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KMG Reshuffle Continues After Kazakh Parliamentary Elections
...re fueled by KMG’s decision to fire several thousands of oil workers who went on strike in May 2011 over reduced wages. Mr Akchulakov replaces Lazzat Kiinov, who succeeded Mr Akchulakov on 22 December 2011 as head of KMG. This Soviet-style reorganization is being viewed as a first indication that Mr...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
Dana Petroleum Reports First Oil From Matr-1XST Well In North Zeit Bay
...r the purpose of producing oil and gas from the Lorcan development lease (MEES, 5 December 2011). Besides the onshore North Zeit Bay PSC, Dana Petroleum also operates the South October PSC. It is also a partner in the offshore West El-Burullus concession and the East Beni Suef license in the Western Desert. ...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
Iran Increases Gas Exports, Additional Supply To Turkey Unlikely
...IRAN Iran Increases Gas Exports, Additional Supply To Turkey Unlikely The Managing Director of the National Iranian Gas Company (NIGC) Javad Owji told IRNA on 18 January that since the beginning of the current Iranian year (21 March 2011 – 20 March 2012), Iran has increased its na...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
Jordan’s Energy Import Bill Rose To $4.7Bn In January-November 2011
...JORDAN Jordan’s Energy Import Bill Rose To $4.7Bn In January-November 2011 Jordan’s energy import bill in the first 11 months of 2011 rose by 55.7% to JD3.355bn ($4.731bn) from JD2.154bn ($3.037bn) for the whole of 2010, according to figures from Jordan’s Department of Statistics. The va...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
Lebanon Extends Contract With Spectrum For Seismic Offshore Data
...e enhancement of the EMED-00 survey, which was completed in 2011. Earlier this month, Lebanese Minister of Energy and Water Gebran Bassil announced that his country plans to launch its first licensing round for offshore gas within three months. “We now have everything required for an oil company to...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
Energy Stocks: Companies Focus On Debt Restructuring
...nuary Dana Gas announced it planned to honor obligations related to the $1bn sukuk and its stock price rebounded 5.8%. In 2011 it had fallen 38%, which analysts believe is due to concern about its ability to repay debt, as well as problems receiving payment for projects in Egypt, where the majority of it...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
Kuwait To Explore Oil Investment Opportunities In Sudan
...oduction (MEES, 11 July 2011). Kuwait’s state-owned KUNA news agency reported that a delegation from the Kuwait Foreign Petroleum Exploration Company (Kufpec) met with Sudan’s Minister of Petroleum 'Awadh Ahmad al-Jaz to promote mutual cooperation and discuss opportunities for Kuwait to expand its in...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
MENA Facing Uncertainty From Arab Spring, Eurozone Crisis, Says World Bank
...herwise) Est Forecast 98-07* 2008 2009 2010 2011 2012 2013 GDP at market prices (2005 US...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
Saudi Aramco/Sinopec Refinery Deal Highlights Growing Sino-Saudi Energy Axis
...nopec signed a memorandum of understanding for the Yanbu΄ project last March after Saudi Aramco’s original partner ConocoPhillips withdrew the previous year (MEES, 21 March 2011). The two firms are spearheading the growing energy relationship between the world’s largest crude exporter and the rising ec...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
Sudan Admits To Confiscating South Sudan’s Oil As Dispute Talks Resume
...aring of oil revenues (MEES, 11 July 2011). While Sudan’s Foreign Ministry initially declined to comment on this latest development, members of the northern delegation that arrived in Addis Ababa for the January 17 talks confirmed to reporters that the country had in fact began confiscating oil from th...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
Syrian Pound Loses More Value On Black Market
...SYRIA Syrian Pound Loses More Value On Black Market The ongoing political turmoil in Syria since March 2011 has eroded about 50% of the foreign exchange value of the Syrian pound on the black market, exchange dealers said last week. The value of the pound slipped from an official rate of...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
BNP Paribas Secures Advisory Mandate For $800Mn Emirates Steel Expansion
...rect reduced iron produced in the Phase 1 and Phase 2A facilities and will also draw upon internal and externally sourced scrap to produce the feedstock for the new phase. Established in 2011, Emirates Steel is the only integrated steel plant in the UAE using the latest rolling mill technology to pr...
