New base special 21 october 2014

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NewBase 21 October 2014 Khaled Al Awadi
NewBase For discussion or further details on the news below you may contact us on +971504822502 , Dubai , UAE
Emarat seeks attracting investors to its brands
WAM
Emirates General Petroleum Corporation, Emarat, seeks through its participation in the
Franchising Middle East 2014 Exhibition, to enhance and support its brands "Freshplus",
"Bakeria", and "Cafe Arabicca" and to attract investors into franchising.
The exhibition will be held on the 21st and 22nd of October at the Jumeirah Beach Hotel.
Dr. Rahma bin Mohamed Al Shamsi, Retail Sales Director at Emarat, said that the Corporation
endeavors to choose unique products that are launched under a trademark within its policy and
continuous efforts to innovate services that distinguish it from other competitive companies.
He added that Emarat sees the Franchising Middle East Exhibition as an opportunity to promote
its brands in a way that serves the Corporation's objectives, saying that such exhibitions provide
unique opportunities for franchise owners to share experiences and good ideas, show their
products and services and explore regional business development chances, in addition to
enhancing their presence in the regional and local markets.
Dr. Al Shamsi further clarified that the main aim of Emarat's participation in this exhibition is to
meet with investors that would like to start up successful and proven ventures, and to acquire
franchised trademarks within set terms and conditions, the most important of which is the
commitment to high criteria of integrity, in addition to the ability to work within a unified system and
establishing a stable financial system, high ethical practices, and experienced managerial
standards that guarantee the development of these brands.
What is Franchising?
Franchising is a business relationship in which the Franchisor (the owner of the business providing the
product or service) assigns to independent people (Franchisees) the right to market and distribute the
Franchisors' product/service and to use the business name for a fixed period of time.
The International Franchise Association defines the term "Franchising" as a "continuing relationship in
which the Franchisor provides a licensed privilege to do business, plus assistance in organizing training,
merchandising and management in return for a consideration from the Franchisee".

Dubai Electricity -DEWA observes World Energy Day
WAM/Esraa/Moran+ NewBase
Dubai Electricity and Water Authority, DEWA, is to celebrate World Energy Day on 22nd October.
Announced by Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh
Mohammed bin Rashid Al Maktoum, World Energy Day was endorsed by 54 countries as well as
representatives of the United Nations, Arab League and the African Union, through the Dubai
Declaration, on 22nd October 2012.
DEWA will mark World
Energy Day with various
activities and programmes
to raise awareness about
the importance of energy
conservation, rational use,
and using sustainable
energy to enhance
development.
The authority will organise a
number of interactive
workshops for its
stakeholders and partners at
DEWA’s Sustainable
Building in Al Qouz. The
initiative aims to highlight
the importance of providing
safe, reliable, sustainable, and affordable energy for everyone.
"Sheikh Mohammed approved World Energy Day to support the U.A.E. Vision 2021, which aims to
make the U.A.E. one of the best countries in the world in all sectors, including energy and
sustainability, by 2021," said Saeed Mohammed Al Tayer, Vice-Chairman of the Dubai Supreme
Council of Energy, and MD and CEO of DEWA.
"DEWA’s activities will mark World Energy Day as an opportunity to raise awareness about the
importance of energy conservation and rational use, and the direction towards sustainable energy.
The day’s initiatives cover many aspects including sustainability, conservation, climate change,
carbon emission reduction, and environmental protection, which form the basis of World Energy
Day," added Al Tayer.
World Energy Day aims to support the policies that increase energy efficiency across various
sectors. This includes increasing efficiency of transportation networks, industrial processes,
buildings, and the electricity grid. It also aims to increase energy efficiency and sustainability in
urban and regional planning.
DEWA has been supporting the sustainable development of Dubai through initiatives and projects
that support the energy infrastructure of the emirate, works to lower electricity and water
consumption below world averages. DEWA is committed to developing rationalisation as a culture
by launching awareness programmes and initiatives that promote conserving electricity and water,
and how to preserve natural resources.

