Archive for July, 2010:

Qatar to supply full crude volumes to Asia

Qatar, one of Opec's smallest producers, has notified at least two Asian buyers it will supply its Land crude at full contracted volumes for September, unchanged from August levels, trade sources said on Thursday.

Term buyers have yet to be notified about supply allocations for Qatar Marine crude for September, sources at buyers said, though they expect full volumes to be supplied.

Qatar has been supplying full volumes of both grades for over a year and full volumes for September are expected by the market.

The Organization of Petroleum Exporting Countries agreed on output curbs in 2008 to support falling oil prices, which dropped from a high of nearly $150 a barrel in July 2008 to below $33 in December the same year.

With US crude oil trading mostly between $70 and $80 per barrel, OPEC members have said they are happy and that there is little incentive to adhere to output targets.

Earlier this week, Abu Dhabi National Oil Company, the main exporter of Opec-member the United Arab Emirates, deepened curbs for its Murban and Lower Zakum crudes, but eased cuts on its Umm Shaif and Upper Zakum grades, in its allocations for September supplies.-Reuters

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DPG community projects ‘in demand’

Dubai Properties Group (DPG), a member of Dubai Holding, which has shaped several communities covering a range of market segments, said properties in the communities are keenly sought after.

The communities, featuring both commercial and residential units in a range of price points, offer a combination of quality, spaciousness and affordability in prime locations across Dubai, said Khalid Al Malik, group chief executive officer, DPG.

“At DPG, we build communities for every segment of the population in the most desirable neighbourhoods in Dubai,” said Al Malik.

“Our diverse range of built-to-lease projects is important to the sustainability of our real estate operations.”

The group’s diverse residential portfolio available for lease consists of upmarket villas and apartments, as well as affordable quality accommodation and convenient choices for staff housing, he added.

DPG’s projects span from Shorooq in Mirdiff to Nuzul in Jebel Ali. Its retail and commercial space options are centred in prime locations such as Dubai Internet City, Dubai Media City, Dubai Healthcare City and the Jumeirah Beach Residence, a statement said. – TradeArabia News Service

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Tamouh to deliver Marina project after Ramadan

Abu Dhabi developer Tamouh said the handing over of its Marina Square project to end buyers will be finalised after Ramadan, following the receipt of mandatory approvals and certifications from regulatory authorities and utility service providers.

The primary master developer of Reem Island, Tamouh said as part of its open communication strategy, the company endorses a transparent approach that engages the end-user through every aspect of the development process.

In line with this objective, Tamouh is scheduling one-to-one site visits with investors to offer updates on the progress of the project and jointly plan a schedule for the handover stage, said a top official.

Joe Ong, managing director of Tamouh, said: “The first phase of Marina Square is getting prepped up for handover to end-users, with over 3,440 residential units set to be added to Abu Dhabi’s inventory.”

“The final stage of approvals on services such as water, electricity and other utilities is expected to come through in the next few weeks,” he noted.

Marina Square, situated on Abu Dhabi’s Reem Island, is close to the capital’s new central business and financial districts. Spread over an area of 66 acres, the mixed-use development offers a community lifestyle incorporating residential, commercial and retail components over a built-up space of more than 827,000 sq m.

Samia Bouazza, marketing director of Tamouh, said: “We constantly work on maintaining open channels of communication with our investors and have therefore kept them informed about the delivery process. We would like to reiterate our assurance that every effort is being made on our part to facilitate a seamless handover.”

The project comprises a selection of studios, one, two, three and four-bedroom apartments, town houses and seven exclusive villas. Three60, Tamouh’s estates management arm that was launched earlier this year at Cityscape Abu Dhabi, will oversee the facilities and property management of the project.

Wilson Lee, Head of Estates, Properties and Facilities of Three60, said: “We’ve been addressing hundreds of queries every week from customers who are very excited about moving into Marina Square later this year.”

“Being amongst the first few developments on Reem Island to open its doors to residents, Marina Square will offer a unique, community led lifestyle experience – a new way of living in the capital.”

