Emirates National Oil Company expects to lose $441m in 2006 because of a disparity between domestic fuel and international oil prices, according to CEO Hussain Sultan cited in Gulf News. The company is looking for political intervention to arrest the losses being sustained by its retailers.

Aramco, Conoco $6bn refinery

• Saudi Aramco and US oil firm ConocoPhillips are expected to soon sign an agreement to build a 400,000 bpd refinery at a cost of $6bn in Yanbu on the Red Sea, according to news agency reports. Reports said the project would be similar to Aramco's refinery project with France's Total, which is being built in Jubail.

Saudi supports greenhouse cut

• Saudi Aramco has said it would conduct research on how to cut carbon dioxide emissions in the oil and gas industry to help in the fight against global warning, according to Reuters. Delegates from 163 nations are in Germany this week for talks on extending the UN's Kyoto Protocol on measures to stop world climate change.

Bangladesh looks for cheap oil

• Bangladesh will be looking to secure cheaper oil supplies to help its impoverished economy, when Prime Minister Khaleda Zia holds talks with UAE President Sheikh Khalifa bin Zayed Al Nahyan, according to an AFP report. Bangladesh has kept petroleum product prices low through subsidies, which are expected to hit $600m in the fiscal year ending June.

Saudi Aramco and US oil firm ConocoPhillips have concluded a deal for a new 400,000 bpd refinery in Yanbu, according to Reuters. Aramco said the refinery would process Arabian heavy crude and produce high-quality, ultra-low sulfur products that meet US and European specifications. It is expected to cost around $6bn.

• ESL starts Asia Gulf Express

• Emirates Shipping Line will start its Asia Gulf Express service from 21 June, which sends ships from Asia to the US and the Caribbean. Registered in Dubai Maritime City, Emirates Shipping Line provides two ships, with seven 3,000 TEU ships deployed by partners.

• Qatar protects resources

• Qatar will have a combined liquid gas and oil output of over 6m bpd by 2010, but it should be careful future expansion does not compromise the lifespan of the crucial North Field, according to Energy Minister Abdullah Al Attiyah quoted by Reuters. He said expansion would proceed once a study has been completed on the impact of rising gas output on the field's reservoir.

Japanese firms Mitsubishi Corp, Itochu Corp and Osaka Gas will each buy a 3% stake in Qalhat LNG from the Omani government, which retains a 46.84% interest. Qalhat supplies 0.8m tonnes per year of liquefied natural gas to Mitsubishi and Osaka Gas.

• China Shipping sets up in Dubai

• State-owned China Shipping Group has set up a holding company in Dubai Maritime City to take advantage of growing trade between East Asia and the Middle East, reported Gulf News. The company will develop new shipping operations in the region. It currently operates 140 container vessels with a capacity of 360,000 TEU.

• Qatar orders $2.5bn LNG carriers

• Qatar Gas Transport Company says it has signed a contract with two South Korean shipbuilders to construct the world's largest liquefied natural gas carriers at a cost of $2.5bn, according to The Peninsula. The order is for three 'QMax' LNG carriers with a capacity of 9.3m cubic feet each from Daewoo Shipbuilding and Marine, and another three from Samsung Heavy Industries.