Saudi Arabia's August oil exports fall to lowest in three years
By Reuters + NewBAse
Saudi crude exports fell in August for the fourth month in a row to their lowest levels in three
years, official data showed on Monday, as the top oil exporter fights for market share amid weak
demand and ample supplies from rival producers.
Saudi crude exports have been sliding in the past few months as shale oil squeezes Saudi oil out
of U.S. markets and as demand in Asia, particularly in China, has been slower than expected. The
OPEC heavyweight exported 6.663 million barrels per day in August, down from 6.989 million
bpd in July, according to data from the Joint Organisations Data Initiative (JODI).
The August export figures were the lowest since March 2011 and down from 7.795 million in
August last year. They compared with 6.946 million bpd in June and 6.987 million bpd in May.
North America's shale boom has started to squeeze Saudi oil out of the U.S. market, the
International Energy Agency said in a report last month, estimating Saudi exports would run below
7 million bpd for the last four months of the year.
US imports of crude oil from Saudi Arabia averaged around 1.0-1.2 million bpd from May to
August, compared with around 1.3-1.6 million bpd from mid-2013 through April 2014, analysis of
data from the U.S. Energy Information Administration and Thomson Reuters Trade Flows shows.
Last week, Saudi officials briefed oil market participants in New York on the kingdom's shift in
policy, making clear for the first time that the kingdom is prepared to tolerate a period of lower
prices - perhaps as low as $80 a barrel - to retain market share, Reuters reported on Monday.

A large volume of Saudi oil output went to the domestic market in August due to the seasonal
burning of crude to generate power for air-conditioning in the hot summer months, and as the
kingdom launches two refineries to add 800,000 barrels per day (bpd) in combined capacity to
process crude.
Saudi refiners processed 2.167 million bpd of crude in August, up from 1.915 million bpd in July
and 1.551 million in August 2013, according to the JODI data. Crude volumes used by domestic
refineries in August were the highest since at least January 2002, the start of JODI's records.
Meanwhile, Saudi oil use for power generation was 769,000 bpd in August, down from 899,000 in
July and little changed from a year ago. Industry sources in Saudi Arabia say domestic
consumption has no relation to exports, given the kingdom's significant spare capacity.
Riyadh can easily ramp up production, running at around 9.6 million bpd in August, or draw on
storage to cover any surge in domestic demand and keep its exports steady. But that could leave
it in the long run with less than the 1.5 million to 2 million bpd of spare capacity it would like to
retain in case of any unexpected global supply shortage, as risk remains high in the complex
politics of the Middle East.
Lower crude burning may free up some Saudi crude oil for exports in coming months, analysts
say. But a 400,000 bpd refinery in Jubail, known as SATORP, reached full capacity in the middle
of 2014, and another 400,000 bpd refinery in Yanbu started trial runs last month.
"Lower demand for direct burn in the fourth quarter versus August allows for higher exports
currently than in August, but structurally the increase of refinery runs in Saudi Arabia is a new
challenge to its role of swing producer," said Olivier Jakob, oil analyst at Petromatrix in
Switzerland.
Saudi Arabia is likely to keep its oil output steady throughout the rest of the year, an industry
source told Reuters. Industry observers estimate that monthly Saudi exports will amount to around
6.9 million to 7.1 million bpd until December.
"Once the peak summer demand is over for power, there will be some changes in Saudi
production which have nothing to do with exports," said Sadad al-Husseini, a former Aramco
executive, referring to output adjustments related to domestic demand. "I think they will try to stay
at around 7 million bpd in exports."