Marina Square is the first development of its kind in Abu Dhabi, said the company statement.

It is set to bring to the capital an exciting marina lifestyle, topped with a vibrant pedestrian culture through its multifarious gourmet restaurants, luxury retail outlets, a boutique mall and a five-star hotel. When complete, it will house more than 8,500 people and 6,550 parking bays, it added.-TradeArabia News Service

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No survivors likely in Pakistan plane crash

A Pakistani passenger plane crashed in heavy rain near Islamabad on Wednesday, killing at least 90 people and officials said it was unlikely that there would be any survivors among the 152 people on board.

The Airbus 321, belonging to private airline Airblue, crashed into a heavily wooded and hard-to-access hillside while flying from the southern port city of Karachi. Rescue workers were scouring the site for bodies, officials said.

 'Most of the bodies are charred. We're sending body-bags via helicopters. It's a very difficult operation because of the rain,' said Aamir Ali Ahmed, a senior city government official.

'We can pray and hope but what experts are saying is that there's no chance of any survivors,' he added.
Earlier reports that five survivors had been pulled from the wreckage were wrong, said Imtiaz Elahi, chairman of the state-run Capital Development Authority, a city municipal body.

'It would be a miracle but we're not expecting any survivors,' said another official, who declined to be named.

Rescuers said they had to dig through the rubble with their bare hands, with fire and thick smoke hampering their work. The fire has since been extinguished, but access to the hillside remained limited to pedestrians and helicopters.

'You find very few intact bodies. Basically, we are collecting bodies parts and putting them in bags,' Bin Yameen, senior officer in the Islamabad police, told Reuters from the scene of the crash.

'I don't know the exact death toll but one can imagine not many could survive in such a bad situation. The plane lost contact with the control room of the Islamabad International Airport at 0443 GMT. It was carrying 146 passengers and six crew members.

The crash site is on the Margalla Hills facing Islamabad, about 300 meters up the side of the hills. Smoke could be seen from some districts of the city after the crash.

'It was raining. I saw the plane flying very low from the window of my office,' witness Khadim Hussain said. Heavy monsoon rains have lashed the area for the past few days.

New plane

The military said it had sent three helicopters to the site and troops had also been moved there. Prime Minister Yusuf Raza Gilani was surveying rescue operations from the air and the government declared Thursday a day of mourning for the victims.

Airblue began operations in 2004 with a fleet of Airbus A320 and A321 aircraft, according to its website www.airblue.com. It flies primarily domestic routes as well as to the UAE, Oman and Manchester in Britain.
Spokesman Raheel Ahmed said this was the first crash for the airline and that an investigation was being launched. 'It's too early to speculate,' he said about the cause of the crash. 'The civil aviation authorities will also be involved.'

Airbus confirmed one of its planes was involved in the Airblue crash. 'We regret to confirm there has been an accident with an Airbus aircraft and we will provide more information when we have more confirmed data available,' said Airbus spokesman Stefan Schaffrath.
At Islamabad's international airport, passengers in the departure lounge scanned the television screens for news. 'I'm not surprised something like this has happened,' said Ahmed Fairuz, a passenger awaiting departure. 'The weather is just too bad for flying.'

Aviation industry sources in Europe said the aircraft was leased from International Lease Finance Corp, the leasing unit of US insurance giant AIG. Los Angeles-based ILFC was not available for comment and there was no immediate confirmation of these details.

The A321 is the largest of the A320 family of single-aisle jets produced by EADS subsidiary Airbus. This particular type of aircraft, which can seat up to 185 passengers, has been in service since 1994.

Forty-five people were killed when a passenger plane belonging to Pakistan International Airlines crashed near the central city of Multan in 2006.

Including the 2006 incident, PIA has had 11 crashes since 1957, according to AirDisaster.com.-Reuters

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Goldman starts derivatives clearing services

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Sony surprises with Q1 profit, raises outlook

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UK plans tougher curbs on bankers’ bonuses

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LG, Caterpilllar eye Indonesia as base

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Panasonic plans $5.7bn share sale

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Oil steady near $77 after US inventory gain

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