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APICORP Expands Energy Finance Mandate
...tivity. For example, it will provide agency services to the Socar Aurora Fujairah Terminal (SAFT) project. The bank arranged a loan facility for SAFT that will help fund construction of a 641,000 cu ms capacity oil terminal in the UAE port city of Fujairah (MEES, 26 December 2011). The total project cost is...
Volume: 55Issue: 10Published at Mon, 05 Mar 2012 -
Japan’s Crude Imports Up Slightly In January, Saudi Deliveries Up Sharply
...er December 2011 imports and a decrease of 1.9% from January 2011. Imports from the Middle East averaged 3.254mn b/d, up by 1.1% from December 2011 but down by 6.9% from January 2011. As usual Saudi Arabia was Japan’s largest supplier, with January deliveries of 1.322mn b/d up by 21.6% from December 2011...
Volume: 55Issue: 10Published at Mon, 05 Mar 2012 -
Saudi LPG Prices Raised To Record Levels For March
...opane Butane 2010 1 Jan 740.00 735.00 2011 1 Jan 935.00 920.00 2012 1 Ja...
Volume: 55Issue: 10Published at Mon, 05 Mar 2012 -
Crude Oil Formulas/Posted Prices
...Crude Oil Formulas/Posted Prices ($/B) Abu Dhabi ($/B) 2012 2011 Jan Dec Nov Oct Se...
Volume: 55Issue: 10Published at Mon, 05 Mar 2012 -
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 -
Iraq: Does Distribution Of Some Oil Revenues Among Citizens Help?
...aq, January 2011. Central Bank of Iraq, Annual Economic Reports for the years 2007-10. The “fantasy” of distributing oil revenues in cash among the Iraqis initiated immediately after the occupation in 2003 by some foreign concerns which were interested in the pr...
Volume: 55Issue: 10Published at Mon, 05 Mar 2012