Qatar infrastructure spending creates opportunities for international firms
Qatar Gulf Times + NewBase
In spite of growing storm clouds over the global economy, Qatar is set to push through the billions
of dollars’ worth of infrastructure investment in the coming years, according to senior economists
and banking leaders.
The nation is set to spend as much as $205bn on infrastructure by the end of 2018, prioritising
sectors such as housing, transport infrastructure, power, water, and sewage facilities. The
economic opportunities generated by this investment boom for local, regional, and international
banks will be under scrutiny at the upcoming Euromoney Qatar Conference set to run in Doha
from November 24-25, 2014.
In a special session at the event entitled “Understanding the Next Phase of the Qatari Economic
Story,” senior banking figures from Qatar and international finance experts will look at Qatar’s
requirements for the coming years and ask how the nation will continue to fund its ambitious
growth programme. While government spending has provided the foundation for infrastructure
investment in recent years, there are growing opportunities for regional and international lenders
to play a role in funding, particularly through Shariah-compliant financing mechanisms.
The event will examine some of Qatar’s largest infrastructure initiatives such as the $45bn Qatar
Rail project, Doha Metro, and NDIA campus projects, and examine how new sources of
finance might be tapped to support these. In addition, the panel will examine the changing
institutional and regulatory climate in Qatar and ask how this evolving environment will impact
international players.
With support from major sponsors including supporting body Qatar Financial Markets Authority
(QFMA) and senior lead sponsor QNB, the event is set to provide an important insight for finance
leaders looking to understand the future development path of one of the world’s fastest-growing
economies. For local and regional banking executives, it will provide an important opportunity to
network with globally-recognised banking giants.
Euromoney Conferences regional director Richard Banks said: “The Euromoney Qatar
Conference 2014 has grown in size because of the calibre of the speakers and also because of
the intense interest in Qatar as a dynamic investment hub.” He added: “Given the significant
changes that Qatar has witnessed in recent months, combined with the rising international
attention it has received, we believe this year’s event has the potential to be the most interesting
to date.”
The conference will be addressed by HE the Minister of Finance Ali Sherif al-Emadi and HE the
governor of Qatar Central Bank Sheikh Abdullah bin Saud al-Thani. “Global finance: re-launched”
is being co-hosted by Qatar Central Bank. Other sponsors include co-sponsor Jersey Finance,
associate sponsors Masraf Al Rayan and Qatar First Bank, and exhibitors include Qatar Finance
and Business Academy and Qatar Financial Centre Authority.

Halliburton sees no slowdown in drilling despite crude slide
Source: Reuters+NewBase
Halliburton Co, the world's No.2 oilfield services provider, said there were no signs of a
slowdown in drilling activity despite the recent 25 percent fall in oil prices. Halliburton's shares
rose about 2.5 percent in early trading after the company reported a better-than-expected
quarterly profit and raised its quarterly dividend. 'We believe industry fundamentals suggest that
these lower prices are not sustainable,'
Chief Executive Dave Lesar said on a
post-earnings call. Oil supply and
demand would be back in balance in a
'relatively short period of time', he said.
North American customers and
national oil companies have not
indicated that activity levels will slow
down, Lesar said.
Halliburton's comments echo those of
rivals Schlumberger Ltd and Baker
Hughes Inc. Market leader
Schlumberger said it expected
increased oil and gas spending in
2015 due to a rise in global demand,
while Baker Hughes Inc said clients would rethink projects only if oil fell to and remained at $75
for a few months. Oilfield services companies are unlikely to be hurt by sluggish prices in the
near term because most of their operations are contract-based, analysts said. Roughly 2.6
million barrels per day of world crude oil production comes from projects with a breakeven price
in excess of $80 per barrel, the International Energy Agency said. This represents less than 3
percent of global third-quarter production of 93.2 million barrels per day.
Brent touched a four-low of $82.60 on Thursday, before recovering on Friday. It was down 1.65
percent at $84.73 at 10:51 a.m. ET on Monday.
Halliburton said revenue in North America grew nearly 22 percent in the third quarter ended
Sept. 30, while operating income climbed 38 percent. The company, which derives about half of
its revenue from North America, also benefited from higher revenue in its international
operations. Halliburton's revenue rose about 18 percent in the Middle East and Asia region - the
highest increase among regions outside North America. Net income attributable to the company
rose 70 percent to $1.20 billion, or $1.42 per share. Excluding items, profit from continuing
operations was $1.19 per share, higher than the average analyst estimate of $1.10 per share,
according to Thomson Reuters I/B/E/S. Revenue rose 16 percent to $8.70 billion, beating the
average analyst estimate of $8.53 billion. The company raised its quarterly dividend to 18 cents
per share from 15 cents.
Halliburton cut its loss contingency for the Macondo well blowout by $100 million during the third
quarter. The company also recorded $95 million for an expected insurance recovery related to a
$1.1 billion settlement it reached last month for a majority of claims related to its role in the 2010
oil spill.

