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Iran Raises Its Budget Oil Price To $85/B For 2012-13
...slightly higher than the current year’s oil price of $80/B (MEES, 28 February 2011). Prior to the submission of the draft budget, the agency projected oil revenue in 2001-13 at $57bn based on an oil price of $85/B. Mr Ahmadinejad said that the new budget proposes a 5.6% drop in government sp...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
Start Date For Phase 2 Of Subsidy Reform Plan Still Unclear
...rrent Iranian year – which began on 21 March 2011 – as a direct consequence of these subsidy cuts. Mr Farzin also added that despite fervent parliamentary opposition, some 10mn relatively well-to-do individuals would be excluded from receiving support payments in the second phase. “Speaking of the su...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
Turkey Files Lawsuit Against Iran Over Gas Price
...quirement, according to a 31 January TRT Haber TV report. In 2011 Iranian exports to Turkey increased by 12% compared to 2010, although the overall supply of 24mn cmd compares with a pipeline nameplate capacity of 36-40mn cmd. Turkish Minister of Energy Taner Yildiz had announced Ankara’s intension to take Ir...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
Kuwait’s Opposition Gaining Seats In Parliament
...vestigations – one each by the ministry and parliament – into an ongoing consultancy contract that Shell has in the development of northern Jurassic gas fields (MEES, 8 August 2011). The dissolution of parliament halted the enquiries, which are expected to restart once there is a new government and pa...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
Qatar Earmarks $25Bn For Domestic Petrochemicals Output Expansion
...5bn petrochemical complex in Ras Laffan Industrial City (MEES, 12 December 2011). The plant will include a world-scale steam cracker, a 1.5mn t/y monoethylene glycol plant, a 300,000 t/y linear alpha olefins plant and another olefin derivative unit. The agreement gives state-owned QP an 80% stake in th...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
APICORP Puts 2012-16 MENA Energy Sector Investment Needs At $525Bn
...mmentary. Despite far-reaching implications of the ongoing upheaval stemming from the Arab Spring, the sovereign debt crisis, and imposition of sanctions by Europe on Iranian crude imports, APICORP said that its September 2011 forecast remains unchanged (MEES, 3 October 2011). However, the bank warned that ac...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
Gulfsands KHE-102 Appraisal Well Encounters Gas And Oil
...eld of 49 barrels per mn cu ft. As far as concerns production and exploration activities in 2011, Gulfsands said that Khurbet East and Yousefieh fields continued to perform extremely well during the year. It noted that four new wells were drilled, raising oil production to a level in excess of 24...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
Dragon Oil Generates Record 2011 Revenues, Ups Production By 30%
...UAE/CASPIAN Dragon Oil Generates Record 2011 Revenues, Ups Production By 30% Dubai-based Dragon Oil has announced record revenue figures for the 2011 calendar year, during which its crude oil production increased by 30% relative to 2010. The exploration and production company ramped up...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
Iraq’s Power Crisis And The Need To Re-Engage The Private Sector – Smartly
...aqi household with power for only four to five hours on any given day. How Bad Is The Problem? Despite some additions to capacity over the past decade, demand for electricity in Iraq has been outstripping supply. At an extreme, in July 2011 the peak demand was reportedly over 14.0gw.2 Iraq’s in...
Volume: 55Issue: 06Published at Mon, 06 Feb 2012 -
Oman Prepares To End Gas Subsidies For Future Projects
...ys. Pre-front end engineering design (FEED) work for the full field developmentis due to finish in the third quarter of 2011, then a 12-month FEED project starts, allowing the FID to be taken before the end of 2012. By then BP will know the amount of water and NGLs that need handling. Capital ex...
Volume: 54Issue: 06Published at Mon, 07 Feb 2011 -
Iraq’s KRG Regional Producers Start Oil Test Flows For Export
...gotiators to the limit. Yet a deal will have to be made. The Taq Taq field development, led by Sinopec and Turkey’s Genel Enerji, and the DNO-led Tawke field, will be providing the vast majority of 2011 exports. Both projects can produce around 50,000 b/d; indeed Taq Taq has gone as high as 67...
