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Algeria Looks To Boost Foreign Investment With ‘Minimum Guaranteed Returns’
...drocarbon law to attract back foreign investment, which has largely stayed away from recent bidding rounds. In the most recent bid round only a solitary block was awarded (MEES, 21 March 2011). The first evidence that a more investment-friendly approach is bearing fruit can be seen in the go-ahead given to th...
Volume: 55Issue: 10Published at Mon, 05 Mar 2012 -
Companies Question 90-Day Tender Period For Cyprus Licensing Round
...pular support plummeted following the events of 11 July 2011, when confiscated Iranian munitions exploded at the Mari naval base, killing 13 servicemen and firefighters and wrecking the nearby Vasilikos power station, the main power generation facility in Cyprus. Some 790mw capacity was destroyed and th...
Volume: 55Issue: 10Published at Mon, 05 Mar 2012 -
Australia’s Beach Sees ‘Imminent’ Start to Egyptian Production
...r Beach, whose total net 2011 production was a mere 6,600 boe/d, of which 2,100 b/d was crude. However, the company’s recent focus has been on expanding its Australian interests. Beach is keeping faith with North Africa just as other Australian firms are winding down their operations. Wo...
Volume: 55Issue: 10Published at Mon, 05 Mar 2012 -
Conflicting Messages From Tehran As Greece Seeks Alternative Oil Supply
...liveries. Grigoris Delavekouras, spokesman for the Greek Ministry of Foreign Affairs, told a press conference in Athens on 23 February that Greece is looking to Libya as an alternative source of supply to Iran. Greece covered around 16% of its oil needs from Libya before the civil war broke out in February 2011...
Volume: 55Issue: 10Published at Mon, 05 Mar 2012 -
Iran Now Accepts Payment In Gold For Exports
...opped doing business with Iranian banks in December. “When we became aware in December 2011 that unilateral US sanctions were to be applied against a number of Iranian banks, we took preemptive action to end our business relationships with Iranian banks licensed in the UAE,” Noor Islamic bank said. A sp...
Volume: 55Issue: 10Published at Mon, 05 Mar 2012 -
Baghdad Eyes $500Bn Energy Spend To 2030
...ars (MEES, 21 November 2011). Iraqi gas production under the median 9mn b/d scenario is projected to be around 6bn cfd. The vast majority of Iraqi gas output is, and will remain, gas produced in association with crude output. Around 83% of Iraqi proven gas reserves of 127 trillion cu ft are as...
Volume: 55Issue: 10Published at Mon, 05 Mar 2012 -
Jordan Inaugurates Qatraneh Power Plant
...newable energy to the total energy mix to 10% by 2020. Jordan’s energy import bill in 2011 has soared to JD3.46bn ($4.88bn) from JD2.154bn ($3.037bn) in 2010 according to the Department of Statistics (MEES, 13 February). This is mainly attributed to the fact that Jordan had to switch to the more expensive fu...
Volume: 55Issue: 10Published at Mon, 05 Mar 2012 -
Kuwait Names GDF/IP Consortium As Preferred IWPP Bidder
...e Mitsui/Kharafi/Ahmadiah Group bid was non-compliant, MEES understands. The schedule has slipped slightly, because a preferred bidder was originally expected to be announced in November (MEES, 10 October 2011). The project, named Al-Zour North 1 (also called Az-Zour) is planned to pr...
Volume: 55Issue: 10Published at Mon, 05 Mar 2012 -
NOC Restarts Exploration Activity
...s 29 February results presentation Repsol also disclosed that it made a Libyan discovery, “A1-130” in early February 2011, just before its withdrawal from Libya. NOC said oil production stood around 1.4mn b/d, largely unchanged from 4 February levels. Then NOC figures showed condensate ou...
Volume: 55Issue: 10Published at Mon, 05 Mar 2012 -
OOC And IPIC To Jointly Develop Duqm Refinery/Petchem Project
...asibility study (MEES, 2 May 2011). Speaking to the Times of Oman late last month, head of planning and engineering at the Duqm Special Economic Zone Authority Yahya bin Khamis al-Zadjali said the project, set to be undertaken in collaboration with Abu Dhabi’s International Petroleum Investment Company (IP...