Indonesia: Cue Energy Aquire 100% interest in Mahakam Hilir PSC, Kalimantan
Source: Cue Energy Resources
Cue Energy Resources has advised that, subject to government approvals, it has agreed to acquire a 100%
interest in the Mahakam Hilir PSC in the prolific Kutei Basin onshore Kalimantan, Indonesia. Cue will
purchase SPC Mahakam Hilir Pte Ltd, which holds the remaining 60% interest in the Mahakam Hilir PSC;
under a sale and purchase agreement with SPC E&P Pte Ltd. Cue will assume operatorship with a 100%
interest in the PSC and drill the remaining commitment well in the PSC (map attached).
Key Highlights
• As part of an internal review of the permit Cue has identified and is excited by a robust drill-ready
oil prospect within the prospect inventory, the Naga Selatan -2 (Southern Dragon) which has
encouraged Cue to move to a 100% interest in the permit. Cue may look to farmdown at an
appropriate time.
• This oil prospect lies along trend of the large Sei Nangka and South Pelarang oil fields. The
multiple targets are shallow, located at approximately 1000-1800 TVD. Additional exploration
objectives have also been identified on the existing seismic data.
• The drilling programme preparations have commenced with a view to drilling in 2015.
The onshore Mahakam Hilir PSC aligns with Cue’s objectives to acquire high quality exploration and
appraisal opportunities within our SE Asian focus area, and marks Cue’s first entry as a drilling operator.
This acquisition adds to and compliments our continuing expansion of our Indonesian acreage portfolio.
Upon completion of the acquisition the participants and their respective interests will be: SPC Mahakam
Hilir Pte Ltd (Operator)* (Cue subsidiary) 60%; Cue Mahakam Hilir Pty Ltd (Cue subsidiary) 40%. *The
name of the Operator will be changed upon completion.

Indonesia :McDermott wins Bukit Tua contract
Press Release
McDermott International, Inc. has been awarded a transportation, installation and pre-
commissioning contract by PC Ketapang II Ltd, a subsidiary of Petronas, for the Bukit Tua
Development Project in the Ketapang block of East Java, Indonesia. The contract will be included
in McDermott’s fourth quarter backlog.
“McDermott is uniquely positioned to support the fast track nature of the Bukit Tua development
that is critical to provide energy to power a key industrial area in Gresik, Indonesia,” said Hugh
Cuthbertson, Vice President and General Manager, Asia Pacific.
“This is the second award we have received related to the Bukit Tua Development this year. We
are currently fabricating the 1,212-ton BTJT-A wellhead jacket at our Batam Island fabrication
facility in Indonesia, where construction work is on track and expected to complete in November
2014.”
This new contract is for the transportation and installation of the BTJT-A jacket, its related
topsides and subsea pipeline tie-in spools. Additionally, McDermott will undertake the pre-
commissioning of the related export and infield pipelines. All offshore installation work will be
carried out by the McDermott Derrick Barge 30 (“DB30”).
“McDermott’s innovative engineering solutions played a key role in us winning the project. The
unique configuration of our DB30 enables work to be carried out in a shorter amount of time,
which translates to time and cost savings and helps to improve the overall efficiency and safety of
offshore operations for our client,” said Cuthbertson. The offshore campaign is expected to be
completed by end of the first quarter of 2015. The Bukit Tua field is located approximately 21
miles from Madura Island and 62 miles from Surabaya, East Java, in approximately 190 feet of
water.

