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Turkmenistan And China Expand Long Term Gas Deal
...ntral Asia-China gas export system. Turkmenistan is expected to supply up to 15 bcm of Turkmen gas to China in 2011. The agreement, one of 14 intergovernmental pacts signed during a visit by Turkmen President Gurbanguly Berdymukhamedov to Beijing, calls for Turkmengaz to increase over an unspecified ti...
Volume: 54Issue: 48Published at Mon, 28 Nov 2011 -
Egypt Resumes Gas Delivery To Jordan And Israel
...out 20% of contracted levels on 19 November. Supply disruptions have resulted in Israel failing to receive gas from Egypt for about 230 days so far during 2011. Israel is facing a shortage of gas supplies during 2012 (MEES, 24 October) and is in the process of developing the offshore Tamar gas fi...
Volume: 54Issue: 48Published at Mon, 28 Nov 2011 -
AMF Signs $470Mn Loan Agreement With Egypt
...Middle East Economic Survey VOL. LIV No 48 28-Nov-2011 EGYPT AMF Signs $470Mn Loan Agreement With Egypt The Arab Monetary Fund (AMF) will lend Egypt $470mn to support the country’s budget deficit in 2011-12, under a loan agreement signed on 16 November. The first tranche of th...
Volume: 54Issue: 48Published at Mon, 28 Nov 2011 -
Minister Advises Iranians To Avoid Foreign Exchange And Gold
...change as inflation continued to edge upwards since the implementation of the subsidy reform plan in December 2010 (MEES, 27 December 2010). The latest year-on-year inflation rate for the month of October rose to 19.1% according to the CBI, up from 10.8% in January 2011 (MEES, 14 November, 7 Fe...
Volume: 54Issue: 48Published at Mon, 28 Nov 2011 -
NEPCO And Chinese Company Sign MOU For Shale Oil Power Plant In Jordan
...rdan is keen on developing domestic sources of energy as it depends to the tune of around 90% on imports to meet its needs. The repeated disruption in Egyptian gas supplies to Jordan in 2011 because of the sabotage of the Arab Gas Pipeline (AGP) has denied Jordan a cheap source of energy to ge...
Volume: 54Issue: 48Published at Mon, 28 Nov 2011 -
S&P Lowers Jordan’s Long Term Local Currency Rating
...firmed the short term local currency rating at B. The outlook was said to be negative. The rating agency also affirmed the kingdom’s BB/B long and short term foreign currency sovereign credit ratings. An S&P statement said: “Like many other Arab countries in 2011, Jordan is under public pressure to me...
Volume: 54Issue: 48Published at Mon, 28 Nov 2011 -
IMF Says Lebanon’s Economy Picking Up With Projected Growth Of 3-4% In 2012
...Middle East Economic Survey VOL. LIV No 48 28-Nov-2011 Lebanon IMF Says Lebanon’s Economy Picking Up With Projected Growth Of 3-4% In 2012 Latest indicators about Lebanon’s economy are pointing to some pick-up in activity, with growth projected at 1-2% in 2011, well be...
Volume: 54Issue: 48Published at Mon, 28 Nov 2011 -
TPAO And Shell Sign Farm-In Accord For Offshore Antalya Blocks
...til 2023. He said total energy demand during 2011 is expected to total 125-130mn tons of oil equivalent....
Volume: 54Issue: 48Published at Mon, 28 Nov 2011 -
TAQA’s $9Bn Note Program Secures A- Rating From S&P
...turity of about Dh5bn ($1.5bn) due in October 2012, taking advantage of the current low interest rate environment. The current rating on TAQA factors in a small benchmark issuance under the program in the last quarter of 2011. S&P said it rates the MTN program one notch below TAQA’s corporate credit ra...
Volume: 54Issue: 48Published at Mon, 28 Nov 2011 -
Nexen Confirms Exit From Yemen’s Masila Oil Field
...cense for the field. “Nexen reports that it has been informed by the government of Yemen that its application to extend the production sharing agreement (PSA) on Block 14 (Masila) has not been accepted,” the company said in a statement. “As a result, the PSA will expire on 17 December 2011. The bl...
