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Dragon Oil Completes Infrastructure Upgrade On Cheleken Block
...tronas’s reserves of 150 bcm, could be available for export to Europe by 2011 if Turkmenistan and Azerbaijan reach an agreement on construction of a 200km Trans-Caspian pipeline (MEES, 29 November)....
Volume: 53Issue: 52Published at Mon, 27 Dec 2010 -
CBJ Raises Minimum Capital Requirement for Banks
...the kingdom. In an announcement made that day, the newly appointed CBJ Governor Faris Sharaf directed those banks whose capital levels did not meet the new requirements to suggest ways on how to recapitalize to reach the target levels before the end of the first quarter of 2011. The decision, th...
Volume: 53Issue: 52Published at Mon, 27 Dec 2010 -
S&P Sees Qatar’s 2022 World Cup Funded Without Significant Sovereign Debt Hike
...a lower, although still substantial, surplus in the government’s budget at above 7% of GDP in 2011-13,” Mr Marchand added. Additional moderate borrowing is possible as has already occurred via government guarantees, according to S&P....
Volume: 53Issue: 52Published at Mon, 27 Dec 2010 -
Crédit Agricole Sees Two-Speed Recovery In 2011, Favoring Oil Producers
...Middle East Economic Survey VOL. LIII No 52 27-Dec-2010 REGIONAL Crédit Agricole Sees Two-Speed Recovery In 2011, Favoring Oil Producers Most oil exporters in the MENA region will experience higher GDP growth in 2011, with oil importers likely facing declines as a result of de...
Volume: 53Issue: 52Published at Mon, 27 Dec 2010 -
Saudi Annual Inflation Rate Remains Unchanged at 5.8%, Says SAMA
...untries have begun rising again. Inflation however, is expected to remain low, and in single digits. Analysts polled by Reuters have forecast average Saudi inflation figures of 5.3% and 5.1% for 2010 and 2011 respectively – still considerably lower than the record high of 11.1% in the summer of 2008. Mo...
Volume: 53Issue: 52Published at Mon, 27 Dec 2010 -
SABIC Board Recommends Distribution Of Dividends For 2H10
...ril 2011. “The total recommended dividends to shareholders for 2010 is SR10.5bn ($2.8bn) at SR3.5 ($0.93)/share,” SABIC said in a statement on the company website. For the first half of 2010, SABIC has already approved the distribution of SR4.5bn ($1.2bn) to shareholders at SR1.5 ($0.40)/share....
Volume: 53Issue: 52Published at Mon, 27 Dec 2010 -
Greek Branch Of South Stream Pipeline To Cost €750Mn
...s been included in the EU’s 2011-20 Development Program of the European Natural Gas Network. The inclusion of South Stream in the EU plan is considered to be a first step towards recognition of the pipeline as a Pan-European Networks Priority Project, which would make it eligible for the funding of...
Volume: 53Issue: 51Published at Mon, 20 Dec 2010 -
VTTI Seeks Expanded Operations Area At Vasiliko Terminal Site
...cember that it will begin construction at the site on 17 January 2011. It has contracted Cyprus’ Joannou & Paraskevaides (J&P) to build the facility. More than €100mn will be invested in Phase 1 development of the project. Phase 2 will expand the terminal’s capacity to 550,000 cu ms and will result in an in...
Volume: 53Issue: 51Published at Mon, 20 Dec 2010 -
Egypt Aiming To Attract E£100bn For Infrastructure PPPs
...nistry’s PPP Central Unit, Rania Zayid, as saying. “We expect this approval to come out by the end of this month so we can be in gear in January 2011,” she said. Orascom Construction Industries (OCI) won Egypt’s first PPP project in June 2009. The 20-year concession, awarded to the 50/50 Orasqualia jo...
Volume: 53Issue: 51Published at Mon, 20 Dec 2010 -
NIORDC Sees Gasoline Output Expanding
...y by start-up of the first phase of the upgrade next February and to 16mn liters/day (100,640 b/d) by the end of the next Iranian calendar year (21 March 2011 – 20 March 2012).” Mr Zeighami said that acceleration of work at the Isfahan, Tabriz, Shazand, Lavan, Abadan and Bandar Abbas refineries wi...