Morocco:Genel Energy to test SM-1 well in the Sidi Moussa block offshore
Source: San Leon Energy
JV partner San Leon Energy has confirmed that the Genel Energy-operated SM-1 well in
the Sidi Moussa block offshore Morocco has reached a total depth of 2,825mMDBRT
(measured depth below rotary table) and encountered oil during drilling operations. Preparations
are underway to perform cased hole testing. San Leon holds a 10% net working interest in the
Sidi Moussa block. Total well testing costs are expected to be approx. $22m (net paying interest
$3m to San Leon).
Oisin Fanning, San Leon Executive Chairman, commented:
'Testing the SM-1 well aims to evaluate the structure and its hydrocarbon potential as much as
possible at this stage of early exploration, and we look forward to updating the market with the
results once these are available.'

UK: Egdon Resources announces update and notice of Final Results
Source: Egdon Resources
AIM-listed Egdon Resources, the UK-based exploration and production company with a primary
focus on the hydrocarbon-producing basins of the onshore UK, reports the following operations
update ahead of the announcement of the Company's Final results scheduled for 11 Nov.2014 .
Egdon continues to make good progress
across the business. Average net daily
production for the financial year to 31 July
2014 was 238 boepd against our production
guidance of 200 boepd, helped by strong
performance from the Ceres gas field.
Liquids production for the period was 53
boepd net.
Additional detailed work has now confirmed
the preliminary evaluation of the Wressle-
1 well results, which were announced on 2
September 2014 and which indicated
potential hydrocarbon bearing zones in
three separate reservoir intervals. We are
currently finalising the design and logistics
for the testing programme and expect to
commence testing using a work-over rig
during November 2014 following the drilling
of the Burton on the Wolds-1 conventional
exploration well where operations have now
begun.
The Company will be an active participant in
the 14th UK Landward Licensing
Round which closes on 28 October 2014,
with any new licence awards anticipated
during 2015.
The next six months will be busy for Egdon,
with a new operated drilling campaign
expected to commence early in 2015. This programme is expected, subject in part to planning
consent, to comprise three operated onshore exploration wells for conventional hydrocarbons
at Laughton, North Kelsey and Biscathorpe.
In addition operations at the non-operated Kiln Lane well could start before year end. This
programme of wells will expose the Company to material resource potential. Additional wells for
both conventional and unconventional hydrocarbons are planned for drilling later in 2015.
The Company will be announcing its Final results for the year ended 31 July 2014 on Tuesday 11
November 2014. There will be an analyst meeting at 9.30am at the offices of Buchanan, 107
Cheapside, London, EC2V 6DN.
Commenting on this update Mark Abbott, Managing Director of Egdon said:
'We have made good progress with all aspects of the business over the last year and I look
forward to updating shareholders in detail on 11 November. The coming few months will see the
results of the Burton on the Wolds exploration well, testing of Wressle-1 and the start of a further
conventional drilling programme.'

US: North Dakota aims to reduce natural gas flaring
Source: U.S. Energy Information Administration, based on North Dakota Industrial Commission
About one-third of the natural gas North Dakota has produced in recent years has been flared
rather than sold to customers or consumed on-site. The rapid growth in North Dakota oil
production, which rose from more than 230,000 barrels per day (bbl/d) in January 2010 to more
than 1,130,000 bbl/d in August 2014, has led to increased volumes of associated gas, or natural
gas that comes from oil reservoirs. These increased volumes require additional infrastructure to
gather, process, and transport gas volumes instead of flaring them. These additions can take time
to build, and well operators are often reluctant to delay production. In an effort to reduce the
amount of natural gas flared, North Dakota's Industrial Commission (NDIC) established targets
that decrease the amount of flared gas over the next several years.
The first target of 26% flared is set for fourth-quarter 2014, with continued decreases in flaring
reaching 10% by 2020. North Dakota recently reported that it was close to achieving the 26%
reduction target for natural gas flaring, as the percentage in August was 28% flared, or 375 million
cubic feet per day (MMcf/d) out of a total production of 1,340 MMcf/d. The rest of the produced
natural gas was either sold or used at the production site.
Natural gas is flared, or burned directly to the atmosphere, rather than being vented without
combustion because methane, the primary constituent of natural gas, has much higher global
warming potential than carbon dioxide, the main component of combusted gas. By law, North
Dakota prohibits natural gas venting.
The NDIC seeks to reduce the volume of flared gas, even if it means cutting back production at its
largest oil production areas (the Bakken and Three Forks formations). The NDIC's order issued on
July 1 said it will "consider amending...field rules to restrict oil production and/or impose such
provisions as deemed appropriate to reduce the amount of flared gas." Recognizing the difficult
economics of dealing with rapidly declining production from newly drilled wells, the NDIC's order
allows for exemptions on a case-by-case basis.
The North Dakota Pipeline Authority estimates that more than one-third of the flared gas results
from a lack of gathering pipelines. Infrastructure buildouts can cause delays in realizing the value

