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Sonatrach Plans 70% Hike In Refining Capacity
...pacity as booming domestic gasoline and diesel consumption has left the country’s refiners unable to keep up. Algeria imported a record $2bn of refined products in 2011, with a similar level of imports forecast for 2012....
Volume: 55Issue: 09Published at Mon, 27 Feb 2012 -
Egypt Expects To Finalize $3.2Bn IMF Loan In March
...sign the agreement for the loan, which will be disbursed in three tranches. The loan has been under discussion with the IMF since July 2011 and the Egyptian authorities have yet to agree to the IMF terms. Speaking on 23 February Gerry Rice, the IMF's External Relations Director, said that “we do...
Volume: 55Issue: 09Published at Mon, 27 Feb 2012 -
Apache Diversifies Away From Egyptian Instability
...eve Farris said, in a presentation marking the release of the firm’s 2011 results, that Apache’s “perceived overexposure” to Egypt (as well as to the Gulf of Mexico where a drilling moratorium in the wake of BP’s 2010 spill also hit Apache’s figures) has “caused concern,” despite record oil prices li...
Volume: 55Issue: 09Published at Mon, 27 Feb 2012 -
European Dependence On Iran Oil Decreases, Tehran Embargoes UK And France
...ly 2012. Iran’s decision with respect to the UK and France has little actual impact, since the UK had not imported Iranian crude since February 2010 and France’s Total, which is estimated to have imported around 58,000 b/d in December 2011, had stopped importing Iranian oil even before 23 Ja...
Volume: 55Issue: 09Published at Mon, 27 Feb 2012 -
IEC Confirms 15-Year Gas Supply Deal With Tamar Partners
...ported on 20 February, adding that some changes had been made to the original agreement that had been approved in principle last December (MEES, 26 December 2011). Under the terms of this latest agreement, IEC after the start of supply in 2013 will have two opportunities – after eight years and after 11 ye...
Volume: 55Issue: 09Published at Mon, 27 Feb 2012 -
EU Assistance To Jordan To Top €3Bn Over Next Three Years
...therine Ashton announced on 22 February at the end of the first meeting of the EU-Jordan Task Force. Detailing this assistance, Ms Ashton noted that the amount allocated to Jordan from the EU budget for 2011-13 has been increased by an additional €70mn to rise to almost €300mn. Also, the European In...
Volume: 55Issue: 09Published at Mon, 27 Feb 2012 -
IMF Warns That Lebanon Faces Political And Economic Challenges
...LEBANON IMF Warns That Lebanon Faces Political And Economic Challenges Lebanon’s economy lost momentum in 2011 after four years of impressive economic growth as a result of internal political bickering after the collapse of the coalition government in January 2011 and regional unrest, th...
Volume: 55Issue: 09Published at Mon, 27 Feb 2012 -
BP Sees North Africa As Key Exploration Area
...REGIONAL BP Sees North Africa As Key Exploration Area Oil major BP, in its 2011 results and strategy presentation delivered 7 February, labeled “offshore North Africa” as one of the company’s four key global exploration areas, all of which are offshore. The company has taken the bold de...
Volume: 55Issue: 09Published at Mon, 27 Feb 2012 -
Saudi Aramco And Pertamina Sign MOU For 300,000 B/D Java Refinery
...gineering packages are in the process of getting awarded (MEES, 1 August 2011). But an official green light for a major expansion at Petro Rabigh is still being delayed. A final investment decision (FID) was originally to have been made in late 2010/early 2011, to allow for start-up in 2014. But partner Su...
Volume: 55Issue: 09Published at Mon, 27 Feb 2012 -
China And South Sudan To Hold ‘Clear The Air’ Talks After Petrodar Chief’s Expulsion
...ighbor have been locked in a bitter dispute over oil revenues ever since November last year, when Juba accused the North of stealing its oil – something Juba now insists Mr Liu was involved in (MEES, 5 December 2011). Speaking to reporters, Mr Benjamin said that a recent government investigation had fo...