Volume: 54Issue: 06Published at Mon, 07 Feb 2011 -
OPEC Shrugs Off Threat To Supply From Potential Egypt Disruption
...praised as to exactly how much new Iraqi supply is expected on the market this year. But at present he does not expect a significant impact. “I am sure for 2011 Iraq will not disturb our production,” he said. But, MEES calculates, rising Basra province output has already boosted Iraq’s capacity by ov...
Volume: 54Issue: 06Published at Mon, 07 Feb 2011 -
ESAI Forecasts Growth Of 950,000 B/D This Year In Asia’s Product Demand
...Middle East Economic Survey VOL. LIV No 6 7-Feb-2011 SUPPLY/DEMAND ESAI Forecasts Growth Of 950,000 B/D This Year In Asia’s Product Demand US-based Energy Security Analysis, Inc (ESAI) has forecast that Asian oil demand will grow by 950,000 b/d during 2011, down slightly from pr...
Volume: 54Issue: 06Published at Mon, 07 Feb 2011 -
Saudi Crude Prices Raised To US, Reduced To Asia And Europe
...e in decline, Oman crude sold at Dubai plus $0.40-45/B, compared with Dubai plus $0.70-0.85/B in December. The formulas for March 2011 and the previous 12 months for deliveries to the US, Europe and the Far East – on an FOB Saudi Arabia basis, 50 days after B/L for the US, 40 days after B/L for NW...
Volume: 54Issue: 06Published at Mon, 07 Feb 2011 -
Saudi LPG Prices Reduced Sharply For February
...Middle East Economic Survey VOL. LIV No 6 7-Feb-2011 OIL PRICES/SAUDI ARABIA/OPEC Saudi LPG Prices Reduced Sharply For February Saudi Aramco announced on 31 January a cut in the February 2011 LPG contract prices, marking down propane by $115/ton to $820/ton and reducing bu...
Volume: 54Issue: 06Published at Mon, 07 Feb 2011 -
Crude Oil Formulas/Posted Prices
...Middle East Economic Survey VOL. LIV No 6 7-Feb-2011 OIL PRICES/OPEC Crude Oil Formulas/Posted Prices ($/B) Oman ($/B) 2011 2010 Mar Feb Jan Dec Nov Oct Sep Aug Ju...
Volume: 54Issue: 06Published at Mon, 07 Feb 2011 -
IMF Says Algeria Managed To Mitigate The Effects Of Global Financial Crisis
...its latest Article IV consultation published on 26 January. Real GDP growth in 2010 is projected at 3.3%, with non-hydrocarbon real GDP estimated at 5.3%, and projections for 2011 are almost at the same level as in 2010. The IMF said that the prudent macroeconomic management of the last 10 ye...
Volume: 54Issue: 06Published at Mon, 07 Feb 2011 -
Azerbaijan To Sell Gas Directly To Greece
...pplies, while looking to become a leading participant in the South Stream pipeline project, including a transit option towards Italy. Mr Kouvelis also proposed to Mr Aliyev that Socar participates in the tendering process to buy shares in DEPA, which is due for privatization in the second half of 2011. Th...
Volume: 54Issue: 06Published at Mon, 07 Feb 2011 -
Ratings Agencies Downgrade Egypt On Political Unrest
...ting of the class A3 notes issued by Petroleum Export Limited (PEL), said Moody’s. There are some structural features in the transaction that lead the class A3 notes to currently have an intrinsic credit quality that is stronger than Egypt’s Ba2 rating. The notes will mature on 15 June 2011 and ha...
Volume: 54Issue: 06Published at Mon, 07 Feb 2011 -
Iran’s Inflation Rate Rises To 10.8% In January
...e table below. CBI Debt Repayment Schedule Year Debt Repayment ($Bn) 1389 (2010-11) 9.513 1390 (2011-12) 3.749 1391 (2012-13) 1.884 1392 (2013-14) 1.502 1393 (2014-15) on...
Volume: 54Issue: 06Published at Mon, 07 Feb 2011