Eye-Catching Oil Investments and Sensational Oil News
The United Arab Emirates Energy minister, Mohammed Al Hamili recently in Washington declared that, a pipeline which carries oil from the oil fields of Abu Dhabi in South western part of the United Arab Emirates till the Fujairah, in the eastern coast, will be completed within the end of this year and the total calculate of this project is around $3.3-billion. This oil pipeline would carry 1.5 million barrels of crude oil each day and the length of the pipeline is around 400 kilometers and it would be under the control of the International Petroleum Investment Co. According to the data released by the Energy Information Administration of United States, the thin Hormuz strait sited in the Persian Gulf is one of the important territorial reserves of water for Oman, Iran and United Arab Emirates, around 17 millions of crude oil barrels are transferred with the help of this strait and it contributes around two-fifths of universal oil trading.
The Oil Minister of the Kuwait, Sheikh Ahmad Abdullah Al-Sabah made a recent declaration on developing rapport with Vietnam and enhancing the oil trade by joining hands with them. Osama Al-Obaid declared, this venture was whole heartedly welcomed by the Nghi Son Oil Refinery and Petrochemicals Ltd and they hoped more similar projects should be done in near future. The visit of the Sheikh Ahmad Abdullah Al-Sabah will highlight on the talks with the Vietnam chief Minister Nguyen Tan Dung and the conferee includes Vu Huy Hoang, the Minister of Trade and Industry and Al-Obaid, the leader of the PetroVietnam to discuss on the enhancement of both countries. It ended with, around six billion USD is to be invested for the joint venture, and this venture will be the largest venture in the world, and around 200, 000 barrels of oil is to be yielded in the year 2014.
The recent tidings from the Gulf portrayed that, around SAR 375 billion is invested in Aramco, this is an unheard of investment and the aim of this project is to provide around 12 million barrels of oil each day and to construct more petrochemical plants and refining industries. The production of the oil in 2009 in the Saudi Arabia was, around 7.9 million barrels each day and this year it was increased to 12.5 million barrels per day. The Aramco Company decided to complete its solar experimental strength project within 2012 and this project will supply electricity for Middle East and South East parts of Asia and the Latin America.