Volume: 55Issue: 04Published at Mon, 23 Jan 2012 -
Bahrain Cabinet Unveils Record Budget For 2011-12
...Middle East Economic Survey VOL. LIV No 4 24-Jan-2011 Bahrain Bahrain Cabinet Unveils Record Budget For 2011-12 Bahrain’s two-year budget for 2011-12 was approved by the cabinet on 6 January, with total revenue for the period projected at BD4.44bn ($11.8bn at BD1=$2.66) – co...
Volume: 54Issue: 04Published at Mon, 24 Jan 2011 -
Azerbaijan Doubling Gas Exports To Russia
...plement its pledge to double gas exports to Russia. Under the agreement, Socar is raising gas supply to Russia’s North Caucasus provinces to 1.5bn cu ms in 2011 from a level of 799.8mn cu ms in 2010. Meanwhile, Socar announced on 17 January that the price of its Azeri Light sweet crude oil has ex...
Volume: 54Issue: 04Published at Mon, 24 Jan 2011 -
Venezuela Halts Fuel Exports To Iran, As Mirkazemi Predicts Self-Sufficiency
...directed output from petrochemical plants for use as blending components, in a bid to reduce pressure on its gasoline and diesel supplies. Iranian Minister of Petroleum Masoud Mirkazemi told reporters in Tehran on 16 January that Iran would inaugurate a new major refinery unit every month of 2011 st...
Volume: 54Issue: 04Published at Mon, 24 Jan 2011 -
Jordan Lowers Some Petroleum Product Prices To Curb Inflation
...cluded JD77mn for LPG, JD120mn for bread, JD145mn for water and electricity, JD35mn for food, JD85mn for poor families and JD90mn for medical treatment for citizens not covered by health insurance. Product Prices Effective 12 January 2011 (Fils/Liter, Unless Otherwise Stated) 2011...
Volume: 54Issue: 04Published at Mon, 24 Jan 2011 -
Government Collapse Is Credit Negative For Lebanese Banks, Says Moody’s
...Middle East Economic Survey VOL. LIV No 4 24-Jan-2011 Lebanon Government Collapse Is Credit Negative For Lebanese Banks, Says Moody’s The collapse of the national unity government is credit negative for Lebanon’s banks as it brings into question 2011 economic growth pr...
Volume: 54Issue: 04Published at Mon, 24 Jan 2011 -
S&P Revises Outlook On Three Lebanese Banks
...count deficits were expected before the political crisis, forecast at 7.5% and 19% of GDP respectively in 2011. “We project this year’s public debt burden at more than 120% of GDP,” added S&P. Lebanon’s unity government collapsed on 12 January when 11 opposition ministers resigned due to a long running di...
Volume: 54Issue: 04Published at Mon, 24 Jan 2011 -
Syria And Iran Discuss Gas Pipeline Project
...rian gas interconnector, scheduled to be commissioned in the second quarter of 2011 (MEES, 14 January 2008). Mr 'Alaw, who had earlier paid a visit to Iraq with a delegation headed by Syrian Prime Minister Naji al-'Utari, said that new Iraqi Oil Minister 'Abd al-Karim al-Laibi supported the idea of th...
Volume: 54Issue: 04Published at Mon, 24 Jan 2011 -
SABIC Unveils 2010 Financial Results, Sees Higher Sales And Profits In 2011-12
...Middle East Economic Survey VOL. LIV No 4 24-Jan-2011 SAUDI ARABIA SABIC Unveils 2010 Financial Results, Sees Higher Sales And Profits In 2011-12 Saudi Basic Industries Corporation (SABIC) announced on 19 January its interim financial results for the 12 months ending 31 De...
Volume: 54Issue: 04Published at Mon, 24 Jan 2011