Time Was).
April 11, 2003... The Central Bank of the UAE and the government of Dubai have stepped into recapitalise Dubai Islamic Bank. Rumours abound over the nature of the financial difficulties it has run into, but the Dubai attorney-general has issued a ban on all...

The quiet American: as the regime of Saddam Hussain plays out its last days in Baghdad, Edmund O'Sullivan examines the cast of US and Iraqi characters that will take instrumental roles in Iraq's next administration.(Jay Garner, director of the Office for Reconstruction & Humanitarian Assistance )(Cover Story)
April 11, 2003... On 15 April, retired three-star US army general Jay Garner celebrates his 65th birthday. He will be 5,000 miles from his Florida home, amid the ruins and hope of Iraq. While his contemporaries are enjoying retirement, Garner faces his greatest...

Alba reaches closure, almost: three tranches signed, fourth being placed, composition of fifth still uncertain. (Banking & Finance).
April 11, 2003... Three of the five tranches of the $1,550 million financing package for Aluminium Bahrain (Alba) were signed on 7 April, and the completion of the remaining two is near. The $500 million, 10-year commercial facility was well received in...

Mixed response to Sohar refinery debt. (Banking & Finance).
April 11, 2003... A number of the banks invited to bid by the delayed 4 April deadline for the lead arranging mandate on the debt finance for Sohar Refinery Company (SRC) have either declined or asked for more time to prepare their proposals. "We have a...

Cairo banks prepare for shake-up. (Banking & Finance).
April 11, 2003... The boards of three of Egypt's largest public sector banks -- National Bank of Egypt, Bank of Alexandria and Banque Misr -- are understood to be considering the acquisition of, respectively, Bank of Commerce & Development, Islamic International...

Oasis International Leasing Company (Al-Waha) signed in early April a revolving loan agreement for $52.5 million with a syndicate of five local and international lenders. (News in Brief: UAE).(Brief Article)
April 11, 2003... Abu Dhabi-based Oasis International Leasing Company (Al-Waha) signed in early April a revolving loan agreement for $52.5 million with a syndicate of five local and international lenders. HSBC is the mandated lead arranger, and Deutsche...

Emirates has signed a $160 million financing agreement covering the acquisition of two Airbus A330-200 aircraft. (News in Brief: UAE).(Brief Article)
April 11, 2003... Dubai-based Emirates has signed a $160 million financing agreement covering the acquisition of two Airbus A330-200 aircraft. The deal was structured by Credit Agricole Indosuez. The co-arrangers are National Bank of Abu Dhabi, Norddeutsche...

Investcorp has staged a partial exit from its investment in Neptune Technology Group. (News in Brief).(Brief Article)
April 11, 2003... Bahrain-based Investcorp has staged a partial exit from its investment in Neptune Technology Group through a recapitalisation. About 75 per cent of the original investment in Neptune by Investcorp and its clients has been returned by the...

Ahli United Bank (AUB) has completed a board reshuffle. (People: Bahrain).(Brief Article)
April 11, 2003... Bahrain-based Ahli United Bank (AUB) has completed a board reshuffle. The two outgoing members are Mohammed Abdul Ghaffar al-Alawi, the former director-general of the Bahrain Pension Fund (BPF). and Andrew Buxton. former chairman of Barclays...

L&T wins offshore accommodation EPIC: award is further evidence of Indian firm's overseas drive. (Oil & Gas).(Brief Article)
April 11, 2003... India's Larsen & Toubro (L&T) Engineering & Construction confirmed on 8 April that it had been awarded the living quarters contract on the programme to upgrade the PS-2 and PS-3 complexes in the offshore Maydam Mahzam and Bul Hanine fields....

Japanese, Koreans shortlisted for LNG tankers. (Oil & Gas).(liquefied natural gas )
April 11, 2003... The Finance Ministry has shortlisted four shipyards for the contract to deliver two liquefied natural gas (LNG) tankers, with an option for two more vessels. A Japanese team of Mitsubishi Heavy Industrie, with Kawasaki Shipbuilding Corporation...

Arab C goes for bid. (Oil & Gas).(Qatar Petroleum releases tender for recycling project)(Brief Article)
April 11, 2003... Qatar Petroleum (QP) released in early April the long-awaited engineering, procurement, installation and commissioning (EPIC) tender on the Arab C gas recycling project. Companies have been given until 20 June to price the $300 million-400...

The client is Canada's Sheer Energy. (News in Brief: Iran).(Brief Article)
April 11, 2003... A shortlist of up to six companies is being prepared for the offshore drilling contract on the Masjid-e-Soleiman oil field enhancement programme and an award is expected by the end of June. Twelve local and international companies made...

Sadra poised for Salman offshore development. (Oil & Gas).(Brief Article)
April 11, 2003... The local Sadra is understood to be in advanced negotiations with Jersey-registered Petro Iran for the largest of three offshore packages on the Salman oil and gas field development. The work is expected to be worth around $190 million (MEED...

OPEC calls emergency meeting as prices slide.
April 11, 2003... As US troops tightened the noose on Baghdad in early April, oil prices continued their downward slide, with Brent reaching a four-month low of S24.30 on 7 April. OPEC President Abdulla bin Hamad al-Attiya, who has been attempting for months to...