Volume: 55Issue: 09Published at Mon, 27 Feb 2012 -
Trafigura Gets Green Light To Unload Disputed Sudanese Oil
...dependence 470,000 b/d crude output (MEES, 7 November 2011). Due to a lack of its own export infrastructure however, it is still forced to depend on the North to use the only existing pipeline to the Red Sea outlet of Port Sudan. While there have already been several rounds of talks between the two sides to re...
Volume: 55Issue: 09Published at Mon, 27 Feb 2012 -
Dragon Records 68% Jump In Profits For 2011, Maintains Push To Diversify
...UAE Dragon Records 68% Jump In Profits For 2011, Maintains Push To Diversify Dubai-based Dragon Oil announced on 21 February a 68% rise in its profits for 2011 relative to the previous year, due for the most part to a production ramp-up at its oil field offshore Turkmenistan, and a hi...
Volume: 55Issue: 09Published at Mon, 27 Feb 2012 -
Total Restarts Block 10 Oil Production As Masila Strike Ends
...ock 14 was cut earlier this month after more than 1,000 PetroMasila employees working on the block went on strike on 9 February over claims that the government had not paid them their due end-of-service allowances following the pull-out of Canada’s Nexen from the block in December (MEES, 28 November 2011...
Volume: 55Issue: 09Published at Mon, 27 Feb 2012 -
Gazprom Expects South Stream Pipeline Completion In 2015
...nsortium, which has been pending since June 2010. Mr Miller said that he was confident of the French company’s participation and expected the final documents to be signed “by late 2011.” In an interview published last week by European Energy Review, South Stream CEO Marcel Kramer said: “To me that is al...
Volume: 54Issue: 09Published at Mon, 28 Feb 2011 -
Egypt Stock Market Stays Shut As MENA Stocks Tumble
...ar, but now has been extended until the end of calendar 2011. This is to ensure supply of vital food stuffs – to avoid shortages and to avoid inflationary pressures, commented Mr Rahmy....
Volume: 54Issue: 09Published at Mon, 28 Feb 2011 -
Regional Unrest Spreads, Concerns Raised Over Saudi Arabia
...ipping manager at Yemen LNG, as saying. Overall Yemen LNG sales to Asia in 2011 should rise to 57 cargoes from 43 cargoes last year with 44 going to South Korea, Mr Cave added. Oman’s Peaceful Protest About 300 people in Muscat demanded political reforms and better pay in a peaceful protest in Om...
Volume: 54Issue: 09Published at Mon, 28 Feb 2011 -
Sonatrach Plans To Expand Refining Capacity To 40Mn Tons/Year By 2016
...erations, including current projects such as LNG plants in Arzew and Skida,” the CEO said. Algeria has four refineries and is planning to build a new 300,000 b/d capacity refinery at Tiaret. This was originally intended to be brought on-stream in 2011 (MEES, 26 October 2009)....
Volume: 53Issue: 09Published at Mon, 01 Mar 2010 -
Sonatrach Signs Gas Sales Agreement With Orascom, Despite Supply Concerns
...ailability of natural gas feedstock. State-owned energy firm Sonatrach last week signed a 20-year sales-purchase contract with Egypt’s Orascom Construction Industries (OCI) to supply 1.7 bcm/year of gas to the ammonia/urea plant that the two companies are developing there from 2011. The plant will have a pr...
Volume: 52Issue: 09Published at Mon, 02 Mar 2009 -
Juba Government Facing Serious Financial Difficulties As Oil Revenues Dwindle
...artoum have been too preoccupied with sharing the country’s oil rent, and are principally using the revenue to build up arms, ahead of a proposed referendum on independence for the south in 2011, and at the expense of economic development and national stability. The report estimated that as much as 60...
Volume: 52Issue: 09Published at Mon, 02 Mar 2009 -
IPIC And KazMunaiGaz Conduct Feasibility Study For Petrochemical Plants
...e hydrocarbon production areas in the west of the country to the populated south, which is dependent upon gas imports from Uzbekistan. The project is estimated to cost $3.8bn and cover 1,500km. The pipeline is scheduled to start operation in 2011 with a capacity of 5 bcm/year, which will la...
Volume: 51Issue: 09Published at Mon, 03 Mar 2008