of crude oil and other liquids that motivate drilling in North Dakota, and are uneconomic when
natural gas volumes there are too low. The largest challenge, according to the NDIC, is securing
landowner permission for connection activities, which can delay projects half a year or longer.
Other obstacles include zoning and permitting delays, harsh weather, and labor shortages. The
remaining flared gas results from challenges to existing infrastructure, including the need for
additional gathering-line pressure to offset higher pressure from newly drilled wells, additional
gathering-pipeline capacity at high-pressure wells, and additional clearing of existing lines to
remove natural gas liquid volumes.
Increased capacity to process and transport natural gas also contributes to higher volumes of
natural gas that are sold rather than flared. By the end of the year, expected completions of
natural gas processing plant projects would increase North Dakota's natural gas processing
capacity to 1,454 MMcf/d, or 440 MMcf/d more than last year. ONEOK, Inc. plans to add another
400 MMcf/d of natural gas processing capacity by the end of 2016. Capacity to move this
additional gas on pipelines would also increase as a result of the Northern Border Pipeline
Company's 55-mile Bakken Header pipeline (400 MMcf/d as early as 2016) and WBI Energy's
375-mile Dakota Pipeline (between 400 and 500 MMcf/d by the end of 2017).

CEO of France's Total dies in jet crash at Moscow’s Vnukovo Airport
RT.com
The CEO of France’s oil and gas giant Total, Christophe de Margerie, was among four people
killed in a business jet crash at Vnukovo Airport in Moscow after the aircraft hit a snowplow on
take-off.
Total’s chairman and CEO was
the only passenger in the Falcon
50 business jet besides three
crewmembers who were also
French citizens.
“Total confirms with deep regret
and great sadness that Chairman
and CEO Christophe de Margerie
died just after 10pm (Paris time)
on October 20 in a private plane
crash at Vnukovo Airport in Moscow, following a collision with a snow removal machine,” the
company said in a statement. During take-off at around 0:10am Moscow time on Tuesday, the
light aircraft, according to preliminary data, hit a snow-clearing machine with its landing gear. Due
to the damage, the pilot reportedly decided to turn back and land.
While still in the air, the plane was sending distress signals and reporting an engine fire and
fuselage damage, LifeNews reports. Upon crashing on the runway, the aircraft was immediately
engulfed in flames, killing everyone on board.
The head of Vnukovo’s press service, Elena Krylova, however, told the media that the aircraft did
not leave the ground after hitting the snowplow. The investigators have already found the aircraft’s
black boxes while the airport staff are writing explanatory reports, she added.
Debris from the aircraft was scattered up to 200 meters from the crash site, according to the
rescue services. The engine was found some 50 meters from the crash site, while one of the
landing gears was ripped off and discovered nearly 200 meters from the main mass of debris.
Vnukovo Airport temporarily suspended all flights following the incident, but by 2 am all operations
were restored. While initials reports suggested only four people died in the tragedy, some sources
claimed that five bodies were found at the crash site, one allegedly being the driver of the
snowplow. The airport however later confirmed that the driver was not injured in the collision.
“A criminal investigation has been opened into the violation of safety regulations after a light
aircraft crash in the capital's Vnukovo airport,” transport official Tatyana Morozova told RIA. An
investigative group is working at the crash site, Morozova added.
Earlier in the day, due to bad weather conditions at least 18 planes were diverted from Vnukovo to
other Moscow airports, Itar-tass reported siting a source at Vnukovo. Flights landing at Moscow
airhubs operate “on factual weather” conditions, meaning that a crew commander decide
themselves about the possibility of landing at the destination or preceding to alternative landing
routes at the capital
Some 12 planes have been received by Domodedovo airport while 6 landed at Sheremetyevo as
dense fog and winter weather conditions make landing difficult. According to the source, 80
percent of the diverted races were private business jets.

