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Petrochemical Investments estimated at $118 billion
Arab Gulf countries invested about $70 billion in chemical and petrochemical industries in 2006, five per cent more than they did in 2005. Gulf News - 15Jun 09:50GMT
Saudi Aramco part of $5b JV projects in China
Two joint ventures, with a total investment of about $5 billion, the first fully integrated refining, petrochemicals and fuels marketing project with foreign participation in China, are to come on stream by early 2009. Khaleej Times - 15Jun 05:58GMT
Bapco employee initiative saves $2.45 million in costs
Bahrain Petroleum Company broke all cost-saving records last year through the organisation's good-idea suggestion scheme when it posted a $2.45 million reduction in production expenditures for the year. Bahrain Tribune - 15Jun 05:36GMT
Iraq's Draft Hydrocarbons Law Faces Growing Opposition
Iraq's hydrocarbon law, which is yet to be submitted to parliament for final approval, is facing growing opposition not only from Kurds in northern Iraq but from the country's strong oil unions in the south and its main political blocs. Dow Jones Newswires - 14Jun 11:41GMT
Saudi Aramco To Build $8B Refinery At Ras Tanura
Saudi Arabian Oil Co., the world's largest national oil company, will build an estimated $8 billion refinery in eastern Saudi Arabia to meet rising domestic demand, people familiar with the plans said. Dow Jones Newswires - 14Jun 11:16GMT
ONGC waits on Egypt decision
India's state-owned Oil and Natural Gas Corporation has confirmed it is set to is all set to acquire a 33% stake in Shell's deep-water block in the orth-east Mediterranean, off Egypt. Upstream - 14Jun 05:32GMT
Iran consolidates position as world's 4th largest gas producer
Iran consolidated its position last year as the fourth largest producer of both oil and natural gas in the world. IRNA - 14Jun 05:31GMT
World still has 40 years of oil, says BP
The world still has enough proven oil reserves to provide 40 years of consumption at current rates, in spite of a small fall last year. Financial Times - 13Jun 07:39GMT
Iran: $2b Invested In Petrochem Sector
A senior oil official announced on Tuesday that Iran's petrochemical industry has so far attracted $2 billion in the year to March 2008. Iran Daily - 13Jun 07:10GMT
UAE leads Opec producers in oil production
Amongst Opec producers the main increases in production came from UAE and Iraq while there were declines in Saudi Arabia, Venezuela and Nigeria. Press Release - 13Jun 05:57GMT

ICE Brent $/bbl	48.09
NYMEX WTI $/bbl	45.10
Dubai Crude ($/bbl)	48.02
OPEC Basket $/bbl	37.94
Nat. Gas $/MMBtu	5.85
Products

ICE Brent (Futures)

Pct Change	- 4.66%
Net Change	- 2.35
YTD Change	+ 19.78%
» Charting		16:45 GMT 07Jan

NYMEX WTI (Futures)

Pct Change	- 7.01%
Net Change	- 3.40
YTD Change	+ 1.12%
» Charting		16:45 GMT 07Jan

NYMEX Dubai Crude (Futures)

Pct Change	+ 1.69%
Net Change	+ 0.80
YTD Change	+ 18.48%
» Charting		23:25 GMT 06Jan

OPEC Reference Basket

Pct Change	- 3.19%
Net Change	- 1.25
YTD Change	0.00%
» Charting		08:45 GMT 10Dec

NYMEX Nat. Gas (Futures)

Pct Change	- 2.21%
Net Change	- 0.13
YTD Change	+ 4.02%
» Charting		16:45 GMT 07Jan

NYMEX (¢/gal)

Heating Oil	164.78	07Jan16:45
Unleaded	118.63	07Jan16:45
Propane	77.13	06Jan21:50



ICE ($/MT)

Gas Oil	513.00	07Jan16:45
All times expressed in GMT

BP Statistical Review of World Energy 2007

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Iraq
Driven By Oil
The 26,000-strong, much respected Federation of Oil Unions called off its strike when the union leaders reached an agreement with the Ministry of State for Parliamentary Affairs.

Economy & Politics
The petrodollar puzzle
From 2002-06, GCC countries have earned about $1.5 trillion, twice as much as they made during the preceding five years. The mystery lies in where is this immense wealth invested?

Running out of energy?
The world still has enough proven oil reserves to provide 40 years of consumption at current rates, in spite of a small fall last year, according to BP.