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Sonatrach Looks To Move On With Spending Boost
...l prices. Sonatrach CEO ʹAbd al-Hamid Zerguine, presenting the company’s provisional 2011 results and plans for 2012-16, said the company’s total investment in the Algerian oil and gas sector will rise sharply to $15.8bn for 2012, from $12bn for 2011. Domestic production has stagnated in recent ye...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
Reggane Nord Development To Cost $3Bn, Mid-2016 Start-Up Targeted
...vember 2011, following extensive delays due to turmoil in Algeria’s state oil hierarchy (MEES, 1 February 2010). The project includes the construction of a gas treatment plant, a gas accumulation system and a pipeline which would connect the development with southern extremity of Algeria’s current 48...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
Talisman Sees Algeria Revenue Surge
...ALGERIA Talisman Sees Algeria Revenue Surge Canadian independent Talisman saw its 2011 Algerian revenue soar 32% to $256mn on the back of higher oil prices as well as an 8% production increase. Production of 15,100 b/d is 8.5% of the company’s total global liquids production. Pr...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
Shah Deniz 2 Gas Supply Decision Likely To Be Taken In Stages
...rope beginning in late 2017 (MEES, 19 December 2011). The situation has been exacerbated by the announcements of a proposed Trans Anatolian Pipeline (TANAP) as an alternative to Nabucco’s cross-Turkey section and also a plan to expand Turkey’s Natural Gas Transmission System (NGTS). However, Socar CEO Ro...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
EU Brushes Off Iran Oil Rhetoric
...newal of last year’s contract, which called for the supply of some 220,000 b/d of crude and 60,000 b/d of condensates. These volumes represented around half of China’s total imports from Iran in 2011. Mehr News Agency reported on 15 February that a senior Iranian official had travelled to Beijing ea...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
Iran’s Inflation Edges Up To 21% In January
...te for December was estimated at 26% by the Statistical Center of Iran (MEES, 12 December 2011). Independent economists put the real inflation rate at much higher levels. Also, with the recent sharp fluctuations/falls in the value of the Iranian rial against the dollar and other foreign cu...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
CBK Governor Resigns Over Kuwait’s Expansionary Fiscal Policy
...rliamentary elections. Kuwait Records $40Bn Budget Surplus Till December 2011 Kuwait has in the past years projected budget deficits by understating its revenues and overstating its expenditure. But this has failed to materialize and Kuwait instead ends up with a substantial surplus. In the first ni...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
Lebanese Banks Abide By US And EU Sanctions Against Syria
...nctions include a freeze on all assets of the Syrian government held in Arab countries, a halt in transactions with the Central Bank of Syria (CBS) and the Commercial Bank of Syria and an end to Arab government funding for projects in Syria (MEES, 5 December 2011). More recently, on 12 February the League re...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
APICORP Raises $667Mn From Saudi Banks
...vironment in 2012,” said Mr Nuami, noting that it will also help “withstand potential sudden shocks in the global financial system.” At 51% APICORP’s capital adequacy, after covering callable capital approved in May 2011, is one of the highest amongst MENA banks. Posting an 86% hike in 4Q11 profits to over $57...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
Akenerji Awards Turbine/Generator Contract To GE
...rkey’s installed generation capacity of 53gw, the GE statement said. Turkey’s electricity demand is expected to increase at an annual rate averaging 6% between now and 2018. Demand rose by 8% in 2011 over 2010, according to GE, which added that Turkey’s generating capacity is expected to rise to more th...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
TAQA Expands Presence In North Sea As 2011 Profits Slump
...UAE TAQA Expands Presence In North Sea As 2011 Profits Slump The UK arm of state-owned Abu Dhabi National Energy Company (TAQA) has announced its purchase of a 50% stake in an oil field offshore Scotland. With the signing of two farm-in agreements on 13 February with a subsidiary of Ab...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
Strike Action Halts Masila Oil Production
...fore being replaced by PetroMasila in December. In November the Yemeni authorities declined to renew Nexen’s operating license for the 35,000 b/d Masila field, handing operations from 17 December 2011 to a newly created Yemeni national operating company PetroMasila (MEES, 28 November 2011). “The wo...