De Margerie, 63, joined Total in 1974 after graduating from the École Supérieure de Commerce in
Paris. He served in several positions in the Finance Department and Exploration & Production
division. In 1995, he became President of Total Middle East before joining the Total's Executive
Committee as the President of the Exploration & Production division in May 1999. In May 2006, he
was appointed a member of the Board of Directors. He was appointed Chairman and Chief
Executive Officer of Total on May 21, 2010.
Total SA is France's second-biggest listed company, with a market value of 102 billion euros and
the West's fourth biggest oil and gas group, as well as one of the top foreign investors in Russia.
Despite Western-imposed sanctions on Russia that prohibit western financing and technology
transfer to some Russian energy projects, Total is continuing to pursue a natural gas project in
Yamal, a joint venture with Russia's Novatek and China's CNPC.
“Can we live without Russian gas in Europe? The answer is no. Are there any reasons to live
without it? I think – and I'm not defending the interests of Total in Russia – it is a no,” the Total
boss told Reuters back in summer.
Meanwhile, another Total project, with Russia’s sanctions-hit Lukoil, is“definitely stopped,” de
Margerie said in September, but since the project had not started it did not have “any impact” on
Total, he told the Financial Times.
De Margerie had recently expressed his support for a wider use of other currencies in transactions
outside the US – for oil purchases in particular – after the scandal involving France’s largest bank,
BNP Paribas, which was slapped with a record $9 billion fine and a 1-year dollar trading ban.
“Nothing prevents anyone from paying for oil in euros,” de Margerie said in July. “The price of a
barrel of oil is quoted in dollars. A refinery can take that price and using the euro-dollar exchange
rate on any given day, agree to make the payment in euros.”

NewBase For discussion or further details on the news below you may contact us on +971504822502 , Dubai , UAE
Your partner in Energy Services
Khaled Malallah Al Awadi,
Energy Consultant
MSc. & BSc. Mechanical Engineering (HON), USA
ASME member since 1995
Emarat member since 1990
Mobile : +97150-4822502
khdmohd@hawkenergy.net
khdmohd@hotmail.com
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developed great experiences in the designing & constructingdeveloped great experiences in the designing & constructingdeveloped great experiences in the designing & constructingdeveloped great experiences in the designing & constructing of gas pipelines, gas metering & regulating stations and in theof gas pipelines, gas metering & regulating stations and in theof gas pipelines, gas metering & regulating stations and in theof gas pipelines, gas metering & regulating stations and in the
engineering of supply routes. Many years were spent drafting, & compiling gas transportation , operation & maintenanceengineering of supply routes. Many years were spent drafting, & compiling gas transportation , operation & maintenanceengineering of supply routes. Many years were spent drafting, & compiling gas transportation , operation & maintenanceengineering of supply routes. Many years were spent drafting, & compiling gas transportation , operation & maintenance
agreemeagreemeagreemeagreements along with many MOUs for the local authorities. He has become a reference for many of the Oil & Gasnts along with many MOUs for the local authorities. He has become a reference for many of the Oil & Gasnts along with many MOUs for the local authorities. He has become a reference for many of the Oil & Gasnts along with many MOUs for the local authorities. He has become a reference for many of the Oil & Gas
Conferences held in the UAE andConferences held in the UAE andConferences held in the UAE andConferences held in the UAE and Energy program broadcasted internationally , via GCC leading satellite Channels .Energy program broadcasted internationally , via GCC leading satellite Channels .Energy program broadcasted internationally , via GCC leading satellite Channels .Energy program broadcasted internationally , via GCC leading satellite Channels .
NewBase : For discussion or further details on the news above you may contact us on +971504822502 , Dubai , UAE
NewBase 21 October 2014 K. Al Awadi

New base special 21 october 2014

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New base special 21 october 2014