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Turkey Looks To Investment And Exploration, Mulls Southern Corridor Options
...ring 2011 the company would gather a further 5,000 km of 2D seismic in addition to the large amount that it has already acquired. Mr Aydemir declined to comment on the success rate of the wells drilled so far, but added that he believed that the cost of exploration and drilling would ultimately pr...
Volume: 54Issue: 12Published at Mon, 21 Mar 2011 -
IEA Sees Oil Market Volatility Boosting Downside Risk In Demand Outlook
...B daily, says the International Energy Agency (IEA). In the latest monthly Oil Market Report, published on 15 March, the IEA observes that while global oil product demand growth remains largely unchanged at 2.9mn b/d in 2010 and 1.4mn b/d in 2011, “high oil prices entail significant downside ri...
Volume: 54Issue: 12Published at Mon, 21 Mar 2011 -
Japan Looks To Cover Short Term Energy Requirements Following Earthquake And Tsunami
...wer demand is more likely 8.73gw (ie 70% utilization of 9.7gw), and half of that need is met by LNG and oil fired generation equally, Japan’s demand for LNG should grow by 5mn tons in 2011. Similarly, incremental oil demand (fuel oil and crude) will be 130,000 b/d. Total oil demand in the ut...
Volume: 54Issue: 12Published at Mon, 21 Mar 2011 -
Kazakh Energy Strategy Calls For 12% Increase In Gas Production
...t increase of 12% in Kazakh gas production in 2011 compared to 2010. According to the plan Kazakh gas production in 2011 is intended to rise to 42bcm from 37.4 bcm in 2010, whereas exports are projected to remain stable at 9.2 bcm in 2011compared to 9.1 bcm last year and 7 bcm in 2009. All Ka...
Volume: 54Issue: 12Published at Mon, 21 Mar 2011 -
Socar Aims To Sign Shah Deniz 2 Transit Agreement By End-2011
...working on the details of the purchase and transit agreement for Shah Deniz Phase 2 gas volumes that will be sold to Botas for transit via the Turkish gas grid to Europe. Mr Abdullayev said that the contracts will be signed by the end of 2011. This would be after the tender for allocations of Sh...
Volume: 54Issue: 12Published at Mon, 21 Mar 2011 -
Iran Raises VAT Rate To 4% In New Year
...ganization for VAT Mohammad-Qasim Panahi has said. The official noted that in accordance with the five-year development plan 2011-2015 the rate will rise by 1% every year so as to reach 8% by the end of the plan. He added that at the current VAT rate of 3% the revenue collected is split equally between to...
Volume: 54Issue: 12Published at Mon, 21 Mar 2011 -
NIORDC Outlines Plan For Gasoline Exports
...thority to export up to 1bn liters of gasoline, fuel oil and other petroleum products in the next Iranian year (21 March 2011 – 20 March 2012). He said that a combination of a decrease in domestic gasoline demand to 52-53mn liters/day and expanding production capacity would create a steady surplus ex...
Volume: 54Issue: 12Published at Mon, 21 Mar 2011 -
Kuwaiti Inflation Expected To Reach 5-6% In 2011
...Middle East Economic Survey VOL. LIV No 12 21-Mar-2011 KUWAIT Kuwaiti Inflation Expected To Reach 5-6% In 2011 The head of the Central Bank of Kuwait (CBK) said on 12 March that the country is expected to post inflation figures of 5-6% this year, while interest rates remain at...
Volume: 54Issue: 12Published at Mon, 21 Mar 2011 -
IMF Praises Qatar’s Post-Crisis Economic Performance
....4%, low non-performing loans ratio of 1.9%, and a comfortable provisioning coverage of 85% at the end of August 2010.” The report suggested also that continued government investment would be necessary to keep growth high beyond 2011 as the “self-imposed moratorium on increasing gas production af...
Volume: 54Issue: 12Published at Mon, 21 Mar 2011 -
Mirkazemi Says Iranian Gas Deliveries To Syria Could Start End-2011
...peline to the Syrian border by the end of 2011. This would then allow for the start of the delivery of Iranian gas to Syria, which currently produces 27.5mn cmd and imports 1.86mn cmd of Egyptian gas (prior to the interruption of gas supplies via AGP on 5 February). Syria needs an additional 20-40mn cm...