Volume: 55Issue: 10Published at Mon, 05 Mar 2012 -
QIA Increases Stake In Spanish Power Firm
...s become the second largest stakeholder in the firm, second only to Spanish construction company Actividades de Constriccion and Servicios, which currently holds a 19% stake. QIA purchased its initial 6.17% stake in Iberdrola in March last year for a total investment of €1.9bn (MEES, 21 March 2011...
Volume: 55Issue: 10Published at Mon, 05 Mar 2012 -
Wael Sawan Appointed Chairman Of Qatar Shell
...dition to the Pearl project, the largest plant of its kind in the world, Shell holds a 30% interest stake in Qatargas 4 and has signed last December a deal with Qatar Petroleum to develop a $6.5bn petrochemical complex in Ras Laffan industrial city (MEES, 12 December 2011). ...
Volume: 55Issue: 10Published at Mon, 05 Mar 2012 -
EU Sanctions Now Target Syrian Central Bank
...is allowed these banks to report good profits for 2011, but these profits masked lowering operating income and a fall in the value of bank assets. The Syrian currency has continued its slide against major foreign currencies and reserves, which stood at $18bn in March 2011, are gradually being eroded, fa...
Volume: 55Issue: 10Published at Mon, 05 Mar 2012 -
INA Suspends Operations In Syria
...cision of 23 February to implement the EU Council decision to adopt restrictive measures against the Syrian Arab Republic issued on 1 December 2011. The statement noted that INA delivered the force majeure notice to the state-owned General Petroleum Corporation (GPC) related to the production sharing ag...
Volume: 55Issue: 10Published at Mon, 05 Mar 2012 -
TAQA Taps Malaysia Investors Via $215Mn Ringgit Issue
...oup of asset management companies and Islamic investors, said TAQA. Standard Chartered Saadiq Berhad acted as the lead arranger in this transaction. The Sukuk are rated AA1 by Malaysia’s RAM Ratings, and had been given a provisional A3 from Moody’s Investors Service (MEES, 10 October 2011). Bo...
Volume: 55Issue: 10Published at Mon, 05 Mar 2012 -
Nazarbayev To Offer KMG EP Shares To Kazakh Nationals
...d serve as an instrument for investment and savings.” On 11 February Mr Nazarbayev told his government to prepare IPOs offerings by the end of 2011 not only for KMG – 5% of equity in its exploration and production subsidiary KMG EP is to be floated on the Astana Stock Exchange in 2011, and is ex...
Volume: 54Issue: 10Published at Mon, 07 Mar 2011 -
Turkmenistan And China Sign Preliminary Deal For Expansion Of Gas Exports
...eld. The agreement will be finalized within the second half of this year, according to China’s National Development and Reform Commission. China imported around 6 bcm of Turkmen gas via the Central Asian pipeline in 2010 and is looking to boost imports to 15 bcm in 2011 and 20 bcm in 2012....
Volume: 54Issue: 10Published at Mon, 07 Mar 2011 -
Cyprus Ratifies Delimitation Agreement With Israel
...pected to begin before the end of 2011 in Cyprus’s Block 12, which lies near the recent Leviathan discovery made in Israel’s EEZ by Houston-based Noble Energy (MEES, 21 February)....
Volume: 54Issue: 10Published at Mon, 07 Mar 2011 -
Iraqi Parliament Approves Record 2011 Budget Based On $76.50/B Oil Price
...Middle East Economic Survey VOL. LIV No 10 7-Mar-2011 IRAQ Iraqi Parliament Approves Record 2011 Budget Based On $76.50/B Oil Price The Iraqi parliament on 20 February gave the final green light to the 2011 draft budget after several unsuccessful attempts that necessitated the re...
Volume: 54Issue: 10Published at Mon, 07 Mar 2011 -
Transparency Improving, But Bolder Anti-Corruption Actions Still Needed, Says TI
...ould take bolder actions to stop corruption, according to the 2011 Report on Oil and Gas Companies by Transparency International (TI) and Revenue Watch Institute (RWI). “It is good news that transparency is improving, but too few companies publish what they pay governments in each country where th...
Volume: 54Issue: 10Published at Mon, 07 Mar 2011