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Turkmenistan Reports Increase In Annual Oil And Gas Output
...CASPIAN Turkmenistan Reports Increase In Annual Oil And Gas Output The Deputy Prime Minister of Turkmenistan responsible for oil and gas, Baymyrat Hojamuhammedov, told a cabinet meeting on 4 February that the country had significantly increased its oil and gas production during 2011. Mr...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012 -
TPAO To Spud First Ever Onshore Well In Northern Cyprus
...ES, 5 December 2011). Last November when the agreement between the Turkish-Cypriots and TPAO was signed, Mr Yildiz said: “We will have completed preliminary studies in two-three months, after which we will begin test drilling. There is no guarantee that there is oil or natural gas there, but this is a se...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012 -
BG Shifts Egyptian Focus To Eastern Delta
...EGYPT BG Shifts Egyptian Focus To Eastern Delta UK firm BG is looking to the Eastern Nile Delta to provide the cornerstone of its future development in the country. In a 9 February presentation to mark the release of the company’s 2011 results, BG Chairman Frank Chapman gave the East De...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012 -
Jordan Seeks Alternatives To Egyptian Gas
...JORDAN Jordan Seeks Alternatives To Egyptian Gas Jordan is pressing on with plans to find alternatives to Egyptian gas, whose supply has been severely restricted in 2011, because of frequent attacks on the Arab Gas Pipeline (AGP) carrying the gas to Jordan. Jordanian Minister of En...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012 -
IMF: Economic Outlook For Qatar Favorable Despite External Risks
...ES, 12 December 2011). Turning to finance, Qatar’s headline inflation figures are forecast to remain subdued in the near future. The IMF warns that the country’s expansionary fiscal stance in 2011-12 warrants careful monitoring of aggregate demand to ward off any potential risk of inflation. “Fi...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012 -
Trafigura Caught Up In Sudan Oil Row As It Ships Disputed Cargo
...spute over ownership of the consignment. The vessel carrying the oil is one of four tankers the Government of South Sudan has alleged contains oil that had effectively been “looted” by the North amid growing tensions between the two sides over oil transit fees (MEES, 5 December 2011). In his address to th...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012 -
Mayyala Says CBS Will Defend Syrian Pound
...in March 2011, when political disturbances started. But the value of the local currency on the black market is lower at more than $1=S£70. The governor’s recent remarks seem to contradict earlier reports that Syria would slowly move to a managed float by allowing local banks and money changers in...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012 -
Turkey Plans To Reduce Use Of Gas For Electricity Generation, Says Energy Minister
...gineering and Construction and Korea South-East Power Corporation concerning the construction of a coal-burning power station at Tufanbeyli. The first stage of the two-stage project is estimated to be worth $2bn. Turkey’s consumption of natural gas was nearly 40bn cu ms during 2011 and demand has been ex...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012 -
Investors Snap Up $1Bn Of Dolphin Energy Bonds
...der book of around $9bn, the bonds were the first conventional paper to come out of the Gulf this year after a handful of Sukuk hit the market in January. Market conditions have started to improve after the escalating Eurozone crisis virtually shut the bond issue ‘window’ in the latter part of 2011, an...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012 -
Oil Market In The Absence Of An OPEC Controlling Mechanism
...ficial view of the ministry. OPEC, at its 160th meeting of conference on 14 December 2011 held in Vienna, Austria, decided to set its production at 30mn b/d from the beginning of 2012. The OPEC press release emphasized that the agreed amount will include the production of Libya now and in future and in...
Volume: 55Issue: 07Published at Mon, 13 Feb 2012 -
OPEC Ramps Up Demand Projections As Supply Surges
...gues. “Their domestic demand is growing. I think we are going to need 1mn b/d extra this year from OPEC year-on-year,” he said. OPEC’s projections for world economic growth stand at 4.5% for 2010 and 3.9% for 2011, according to the February edition of OPEC’s Monthly Oil Market Report (MOMR). This is...