Volume: 53Issue: 51Published at Mon, 20 Dec 2010 -
Israel Corporation Signs Gas Deal With EMG, Tamar Project Stalled Over Tax Proposal
...emicals, OPC Rotem, IC Power, Dead Sea Works and Oil Refineries Limited. The agreements also contain options to increase supplies to 2.9 bcm/year. The options must be exercised by 31 March 2011, except for one that extends the option to 31 December 2011. The total value of the contract is estimated at $5-...
Volume: 53Issue: 51Published at Mon, 20 Dec 2010 -
Adira Energy Begins Search For Israeli Onshore Shale Gas, Starts Offshore 3D Seismic Survey
...sed Adira Energy on 14 December announced that it has started drilling and workover operations on its onshore Eitan unconventional gas license in the Hula Valley in northern Israel. The company will perform three workovers that it expects to complete in January 2011. It will then commence drilling an...
Volume: 53Issue: 51Published at Mon, 20 Dec 2010 -
Lebanese Energy Ministry Opens Data Room
...ospects to discover gas in the Lebanese offshore. Last month the minister said that Lebanon expects to launch its first round of offshore licensing bids in October 2011. The ministry held a first workshop on procedures for the implementation of the oil and gas law and plans a second workshop in February 2011...
Volume: 53Issue: 51Published at Mon, 20 Dec 2010 -
Syrian Government Debut Treasury Bills Twice Oversubscribed
...anche consisted of 91-day TBs for S£1bn ($21.5mn), dated 16 December with maturity on 17 March 2011, and 1% “indicative” interest. The issue, which was 2.8 times oversubscribed, went to four state banks out of a total of 11 local banks taking part in the auction and the offered interest rates ranged be...
Volume: 53Issue: 51Published at Mon, 20 Dec 2010 -
TAQA Secures $3Bn Revolving Credit Facility
...s on the five year facility. The loan refinances a facility expiring in 2011. In May this year TAQA refinanced a C$1.325bn ($1.26bn) revolving credit facility for its wholly owned TAQA North subsidiary (MEES, 31 May). S&P Rates TAQA Again, Assigns A Standard & Poor’s Ratings Services an...
Volume: 53Issue: 51Published at Mon, 20 Dec 2010 -
Yemeni Cabinet Approves 2011 Draft Budget Aimed At Reducing Deficit
...Middle East Economic Survey VOL. LIII No 51 20-Dec-2010 yemen Yemeni Cabinet Approves 2011 Draft Budget Aimed At Reducing Deficit Yemen’s cabinet has approved a draft state budget for fi...
Volume: 53Issue: 51Published at Mon, 20 Dec 2010 -
S&P Affirms Bahrain Sovereign Ratings
...unterbalance to the high geopolitical risks – relative to many other rated sovereigns – and the Bahraini economy’s vulnerability to external shocks. With oil revenues having been budgeted on the basis of an oil price of $80/B for both 2011 and 2012, S&P reported that it had estimated the general government de...
Volume: 53Issue: 50Published at Mon, 13 Dec 2010 -
Russia And Ukraine Amend 2009 Supply/Transit Agreement to Guarantee Exports Increase
...2011. The second and more important agreement consolidates the Russian-Ukrainian rapprochement that followed the election of Mr Yanukovych in February and the conclusion of the Gas for Naval Bases agreement signed in April, which extends the right of stay of the Russian Black Sea Fleet in the Cr...
Volume: 53Issue: 50Published at Mon, 13 Dec 2010 -
Kazakhstan Agrees On ONGC Participation In Satpayev Exploration
...ake by February 2011.” A heads of agreement (HOA) was signed in January 2009, but MEES understands that the Kazakh authorities were alarmed by the decision of ONCG’s partner Mittal to withdraw from the original deal in November 2009, despite the fact that ONGC Videsh Ltd (OVL), the international ar...
Volume: 53Issue: 50Published at Mon, 13 Dec 2010 -
Azeri Gas Supply To Syria Expected End-2011 Under Updated Agreement
...ess Agency on 6 December that Syria expects to receive approximately 3.5 mn cmd from Azerbaijan by the end of 2011, under an updated agreement signed in Baku between Syrian oil officials and Socar representatives on 23 November. Mr Zainab noted that the construction of the 62km Syrian branch of a ga...
Volume: 53Issue: 50Published at Mon, 13 Dec 2010