RIYADH: Saudi Arabia’s Oil Ministry said yesterday it had set March 7, 2009 as the deadline for prequalified companies to present detailed proposals to build an export refinery in Jazan. Eight companies already shortlisted by the ministry could now download a “request for proposal” package from the refinery website (www.jazanrefinery.com), it said in a statement. The tender for the 250,000 to 400,000 barrels per day (bpd) refinery has been delayed several times — initial plans were to open bidding in the second quarter of 2007. Spiraling costs have cast doubt over the viability of new oil refineries worldwide, and industry observers have been skeptical over the Jazan plan since it is a long distance from crude production facilities.
Good response for STC’s portal
RIYADH: MAKOM Internet portal, recently launched by Saudi Telecom Company (STC), is registering an increasing number of visits from Afaq DSL Shamel customers. It offers many services including a useful information library. The new portal is aimed exclusively at Afaq DSL Shamel customers and introduces free services including KasperSky, the “best virus protection software,” free SMS and MMS services every week, free e-mail addresses and services with a capacity of 5 Gigabytes for each customer. In addition, it has many channels and services including Islam, news, sports and Saudi football channels, photo albums for uploading their favorite pictures, forums, Q&A and electronic learning services.
$100 million fund launched
DUBAI: Dubai-based fund manager Algebra Capital and Bahrain’s Elaf Bank launched yesterday an Islamic-compliant fund with an initial size of $100 million to invest in securities in the Middle East, North Africa and Asia. The Sukuk Fund is an open-ended vehicle offering returns above 8 percent but will target an initial size of $100 million. “This will be the second fund managed by Algebra Capital in its fixed income line of business,” said Ziad Makkawi, CEO of Algebra Capital said in a statement.
Ittefaq Steel plans Q4 IPO
RIYADH: Al-Ittefaq Steel Products Co., one of Saudi Arabia’s three largest steel producers, hopes to sell a 30 percent stake in an initial public offering in the fourth quarter of 2008, its top financial executive said. “We will float 30 percent stake ... We will decide after the valuations whether to go for a capital increase or sell only existing shares,” Chief Financial Officer Shabir Rafiqi told Reuters in a telephone interview.
Arabtec wins $181m contract
DUBAI: Arabtec Holding, the UAE’s largest construction firm by market value, said yesterday it received a 664 million dirham ($180.8 million) contract from Saba Properties to build a tower in Dubai. Under the deal, Arabtec will build a 222-meter (728 ft) high commercial building to be completed by the first quarter of 2009, it said in a statement.
Iran wants OPEC to cut output
TEHRAN: Iran said yesterday that OPEC members should cut output to the agreed target quotas in the face of falling oil prices, two days before the organization meets in Vienna, state-run IRNA news agency reported. “The market does not need more oil and there is no need for excess production given the fall of oil prices,” Iran’s envoy to the Organization of Petroleum Exporting Countries, Mohammad Ali Khatibi told IRNA.