Volume: 55Issue: 08Published at Mon, 20 Feb 2012 -
Ukraine Begins Supply Of Azeri Crude To Belarus
...0,000 b/d capacity Odessa-Brody pipeline, under an agreement signed last month with Azerbaijan’s state firm Socar. The agreement calls for the supply of up to 4mn tons of oil in 2011, with Azeri crude arriving at Odessa in tankers (MEES, 7 February). UkrTransNafta announced on 14 February that it is al...
Volume: 54Issue: 08Published at Mon, 21 Feb 2011 -
QCB Orders Conventional Banks To Stop Offering Islamic Banking Services
...structions prohibit Qatari commercial banks from extending new Shari'a compliant loans and require that they repay all Islamic deposits as they come due. Since most deposits are typically short term, they will be repaid by the end of 2011. QCB’s directive does not indicate whether the conventional ba...
Volume: 54Issue: 08Published at Mon, 21 Feb 2011 -
QAPCO Awards Mesaieed Ethylene Plant Expansion Contract To Shaw Group
...cklog of unfilled orders in the second quarter of fiscal year 2011. In 2010, Shaw announced full commercial operation of a grassroots 1.32mn t/y ethylene plant in al-Jubail, Saudi Arabia, for Eastern Petrochemical Company (SHARQ)....
Volume: 54Issue: 08Published at Mon, 21 Feb 2011 -
APICORP Puts Arab Energy Investment At $430Bn In 2011-15
...Middle East Economic Survey VOL. LIV No 8 21-Feb-2011 REGIONAL APICORP Puts Arab Energy Investment At $430Bn In 2011-15 Arab energy capital requirements will continue to recover from the contraction that occurred during the global economic crisis, climbing to $430bn in 2011-15 fr...
Volume: 54Issue: 08Published at Mon, 21 Feb 2011 -
Arab Power Generation Capacity Projected To Grow By 7.7% In 2011-15, Says APICORP
...Middle East Economic Survey VOL. LIV No 8 21-Feb-2011 REGIONAL Arab Power Generation Capacity Projected To Grow By 7.7% In 2011-15, Says APICORP Power generation capacity is projected to grow at a relatively subdued rate of 7.7% for the period 2011‐15, resulting in an ad...
Volume: 54Issue: 08Published at Mon, 21 Feb 2011 -
Middle East M&A Activity Expected To Grow 20% In 2011
...Middle East Economic Survey VOL. LIV No 8 21-Feb-2011 REGIONAL Middle East M&A Activity Expected To Grow 20% In 2011 Mergers and acquisitions (M&A) activity in the Middle East is set to rise by 20% in 2011 relative to last year, in spite of lingering concerns over buyers and se...
Volume: 54Issue: 08Published at Mon, 21 Feb 2011 -
GCC Electricity Grid Connection On Track, Bahrain’s EWA Says
...Middle East Economic Survey VOL. LIII No 8 22-Feb-2010 REGIONAL GCC Electricity Grid Connection On Track, Bahrain’s EWA Says The UAE is on track to connect to the GCC power grid by early 2011, with Oman to follow, 'Abd al-Majid al-'Awadhi, CEO of Bahrain’s El...
Volume: 53Issue: 08Published at Mon, 22 Feb 2010 -
Jadwa Sees Government Spending Pushing Saudi Economic Growth In 2010
...ill in place, Saudi interest rates will thus remain low. “For the moment very low interest rates are also appropriate in Saudi Arabia, as they are an important condition for the revival of bank lending,” said Jadwa. Jadwa expects the global economy to pick up in 2011, especially in Asia’s em...
Volume: 53Issue: 08Published at Mon, 22 Feb 2010