Volume: 54Issue: 07Published at Mon, 14 Feb 2011 -
Regional Tumult Centers On Inequality
...ised by the private sector through investment in human capital in the 2011 budget (MEES, 27 December 2010). Makeovers And Subsidies Some of those in power have tried to appease protestors through government makeovers and subsidies. But Syria has gone the other way and taken a hardline stance. On...
Volume: 54Issue: 07Published at Mon, 14 Feb 2011 -
IEA Raises Demand Growth Forecast On Higher Than Expected Consumption Data
...Middle East Economic Survey VOL. LIV No 7 14-Feb-2011 IEA Raises Demand Growth Forecast On Higher Than Expected Consumption Data In its latest monthly Oil Market Report (OMR), the International Energy Agency (IEA) has increased its forecast for global oil demand for 2010 and 2011...
Volume: 54Issue: 07Published at Mon, 14 Feb 2011 -
EIA Sees Oil Market Continuing To Tighten During 2011-12
...Middle East Economic Survey VOL. LIV No 7 14-Feb-2011 EIA Sees Oil Market Continuing To Tighten During 2011-12 The Energy Information Administration (EIA) of the US Department of Energy reiterated in its latest monthly forecast that it expects a continued tightening of world oil ma...
Volume: 54Issue: 07Published at Mon, 14 Feb 2011 -
Crude Oil Formulas/Posted Prices
...Middle East Economic Survey VOL. LIV No 7 14-Feb-2011 Crude Oil Formulas/Posted Prices ($/B) Iran (+ / - Adjustment Factor; $/B) 2011 2010 Mar Feb Jan Dec Nov Oct Sep Au...
Volume: 54Issue: 07Published at Mon, 14 Feb 2011 -
Majlis Report Estimates Budget Deficit At $21Bn In First Nine Months Of 2010-11
...different sectors including the oil industry. He added that it was necessary to investigate the 1389 budget in order to make the 1390 (2011-21) budget “more realistic.” Meanwhile another deputy, Elias Naderan, who is a member of the Majlis Economic Commission, has cautioned in a newspaper ed...
Volume: 54Issue: 07Published at Mon, 14 Feb 2011 -
Fresh Confusion Hits KRG-Baghdad Oil Negotiations
...t the incident does highlight the difficulty of the KRG-Baghdad negotiations. KRG exports have started, but without a firm agreement with Baghdad. Hence they could, as they did in 2009, grind to a halt, with negative repercussions for Iraq’s 2011 budget, oil development in the KRG and wider Ir...
Volume: 54Issue: 07Published at Mon, 14 Feb 2011 -
Kuwait’s First IWPP Nears Request For Proposal
...pects to remit the bids before the summer to be able to award the project in 2011. The PTB will launch further IWPP plans, MEES understands, as this is expected to be the first of a series of projects. Plans suggest the inaugural IWPP at al-Zour will generate 1.5gw of electricity and 100mn ga...
Volume: 54Issue: 07Published at Mon, 14 Feb 2011 -
SAMA Adds $6.67Bn To Foreign Assets In December Due To High Oil Prices
...git growth in 2011,” according to BSF forecasts. Private bank credit, excluding investments in securities, hit SR743.05bn ($198.15bn) in December, up 4.8% year-on-year, SAMA reported. The proportion of loans outstanding in December carrying maturities of three years or longer rose to 24.8% from 23...
Volume: 54Issue: 07Published at Mon, 14 Feb 2011 -
TAQA Profits Surge To $255Mn For 2010
...ar. Combined with our rapid and tightly priced completion of necessary refinancing during 2010, we have started 2011 with confidence and conviction.” Over the course of the last year, the state-run utility pursued a number of strategic initiatives in the oil and gas sectors. These include the co...
Volume: 54Issue: 07Published at Mon, 14 Feb 2011