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Iraq Looks To New Karbala Refinery To Cut Record Fuel Import Bill
...Hyundai Engineering awarded the EPC contract nine years ago (MEES, 10 January 2014). Since then, the primary gains to Iraq’s refining capacity have come from repairing existing units such as those at the Baiji refinery. Another key project is the construction of a 55,000 b/d FCC complex at the 35...
Volume: 66Issue: 10Published at Fri, 10 Mar 2023 -
Saudi Deficit More Than Doubles To $78bn For 2020
...udi Arabia, bringing the cumulative deficit since 2014 to $437bn. Ministry projections point to continued deficits out to at least 2023, which would take the cumulative total to $502bn. This year’s deficit is at least projected to fall back closer to 2019 levels at $37.6bn. This is primarily pr...
Volume: 64Issue: 10Published at Fri, 12 Mar 2021 -
Saudi: Major 2017 Oil Revenue Gains, But Non-Oil Disappoints
...vernment coffers? The kingdom’s latest trade statistics shed light on the issue, showing that oil exports rose in value to a three-year high of $170bn last year. This was a 25% year-on-year gain, although it was still 40% below 2014’s $285bn (not to mention the record $110/B years of 2012 and 20...
Volume: 61Issue: 10Published at Fri, 09 Mar 2018 -
UK Pledges Funds For Reconstruction Of Iraq’s IS-Ravaged Areas
...’ish [IS].” Britain is a main partner in the US-led coalition that is currently assisting Iraq to defeat IS, which overran large swathes of Iraq in 2014. Iraqi forces backed by US support are currently battling IS to liberate Iraq’s second city of Mosul in the north of the country. The of...
Volume: 60Issue: 10Published at Fri, 10 Mar 2017 -
Egypt Seeks Growth At Sharm El-Shaikh Conference
...stability following the February 2011 ouster of Husni Mubarak. Foreign direct investment has yet to recover. Egypt will use the conference to showcase its “Sustainable Development Strategy 2030” as well as its 2014-19 economic and social reform plan, which includes new legislation to attract investors to...
Volume: 58Issue: 10Published at Fri, 06 Mar 2015 -
Jordan Slashes Spending In Bid To Halve Deficit
...e deficit forecast in the 2015 budget is some 49% lower in nominal terms than the 2014 budget figure of JD911mn ($1,284mn). Jordan’s finance ministry says the actual deficit was JD900mn ($1,269mn) for January-November 2014. The reduction in the deficit results from a cut of JD220mn ($31...
Volume: 58Issue: 10Published at Fri, 06 Mar 2015 -
Fitch: Stable Saudi Outlook
...at lower oil prices, coupled with the spending package announced by the new King Salman (costing 4.3% of forecast 2015 GDP) will push the general government deficit into double digits (as a % of GDP) in 2015. Fitch calculates the deficit in 2014 at 1.9% of GDP, while overspending especially on key pr...
Volume: 58Issue: 10Published at Fri, 06 Mar 2015 -
Tunisia Pledges Cuts To Avoid Economic ‘Catastrophe’
...crifices. This could be through rationalizing subsidies, but without touching the poorer classes,” he said in an interview with state television. He added: “We expected to borrow TD7bn ($4.4bn) in 2014,” but because of the economic crisis and the steep rise in the deficit, Tunisia’s foreign borrowing needs wi...
Volume: 57Issue: 10Published at Fri, 07 Mar 2014 -
Moody’s Projects Firm GCC Growth in 2014
...REGIONAL Moody’s Projects Firm GCC Growth in 2014 Gulf Cooperation Council (GCC) economic growth will remain firm overall in 2014 at 4.3% supported by the non-hydrocarbon sector, but inflation will rise, Moody’s Investors Service says in a 4 March report. GCC countries ov...
Volume: 57Issue: 10Published at Fri, 07 Mar 2014 -
IMF: Cyprus On Track
...gures. This is almost two percentage points less bad than the figure given in the Troika’s previous review two months’ earlier (see graph). But 2014 growth estimates have been revised down to -4.8% from -3.9% in September’s first review (MEES, 20 September 2013). For 2013, private consumption co...
Volume: 57Issue: 10Published at Fri, 07 Mar 2014