Volume: 54Issue: 12Published at Mon, 21 Mar 2011 -
Syrian Companies Issue Tenders For Pipeline Projects
...rries heavy crude oil from northeastern fields in the country to the Tartous Port terminal. The work covers the replacement of some sections of the main pipeline and the eighth loop. The deadline for the first tender is 29 May 2011 and for the second 22 May 2011....
Volume: 54Issue: 12Published at Mon, 21 Mar 2011 -
Political Comment (21 March 2011)
...Middle East Economic Survey VOL. LIV No 12 21-Mar-2011 POLITICAL COMMENT Political Comment (21 March 2011) After some equivocation, the UN Security Council has approved the imposition of a no-fly zone over Libya. Bahrain has abandoned dialogue with the opposition and opted in...
Volume: 54Issue: 12Published at Mon, 21 Mar 2011 -
Towards A New Egyptian Oil Policy After 25 January 2011
...Middle East Economic Survey VOL. LIV No 12 21-Mar-2011 EGYPT Towards A New Egyptian Oil Policy After 25 January 2011 By Hussein Abdallah Dr Abdallah is an energy consultant based in Cairo, Egypt. What shouldthe new oil minister do after the 25 January revolution? Nothing mo...
Volume: 54Issue: 12Published at Mon, 21 Mar 2011 -
Greece And Italy Promote ITGI Gas Pipeline As Best Start To Southern Corridor
...t underway in 2011. Mr Sachinis said that the IGB project – priced at $145mn – will be more cost effective than other projects proposed to carry gas to Southeast Europe, as each billion cu ms of capacity will translate into a cost of around $30mn. He also noted that the ITGI and IGB projects can mo...
Volume: 53Issue: 12Published at Mon, 22 Mar 2010 -
Higher Crude Prices Adopted For 2010 Budgets
...direct heavy investments across all major sectors. Angolan authorities are expected to follow IMF advice and rebuild reserves before allowing imports to rise strongly again, reflected in the moderate price thresholds projected for 2010 and 2011. Although substantial variations in required prices co...
Volume: 53Issue: 12Published at Mon, 22 Mar 2010 -
Saudi Economy Registers Positive Growth But Concerns Over High Inflation, Says Samba
...storical norms. Samba expects the rate of inflation to remain broadly stable in 2010, averaging around 4.5%, before edging up to 5% in 2011 as trading partners’ inflation picks up, wheat prices rise, and domestic economic activity firms. Despite the recovery in private economic activity, bank credit is st...
Volume: 53Issue: 12Published at Mon, 22 Mar 2010 -
Algeria To Spend $63Bn On Energy Projects Over The Next Five Years
...March at the cost of around $3bn, Dr Khelil said. Eni is developing the block, since acquiring the Canadian operator First Calgary Petroleum in September last year, and said at the time of the acquisition that production was due to begin in 2011. The contract for the Gassi Touil surface in...
Volume: 52Issue: 12Published at Mon, 23 Mar 2009 -
EGAS Chief Outlines Egypt’s Gas Strategy
...r an increase in the production of gas to 10bn cfd by 2011, from around 6bn cfd now. First Undersecretary to the Minster of Petroleum Shamil Hamdy told MEES earlier this month that the 10bn cfd target was not likely before 2013. Highlighting Egypt’s gas dilemma, apparently unintentionally, Mr La...
Volume: 51Issue: 12Published at Mon, 24 Mar 2008 -
Nozari Claims Iranian Daily Oil Output Record Of 4.2Mn Barrels/Day
...,800 b/d in 1999. He added that the western unit aimed to raise its capacity to 500,000 b/d by 2011. Meanwhile, NIOC Director of Planning Abdol Delparish told Fars News Agency on 10 March that Iran should be capable of producing an average 4.27mn b/d of crude oil in the next Iranian year (21 March 20...
Volume: 51Issue: 12Published at Mon, 24 Mar 2008 -
JPMC Reports 187.5% Rise In Profit In 2007
...nstruction of the fertilizer plant is to start in the next four months and production will begin in late 2011. ...
Volume: 51Issue: 12Published at Mon, 24 Mar 2008