Volume: 54Issue: 48Published at Mon, 28 Nov 2011 -
Noble Assesses East Mediterranean Prospects, Puts Aphrodite At 3-9 TCF
...800ms (MEES, 26 September). In a report released prior to its 2011 analysts conference in Houston, Noble gave an update on its current status of operations in the eastern Mediterranean, where it has made significant discoveries at the Tamar and Leviathan fields offshore Israel and has worked to en...
Volume: 54Issue: 47Published at Mon, 21 Nov 2011 -
Jordan Concerned About Irregular Supply Of Egyptian Gas
...ed 300mn cfd for regular operation. The country’s budget deficit has risen sharply in 2011 because of the fall in the supply of Egyptian gas and the need to replace it with more expensive fuel oil for power generation, and the energy bill is expected to rise to a record level of around JD4bn ($5....
Volume: 54Issue: 47Published at Mon, 21 Nov 2011 -
Kuwait Inflation To Average 4.7% In 2011, Says NBK
...Middle East Economic Survey VOL. LIV No 47 21-Nov-2011 KUWAIT Kuwait Inflation To Average 4.7% In 2011, Says NBK Consumer price inflation (CPI) will average 4.7% for 2011 and stay steady, moving slightly lower to 4.4% in 2012, said National Bank of Kuwait in its latest Ec...
Volume: 54Issue: 47Published at Mon, 21 Nov 2011 -
JBIC Hikes Funding To MENA Region
...rgest amounts in 2010 (the fiscal year ends 31 March 2011) were provided to UAE, Egypt, and then Saudi Arabia (see table). In addition to general loan and investment commitments, in 2010 the Japanese export credit agency (ECA) also provided buyer’s credit and bank-to-bank loans. This comprised $200mn fo...
Volume: 54Issue: 47Published at Mon, 21 Nov 2011 -
More EU Sanctions On Syria
...ntures operating in Syria to cut production. Another smaller producer in Syria, INA of Croatia, reported last week that its Syrian partner had not paid a monthly installment for September which was due at the end of October. But independent American company IPR said that during the third quarter of 2011...
Volume: 54Issue: 47Published at Mon, 21 Nov 2011 -
Shams 1 Solar Project Set To Start By 3Q12, Masdar Says
...ptember 2010). Masdar Launching Seychelles’ First Wind Farm By Year-End Meanwhile, the Seychelles’ ambassador to the UAE Dick Patrick Esparon recently told UAE state news agency WAM that Masdar is set to inaugurate the Seychelles’ first wind farm by the end of 2011. Mr Esparon said the project – be...
Volume: 54Issue: 47Published at Mon, 21 Nov 2011 -
EBRD Joins World Bank’s Gas Flaring Program For FSU
...timated at 134 bcm/year. Russia has set a target for its oil producing companies to limit their gas flaring operations to 5% of their total oil production by the end of 2011, a target that is considered unrealistic given the fact that Rosneft has publicly stated that it would not be able to reach this ta...
Volume: 54Issue: 46Published at Mon, 14 Nov 2011 -
Petrobel Announces New Oil Discovery In Sinai
...timates that the latest discovery will add 5.5mn barrels of crude to the company’s reserves, thereby helping to boost output from the older producing fields. Meanwhile, Mr Ghurab said last week that priority was accorded to the petroleum sector in Egypt in the budget for the current fiscal year 2011...
Volume: 54Issue: 46Published at Mon, 14 Nov 2011 -
Reactive Measures Pressure Egypt’s Budget, Warns CMES
...port. Egypt’s economic performance has been poor since the revolution began in January 2011, with the instability inherent in transition amplified by the global downturn. GDP has declined by almost 4% and manufacturing by 12%. Revenue from tourism has collapsed, putting pressure on the balance of pa...
Volume: 54Issue: 46Published at Mon, 14 Nov 2011 -
Iran’s Inflation Rate Rises To 19.1% In October
...tivity as enterprises adjust to higher cost energy, thereby lowering real GDP growth to 2.5% in 2011, according to latest projections by the International Monetary Fund (IMF) in its Regional Economic Outlook: Middle East and Central Asia published in October. With firm oil prices, the IMF is pr...
Volume: 54Issue: 46Published at Mon, 14 Nov 2011